Asia Pacific HVDC Cables Market Size - By Voltage (High, Extra High, Ultra High) By Installation (Overhead, Submarine, Underground), By Application (Intra-Regional, Cross Border), 2024 – 2032

Asia Pacific HVDC Cables Market

Asia Pacific HVDC Cables Market was valued at USD 2.3 billion in 2023 and is anticipated to grow at a CAGR of 12.1% from 2024 to 2032, due to the increasing demand for efficient long-distance power transmission, renewable energy integration, and grid modernization initiatives.
 

Growing intra-regional connections among countries in the Asia Pacific region further stimulate market growth, facilitating the exchange of electricity across borders to support regional energy security and sustainability goals. Additionally, government initiatives promoting clean energy adoption contribute to the expanding HVDC cables market in the Asia Pacific region.
 

Asia Pacific HVDC Cables Market Trends

Asia Pacific HVDC cables industry is witnessing notable growth on account of various factors including increasing investments in renewable energy projects, driving demand for efficient long-distance power transmission solutions. According to the Chinese government, investments in clean energy constituted 13% of the significant volume of fixed asset investments in China in 2023, marking an increase from 9% the previous year. Additionally, advancements in HVDC technology, such as higher voltage ratings and improved efficiency, are shaping market dynamics.
 

Asia Pacific HVDC Cables Market Analysis

Based on voltage, the high voltage HVDC cables market, spanning from 35 kV to 475 kV, is forecasted to surpass USD 4 billion by 2032. This surge is fuelled by increasing investments in renewable energy projects and the need for efficient long-distance power transmission solutions. High voltage HVDC cables offer enhanced capacity and reliability, making them essential for transmitting electricity over extended distances, thereby driving their demand and market growth in the Asia Pacific region. Furthermore, High voltage cables offer increased power transmission capacity and reduced transmission losses, making them essential for efficient long-distance electricity transmission in the Asia Pacific region.
 

HVDC cables are utilized across various applications including intra-regional, cross border and other connections. The intra-regional HVDC cable market across Asia Pacific is projected to grow at a CAGR of over 0.5% through 2032. This surge is driven by initiatives to enhance regional energy security and sustainability through interconnected grids. Intra-regional HVDC cable projects facilitate efficient electricity exchange between neighbouring countries, supporting the integration of renewable energy sources and addressing energy demand-supply imbalances. Moreover, such projects contribute to the optimization of power resources, grid stability, and economic cooperation among Asia Pacific nations, thereby fostering the growth of the HVDC cables market in the region.
 

China HVDC cables market is anticipated to grow over USD 1.8 billion by 2032 owing to the increasing investments in renewable energy projects, necessitating efficient long-distance power transmission solutions. Additionally, government initiatives to modernize and expand the electrical grid infrastructure drive the demand for HVDC cables. Moreover, rising urbanization and industrialization require reliable and stable power transmission, further stimulating market growth.
 

Asia Pacific HVDC Cable Market Share

Hitachi Energy Ltd. holds a noteworthy market share in the Asia Pacific HVDC cables market owing to its broad portfolio of innovative solutions and established reputation for reliability. With a strong presence across the region and a focus on technological advancement, Hitachi Energy Ltd. continues to be a preferred choice for HVDC cable installations, solidifying its market leadership in Asia Pacific.
 

Asia Pacific HVDC Cable Market Companies

Some of the major key players operating across the Asia Pacific HVDC cables industry are:

• alfanar Group
• General Electric
• Gupta Power Infrastructure Limited
• Hitachi Energy Ltd.
• ILJIN ELECTRIC
• LS Cable & System Ltd.
• Mitsubishi Electric Corporation
• Nexans
• NKT A/S
• Prysmian Group
• Siemens Energy
• Sumitomo Electric Industries, Ltd.
• Taihan Cable & Solution Co., Ltd.
• TOSHIBA CORPORATION
• ZMS CABLE
• ZTT
   

Asia Pacific HVDC Cables Industry News

• In August 2023, LS Cable & System Ltd. announced a USD 120 million investment to expand operations in Donghae City, Gangwon Province, responding to rising demand for submarine cables from global offshore wind farm projects. This investment aims to bolster the company's cable manufacturing portfolio, enhancing competitiveness.
   
• In April 2019, Siemens secured a contract with Power Grid Corporation of India to modernize the country's 30-year-old 400 kV HVDC back-to-back link. The project involved installing advanced thyristor valves, control systems, and surge arrestors. This contract expanded Siemens' market presence in Asia Pacific.
   

This Asia Pacific HVDC cables market research report includes an in–depth coverage of the industry with estimates & forecast in terms of volume and revenue in km and USD Million from 2019 to 2032, for the following segments:

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Market, By Voltage

• High voltage (35 kV to 475 kV)
• Extra high voltage (>475 kV to 600 kV)
• Ultra-high voltage (>600 kV)

Market, By Installation

• Overhead
• Submarine
• Underground

Market, By Application

• Intra-regional
• Cross Border
• Others

The above information has been provided for the following countries:

• China
• Japan
• India
• Thailand
• Indonesia