Europe HVAC Cables Market Update, Analysis, Forecast, 2022 – 2030 - PowerPoint PPT Presentation

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Europe HVAC Cables Market Update, Analysis, Forecast, 2022 – 2030

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AC power systems are gaining traction as the backbone of distribution and transmission networks globally. This is proving to be beneficial for the business of Europe HVAC cables manufacturers, given the escalating demand for clean energy and reliable cable designs for subsea distribution and transmission systems. – PowerPoint PPT presentation

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Date added: 28 June 2022
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Title: Europe HVAC Cables Market Update, Analysis, Forecast, 2022 – 2030


1
Europe HVAC Cables Market Update, Analysis,
Forecast, 2022 2030
  • AC power systems are gaining traction as the
    backbone of distribution and transmission
    networks globally. This is proving to be
    beneficial for the business of Europe HVAC cables
    manufacturers, given the escalating demand for
    clean energy and reliable cable designs for
    subsea distribution and transmission systems.
  • With the rapid expansion of electrical grid
    infrastructure and modernization of supply
    cables, the Europe HVAC cables market is
    anticipated to gain commendable momentum over the
    forthcoming years.
  • Power cable systems that connect offshore wind
    farms to the shore are also gaining increasing
    approval over the years.

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  • For instance, in June 2021, TEIAS (Turkish
    Electricity Transmission Company) awarded a
    contract worth around 166.3 million to
    Italy-based Prysmian Group. This contract was
    awarded for the design, supply, commissioning,
    and installation of 2 high-voltage submarine
    power cable links, one across the Gulf of Izmit,
    and one between Europe and Asia. Factors like
    these, along with the development of strategies
    to increase offshore wind capacity to reach a
    net-zero carbon footprint, could assert a
    positive influence on Europe HVAC cables industry
    dynamics.
  • In addition, electrical distribution companies
    are making major investments in grid expansion
    projects. A notable example is a 3.1 million
    smart-grid program, Microresilience, introduced
    by the UK-based Northern Powergrid in November
    2021, as a part of its wider smart grid enablers
    program worth 104.5 million.
  • In April 2022, Denmark-based NKT commissioned an
    HVAC power cable system of 220-kV capacity to
    connect Hornsea 2, an offshore wind farm located
    approximately 89 km off the East Coast of
    England, with the shore. This system was intended
    to power above 1.3 million households, a factor
    that could aid boost the demand for European HVAC
    cable brands.

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  • Regional Analysis
  • In European countries like the UK, the power
    cables play a key role in a long-term ambition to
    become a net electricity exporter by the 2040s.
    According to data from Clean Energy Wire, the UK
    has six interconnections with six further
    projects confirmed or under construction. The
    Department for Business, Energy and Industrial
    Strategy of the UK also forecasted a rise from
    5.7-GW to 18.9 GW in interconnector capacity by
    2040, thus supporting the growth of the Europe
    HVAC cables and connectors business.
  • According to the European Environment Agency, the
    EU surpassed its target to source 20 of the
    gross final energy from clean energy by 2020,
    registering 22.1 during the year, an achievement
    necessary for its target to reach over 32 by
    2030.
  • Competitive Analysis
  • 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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