The Latin America low voltage cables market size is expected to reach USD 10.54 billion by 2022 growing at a CAGR of 8.0% from 2015 to 2022, according to a new report by Grand View Research, Inc. Latin America has undergone a high degree of industrialization over the last decade with several multinational companies making their presence in this region. These companies need high operating power, which has consequently increased the demand for power cables used in distribution networks. These products are required in high quantity for machine installation and power transmission and distribution.
Low voltage power cables have expanded into several application sectors including conventional electrical power supply as well as gadget assembly. Sophisticated gadgets have penetrated into the Latin American as well as the Central American markets owing to the rising disposable income of people and a general increase in awareness about the latest technology introduced in the market.
With the advent of industrialization, robots have been installed to increase production as well as perform dangerous tasks deemed unsafe for humans in a safe manner. These robots also perform dull, monotonous tasks efficiently, thereby boosting production to a large extent. These products are used in industrial robots, thereby boosting low voltage power cables market demand.
Further key findings from the report suggest:
- Building and distribution applications led the low voltage power cables market in 2014 and are expected to continue their dominance over the forecast period. Latin America has witnessed stupendous infrastructural development over the last decade, which has directly increased demand in residential & commercial buildings as well as electricity distribution.
- Brazil dominated overall revenue in 2014, accounting for over 40% of the share. The country has witnessed the inception of a plethora of industries over the last decade. The automotive industry in Brazil is thriving and is expected to continue to perform well over the forecast period. Low voltage cables are essential in power distribution to these factories, which involve a high degree of automation.
- Major industry participants include Nexans, Prysmian, General Cable, Southwire, The Siemon Company, Remee Products, and ABB Ltd. Prominent low voltage power cables market players focus on development of sturdy, tamper-proof, and eco-friendly products to ensure public safety. For instance, Prysmian Group has pioneered the development of a polymer for its cables that absorbs, impacts, and alleviates the risk of permanent damage to its submarine and underground layers. General Cable supplies halogen-free products in the market.