North America HVAC Cables Market size is set to surpass USD 130 million by 2030, as reported in the latest study by Global Market Insights Inc.
The market growth is credited to the replacement and refurbishment of conventional & inadequate transmission networks along with impelling demand for the subcontracted service providers. The ongoing technological enhancements will include enhanced product life cycle, reduced power losses and high durability which will drive the business landscape. Furthermore, increasing energy demand followed by ongoing investment toward offshore wind farms will fuel the market landscape.
Impact of COVID-19 on the overall business scenario had impacted ongoing investments toward the infrastructural and economic development. Additionally, stringent government norms including austerity measures delayed the operational and capital expenditure toward the upcoming T&D project scenario.
Restructuring and revamping of existing transmission grid infrastructure
The North America HVAC cables market for overhead installation is estimated to grow impelled by the 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 market outlook. In addition, growing inclination toward the deployment of HVAC cables to fulfill the regional and inter-regional power supply will propel the business potential.
Rising investments toward restructuring and building of transmission and distribution network
Underground HVAC cables installation is anticipated to surge led by 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 garner the product portfolio.
Browse key industry insights spread across 100 pages with 85 market data tables & 18 figures & charts from the report, “North America HVAC Cables Market Size By Voltage (< 110 kV, 110 kV – 220 kV, > 220 kV), By Installation (Overhead, Submarine, Underground), COVID-19 Impact Analysis, Country Outlook, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:
Rising significant growth across the heavy scale industries and manufacturing sector
110 kV to 220 kV capacity segment accounted USD 450 million revenue in 2021. In the recent years, T&D sector have projected substantial growth owing to the extension of large and heavy scale industrial establishments coupled with revamping of medium-scale manufacturing plants across developed and developing nations. However, increasing peak load demand together with incorporation of upgraded transmission lines to lower power outages and losses will sway the industry scenario.
Growing investments to enhance the T&D infrastructure
Canada HVAC cables market is poised to observe considerable gains on account of the rising investments by public and private institution to enhance renewable energy generation and sustainable power supply across the region. Moreover, rising power outages due to brownouts, blackouts, grid inefficiencies, and extreme weather conditions which will positively influence the safe and reliable product demand.
Eminent players operating across the North America HVAC cables market includes Sumitomo, ZTT, Prysmian Group, Nexans, NKT, Southwire, Valard Construction, Elsewedy Electric, KEC International Ltd. and Furukawa.
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