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Europe HVDC Cables Market Size

Report ID: GMI8641
Published Date: Mar 2024
Report Format: PDF

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Europe HVDC Cables Market

Europe HVDC Cables Market was valued at USD 4.7 billion in 2023 and is anticipated to grow at a CAGR of 19% from 2024 to 2032, complemented by the increasing focus on renewable energy sources along with grid modernization. These cables play a crucial role in efficient power transmission from offshore wind farms to onshore grids, making them essential for Europe's energy transition.

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Furthermore, ongoing cross border connections for efficient transfer of power across countries will further drive the product penetration. For instance, in 2023, the Viking Link Interconnector project, a joint venture between UK's National Grid and Denmark's Energinet, made significant strides with the construction of 765-kilometer-long HVDC submarine power cable connecting the two countries.

Europe HVDC Cables Market Report Attributes
Report Attribute	Details
Base Year:	2023
Europe HVDC Cables Market Size in 2023:	USD 4.7 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	19%
2032 Value Projection:	USD 8.4 Billion
Historical Data for:	2019 to 2023
No. of Pages:	150
Tables, Charts & Figures:	149
Segments covered:	Voltage, Installation, Application
Growth Drivers:	Renewable energy integration Growing investments towards cross border projects
Pitfalls & Challenges:	High initial costs Adverse impact on the environment

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Authors: Ankit Gupta, Riya Gupta

Frequently Asked Questions (FAQ) :

The market size of Europe HVDC cables was reached USD 4.7 billion in 2023 and is anticipated to record a CAGR of 19% through 2032, complemented by the increasing focus on renewable energy sources along with grid modernization.

475 kV to 600 kV segment held a decent market share in 2023 and is projected to reach over USD 3 billion by 2032, as these cables ensure efficient transmission of electricity over long distances.

UK HVDC cables market held a decent revenue share in 2023 and is anticipated to surpass USD 2.4 billion valuation by 2032, owing to the country's rapid offshore wind farm expansion and dedication to renewable energy integration.

ABB Ltd., ACOME, Brugg Kabel AG, GE, LS Cable & System Ltd., Nexans, NKT A/S, Prysmian Group, and Siemens AG are some of the major industry contenders.