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Europe HVAC Cables Market size valued at USD 4 billion in 2021 and is anticipated to grow at over 101% AGR from 2022 to 2023. Rising investments toward the development of offshore renewable power projects coupled with the growing customer inclination towards adoption of subsea power cables will complement the industry growth. The ongoing technological enhancement in order to cater rising power outages along with to supply electricity with minimal power loss will positively sway the business scenario.
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|Market Size in 2021:||USD 4.6 Billion|
|Forecast Period:||2022 to 2030|
|2030 Value Projection:||USD 1.4 Billion|
|Historical Data for:||2018 to 2021|
|No. of Pages:||185|
|Tables, Charts & Figures:||205|
|Segments covered:||Voltage, Installation|
|Pitfalls & Challenges:|
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The overhead HVAC cables market in Europe is poised to generate USD 1 billion revenue by 2030. Restructuring and revamping of transmission infrastructure with upgradation of electrical network will bolster the market statistics. Government norms and policies to deploy smart grid infrastructure and stringent regulations to enhance green electricity share across the region. The ongoing project commissioning of inter-country and state power line connections in line with rising high transmission cables demand to overcome the regional energy requirements will propel the market potential.
Increasing offshore wind farms establishments across the sea connected countries together with ongoing government emphasis towards the development of offshore wind energy will drive the submarine HVAC cables market revenue. According to National grid, in 2021, wind power energy generated over 21% UK total electricity which has created a huge impact toward the renewable power. The growing expansion of island connections coupled with rising inter-country transmission networks has further initiated a positive industry outlook.
110 kV – 220 kV HVAC cables segment is projected to register revenue of over USD 240 million by 2021. The continuous development of the medium scale industrial establishment in line with growing demand for short distance cables for effective transmission will spur the market share. The increasing need for retrofitting and rescaling of manufacturing power plants will boost the HVAC cables market in the region. Moreover, strict government norms to minimize GHG emission followed by development of high-power production wind farms to generate traction in product adoption.
Rising power outages, harmonic fluctuations, weather-related disasters, and brownouts are major unavoidable factors inclined toward replacements and restorations of transmission networks. For instance, Nexans launched a high voltage cable solution with an advanced 380 kV AC cable which comprises of enameled wire conductor combined with improved reliability and low power losses. Ongoing technological enhancements to overcome the rising mechanical and electrical losses across power grid coupled with growing consumer inclination for uninterruptible power supply will complement the adoption of > 220 kV HVAC cables.
The continuing applicability of high voltage AC cables across the short-distanced electricity supply, low maintenance cost, effective asynchronous interconnection, as well as better controllability will fuel the installation growth. The increasing penetration for safe, continuous, reliable and power supply owing to the implementation of new technology with negligible environmental damages will further enhance the industry landscape. Re-industrialization and digitization across European region including UK, Germany and France with rising electricity consumption across the communication-based stations and data centers will significantly integrate a positive market value.
Europe HVAC cables market observed low or marginal COVID-19 impact led by ongoing construction activities across the electricity sector and strict renewable based targets to fulfill the green energy demand.
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Germany HVAC cables market is set to surge on account of increasing demand for a reliable electric infrastructure with ongoing development of transmission grid network. The rising investment toward development and refurbishment of conventional power lines will propel the market demand. Increasing number of transmission projects which includes installation of overhead and submarine transmission lines will boost the regional business.
Continuous mergers and acquisition together with the favorable government policies toward technology adoption will drive the market size. Increasing investment plans by the major cable manufacturers toward the supply of power lines will augment the market growth.
Major players operating across the Europe HVAC cables market includes Prysmian Group, Power Plus Cable, Elsewedy Electric, Ducab, Sumitomo Electric, alfanar Group, NKT A/S, ZTT, Hellenic Cables Group, Nexans, Brugg Cables, TF Kable, Furukawa Electric, and Tratos among others.
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Market, By Voltage
Market, By Installation
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