Market for LV cable and accesories will grow

low-voltage-cableThe global market for low voltage (LV) cable and accessories will grow by an annual compound annual growth rate of 7% from 2015 through 2020, a report from Research and Markets projects says.

The report, “Low Voltage Cable Market by Overhead, by Underground, by End-User and by Region – Global Trends & Forecast to 2020,” estimates that the 2014 value for the global market was US$99.2 billion in 2014.

A press release said that the growth will be driven by spending on transmission and distribution networks, growing industrialization and urbanization, and the shift in focus towards renewable energy production. The transmission & distribution (T&D) network is expanding globally on account of an increase in power generation to satisfy the growing demand for electricity. Power cables and accessories are vital components for T&D networks and will also grow in sync with the growth in T&D networks. The low voltage cables and accessories market is expected to grow faster in developing countries where the T&D industry is in the growth stage.

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