Cables are an insulated strand of wires used for transmitting electricity at different voltage levels. Low Voltage Cables are one of the broad classifications of power cables, determined on the basis of their voltage applications. Low voltage cables are available in different sizes, shapes, materials, and types as per the need of the end-use industry. The low voltage cables market is classified on the basis of its application into power distribution, buildings, and specialty purposes. The rising urbanization and consequent increase in residential construction is fueling the demand for low voltage cables from the construction industry.
Latin America is expecting a substantial boost in the demand for low voltage cables owing to rapid industrialization, increasing purchasing power of consumers, and the announcement of numerous development projects in developing countries. The Latin America low voltage cables market was worth US$3604.9 million in 2011 and is anticipated to grow strongly at a CAGR of 8.5% between 2012 and 2018, totaling US$6418.8 million by the end of 2018.
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Rising Prices of Raw Materials to Hamper the Growth of Low Voltage Cables Market
Rapid industrialization, increasing automation, tremendously increasing use of gadgets, and high demand for quality products are considered as the driving factors for the low voltage cables market in Latin America. In addition, the diversified use of low voltage cables and their customizability is expected to fuel demand from the low voltage cables Latin American market in the forecast period. On the flip side, regulatory compliance issues and rising prices of the primary raw materials in the production of low voltage cables – copper and aluminum – are the major restraining factors that will hold back the growth of the low voltage cable market in Latin America.
The initiative of SIEPAC, the interconnection of the power grids of Honduras, El Salvador, Costa Rica, Panama, Guatemala, and Nicaragua, is considered to be the biggest opportunity for key players in the Latin America low voltage cables market in the near future. Connecting the grids in these six nations and setting up new transmission lines is expected to fuel the demand for low voltage cables market in Latin America in the forecast period.
Brazil to Dominate Low Voltage Cables Market in Latin America
The Latin America low voltage cables market is segmented geographically into seven countries, which are Brazil, Costa Rica, the Dominican Republic, Cuba, Panama, Argentina, and Jamaica. The Latin America low voltage cables market is affected by many factors such as electricity consumption, gross domestic product, industrial growth, per capita income, and urban population. As per the statistics, the Brazilian market is expected to hold the largest share of the low voltage cables market in Latin America in the forecast period.
Following Brazil, Costa Rica is considered as a high-potential market for the export of low voltage cables. At present, Costa Rica has a promising growth rate of 6.7% in terms of consumption of low voltage cables. On the other hand, Panama is anticipating a rapid growth at a 17.1% CAGR between the years 2011 and 2018.
Prominent Players in the Latin America Low Voltage Cable Market
The Latin America market for low voltage cables is expected to witness a progressive growth in the forecast period, owing to which many companies are planning to set their foot in the market. Some of the key players of the low voltage cables market in Latin America are General Cable, Southwire, Nexans, The Siemon Company, ABB Ltd., Remee Cable Products, Alcan Cables, and Prysmian.
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