by The heating, ventilation, and air conditioning (HVAC) cables market consists of power cables, control cables, and communication cables that are essential for smooth functioning of HVAC equipment and systems. HVAC systems aid in conditioning indoor air quality by maintaining temperatures and supporting ventilation requirements for commercial and residential buildings. The increasing focus on energy efficiency and sustainability is driving higher installations of advanced HVAC solutions globally.
The Global HVAC Cables Market is estimated to be valued at US$ 28.14 Bn in 2024 and is expected to exhibit a CAGR of 6.5% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the HVAC Cables are ABB Ltd, Baosheng High Voltage Cable Co. Ltd, Furukawa Electric Co. Ltd, KEC International Ltd, LS Cable & System Ltd., Lutze Inc., Nexans S.A., NKT A/S, Prysmian Group, Prysmian S.P.A, Quanta Services, Inc., SAB North America, Sumitomo Electric Industries, Ltd, TFKable, and ZTT International Ltd.
The demand for HVAC Cables Market Demand is growing due to increasing installation of new commercial buildings, infrastructure and expansion of existing facilities. Rapid urbanization and rising construction activities are fuelling growth of HVAC market which is positively impacting HVAC cables demand.
The HVAC cable market is witnessing global expansion driven by rising energy efficiency awareness. Key players are investing in expanding their presence across emerging nations in Asia Pacific, Middle East, Latin America and Africa to tap vast untapped market potential.
Market key trends
One of the key trends in the HVAC Cables Companies is the shift towards use of fire resistant cables. With stringent fire safety regulations in commercial buildings, the demand for fire resistant cables is increasing. Fire resistant cables offer low smoke emission, high flame retardant properties and maintain circuit integrity during fire incidences. They are increasingly adopted in busy public facilities, data centers and industries where fire risk is high. This trend is expected to accelerate the HVAC cables market growth during the forecast period.
Porter’s Analysis
Threat of new entrants: Establishing a HVAC cable business requires high initial capital which deters new companies from entering the market.
Bargaining power of buyers: Large HVAC cable buyers have higher bargaining power due to their significant purchasing ability and can negotiate for lower prices.
Bargaining power of suppliers: A few major companies dominate the HVAC cable supply market globally, giving them stronger bargaining power over buyers.
Threat of new substitutes: No close substitutes exist for HVAC cables as they are specially designed for cooling, heating and ventilation applications.
Competitive rivalry: Intense competition exists among existing players to gain larger market share.
Geographical regions of concentration
North America currently holds the largest share of the HVAC cables market in terms of value attributed to increased installation of HVAC systems driven by rising construction activities and growing industrialization.
Fastest growing region
Asia Pacific region is estimated to witness the fastest growth in the global HVAC cables market over the forecast period due to rapid urbanization, infrastructure growth and rising construction spending across major economies like China and India.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
