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

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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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