North America HVAC Cables Market size to exceed $180mn by 2026
Published Date: June 5, 2020 Authors: Ankit Gupta, Riya Gupta
North America HVAC Cables Market size is expected to surpass USD 180 Million by 2026, as reported in the latest study by Global Market Insights, Inc.
North America HVAC cables industry will witness growth owing to replacement and refurbishment of aging & inadequate transmission infrastructure along with propelling demand for subcontracted service providers. Ongoing technological enhancements will incorporate reduced power losses, high durability and enhanced product life cycle which will drive the product demand. Furthermore, increasing energy demand followed by ongoing investment toward offshore wind farms will fuel the industry landscape.
Restructuring and revamping of existing transmission grid infrastructure will boost the product demand
Overhead installation is estimated to witness growth on account of rising inclination toward modernization of existing transmission networks. Upgrading grid networks to make it smart and resilient through integration of technologies, cutting-edge equipment, and controls will further complement the business outlook. In addition, growing shift toward the deployment of HVAC cables to fulfill the regional and inter-regional power supply across the region will further propel the business potential.
Rising investments toward restructuring and building of transmission and distribution network will enhance the product deployment
Underground installation segment of North America HVAC cables market is anticipated to surge on account of consumer inclination toward safe and reliable power supply network. No sagging losses, effective short-distance electricity transmission as well as low utilization of conductor resources are the few major parameters which will complement the product portfolio. According to ASCE, annual fund flow of USD 20 billion across the T&D infrastructure will be largely driven by replacement, upgradation and retrofitting of existing power infrastructure.
Browse key industry insights spread across 100 pages with 74 market data tables & 21 figures & charts from the report, “North America HVAC Cables Market Size By Voltage (< 110 kV, 110 kV – 220 kV, 220 kV – 440 kV, > 440 kV), By Installation (Overhead, Submarine, Underground), Industry Analysis Report, Regional Outlook, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Substantial growth across the heavy scale industries and manufacturing sector will positively influence the product adoption
110 kV to 220 kV capacity segment exceeded USD 400 million in 2019. In the recent years, T&D sector have witnessed substantial growth owing to extension of large and heavy scale industrial establishments coupled with revamping of medium-scale manufacturing plants across developed and developing nations. In addition, growing peak load demand coupled with incorporation of upgraded transmission lines to lower power outages and losses will sway the North America HVAC cables market outlook.
Increasing investments to enhance the T&D infrastructure will boost the industry outlook
Canada HVAC cables market is projected to grow on account of increasing investments by public and private institution to enhance renewable energy generation and sustainable power supply across the region. For instance, in 2018 Federal Electricity Commission (CFE) announced an investment of USD 1.7 billion toward installation of high voltage transmission line across cities of Canada. Moreover, rising power outages owing to brownouts, blackouts, grid inefficiencies, and extreme weather conditions which will positively influence the safe and reliable product demand.
Impact of COVID-19 on the overall business scenario will affect the ongoing investments toward the infrastructural and economic development across the world. In addition, stringent government norms including austerity measures will in turn delay the operational and capital expenditure toward the upcoming T&D project scenario.
Eminent participants operating across the North America HVAC cables market includes Nexans, Sumitomo, Prysmian Group ZTT, ABB, NKT, LS Cable & System, Southwire, Taihan, Elsewedy, Furukawa and etc.
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