Europe High Voltage Cable Market 2023-2030
MARKET OUTLOOK
Triton Market Research’s report estimates that the high voltage cable market in Europe will display a compound annual growth rate of 4.81% in revenue during 2023-2030. Italy, the United Kingdom, Sweden, Germany, Poland, Spain, France, and the Rest of Europe are examined in the given region.
France invests heavily in distribution networks and transmission grids yearly. In line with this, the government has asserted to triple its onshore wind power capacity by 2030 and increase its renewable energy sources budget to around $78 billion. This funding is expected to result in a fivefold increase in solar power generation. All these advancements are expected to surge the adoption of HVCs, widening the scope of the French high voltage cable market.
Further, Sweden has witnessed low emissions from its energy production since nuclear and hydropower facilities generate 80% of the power. The proportion of renewable power generation has increased significantly over the past decade. By 2040, the nation has stated its aim to produce 100% renewable electricity. Given these steps, the demand for HVCs to enhance power infrastructure is expected to soar, opening new avenues for the high voltage cable market.
COMPETITIVE OUTLOOK
The well-known companies in the HVC market comprise Nexans SA, Prysmian Group, Hitachi Ltd, Southwire Company LLC, and Sumitomo Electric Industries Ltd.
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