Report : Europe Power and Control Cable Market Forecast to 2030 - Regional Analysis - By Type (Power Cable and Control Cable), Voltage (High Voltage, Medium Voltage, and Low Voltage), and Application (Utilities and Industrial)
At 6.1% CAGR, the Europe Power and Control Cable Market is Projected to be Worth US$ 44,123.38 Million by 2030, Says Business Market Insights
According to Business Market Insights research, the Europe power and control cable market was valued at US$ 27,446.09 million in 2022 and is expected to reach US$ 44,123.38 million by 2030, registering a CAGR of 6.1% from 2022 to 2030. Government norms on developing transmission & distribution sector and increasing demand for data center and cloud computing are among the critical factors attributed to the Europe power and control cable market expansion.
Several governments across the world are taking initiatives regarding the development of transmission and distribution sector. In 2023, the European Union (EU) estimated that to upgrade the electricity networks during this decade, an expenditure of approximately ~US$ 639.5 billion is required. Also, over a ten-year period, the Italian transmission system operator (TSO), Terna, has announced intentions to invest more than $22.2 billion in the country's energy infrastructure. Furthermore, in 2023, the UK government announced its plans to invest around US$ 1.2 billion towards investments in green sectors and power network improvement. The investment will come from the Green Industries Growth Accelerator, a program designed to increase the capacity for advanced manufacturing in important net-zero industries like electricity networks, carbon capture and storage (CCS), offshore wind, nuclear power, and hydrogen. It will significantly alter the current power system by, among other things, reducing the average wait time for projects to connect to the grid from five years to just six months and cutting the time required to establish high-voltage power lines from fourteen years to seven. Government initiatives regarding the transmission & distribution sector drive the power and control cable market growth.
On the contrary, availability of alternative technologies hampers the growth Europe power and control cable market.
Based on type, the Europe power and control cable market is bifurcated into power cable and control cable. The power cable segment held 95.0% share of the Europe power and control cable market in 2022, amassing US$ 26,062.55 million. It is projected to garner US$ 42,224.29 million by 2030 to expand at 6.2% CAGR during 2022-2030.
By voltage, the Europe power and control cable market is segmented into high voltage, medium voltage, and low voltage. The low voltage segment held 59.1% share of the Europe power and control cable market in 2022, amassing US$ 16,219.82 million. It is projected to garner US$ 27,546.08 million by 2030 to expand at 6.8% CAGR during 2022-2030.
By application, the Europe power and control cable market is segmented into utilities and industrial. The utilities segment held 65.8% share of the Europe power and control cable market in 2022, amassing US$ 18,056.81 million. It is projected to garner US$ 29,523.65 million by 2030 to expand at 6.3% CAGR during 2022-2030.
Based on country, the Europe power and control cable market is segmented into Germany, the UK, France, Italy, Russia, and the Rest of Europe. Germany held 29.1% share of Europe power and control cable market in 2022, amassing US$ 7,978.58 million. It is projected to garner US$ 14,219.82 million by 2030 to expand at 7.5% CAGR during 2022-2030.
Key players operating in the Europe power and control cable market are Belden Inc; Furukawa Electric Co Ltd; HENGTONG GROUP CO., LTD.; LEONI AG, Nexans SA; Prysmian SpA; and Sumitomo Electric Industries Ltd, among others.
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