PUNE, India, December 8, 2017 /PRNewswire/ —
The report “Cables and Accessories Market by Voltage (Low, Medium, High), LV by Installation (Overhead (Conductors, Accessories), Underground (PVC, XLPE, Terminations, and Joints)), LV by End-User (Industrial, Renewables), and Region – Global Forecast to 2022″, published by MarketsandMarkets™, the market is estimated to reach USD 121.63 Billion in 2017, and is further projected to reach USD 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.
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Overhead cables and accessories segment is expected to hold the largest share of low voltage Cables and Accessories Market, by installation, during the forecast period
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.
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Infrastructure segment is expected to be the largest in the low voltage Cables and Accessories Market, by end-user, in 2017
Low voltage Cables and Accessories Market in the Infrastructure segment is expected to be the largest, by end-user, in 2017. The growth of this 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.
Asia-Pacific: Expected to be the leading market for low voltage cables and accessories during the forecast period
Low voltage Cables and Accessories Market has been analyzed with respect to five regions, namely, North America, Europe, Asia