Sweden High Voltage Cable Market Forecast 2024-2032

Sweden High Voltage Cable Market Forecast 2024-2032

The Sweden high voltage cable market is evaluated to register a CAGR of 5.55% by 2032 and is projected to reach a revenue of $903.51 million over the forecast period, 2024 and 2032.

MARKET INSIGHTS

According to the International Energy Agency (IEA), Sweden holds the distinction of being the first country to implement carbon pricing and currently boasts the world’s highest carbon price. This approach has been instrumental in catalyzing Sweden’s efforts towards decarbonization. Also, the nation predominantly relies on hydroelectric and nuclear power for its electricity supply, supplemented by an increasing share of wind energy.

Sweden’s high voltage cable market is experiencing robust growth, supported by the country’s significant strides towards renewable energy adoption. With a government target of achieving 100% renewable electricity production by 2040, Sweden stands out for its progressive energy policies and abundant natural resources. The nation has already surpassed its goal of sourcing 50% of its energy from renewable sources, leveraging its ample supply of moving water and biomass. In this regard, hydropower is also pivotal, primarily used for electricity generation, while bioenergy plays a crucial role in heating applications.

In 2022, electricity consumption in Sweden decreased by 5% to 125 terawatt-hours (TWh), following a 3.8% increase in 2021. Prior to these fluctuations, consumption had remained relatively steady at approximately 130 TWh. The Swedish government has also implemented effective energy policies to bolster renewable energy use, exemplified by the Electricity Certificate System. This market-based support mechanism incentivizes electricity production from wind, solar, geothermal, and other renewable sources, reinforcing Sweden’s commitment to sustainability.

Despite political divisions over nuclear power, which currently accounts for 30% of Sweden’s electricity generation alongside hydroelectricity, the country continues to diversify its energy mix. The nation generates 32.5 terawatt-hours (TWh) of electricity from wind energy, contributing to 24.2% of the country’s total electricity consumption. In comparison, combined heat and power (CHP) plants, predominantly fueled by biofuels, contribute an additional 9%.

This diverse energy portfolio not only supports Sweden’s low emission rates but also fosters a competitive environment for high voltage cable solutions that can efficiently transmit power from various renewable sources across the grid. As Sweden advances towards achieving its ambitious renewable energy targets, the demand for high voltage cables capable of supporting reliable and efficient transmission networks is set to escalate during the forecast period.

SEGMENTATION ANALYSIS

The Sweden high voltage cable market segmentation includes end-user and installation. The installation segment includes industrial, renewable energy, and infrastructure. Renewable energy harnesses natural resources like wind, solar, tidal, and geothermal to generate electricity. High voltage cables play a crucial role in transmitting power from renewable energy plants to power grids or directly to industries. Submarine cables are primarily used in offshore renewable energy projects, while onshore projects utilize underground and overhead cables.

Projects such as wind and solar farms require substantial amounts of high voltage cables. While emerging economies are increasingly supporting renewable energy initiatives over non-renewable ones, some of the key factors driving the growth of the segment include government investments in renewable energy projects and the global shift towards cleaner energy sources amidst fossil fuel depletion. Additionally, the expansion of offshore power projects and rising power demand in developing nations present significant growth opportunities for the high voltage cable market.

COMPETITIVE INSIGHTS

Some of the top firms operating in the Sweden high voltage cable market include Prysmian Group, Siemens AG, Tele-Fonika Kable SA, etc.

Tele-Fonika Kable SA, based in Poland, stands as a premier supplier of cables across Europe, with a global reach spanning 80 countries. The company’s extensive product range encompasses high and medium-voltage cables, installation wires, rubber-insulated cables, overhead conductors, telecom cables, and specialized offerings for mining, tunneling, and oil & gas sectors. Furthermore, the company also operates a cable recycling facility in Bukowno, Poland.