Global market research firm Orian Research recently released a report said that from 2017 to 2023, the global annual growth rate of low-voltage cables will reach 10.75%, far exceeding the growth in demand for medium-voltage cables.
The report mainly from the automotive industry and non-automotive industry to analyze the growth of global demand for low-voltage cables. The report argues that the growing demand from the automotive and non-automotive industries has contributed to the growth of the low-voltage cable market. In the automotive industry, low-voltage cables are deployed in the wiring of the vehicle's electrical installation. With the ability to reduce electrical noise and resist high temperatures in high and low voltage applications, significant emphasis has been placed on battery cables and low voltage connection solutions for automotive and agricultural and construction equipment.
The growing automotive industry offers great potential for low-voltage cable manufacturers. Currently, the automotive market in the Asia Pacific region is an attractive market for low-voltage cable manufacturers as emerging economies such as India and China are in huge demand for cars. Globally, the rise of new energy vehicles will further stimulate demand for low voltage cables.
In the non-automotive industry, industrialization, urbanization, renewable energy, grid system upgrades, smart grids and others will continue to drive the demand for low-voltage cables worldwide in the coming years.
The increase in electricity demand in countries such as Asia Pacific, the Middle East and Africa and the Gulf Cooperation Council will stimulate investment in smart grids and become an important factor in the market growth in the forecast period.
Low-voltage cable industry is geographically divided into North America, Asia Pacific, Latin America, Europe, the Middle East and Africa and several other regions. Among them, the Asia-Pacific region dominated the market, accounting for more than 36% of the global market share. In the Asia Pacific region, power, automotive and rail are the three major end-use markets for LV cables. By 2023, the development of these industries will drive the demand for low voltage cables.
Prysmian, Nexans, Ankaite Cables, Sumitomo Electric, LS Cables, Fujikura Cables, Furukawa Electric, General Electric Cables and others will be the world's leading providers of low voltage cables from manufacturers. At the same time, the major regional manufacturers such as China Far East Cable, India Polycab Cable, the United States South Cable, Dubai Cable will also participate in the international market competition.