Europe HVDC Cables market size is predicted witness significant growth between 2021 and 2027 on account of rising demand for the retrofitting and replacement of transmission & distribution lines along with expansion of smart grid networks across the region. In addition, dynamics of the industry will further be increased by strict regulatory structure toward successful power transmission and increasing cross-border trade in energy. Furthermore, rising emphasis toward sustainable energy resources with a target to achieve energy efficiency will propel the business scenario.
High voltage HVDC cables will observe a substantial rise in near future owing to the high-power transmission capacity, lightweight along with high density and easy handling. Ongoing continuous technological advancements in order to prevent mechanical and electrical losses across a network coupled with increasing demand for uninterrupted power supply will complement the market landscape. Moreover, power deficiency areas have always been a primary focus for regulators and installers across the region which acts as significant potential for market expansion.
Submarine HVDC cables installation will gain momentum during the forecast period due to ongoing development of offshore oil & gas projects along with rising adoption of offshore wind farms. The technological acceptance will be powered by the expansion of island interconnections, preferring minor losses and secure and efficient offshore electricity transmission. In addition, industrial convergence along with increased reliance on renewable energy assets will reinforce potential in the field of efficient and efficient cable systems.
Cross border based HVDC cables will register lucrative growth rate through 2027 owing to implementing positive measures for power supply across grid-connected areas along with rising population across the metropolitan areas. Rising demand for energy had led utilities for upgradation and advancement of regional power transmission infrastructure with an aim of ensuring reliability and security. Growing demand for renewable energy sources followed by increasing investments across efficient grid networks will strengthen the market landscape.
Denmark market for HVDC cables is anticipated to expand at exponential CAGR till 2027 led by oil & gas exploration and production along with increasing demand for upgradation and refurbishment of existing grid infrastructure. In addition, paradigm shift toward efficient and improved HVDC connector devices and quality systems will further complement the product adoption. For instance, in March 2020, Taihan Electric Wire & Co. signed an agreement with Energinet, Denmark's national electricity transmission company to supply HVDC cables for the next 8 years in the 145-170 kV project.
COVID-19 has influenced innovations, customer demand, industry and budgetary implications for financial markets and organizations. In addition, the corona virus impact has resulted in the delay of project pipelines.
Eminent players operating across the market include Siemens, Mitsubishi, Toshiba, ZTT, Nexans, GE, Alfanar Group, Hitachi ABB Power Grids, NKT, TFKable, and Prysmian Group.
Leading manufacturers across the industry have concentrated on the substantial allocation of the innovation and research funds to improve their business scenario. The major strategic conclusions adopted by the key players across industry are technical partnerships, mergers and acquisitions, inorganic development, and product portfolios.