Europe Power and Control Cable Market Size - By Product (Power Cable, Control Cable), By Voltage (Low Voltage {LV Power, LV Control}, Medium Voltage, High Voltage), By Application (Utilities, Industries {Power Plants, Oil & Gas, Cement) & Forecast, 2023 – 2032

Europe Power and Control Cable Market Size

Europe Power and Control Cable Market was valued at USD 22.1 billion in 2022 and is set to observe around 6.1% CAGR from 2023 to 2032. The depletion of traditional resources and concerns about the sustainability of escalating energy demand have significantly impacted global electricity markets. In response, regulators have actively embraced energy-efficiency reforms to maintain a balance between energy supply and demand.
 

Increasing consumer awareness of environmental impacts and the importance of optimized energy consumption is having a positive impact on energy markets throughout Europe. In alignment with energy efficiency norms across the region, manufacturers are redirecting their focus toward creating energy-efficient and operationally flexible components. The evolution of smart technologies, coupled with the integration of digitized monitoring and control systems, has established a favorable business environment.

A substantial number of countries across the region rely on importing components to meet the growing demand for expanding and upgrading transmission infrastructure. Manufacturers globally have consistently emphasized reducing overall production costs to maintain sustainable profitability and effective industry penetration. Nevertheless, the scarcity of raw material resources has necessitated regional installers and component suppliers to depend on imports to address the increasing demand for energy.
 

COVID-19 Impact

The global pandemic led to substantial disruptions in supply chains worldwide, causing interruptions in the manufacturing and delivery of power and control cables. Temporary closures of production facilities and hindered transportation had a notable impact on the availability of these products.
 

Europe Power and Control Cable Market Trends

The swift progress of digitalization and the growing embrace of intelligent artificial intelligence systems have made a significant impact on the region. While certain industries have managed to avoid the sweeping changes brought about by digitalization, the electricity sector has largely remained on the fringes of this transformation. Investments in information technology (IT) within the power sector have been somewhat restrained, with major players primarily focused on expanding their capacity within their respective domains. However, this trend is gradually changing due to increasing consumer demand for interactive and intelligent services.
 

Europe Power and Control Cable Market Analysis

Based on product, the control cable segment was worth more than USD 2.7 billion in 2022. Control cables, typically low-voltage cables, find extensive use in the building and construction industry for energy distribution and signal transmission. The introduction of IoT in industrial operations has contributed to a twofold growth in the demand for these cables. In the years ahead, the increasing adoption of smart technologies in industrial and utility applications is poised to further drive the global for these cables.
 

Based on voltage, the high-voltage cables, ideally commencing from 33 kV, have experienced significant growth in recent years, driven by an increasing need for bulk electricity transmission over extended distances. The market demand has been further elevated by substantial investments in the development of offshore energy generation projects over the past five years. Key players such as Nexans and General Cable are actively competing to advance high-capacity cables tailored for offshore projects. Anticipated growth in the adoption of HVDC transmission systems by multiple countries is expected to further boost the demand for high-voltage cables.|
 

Based on application, the utilities application is set to grow at a CAGR of over 5.8% through 2032. It encompasses both power transmission and distribution. In the past decade, substantial investments have been observed in the utility sector. Presently, governments are placing greater emphasis on enhancing their existing Transmission and Distribution (T&D) networks. It is anticipated that, in the next seven years, the implementation of High Voltage Direct Current (HVDC) and Ultra High Voltage Direct Current (UHVDC) systems, coupled with various rural electrification initiatives, will notably increase revenue in the utility application sector.
 

The power and control cable market across the UK held over 15.1% revenue share in 2022. With a growing emphasis on renewable energy sources, there was an increasing demand for power cables to connect renewable energy installations to the grid. This includes cables used in wind farms, solar power plants, and other renewable energy projects. The integration of smart grid technologies was a notable trend, leading to the demand for advanced power and control cables that can support the requirements of a smart grid infrastructure.
 

Government initiatives and regulations promoting energy efficiency and sustainability have influenced the choice of cables used in various applications. This includes cables with improved energy efficiency and those manufactured with environmentally friendly materials. As industries and businesses continue to digitalize, there has been a growing need for control cables capable of transmitting data for automation and monitoring purposes. The power and control cable market in the UK has seen some level of consolidation with larger companies acquiring or partnering with smaller ones to strengthen their market position.
 

Europe Power and Control Cable Market Share

Prysmian Group is a prominent player in the Europe power and control cable industry, renowned for its extensive proficiency in designing and manufacturing a diverse range of cable technologies, encompassing power cables and control cables. With a longstanding history in the cable industry, the company has delivered cable solutions for a wide array of applications, catering to various industries and utilities.
 

Some of the key market players operating across the Europe power and control cable industry are:

• Prysmian Group
• Nexans
• Southwire Company LLC
• Belden Inc.
• KEC International Ltd.
• FURUKAWA ELECTRIC CO., LTD.
• LS Cable & System Ltd.
• NKT A/S
• Sumitomo Electric Industries, Ltd.
• Klaus Faber AG
• KEI Industries Limited
• RR Kabel
• Brugg Cables
• Universal Cables Limited
• Eland Cables
   

Europe Power and Control Cable Market News

• In January 2023, Nexans announced an investment of over USD 43 million for the Autun site located in France for using new and advanced industrial technologies. This facility will strengthen the company’s ability to supply cables, manufactured from recycled materials and enhance the production capacity. This expansion will enable the company to increase its market presence across the Europe and help to grow its customer base by delivering advanced technological solutions to the customers.
   

This Europe power and control cable market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2019 to 2032, for the following segments:

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Market, By Product

• Power Cable
• Control Cable

Market, By Voltage

• Low Voltage
  • LV Power Cable
  • LV Control Cable
• Medium Voltage
• High Voltage

Market, By Application

• Utilities
• Industries
  • Power Plants
  • Oil & Gas
  • Cement
  • Others

The above information is provided for the following countries:

• UK
• France
• Netherlands
• Italy
• Spain
• Germany
• Russia