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.

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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. Furthermore, the European Commission proposed an amendment to the Renewable Energy Directive with an ambitious target of up to 40% by 2030 to reach carbon neutrality by 2050, augmenting the requirement of HVAC power cables for offshore renewables applications.

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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 November 2020, the European Commission presented the EU Strategy on Offshore Renewable Energy to boost the offshore wind capacity from 12-GW to over 60-GW by 2030 and 300-GW by 2050. To help meet the goal of carbon neutrality, the Commission also aimed at complementing the strategy with 40-GW of emerging technologies like floating wind by 2050, thus stimulating the deployment of HVAC submarine cables.

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. Under this project, the company planned to upgrade the supply cables and bring energy storage systems and communication technology to maintain electric supplies for isolated communities and critical infrastructure.

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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 (two each with France and Ireland, one with Belgium, and one with the Netherlands), 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.

Key participants contributing towards airport moving walkways market growth include 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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