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

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

The North America HVAC cables market is anticipated to observe exponential growth by 2030 owing to the expansion of smart grid networks. Additionally, stringent energy efficiency reforms, along with the replacement of existing or traditional grid networks, are likely to boost market growth over the forecast period.

Recently, developments in products that involve less power loss and efficient product use have boosted industry uptake. Government reforms and mandates regarding efficient energy resources have also created opportunities for the effective refurbishment of existing grid networks, fueling product adoption.

Notably, major participants in the industry have been investing in product innovation and engaging in strategic collaborations to maintain a stable business position in the region, which has been favorable for North America HVAC cables market expansion. For instance, in October 2021, Sumitomo Electric, a manufacturer of electric wire and fiber cables carried out the replacement of the submarine cable system dubbed the 69kV AC XLPE for Alaska-based electric utility company Southeast Alaska Power Agency. The transmission line is 17,400 feet long and dives 700 feet deep between Woronkofski Island and Vank Island, Alaska.

In another instance, in January 2022, Nexans, an HVAC/HVDC product manufacturer, received a project to deliver 132 MW of electricity to Long Island, New York, via 110 km-long, 138 kV HVAC subsea export cables integrated with two fiber-optic cables. The cables are manufactured at Nexan’s voltage plant in Charleston, South Carolina.

The North America HVAC cables market has been bifurcated based on country, voltage, and installation.

In terms of voltage, the market has been categorized into >110 kV, 110 kV-220 kV, and >220 kV. Rising demand across industrial and commercial establishments and integration of advanced energy networks to reduce losses and minimize power outages are likely to boost the North America HVAC cables market share from the >110 kV product segment through the analysis timeline.

The >220 kV voltage HVAC cables market in North America is slated to observe favorable growth over the study timeframe due to the increase in replacement of inadequate and outdated electricity infrastructure. Increasing focus on the expansion & development of smart grid energy networks is also poised to propel segmental growth.

With reference to installation, the market has been divided into underground, submarine, and overhead. The underground installation segment is set to observe strong growth as a result of favorable government policies and mandates to install advanced power infrastructure.

Based on the countries covered, apart from the U.S., the North America HVAC cables market in Canada is projected to witness prominent growth through the forecast period owing to the refurbishment and replacement of existing transmission and distribution (T&D) infrastructure.