Europe HVAC cables market to reach US$1 billion by 2030: Global Market Insights Inc.

Europe HVAC cables market to reach US$1 billion by 2030: Global Market Insights Inc.

Global Market Insights, Inc.

Global Market Insights, Inc.

Major players in the HVAC cable market in Europe include Prysmian Group, Power Plus Cable, Elsewedy Electric, Ducab, Sumitomo Electric, alfanar Group, NKT A/S, ZTT, Hellenic Cables Group, Nexans, Brugg Cables, TF Kable, Furukawa Electric, among others .

Selbyville, Delaware, June 1, 2022 (Globe Newswire) –

The HVAC cable market size in Europe is expected to reach US$1 billion by 2030, According to the latest study by Global Market Insights Inc.

Ongoing urbanization and a growing population along with accelerated spending on developing power grids will accelerate business expectations. In addition, rapidly increasing energy consumption combined with a shifting focus towards energy-efficient technologies will spur the expansion of the industry. Moreover, affordable and tailor-made turnkey solutions including onshore and subsea cable system will drive the business scenario.

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The robust expansion of offshore oil and gas platforms combined with an increased tendency towards renewable energy infrastructure development will drive the growth of the HVAC submarine cable industry. The continued deployment of offshore wind farms along with government initiatives to integrate an energy-efficient environment has resulted in a favorable market scenario. Moreover, ongoing public and private investments which are followed by favorable government standards for integrating energy efficient grids will affect the progress of the market. Additionally, increased interconnections within the region followed by increased energy imports and exports across the region will support the demand for HVAC cables.

> The 220kV European HVAC cable market is expected to grow due to its high applicability across the large-scale industrial, oil and gas platforms and offshore wind farms segment. Low installation and maintenance cost along with improved connector capacity and durability are some of the key criteria that will enhance the product landscape. Moreover, the continuous renewal and replacement of traditional power grids in line with the expansion of smart grid infrastructure will boost market revenue.

The COVID-19 virus has affected the HVAC cable market in Europe in an unprecedented way as the pandemic has forced lockdowns by the governing authorities, delayed project commissioning time, labor shortages and disrupted supply chain networks. However, favorable government measures, including social distancing, and the introduction of several vaccination campaigns to reduce the number of infected patients, have resulted in industrial operations returning to normal. Moreover, the increased demand for electricity along with the increase in energy imports and exports across the region will further expand the market.

It is estimated that the HVAC cables market in Germany is experiencing significant growth due to the increasing demand for energy along with increasing investments towards power networks within the region. The development of smart technologies along with the integration of marine technologies and advanced control systems will enhance the industry scenario.

Favorable government policies coupled with improved trade relations between European countries will positively affect energy supply from one country to another. In addition, a paradigm shift towards providing affordable and cost-effective electricity to consumers will lead to increased energy circulation.

Some of the notable companies operating in the HVAC cable market in Europe include Prysmian Group, Elsewedy Electric, Ducab, Power Plus Cable, Sumitomo Electric, Nexans, Brugg Cables, alfanar Group, NKT A/S, ZTT, Hellenic Cables Group, Furukawa Electric, TF Kable and Tratus among others.

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Some of the key outcomes of the Europe HVAC Cables Market report include:

  • The demand for HVAC cables is increasing due to the expansion and development of smart grid along with the increasing demand for electricity across the region.

  • Favorable government rules and standards towards renovation and renovation of existing transmission power grids along with growing concerns towards a safe and reliable electric grid grid will escalate the industrial landscape.

  • Continuous technological improvements to minimize installation and maintenance cost, followed by reduced losses and improved product lifecycle, will lead to a proliferation of the business landscape.

Table of Contents (ToC) of the report

Chapter 2 Overview of the HVAC Cables Market in Europe
2.1 Industrial Ecosystem Analysis
2.2 Innovation and technology landscape
2.2.1 Prismian Group
2.2.2 Sumitomo Electrical Industry Co., Ltd.
2.2.3 Nexans
2.3 Regulatory landscape
2.4 Impact of COVID-19 on Industry Outlook
2.5 Forces of Industry Impact
2.5.1 Growth Engines Expansion of smart grid networks Renovation and modernization of the existing network infrastructure Integration of the transport network between and within regions Increasing the spread of offshore wind farms
2.5.2 Pitfalls and challenges for the industry High dependence on imports
2.6 HVAC cables in Europe, project landscaping
2.7 Potential Growth Analysis
2.8 Porter’s Analysis
2.9 Competitive Landscape, 2022
2.10 PESTEL Analysis

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About Global Market Insights Inc.

Global Market Insights Inc. Headquartered in Delaware, United States, is a global market research and advisory service provider, providing aggregated and customized research reports along with growth advisory services. Business intelligence and industry research reports provide our clients with insights and actionable market data tailored and delivered to aid strategic decision-making. These comprehensive reports are designed via a proprietary research methodology and are available to key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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