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Europe Power and Control Cable Market Analysis

  • Report ID: GMI7391
  • Published Date: Nov 2023
  • Report Format: PDF

Europe Power and Control Cable Market Analysis

Europe Power and Control Cable Market Size, By Product, 2021 - 2032 (USD Billion)

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Based on product, the control cable segment was worth more than USD 2.7 billion in 2022. Control cables, typically low-voltage cables, find extensive use in the building and construction industry for energy distribution and signal transmission. The introduction of IoT in industrial operations has contributed to a twofold growth in the demand for these cables. In the years ahead, the increasing adoption of smart technologies in industrial and utility applications is poised to further drive the global for these cables.
 

Based on voltage, the high-voltage cables, ideally commencing from 33 kV, have experienced significant growth in recent years, driven by an increasing need for bulk electricity transmission over extended distances. The market demand has been further elevated by substantial investments in the development of offshore energy generation projects over the past five years. Key players such as Nexans and General Cable are actively competing to advance high-capacity cables tailored for offshore projects. Anticipated growth in the adoption of HVDC transmission systems by multiple countries is expected to further boost the demand for high-voltage cables.|
 

Europe Power and Control Cable Market Share, By Application, 2022

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Based on application, the utilities application is set to grow at a CAGR of over 5.8% through 2032. It encompasses both power transmission and distribution. In the past decade, substantial investments have been observed in the utility sector. Presently, governments are placing greater emphasis on enhancing their existing Transmission and Distribution (T&D) networks. It is anticipated that, in the next seven years, the implementation of High Voltage Direct Current (HVDC) and Ultra High Voltage Direct Current (UHVDC) systems, coupled with various rural electrification initiatives, will notably increase revenue in the utility application sector.
 

UK Power and Control Cable Market Size, 2021 - 2032 (USD Billion)

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The power and control cable market across the UK held over 15.1% revenue share in 2022. With a growing emphasis on renewable energy sources, there was an increasing demand for power cables to connect renewable energy installations to the grid. This includes cables used in wind farms, solar power plants, and other renewable energy projects. The integration of smart grid technologies was a notable trend, leading to the demand for advanced power and control cables that can support the requirements of a smart grid infrastructure.
 

Government initiatives and regulations promoting energy efficiency and sustainability have influenced the choice of cables used in various applications. This includes cables with improved energy efficiency and those manufactured with environmentally friendly materials. As industries and businesses continue to digitalize, there has been a growing need for control cables capable of transmitting data for automation and monitoring purposes. The power and control cable market in the UK has seen some level of consolidation with larger companies acquiring or partnering with smaller ones to strengthen their market position.

Authors: Ankit Gupta, Vinayak Shukla

Frequently Asked Questions (FAQ) :

The market size of Europe power and control cable was worth more than USD 22.1 billion in 2022 and is projected to witness 6.1% CAGR from 2023 to 2032, due to the depletion of traditional resources and rising concerns about the sustainability of escalating energy demand.

Europe power and control cable market size from the utilities applications is set to record over 5.8% CAGR from 2023 to 2032, owing to the greater emphasis by several governments on enhancing their existing Transmission and Distribution (T&D) networks.

U.K. recorded over 15.1% of the power and control cable industry share in 2022, driven by the growing emphasis on renewable energy sources in the region.

Some of the key power and control cable firms in Europe industry are Prysmian Group, Nexans, Southwire Company LLC, Belden Inc., KEC International Ltd., FURUKAWA ELECTRIC CO., LTD., LS Cable & System Ltd., NKT A/S, Sumitomo Electric Industries, Ltd., and Klaus Faber AG.

Europe Power and Control Cable Market Scope

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 15
  • Tables & Figures: 228
  • Countries covered: 7
  • Pages: 150
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