Expansion of smart grid network to stimulate the usage of HVAC cables in Europe
Increased integration of transmission networks across Europe coupled with replacement and refurbishment of traditional electricity networks are some factors responsible for the increased adoption of HVAC cables in the region.
Speaking of which, the Europe HVAC cables market is predicted to exceed USD 600 million by the end of 2026.
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Key technological advancements to bolster the usage of HVAC cables in Europe
Submarine and underground cables are crucial technologies for Europe to achieve its goal of decarbonization. These cables interconnect the power system across the region and link renewable energy sources to electricity consumption centers. Thus, high quality submarine and underground cables are important to allow the transition of energy sources in Europe and to prepare the industry for the same.
Extra high voltage (EHV) AC cables are pivotal in connecting substations and power plants, both offshore and onshore and underground overhead lines in prime tourist locations. They are also crucial in installing transmission feeder circuits into highly demanding urban areas and undergrounding as many overhead lines as possible.
Offshore wind sites to add impetus in the adoption of HVAC cables
Many countries in Europe witnessed a rise in the emergence of offshore wind farms over the past few years. Citing an instance, out of the ten new offshore wind farms that went online across five nations, UK held for almost half of the new offshore wind capacity. This was followed by Germany, Denmark and Belgium.
Subsequently, Portugal installed a floating offshore wind site, WindFloat Atlantic, with a capacity of 8MW. This NER300 funded projected took the capacity of floating offshore wind farms to 45 MW. France has also planned to auction a floating wind farm in 2021.
These offshore wind farms are cost-effective and consumers in the Netherlands, France and UK were delivered with prices in the range of EUR 40 to EUR 50 per MWh. Also, as per the European Commission, the continent needs around 230 to 450 GW of offshore wind by the end of 2050 to meet the goals set for the Green Deal. With these initiatives undertaken by governments in European nations, the market for HVAC cables is likely to showcase excellent growth numbers over the forecasted timeframe.
Power outage scenarios to boost the utilization of HVAC cables in Europe
Europe has been experiencing power outages that have been either caused by weather-related events or by grid faults. Very recently, the European electric grid network, which is connected from Istanbul to Lisbon, were split into two regions to avoid blackout all over Europe.
The root of the problem was found in Croatia where a fault at a substation caused overloading on other power grids of the country. This resulted into 200,000 European households losing power. Industrial sites across Italy and France were disconnected from the grid network. With the adoption of renewable energy sources, such incidences will witness some sort of a rise over the years, thus supporting the growth of the HVAC cable industry in Europe.
