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Europe HVDC Cables Market Trends

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

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Europe HVDC Cables Market Trends

The demand for HVDC cables is anticipated to surge in Europe owing to the region’s emphasis on offshore wind energy expansion along with grid modernization. The transition towards cleaner energy sources encourages the deployment of new transmission lines, contributing to the growth of the HVDC cables market. Moreover, the integration of digital technologies and automation systems is improving the efficiency and reliability, further adding advantage in the sector. In addition to its advancements, the region actively fosters regional energy integration through project partnerships with neighbouring countries.

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.