North America HVAC Cables Market Size 2022 In-Depth Analysis, Growth Strategies and Comprehensive Forecast to 2026

The North America HVAC cables market is poised to record phenomenal gains in the years to follow owing to the proliferation of customized, cost effective, and dynamic turnkey solutions for various construction and offshore activities. Also, stringent regulations pertaining to energy efficiency, expansion of smart grid networks, and refurbishment of existing grid infrastructure are expected to propel the global market dynamics.

Elaborating further, shifting focus of leading manufacturers towards use of technologically enhanced products for enhanced power efficiency and stability has been fueling the North America HVAC cables market development over the forthcoming years. Recently, a US offshore wind developer- Vineyard Wind LLC, has granted Italy based Prysmian Group a contract worth USD 275 million, to deliver a submarine power cable system for 800 megawatt wind project in Massachusetts, US.

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As per credible sources, Prysmian Group was considered to design, develop, install, and commission a HVAC cable system composed of two- 220 kV three-core cables. More so, the cables were deemed to be produced in Prysmian’s facilities in Finland and Italy. Such initiatives offer a glimpse of the impending scenario of North America HVAC cables market.

It has been observed that North America HVAC cables market was valued at USD 1 billion in 2019, and is projected to grow substantially in the upcoming years on the grounds of the below mention trends:

Mounting investments by private and public conglomerates

Demand for HVAC cables has been on a dramatic surge globally, perhaps due to the rising investments toward transmission and distribution sector in line with the increasing energy demand across various emerging economies of the region. Also, potential spending from various private and public industry players clubbed with stringent government regulations to deploy energy efficient environment will positively support the market growth in the ensuing years.

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Prolific developments in offshore oil and gas operations 

North America HVAC cables market is currently flourishing at a prodigious pace owing to the development of offshore oil and gas platforms driven by rising inclination towards adoption of offshore renewable infrastructure. This has indeed escalated the demand for submarine HVAC cables across the region.

Besides, elevating electricity demand from oil and gas operations and incorporation of efficiency norms and expansion of smart grid networks would further augment the market statistics in the years to follow.

Technological advancements in the business sphere

With technology taking over the world today, its effects are also being positively felt across the North America HVAC cables industry. Technological developments have been claimed to reduce the sagging losses, augment transmission capacity, and curb the power outages to a larger extent, allowing it to stand a primary growth driver of the industry expansion.  

In addition to the aforementioned, technological developments endure peak load demand while also lowering down the power losses across the power network.

Effective product properties to boost demand for > 440 kV HVAC cables

>440 kV HVAC cables have been witnessing massive demand across North America HVAC cables industry on accounts of its intrinsic properties such as effective medium and long route power transmission, low sagging ability, and durability to sustain high tension current. It is also pivotal to mention that >440 kV extensive use in heavy industrial sector, power and process segment, and oil and gas platforms have opened up new avenues for the North HVAC cables industry players.

Despite the potential trends that are likely to offer a thrust to the overall market, outbreak of COVID-19 pandemic has been claimed to delay the commission of future projects on time, thus impeding the North America HVAC cables market growth. However, surging demand for energy paired with growing need for advanced transmission infrastructure would certainly drive the growth of the industry in the years to follow.

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