The Global Low Voltage market is anticipated to reach USD more than 180 Billion by 2028, due to Increasing demand for electricity and infrastructure development
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The market for low voltage products has been expanding consistently. The installation of low voltage cables has been accelerated in recent years by the exponential growth in energy consumption worldwide. The advent of renewable energy sources like solar and wind as well as the creation of new infrastructure have further fueled market expansion. The global need for power has increased as a result of the growing population. In order to meet the need for power, this has led to the introduction of renewable energy sources. The installation of new transmission and distribution lines from utilities to end consumers is a result of the use of renewable energy. Additionally, installing new low voltage cables is necessary when installing rooftop solar panels to meet the electrical needs of a single home. The rising adoption of renewable-energy has been aided by these cables, and this trend is expected to continue in the near future. New residential structures and office buildings have also been built as a result of the urbanisation and expanding population in different locations. These new buildings undoubtedly need for a steady flow of electricity, which is fueling the expansion of the low voltage cable market. With the development of new technology, organisations may now operate more efficiently. Power supplies for computers are now provided, and camera surveillance has grown in importance as a security measure. Together, these and the internet of things have significantly impacted this sector. Additionally, a number of factors, such growing urbanisation and industrialization have boosted the need for low voltage cables.
According to the research report, "Global Low Voltage Cable Market Outlook, 2028", published by Bonafide Research the market is anticipated to reach USD more than 180 Billion by 2028 with a significant CAGR of 6.77% from USD 123.10 Billion in 2022. The market is expanding primarily due to rising global energy consumption and the adoption of smart grid networks. As a result of increased power generation, distribution, and transmission across numerous locations due to the growing demand for uninterrupted power supply across a variety of industries, low-voltage cables are being used more frequently. They are also used to link the transformer to the low-voltage generator in the nacelle of wind turbines. The market is also anticipated to be further stimulated by the growing trend of utilising renewable energy sources in the power generation process. Due to the growing population, together with increasing urbanisation and digitization, there has been an increase in the demand for effective power transmission equipment that can be linked with smart devices. In addition, automated electronic devices like switches, relays, and metres that need low-voltage connections are used in smart grids and other power systems to ensure the efficient operation and management of the network's operational activities. Smart city initiatives often involve the deployment of advanced technologies and infrastructure, such as intelligent transportation systems, smart grids, and efficient energy management systems. These projects require the installation of various voltage cables to support the transmission and distribution of electricity, data, and communication signals. As a result, the implementation of smart city projects can lead to an increased demand for Low voltage cables. Smart city initiatives focus on developing and upgrading infrastructure to enhance the quality of life for citizens. These projects involve the deployment of various technologies such as smart grids, intelligent transportation systems, and building automation systems, which require low voltage cables for power transmission and data communication. Smart city initiatives often include the development of intelligent and energy-efficient buildings. Low voltage cables are crucial components for powering and connecting various smart building systems, such as lighting, HVAC (heating, ventilation, and air conditioning), security, and automation systems. These cables enable seamless integration and control of different building systems, improving energy efficiency, and overall building performance.
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