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HVAC Cables Market in Europe to cross $1 Bn by 2030
- Published Date: May 25, 2022
Europe HVAC Cables Market size is set to surpass USD 1 billion by 2030, as reported in the latest research study by Global Market Insights Inc.
The market for Europe HVAC cables is projected to grow on account of exponentially expanding offshore wind sector along with the increasing integration of inter-regional energy transmission networks. Replacement of inadequate and aging electricity infrastructure together with expansion and development of smart grid energy networks will favor the industry outlook. Ongoing technological advancements has preceded enhanced product life cycle, incorporation of minimal power losses, and high durability which will boost the product demand. Furthermore, growing power demand in line with increasing investments toward renewable farms will augment the business potential.
Revamping & restructuring of prevailing T&D grid infrastructure
The overhead HVAC Cables industry will witness a significant growth through 2030 owing to shifting consumer inclination toward modernization and transformation of prevailing transmission energy networks combined with large-scale expansion of commercial establishments. Advancement of transmission grid to integrate enhanced and smart technologies through incorporation of pioneering equipment will positively stimulate the market outlook. Moreover, ongoing deployment of HVAC cables to cater to the intra-regional energy supply coupled with the need for safe and reliable power supply will complement the business statistics.
Growing investments toward expansion of offshore wind farms
Submarine HVAC cables segment is poised to observe a noteworthy momentum due to robust expansion of island interconnection networks together with rapid development inter-nation power transmission networks. Ongoing deployment of offshore wind farms to connect power grid to offshore turbines and expansion of deep and ultra-deep-water O&G platforms have further instituted a favorable business scenario. Also, secure transmission of electricity across long distances under the sea in line with ensuring efficient energy transmission and minimizing loss are key factors complementing the business scope.
Browse key industry insights spread across 185 pages with 181 market data tables & 24 figures & charts from the report, “Europe HVAC Cables Market Size By Voltage (110 kV – 220 kV, > 220 kV), By Installation (Overhead, Submarine, Underground), COVID-19 Impact Analysis, Country Outlook, Competitive Market Share & Forecast, 2022 – 2030”, in detail along with the table of contents:
Ongoing significant growth across large & heavy scale industries
The > 220 kV HVAC Cables segment valued at over USD 4 billion in 2021. Rising demand for refurbishment and retrofitting of existing power plants to spur the market demand. In recent years, energy transmission sector has perceived substantial upsurge because of the expansion of heavy & large-scale industrial establishment with restructuring and revamping of medium-scale manufacturing facilities. Additionally, rising peak load demand across industrial and commercial establishments and integration of advanced energy networks to reduce losses and minimize power outages will accelerate product deployment.
Increasing investments to enhance the T&D infrastructure
UK HVAC cables industry to bolster propelled by rising investments by private and private institutions for the development and expansion renewable energy generation sources and delivering sustainable power supply. In addition, rising power outages impelled by grid inefficiencies, blackouts, brownouts, as well as extreme weather conditions to positively sway market expansion.
The major COVID-19 outbreak has created a sudden havoc over the industry as it has ceased the manufacturing processes and manpower shortages resulting to disturbed global movements. Moreover, decline in logistics & supply management activities with downfall in the extraction of raw materials has impacted production capabilities. However, introduction of several vaccination drives, social distancing measures, ongoing supply of materials and electrical equipment has infused low impact on upcoming transmission and distribution projects.
Major manufacturers operating across Europe HVAC cables market are focusing on strategic collaborations and M&A to gain their competitive edge over the others. Prominent players in the market includes Prysmian Group, Elsewedy Electric, Ducab, Power Plus Cable, Sumitomo Electric, Nexans, Brugg Cables, alfanar Group, NKT A/S, ZTT, Hellenic Cables Group, Furukawa Electric, TF Kable and Tratos among others.
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