Start a Profitable Business of LV Control & Power Cables, MV Cables. Profitable Project Investment Opportunity in Cable Industry

Low voltage (LV) power cable forms an essential component for secondary distribution of power at voltage less than 1 kV. Different types of low voltage accessories include fittings and fixtures, cable joints, cable terminations, among others which are used for cable installations in overhead and underground installations.

Low voltage cables are used to supply power at low voltage. These cables form essential parts of the electrical and electronic systems in a broad range of applications. The cables have prime importance in the power sector, and thus, are important components in the generation, transmission, and distribution of electricity by power utilities.

Low voltage cables are built up with solid and standard, rigid, copper and aluminum conductors, flexible copper conductors. Low voltage cable is an important component for secondary distribution of electricity. Low voltage accessories are utilized to maintain cables in the distribution network.

Low voltage cables are used in the wiring of electrical installations in vehicles. The battery cable, a low voltage connection solution used in automobiles and agriculture and construction equipment, is also gaining popularity due to its ability to reduce electrical noise and withstand high temperatures during high voltage and low voltage applications. The growing automotive industry offers a significant market potential to low voltage cable manufacturers.

Increasing production of renewable power along with growth in industrialization are the key factors that drive the growth of this market. Furthermore, government incentives to expand or upgrade the transmission & distribution (T&D) system is another factor boosting the growth of the market. Lack of funding make the market volatile along with significant delay in authorization of different T&D projects due to complexity in planning are key restraining factors that hinders the growth of the market. Increasing demand in power along with various wind power policies in different countries are the factors that would offer abundant growth opportunities to the market. Volatility in prices of raw material along with low-quality & cheap products in grey market are major challenges faced by key market players.

A rising demand for electricity has fueled development in the power generation, transmission and distribution (T&D) sectors. The demand for equipment, such as low-voltage cable, is increasing with the growth in generation and T&D infrastructure.

A low-voltage cable derives its demand from the deployment of distribution transformers in distribution networks. These transformers are mainly used in the utility sector, followed by the industrial and commercial sectors. In 2015, the utility sector accounted for almost 80 percent of market revenue. This trend is likely to drive the growth of the market over the forecast period. Growing penetration of renewable-energy sources in the power-generation sector will drive future demand for low-voltage cables.

The use of low voltage cables in smart grids is expected to fuel the demand further over the next four years. Low voltage cables are deployed in the T&D networks of smart grids. Moreover, the addition of novel appliances such as heat pumps, electric vehicles charging stations, and solar panels to the distribution networks further necessitates the use of low voltage cables in their interconnection. Rising investment in smart grids in APAC, EMEA, and the GCC countries owing to increased demand for electricity in these regions is expected to be a significant factor in the market’s growth during the forecast period.

Major driving factors for the growth of low voltage cable market are Increasing demand of renewable power and expansion in urbanization and industrialization. The global low voltage cable market offers new growth opportunities, due to rising demand for power and increasing automotive industry growth in Asia Pacific region with high potential. The price of raw material is unpredictable and growing neutral market providing cheap products and low quality is expected to promote the use of low voltage cables. The smart grid is expected to fuel the demand further over the forecast years of low voltage cable market.

Low voltage cable is an important component for secondary distribution of electricity. To satisfy the growing demand for electricity transmission and distribution, the network is expanding globally. Low voltage accessories are utilized to maintain cables in the distribution network. Accessories and power cables are important components for transmission and distribution system and will also grow with the growth in transmission and distribution system. Low voltage cables are utilized for electrical equipment with a voltage rating for alternating current between 50 to 1000v and for direct current between 75 to 1500v, thus they are not subjected to high electric stress. Low voltage cables are built up with solid and standard, rigid, copper and aluminum conductors, flexible copper conductors.

Medium Voltage Cables, or MV cables, is a category defined by the International Electrotechnical Commission (IEC) as having a voltage rating of above 1kV up to 100kV. There does, however, remain some ambiguity over where the medium voltage cable band begins and ends, depending on the countries, the standard setting bodies, and the type of system used as historically engineers only referred to low voltage and high voltage. The concept of medium voltage was only introduced as the level of voltages increased and the need arose for a greater classification range, which now often includes extra low and extra high voltage.

Medium voltage cable is suitable for use in wet or dry locations when installed in accordance with NEC. It is for use in aerial, direct burial, conduit, open tray, and underground duct installations.

Medium-voltage cables are commonly used in mobile substation equipment, for distribution of power in industrial settings and in mining to supply power to drills, shovels, haulers, etc. These cables often come in standard voltages, including 5,000; 8,000; 15,000; 25,000; and 35,000 V.

The medium voltage cables and accessories market is expected to grow from an estimated US$ 41.45 Billion in 2017 to US$ 56.18 Billion by 2022, at a CAGR of 6.27%, from 2017 to 2022. Increase in renewable energy generation and rapid industrialization and urbanization is expected to drive the market for medium voltage cables and accessories.

The underground medium voltage cables and accessories segment of the installation market is expected to hold the largest share during the forecast period.

On the basis of installation, the medium voltage cables and accessories market has been segmented into underground, overhead, and renewables. The underground sector accounted for the largest market share. Several benefits of using underground cables are lower transmission loss and maintenance costs, they release no electric fields, and can easily absorb power loads; these factors are expected to drive the medium voltage cables and accessories market. Thus, the underground segment of the medium voltage cables and accessories market is expected to grow at the highest CAGR during the forecast period.

From the cable installation type, the medium voltage cable is divided into aerial cable, underground cable and submarine cable. Among them, underground cable is expected to become the fastest composite growth rate of products.

From the voltage level, the 6-13 kv medium voltage cable will dominate the global medium voltage cable market demand. It is expected that by 2022, the global 6-13 KV medium-voltage cable and accessories market will reach 14.25 billion U.S. dollars, the period of annual composite increase rate reached 6.47%.

Some of the driving factors like hasty growth in industrialization & urbanization, high production of renewable energy and rising government policies to expand the T&D systems are contributing for the market growth. However, less financial support and delay in intricate planning & authorization of projects are limiting the market. On the other hand, growing demand for power and wind policies in emerging countries is providing a significant opportunity for the market.

In developed economies, such as Europe, requirement of increasing power generation and expanding wind sector offers significant growth potential. However, fluctuating prices of metals, such as copper, aluminum, and other metals, restrain the market growth. The demand for power infrastructure is driven by growing investments in renewables’ sector, thus offering significant opportunities for growth.

Rapid industrialization and urbanization has been the key driving factor sustaining the growth of the medium voltage cables market. Industrialization and urbanization has been increasing at a much faster pace in the developing economies, resulting in more requirement for power generation, transmission, and distribution and thus is expected to boost the requirement of medium voltage cables.

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