- Overhead cables and accessories segment is expected to hold the largest share, by installation, during the forecast period.
- Infrastructure segment is expected to be the largest, by end-user, in 2017.
- Asia-Pacific is expected to be the leading market for low voltage cables and accessories during the forecast period.
The global cables and accessories market is estimated to reach $121.63 billion in 2017, and is further projected to reach $158.25 billion by 2022 growing at a CAGR of 5.40%. The market is set to witness growth, due to increasing urbanization, industrialization, and rising demand for electricity from the industrial, commercial, and residential sectors.
·Government Initiatives to Expand Or Upgrade Transmission & Distribution Systems
·Projects for Grid Interconnections
·Increase in Renewable Energy Generation
·Rapid Pace of Industrialization & Urbanization & Consequent Increase in the Demand for Power
·Complex Planning & Authorization Procedures Leading to Delays
·Volatile Prices of Raw Materials
·Favorable Renewable Energy Policies in Key Countries
·Adoption of Smart Grid Technology
·Grey Market Providing Low-Quality and Inexpensive Products
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Overhead cables and accessories are cost-effective and convenient to install making it currently more preferred in the entire market. Driven by the capability to meet increasing power demand and growth in rural electrification in the developing countries such as India, Thailand, Malaysia, , this segment is expected witness decent growth during the forecast period.
The growth of Infrastructure segment is mainly driven by the increasing adoption of low voltage cables in the commercial and residential sectors in the developing economies in South Asia, namely, India, Indonesia, Philippines among others. Upgrade and replacement of the current infrastructures in the European and North American regions are expected to drive the low voltage cables and accessories market in the respective geographies. Globally, expansion of transmission and distribution network and adoption of smart grid technology are also the major factors for a large market share held by the segment.
Demand in Asia-Pacific is expected to lead the low voltage cables and accessories market, by region. Increasing demand for electrical energy due to urbanization and industrialization, as well as rising government mandates to achieve sustainable goals, is likely to drive the market during the forecast period in the region. Increasing power demand in countries such as India would require massive addition to the installed power generating capacity and development of adequate infrastructure. This would further drive the low voltage cables and accessories market in Asia-Pacific.
To enable an in-depth understanding of the competitive landscape, the report includes some of the top players in the cables and accessories market. These players include Prysmian (Italy), Nexans (France), NKT Cables (Germany), General Cables (US), Sumitomo (Japan), and ABB (Switzerland). Leading players are trying to understand the markets in developing economies and are adopting various strategies to increase their market share.