Europe HVAC Cables Market Size By Voltage (110 kV - 220 kV, > 220 kV), By Installation (Overhead, Submarine, Underground), COVID-19 Impact Analysis, Country Outlook, Competitive Market Share & Forecast, 2022 - 2030

Europe HVAC Cables Market Size By Voltage (110 kV - 220 kV, > 220 kV), By Installation (Overhead, Submarine, Underground), COVID-19 Impact Analysis, Country Outlook, Competitive Market Share & Forecast, 2022 - 2030

Increasing investments into the development of offshore renewable power projects will augment the Europe HVAC cables market growth by 2030. Rising frequency of power outages and development of associated technologies to supply electricity with minimal power loss, coupled with growing customer preference for subsea power cables, will positively influence business outlook.

The industry landscape is dotted with recent undertakings from leading market players, who are witnessing higher business demand on the back of numerous grid refurbishment initiatives.

In fact, in May 2022, leading industry player Hellenic Cables unveiled the commencement of construction for its electrical interconnection project in Santorini. The initiative is aimed at helping the island of Naxos achieve local energy efficiency and independence.

The project, through Naxos, is also focused on electrical integration of Santorini into the ‘High Voltage System’, which will effectively ensure quality supply electricity from the mainland. By 2024, Hellenic Cables plans to have Milos, Folegandros, and Serifos interconnected as the last milestone in an €800 million+ investment.

The Europe HVAC cables market is bifurcated based on voltage, installation, and countries.

By installation, the Europe HVAC cables industry is classified into submarine, underground, and overhead. Among these, the underground segment is slated to witness notable growth through the analysis timeline. The Deployment of favorable government policies and mandates encouraging adoption of advanced power infrastructure is expected to accelerate underground installation of HVAC cables in Europe over the assessment timeline.

In terms of countries covered, Europe HVAC cables market in Spain is projected to showcase robust growth over the forecast period on account of rapid replacement and refurbishment initiatives to overcome the challenges associated with existing T&D infrastructure.

Meanwhile, HVAC cables market in Italy will be driven by growing peak load demand across both industrial as well as commercial institutions. Extensive integration of advanced energy networks for minimizing power losses and reducing the frequency of power outages will further boost product development initiatives in the country.

Austria HVAC cables market valuation is estimated to surpass $140 million by 2030, whereas Lithuania HVAC cables market is predicted to exceed $340 million by the end of the forecast period.

Continuous deployment of offshore wind farms in Netherlands to connect the nation’s power grids with offshore turbines will consolidate HVAC cables business growth in Netherlands. Presence of favorable environment with expanding deep and ultra-deep-water O&G platforms showcase lucrative scope for growth of Netherlands HVAC cables market.

Development of smart grid energy networks in the UK coupled with ongoing initiatives to replace inadequate and ageing electricity infrastructure will drive positive market outlook in the country.

Belgium HVAC cables market is projected to grow at a sustainable rate owing to increasing focus on revamping and restructuring Belgium’s current T&D grid infrastructure.