TMCnet News
Smart Grid Market to Propel the Demand for Low Voltage Power Cables until 2020, Says TechnavioAccording to the latest research report released by Technavio, the global low voltage power cable market will likely reach over USD 150 billion by 2020. This report titled 'Global Low Voltage Power Cable Market 2016-2020', provides an in-depth analysis of the market in terms of revenue and emerging trends. To calculate the market size, the report considers the revenue generated from end-user industries such as power, automobile, mining, oil and gas, residential and commercial construction, and other process industries such as cement and chemicals. Request sample report: http://bit.ly/1olbtKq "Low voltage cables are deployed in 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. Smart grid systems incorporate automated software and electronic hardware such as meters, switches, and relays that guarantee smooth and appropriate transmission and distribution of electricity by upgrading and controlling operational processes over a network," said Anju Ajaykumar, one of Technavio's lead industry analysts for IT spending by region and industry. "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. This will fuel the demand for low voltage cables," added Anju. Some of the other driving forces behind the growth of the global low voltage power cable market are as follows:
Growth in power distribution sector An electrical power distribution system supplies power to individual consumer's premises. Distribution networks facilitate this process and distribute power to users at a much low voltage level when compared to the output on the generation side. These systems consist of substations, primary feeders, distribution transformers, and service mains. The low voltage power output at the secondary units of the distribution transformers is distributed through the low voltage power cabls to the consumers. Areas with space constraints utilize underground low voltage cables for distribution purposes. A rising demand for electricity worldwide has thus fueled development in the power generation, transmission, and distribution sectors. The demand for equipment employed for these purposes such as low voltage cables is therefore increasing with the growth in the generation and T&D infrastructure. A low voltage cable derives its demand from the deployment of distribution transformers in distribution networks. These transformers find application predominantly in the utility sector, followed by the industrial and commercial sectors. In 2015, the utility sector accounted for 79.08% of market revenue, and this trend is likely to drive the growth of the market over the forecast period. Low voltage cables for power generation from renewable energy sources In solar power generation, low voltage cables are used to connect the panel to the combiner box; the combiner box to the inverter; and the inverter to the transformer, whereas medium voltage cables are used to connect the transformer to the substation, and high voltage and extra high voltage cables are used to connect the substation to the grid. Similarly, in case of power generation by wind energy, the cables are used in the nacelle of the wind turbine to connect the tower to the grid. Low and medium voltage cables are employed in the wind turbine and their technical specifications depend on the type of generator (low voltage or medium voltage) and the location of transformers (that can be installed inside the nacelle and in the middle, bottom or outside the tower). Low voltage cables are used when the transformer is placed in the middle or bottom of the tower to connect the low voltage generator in the nacelle to the transformer. Growing penetration of renewable energy sources such as solar and wind in the power generation sector will therefore drive the demand for low voltage cables. Demand from automotive and non-automotive industries Low voltage cables are used in the wiring of electrical installations in vehicles. These cables are also used in wiring harness assemblies to be employed in passenger cars, light, medium, and heavy-duty trucks, agriculture equipment, construction equipment, and other off-road 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. The global automobile market accounted for 45.38 million units in Q2 2014, and reached 45.6 million units in Q2 2015. This growth is attributed to rising population and increase in disposable incomes. Easy availability of financing options also facilitate growth in the automotive industry, which, in turn, positively influences the demand for electrical components such as low voltage cables. Browse related reports:
Purchase any three reports for the price of one by becoming a Technavio subscriber. Subscribing to Technavio's reports allows you to download any three reports per month for the price of one. Contact [email protected] with your requirements and a link to our subscription platform. About Technavio Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies. Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users. If you are interested in more information, please contact our media team at [email protected].
View source version on businesswire.com: http://www.businesswire.com/news/home/20160408005038/en/ |
