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. Global Market Insights Inc. © 2022 All Rights Reserved www.gminsights.com

2. 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. Global Market Insights Inc. © 2022 All Rights Reserved www.gminsights.com

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4. 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. Make An Inquiry To Purchase This Report @ https://www.gminsights.com/inquiry-before-buying/4764 Global Market Insights Inc. © 2022 All Rights Reserved www.gminsights.com

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