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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.
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.
What factors are pushing the growth of UK HVDC cables market?
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.
Why is the demand for 475 kV to 600 kV cables increasing in Europe?
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.
How big is Europe HVDC cables market?
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.
Which companies define the competitive landscape of Europe HVDC cables market?
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.