HVAC Cables Market to Reach $34.0 Billion, Globally, by 2033 at 6.7% CAGR: Allied Market Research

The HVAC cables market is experiencing significant growth, fueled by several key factors. The rise of smart grids, which leverage advanced digital technology for two-way communication and enhanced grid management, is a major driver. HVAC cables are essential for supporting these smart grid systems by providing high-voltage transmission capabilities necessary for integrating renewable energy sources and ensuring reliable power delivery. Additionally, the increasing demand for efficient energy infrastructure in urban areas, coupled with the expansion of renewable energy projects, is further accelerating market growth.

NEW CASTLE, Delaware, Oct. 14, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "HVAC Cables Market by Voltage (110 kV - 220 kV and Above 220 kV), Category (Overhead, Submarine and Underground): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the hvac cables market was valued at $18.3 billion in 2023, and is estimated to reach $34.0 billion by 2033, growing at a CAGR of 6.7% from 2024 to 2033.

Prime Determinants of Growth

HVAC cables market is widely used for replacing traditional overhead lines, allowing for installations in challenging environments. These systems enhance the integration of renewable energy into existing grids, supporting the development, extension, and upgrading of power grids to meet both current and future electricity demands in urban areas. However, one of the significant challenges facing the HVAC cable market is the volatility in raw material prices. The production of HVAC cables depends heavily on materials such as copper, aluminum, and various polymers, whose prices fluctuate due to global supply and demand dynamics. This volatility can impact the overall production costs and profitability for HVAC cable manufacturers. On the other hand, a key opportunity in the market lies in the growing adoption of smart and connected HVAC systems. The integration of advanced technologies like the Internet of Things (IoT), artificial intelligence (AI), and machine learning (ML) is driving the need for specialized cables that support data transmission and connectivity between various system components. Smart HVAC systems offer improved energy efficiency, better indoor air quality, and enhanced control and automation, making them increasingly appealing for residential, commercial, and industrial applications.

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Report Coverage & Details

Report Coverage

Details

Forecast Period

2024–2033

Base Year

2023

Market Size in 2023

$18.3 billion

Market Size in 2033

$34.0 billion

CAGR

6.70%

No. of Pages in Report

320

Segments Covered

Voltage, Category, and Region.

Drivers

Improvements in insulation materials and manufacturing processes enhance HVAC cable performance and reliability

Increasing energy needs, particularly in developing regions, spur demand for high-capacity transmission solutions

The growth of smart grids requires robust HVAC cables for efficient power distribution and management

Restraint

The installation of HVAC cables in sensitive environmental areas can face regulatory and environmental challenges

Opportunities

Supportive policies and incentives for infrastructure development and energy efficiency can drive HVAC cable adoption

Modernization of outdated power grids and infrastructure provides opportunities for replacing old cables with new HVAC solutions

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Based on voltage, the 110 kV-220 kV sub-segment accounted for a dominant market share in 2023.

Cables in 110 kV-220 kV voltage range are well-suited for medium-distance electricity transmission for residential and commercial purposes. They ensure reliable power delivery while keeping distribution costs low. The surge in urbanization and the growth of existing urban areas have significantly increased infrastructure investment in commercial buildings, residential projects, and public utilities. This heightened focus on infrastructure development drives the demand for HVAC cables, which are essential for meeting the power needs of expanding cities and facilities.

Based on category, the overheads sub-segment generated the maximum revenue in 2023.

Overhead cables have fewer limitations regarding maximum voltage capacity and environmental impact, allowing them to efficiently transmit large quantities of electricity over long distances, often spanning hundreds of miles. They are capable of handling substantial load requirements, making them ideal for forming the backbone of national power grids. This broad usage will maintain the segment's dominant position in the market. In addition to expanding rural electrification, overhead lines are crucial for integrating renewable energy sources and facilitating inter-state and inter-grid connectivity projects. Even in developed markets, there is a growing preference for overhead cables for ultra-high voltage applications, essential for transferring large volumes of power across extensive distances.

Based on region, North America had the highest CAGR in 2023.

North America hosts numerous leading HVAC cable manufacturers and a wide range of construction and installation firms. The region's robust economic environment and significant consumer investment in both commercial and residential infrastructure projects drive substantial demand for HVAC cables. Moreover, increasing awareness of energy efficiency and stringent regulations on building energy performance further bolster the need for these cables.

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Major Key Players

BaoSheng, Inc.

Prysmian Group

Quanta Services, Inc.

ABB Ltd

Furukawa Electric Co. Ltd

KEC International Ltd

LS Cable & System Ltd.

Lutze Inc.

Nexans S.A.

NKT A/S

The report provides a detailed analysis of these key players in the global HVAC cables market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions.

Recent Developments

In December 2023, Prysmian, an Italian cable manufacturer, finalized the installation of cables for the 806MW Vineyard Wind 1 offshore project located off the coast of Massachusetts, USA.

On April 11, 2024, Amphenol TPC Wire & Cable introduced its new ATPC Medium Voltage Cables, specifically engineered for high-performance applications in demanding industrial environments.

The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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