Offshore applications to bolster Europe HVAC cables market outlook
Selbyville, Delaware, United States, September 15 2020 (Wiredrelease) Global Market Insights, Inc –:Demand for HVAC cables in Europe is rising on account of the expansion of smart grid network along with surging adoption of sustainable energy infrastructure. In 2019, Europe HVAC cables market had reached about USD 1 billion in terms of annual remunerations. Favorable government initiatives for refurbishment and revamping of existing transmission networks across Europe will positively impact industry growth.
Increasing focus towards secure, safe and reliable electrical grid network are key factors bolstering the component deployment rate. In addition, ongoing technological advancements to minimize maintenance and installation cost followed by improving product lifecycle and reducing sagging losses will offer lucrative scope for manufacturers. Dynamic, cost efficient, and custom solutions across subsea and onshore cable system will supplement Europe HVAC cables market trends through 2026.
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Rise in number of underground cable projects across Europe will bolster the demand for HVAC cables. For instance, TenneT TSO GmbH and TransnetBW GmbH, the German transmission grid operators have been recently awarded Prysmian Group with a contract for the SuedLink Corridor in Germany. Allegedly, it is one of the largest ever underground cable projects, which is worth over USD 90 million, and Prysmian will be designing, manufacturing, supplying, testing and commissioning a 2 GW underground cable system from North to South Germany.
Continuous expansion of offshore oil and gas platforms and increasing inclination toward development of renewable energy infrastructure will is fostering submarine HVAC cables industry size. Also, rise in intra-regional interconnectors on account of increasing energy exports and imports may favor business expansion.
> 440 kV voltage HVAC cables industry share is estimated to gain major traction through 2026 due to applicability across oil & gas platforms, offshore wind farms and large scale industries. Improved conductor durability along with low installation & maintenance cost are the key propelling product demand. Moreover, ongoing replacement and refurbishment of conventional power networks in line with development of smart grid infrastructure may foster industry size.
Europe HVAC cables market is estimated to garner considerable gains over the coming years from the surging energy demand and rise in investments for the development of inter-regional power networks. Large scale integration of advanced offshore technologies, control systems and smart grids initiated by regional regulatory authorities are construing to business expansion. Favorable government policies and improved trade relations among European countries may also offer lucrative scope for industry growth.
Growing focus on providing affordable and cost effective electricity for consumers will boost power trading within the region. Key enterprises comprising Europe HVAC cables market include Nexans, ABB, Prysmian Group and NKT, among others. These manufacturers are making extensive R&D investments and adopting other strategies to strengthen their industry presence. They are also working on continuous upgradation of technology to enhance efficiency, operational feasibility as well as improved grid security as per evolving consumer demand.
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