The global low smoke halogen free cable market accounted for US$ 2.49 Bn in 2018 and is expected to grow at a CAGR of 10.7% over the forecast period 2019-2027, to account for US$ 6.44 Bn by 2027
NEW YORK, Oct. 29, 2019 /PRNewswire/ -- The global low smoke halogen free cable market accounted for US$ 2.49 Bn in 2018 and is expected to grow at a CAGR of 10.7% over the forecast period 2019-2027, to account for US$ 6.44 Bn by 2027. Growth in recent years in the low smoke halogen free cable market is primarily driven by the increasing regulations on fire control and implementation of fire retardant equipment especially in buildings that are prone to fire hazards. North America region is observed to garner the highest market share in the low smoke halogen free cable market.
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It has been observed that in a majority of the developed as well as developing economies, stringent fire regulations have been laid with regards to the construction of new buildings in order to ensure safety for occupants.Countries such as US, Australia, Canada, Mexico, UK, Germany, Spain, Italy, and India have laid down stringent regulations with regard to fire safety.
Also, the concerned authorities have laid heavy punishments in case of violence of the codes.Virtually every building, process, service, design, and installation is affected by NFPA's codes and standards.
These codes and standards, reflect changing industry needs and evolving technologies, supported by research and development, and practical experience. Diverse regulations across the globe in different regions have together driven the low smoke halogen free cable market.
In North America, it is mandatory for the manufacturers of different industries to be familiar with the International Electrotechnical Commission Explosive (IECEx) Certification or ATEX Directive.The electrical equipment which is to be used in harsh and risky environments, North America and Canada are subjected to certify by a Nationally Recognized Testing Laboratory (NRTL).
The low smoke halogen free cable market in North America has dominated the global market owing to these stringent regulations by the authorities. Similar to North America, there have been regulations implemented in other countries across the globe that have contributed to the positive growth of the low smoke halogen free cable market.
Laws and measures made for the safety of the workforce would have a positive impact on the deployment of electrical fittings including cables.In China, CNEx certification is needed for gaining access for HazLoc products to the People's Republic of China.
Also, in Taiwan, the Safety Label for Ex equipment specifies conformity to Taiwan national standards (CNS) and achievement of official registration scheme by Taiwan Ministry of Labor.Currently, it is an obligatory requirement that all Ex equipment is mandatory to obtain a Safety Label prior to import, sales, distribution, installation or operation in the country.
European Union (EU) has formulated the Construction Product Regulation (CPR).The regulation proposed by the EU is laid to control the limits of dangerous substances in the materials which is used during construction.
This regulation is applied to all products which are to be fixed permanently in the construction. In respect to cables, the regulation applies to telecommunication, power, and control cables. Moreover, now it has become a mandate for all the installed cables to comply with the CPR regulation. The mandate of such rules and regulations have been driving the adoptions of low smoke halogen free cable market globally.
The overall low smoke halogen free cable market size has been derived using both primary and secondary source.The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the low smoke halogen free cable market.
It also provides the overview and forecast for the global low smoke halogen free cable market based on all the segmentation provided concerning five primary reasons such as North America, Europe, Asia-Pacific, the Middle East and Africa, and South America.Also, primary interviews were conducted with industry participants and commentators to validate data and analysis.
The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the low smoke halogen free cable market. Some of the players present in the low smoke halogen free cable market are BASF SE, Borealis AG, DowDuPont Inc., Fujikura Ltd. , Hitachi Ltd., Nexans SA, Prysmian Group, Mexichem Specialty Compounds, Shanghai Kaibo Compounds Factory Co., Ltd., and Sumitomo Electric Lightwave Corp. among others.
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