North America HVAC Cables Market Size, Trends, Share | Leading Players Sumitomo, ZTT, Nexans, ABB, NKT, Prysmian Group
High voltage alternating current cables are used for transmitting currents at long distances. Depending on the distance and power of the line, the value of voltage of these cables decides the value of current to be transmitted. Using HVAC cables for long-distance current transmission is economical as it decreases the cost of the conductor. This is because the cross-sectional area of the conductor required for transmitting high voltages is small, thus reducing the material costs of conductors.
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Furthermore, when high voltages are transferred through HVAC cables, less current is transmitted. This reduces eddy current losses and copper line losses, thus increasing the overall transmission efficiency. Also, HVAC cables can transmit more power across long distances. With such a wide range of applications, the demand for HVAC cables will increase in coming years.
Speaking of which, the North America HVAC cables market is predicted to exceed USD 180 million by the end of 2026.
Growing demand for upgradation of existing electrical infrastructure to stimulate the consumption of HVAC cables
With technological advancements and a growing population, the requirement for electricity has increased in North America. The existing electric grid infrastructure has aged and is being pushed to provide more electricity than it was designed to supply.
The oldest power line built in the United States dates back to the 18th century while most of the existing grids were built in the 1950s and 1960s with a life expectancy of 50 years.
The office of electricity has collaborated with private as well as public partners to transform, strengthen and enhance the energy infrastructure for ensuring a secure, clean and reliable energy source.
With the introduction of smart grid technology, the reliability of electricity transmission has increased. This has reduced the duration and frequency of power outages and has fastened the process of power restoration in case of natural disasters like cyclones and tornadoes.
One of the most important components to be upgraded in this system are transmission and distribution lines and in order to increase the reach of electrical supply across the region, HVAC cables prove to be most efficient. Taking all the aforementioned factors into consideration, the market for HVAC cables in North America will prosper during the projected timeframe.
Growing residential and commercial projects to boost the usage of HVAC cables
There has been a significant rise in the development of infrastructure in North America over the past few years. This is primarily due to increased suburban migration which has augmented the requirement for electricity in these areas. Also, rapid industrialization has spiked the demand for electricity in manufacturing plants and small-scale industries.
North America faces frequent power outages due to natural disasters like tornadoes and cyclones. As per a survey, over 45,000 tornadoes were registered in United States starting from 1916 to 1998. These disasters cause massive power outages across the region. In fact, the number of power outages has doubled from 2003 to 2012. With such increasing instances of power outages, the HVAC cable industry is likely to receive massive impetus throughout the stipulated timeframe.
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