The Europe high voltage cable (HVC) market is anticipated to record a CAGR of 4.35%, during the forecast period of 2020 to 2028. The key drivers of market growth include an upsurge in the generation of electricity from renewable energy reserves in Germany, the developing solar and wind sector, and the provision of prime revenues from the utility sector.
The Europe high voltage cable (HVC) market growth is studied across the United Kingdom, Poland, Russia, Italy, Sweden, Belgium, Germany, France, and the rest of Europe. Germany is termed as the ’world’s first major renewable energy economy,’ as it is one of the most extensive users of renewable energy for heating, power, and transport, globally. The country has swiftly augmented the use of clean energy, contributing around one-fourth to the national energy blend. The high voltage cable (HVC) market in Germany is expected to continue facilitating as German policymakers and investors enhance their understanding of how policy can influence the latent investment pool. This would ensure a healthy and economical combination of investors and investments, to reinforce the development of a comprehensive low-carbon energy structure. The electricity from renewable sources in Belgium is primarily promoted through a quota system centered on certificates trade. Moreover, the country’s energy is decentralized, and federal regulations govern only offshore wind power and hydropower. Therefore, companies are eligible for a tax deduction on investment expenses, in terms of the national advancement of cooling and heating. Hence, these factors are projected to augment the high voltage cable (HVC) market growth in the region.
Some of the distinguished enterprises in the market are NKT Cables, Hitachi Ltd, Nexans, Sumimoto Electric Industries Ltd, Siemens AG, TBEA Co Ltd, etc.
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