North America HVAC Cables Market Size & Share 2022 to 2030
Market Size by Voltage (< 110 kV, 110 kV, 220 kV, > 220 kV), by Installation (Overhead, Submarine, Underground), COVID-19 Impact Analysis, Country Outlook, & Forecast.
Report ID: GMI4700
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Published Date: May 2022
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Report Format: PDF
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Authors:
Ankit Gupta, Shubhankar Dimri
North America HVAC Cables Market Size
North America HVAC Cables Market size valued at around USD 950 million in 2021 and is anticipated to cross an annual installation of 120 km by 2030. Increasing demand for outsourced service providers along with replacement of aging as well as inadequate transmission infrastructure will foster the industry growth.
The ongoing technological advancements has further incorporated low power losses, high durability and improved product life cycle which will positively sway the overall industry scenario. Moreover, increasing deployment of the offshore wind farms coupled with rising interstate power transmission connections will drive the market demand.
Restructuring and upgradation of the conventional transmission grid structure
The rising demand for revamping, restructuring, and upgradation of the conventional transmission grid structures with favorable government norms, policies and sectoral schemes will complement the market share across the power sector. In addition, growing inclination toward installation of the overhead high voltage AC cables in order to cater the ongoing inter-regional electricity demand will propel the North America HVAC cables market potential.
The submarine HVAC cables deployment is estimated to gain surge owing to rising installation of offshore wind farms and the continuous expansion of deep-water O&G platforms. Development of the island interconnections combined with rising inter-country electricity transmission network will in turn integrate a positive market expansion. The reliable and safe offshore transmission as well as ongoing research and development investments to improve the efficiency of high voltage cables over a long distance will spur the product deployment.
North America HVAC Cables Market Analysis
The 110 kV capacity cables witnessed significant growth due to the expansion of large-scale commercial establishments with increasing investment toward micro grid development. The growing demand for replacement and retrofitting of small-scale industries as well as manufacturing infrastructure will fuel the HVAC cables market revenue in North America. The suburban migration across the developing states has also led to expansion of the residential and commercial establishments which will support the product demand. However, increasing dependency on the heavy industries which includes manufacturing, production facilities and power generation has strengthened the industry share.
The harmonic fluctuations, weather-related disasters, brownouts, and power outages are major indispensable factors which will influence the market share. Ongoing technological enhancements to avoid mechanical & electrical losses across power grid network and rising demand for the uninterruptible electricity supply will augment the > 220 kV cables demand.
The effective asynchronous interconnection, high applicability, better controllability across the short-distanced power supply network and low maintenance cost are some prominent factors which will foster the network installation growth. The increasing demand for safe & secure power supply together with adoption of innovative cable technology with minimal environmental damages will boost the industry statistics. Prevailing commercialization across the U.S and Canada as well as growing power consumption within communication base stations and the data centers has incorporated an optimistic business returns.
The impact of COVID-19 on high voltage AC cables sector observed an operational constraint in order to effectively manage the projects. Additionally, government and private players collaborated to effectively deal with the situation. Furthermore, the market predicted marginal decline in the installation of renewable based projects and the ongoing investment by the private players to increase the offshore wind power energy share across the region.
The U.S. HVAC cables market size surpassed USD 950 million in 2021. Increasing expenditure spending toward enhancement of short and medium route transmission networks along with deployment of advanced power network will garner the overall stance. The government investment plans to improve & upgrade power lines with an objective to reduce the electricity consumption rate of transmission infrastructure will positively sway the trend for these units. In addition, rising inclination toward the replacement & reinstallation of the conventional electrical devices and the improved high-quality structures will impact the HV cables demand.
The transmission sector across Canada have forecast a positive inclination towards energy efficient technologies instigating a favorable market potential. Further, the effective power efficient transmission power lines will lead 16 TWh energy saving per year which will incline customer toward product adoption. Moreover, government policies and efforts toward modernization as well as development of electrical grid will significantly expand the market growth.
North America HVAC Cables Market Share
Inorganic growth ventures merged with the rising acquisitions and partnerships among the major players will complement the sector. Major companies operational across the North America HVAC cables market are :
This market research report on HVAC cables in North America includes in-depth coverage of the industry with estimates & forecast in terms of “km” & “USD” from 2018 to 2030, for the following segments:
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Market, By Voltage
Market, By Installation
The above information has been provided for the following region and country:
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