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Europe HVDC Cables Market to See a Tremendous Growth by 2026

Author : Ronak Bora | Published Date : 2021-09-02 

Europe HVDC cables market is expected to forge ahead steadily between 2021 and 2027, owing to growing demand for retrofitting and replacement of transmission and distribution lines. The ongoing focus toward technological advancements in the power sector aims to prevent electrical and mechanical losses throughout a grid infrastructure.

Mitsubishi, NKT, Nexans, ZTT, Alfanar Group, GE, Siemens, Toshiba, Prysmian Group Hitachi ABB Power Grid, and TFKable are among the leading HVDC cables manufacturers and suppliers in Europe. Europe HVDC cables market size is expected to increase significantly between 2021 and 2027.

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The following variables are determining growth:

Increasing regional offshore projects

The installation of submarine HVDC cables is likely to gain traction due to the growth of offshore oil & gas projects and offshore wind farms across Europe. The expansion of island interconnections, favoring low losses and safe offshore electricity transmission, is likely to drive product adoption. Industrial convergence, as well as a greater reliance on renewable energy sources, is likely to boost possibilities for the Europe HVDC cables market.

For instance, the Turkish utility company TEIAS has granted Prysmian Group a contract for about 140 million euros (US$166.3 million) for the design, procurement, installation, and commissioning of two high-voltage undersea power cable connections, one between Europe and Asia and the other across the Izmit Gulf in Asia. Both contracts are anticipated to be completed by 2023.

Superior capabilities of underground and underwater products

Underground and underwater HVDC cables are a critical technology for enabling Europe's decarbonization. They transmit high power loads over great distances with minimum losses. They have been in commercial use since the 1950s, but recent corridor projects in Germany show their potential to allow the energy transition. HVDC land and underwater cables can now transport medium and high power (100 MW to 1,000 MW) with voltages up to +/- 600 kV over lengths more than 50 km.

Growing installation across grid-connected locations

Cross-border HVDC cables is likely to see a profitable growth rate through 2027 due to consistent measures for electricity supply across grid-connected locations. Rising the Europe HVDC cables market energy demand has prompted utilities to upgrade and improve regional power transmission infrastructure in order to ensure dependability and security.

HVDC networks facilitate cross-border energy exchange. Point-to-point offshore connections are projected to grow into multi-terminal HVDC networks in the future to boost power exchange between nations and strengthen the renewable energy market. Because of the strong and consistent wind, offshore wind farms produce more electricity than onshore wind farms. Operators and manufacturers are considering the use of these cables due to their benefits across long distances, fueling Europe HVDC cables market forecast.

Expansion of micro-grid networks across Germany

Germany HVDC cables industry share is likely to develop significantly, driven by the expansion of micro-grid networks and growing peak load power consumption. Increased investment in transmission and distribution infrastructure construction will enhance the popularity of these cables.

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Because of increased demand for refurbishment and upgradation of conventional transmission grid infrastructure, overhead installation will increase significantly through 2027. The growing trend toward the deployment of components to meet inter-regional power demand is likely to benefit Europe HVDC cables market outlook. In addition, the decrease of overall transmission losses and productive power supply is another factor driving the market.

Table of Contents (ToC) of the report:

Chapter 1   Methodology & Scope

1.1    Research methodology

1.2    List of data sources

1.2.1    Primary

1.2.2    Secondary

Chapter 2   Market Snapshot

2.1    Europe HVDC cables market snapshot

Chapter 3   Europe HVDC Cables Market Trends

3.1    Industry coverage

3.2    Industry size & forecast, 2017 – 2027

3.3    Value chain analysis

3.3.1    Company product snapshot

3.4    Innovation Landscape

3.5    COVID-19 impact on the industry outlook

3.6    Regulatory norms & directives

3.7    Drivers & restraints

3.7.1    Market drivers

3.7.2    Market restraints

3.8    Industry analysis - Porter's

3.9    Product growth mapping

3.10    Competitive benchmarking, 2020

3.11    PEST analysis

Browse complete Table of Contents (ToC) of this research report @ https://www.graphicalresearch.com/table-of-content/1683/europe-hvdc-cables-market

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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