The analysis includes market size, upstream situation, market segmentation, market parameters, price & cost, and industry environment.
NEWARK, UNITED STATES, November 21, 2022 /EINPresswire.com/ — As per the report published by Fior Markets, the HVAC cables market is expected to grow from USD 30.2 billion in 2020 and to reach USD 51.88 billion by 2028, growing at a CAGR of 7% during the forecast period 2021-2028.
The HVAC cables market is witnessing significant growth form the past years. The growing integration of inter-regional energy transmission and the rapidly expanding offshore wind industry are projected to propel the HVAC cables market forward in the next years. High-voltage cables are utilised in a variety of situations where ordinary cables are incapable of offering the best results. The HVAC offshore cables help to integrate renewable energy into the grid while also extending the grid to isolated locations such as offshore wind, gas, and oil plants. The growth of offshore wind farms has necessitated the use of submarine HVAC cables, which connect offshore turbines to power grids and assure low-loss and efficient energy transmission. Submarine transmission linkages among several national power systems are developing significantly as a result of these capabilities, promoting industry expansion.
HVAC (High Voltage Alternative Current) submarine cables are the most reliable undersea cables used in energy infrastructure. Offshore power transmission that is both reliable and safe, as well as ongoing technological improvements in the HVAC cable, result in a longer product life cycle, lower power losses, and increased durability, all of which fuel demand for the worldwide HVAC cables market. HVAC cables have a considerably superior insulation wrap that protects them from being damaged by the elements. These cables are widely used in power transmission utilities as well as a variety of other industries, including nuclear and thermal power plants, airports, steel, railroads, water, renewable energy, and manufacturing. Furthermore, the HVAC cables market is driven by an increased desire to build overhead HVAC cables to meet inter-regional electrical demand.
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The ongoing impact of COVID-19 on the HVAC cable industry has presented a logistical challenge in managing projects successfully. However, when the influence of the coronavirus fades, operations may resume at a more normal pace. To properly cope with the current crisis, the government and private players are working together. These collaborations are allowing us to develop full-proof strategies to meet future energy demand and approaches to start projects in a more efficient manner.
Key players operating in HVAC Cables market Nexans, Tratos, ABB, NKT, TF Kable, Hellenic Cables, Prysmian Group, Alfanar, TenneT TSO GmbH, LS Cable & System, Elsewedy, Taihan, Furukawa, Sumitomo, ZTT, Southwire, and Furukawa.
Prysmian Group and TenneT TSO GmbH, the Dutch-German grid operator, inked a contract . The SuedOstLink project in Germany, which is one of the world’s longest HVDC subterranean cable connections, has signed this deal.
In March 2017, NKT Cables has acquired ABB’s high-voltage cable division. As a result of the acquisition, the company is now able to provide cutting-edge solutions to its customers.
In Jan 2018, ABB’s cable manufacturing acquired Southwire Company. The 240,000-square-foot facility manufactures high-voltage and extra-high-voltage underground transmission cables with voltages ranging from 230 to 400 kV. In addition, the businesses pursued a business agreement to use the facility for the land cable portion of specific HVDC projects.
In Dec 2016, Prysmian acquired high-voltage (HV) cable assets from a Chinese manufacturer. With improved operational flexibility, efficiency, and technical improvements, Prysmian was able to dramatically increase its competitiveness in the Chinese utility sector.
110 kV – 220 kV segment dominated the market and held the largest market share of 34.21% in the year 2020
On the basis of voltage, the HVAC Cables market is segmented into< 110 kV, 110 kV – 220 kV, 220 kV – 440 kV, > 440 kV. The 110 kV – 220 kV segment dominated the market and held the largest market share of 34.21% in the year 2020. This growth is attributed to the increasing dependency on heavy industries such as manufacturing and production facilities and electricity generation.
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Overhead segment dominated the market and held the largest market share of 46% in the year 2020
On the basis of installation, the HVAC Cables market is segmented into overhead, underground and submarine. The overhead segment dominated the market and held the largest market share of 46% in the year 2020. This growth is attributed to rising demand for a secure and safe power supply, and the adoption of cutting-edge cable technology that causes the least amount of environmental impact.
Regional Segment of HVAC Cables Market
North America (U.S., Canada, Mexico)
Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
Asia-Pacific (China, Japan India, Rest of APAC)
South America (Brazil and Rest of South America)
Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the HVAC Cables market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Europe region held the largest market share of 29% in the year 2020, owing to the increasing the amount of spending on improving short and medium-distance transmission networks. Ongoing government investment intends to improve and upgrade power lines with the goal of lowering the transmission infrastructure’s electricity consumption rate. In addition, a growing trend toward replacing and reinstalling traditional electrical devices with higher-quality systems is expected to drive the demand for HV cables.
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About the report:
The HVAC Cables market is analysed on the basis of value (USD billion), volume (K Units). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
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November 21, 2022, 13:18 GMT
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