High Voltage Cables Market Size - By Voltage (< 110 kV, 110 kV - 220 kV, > 220 kV), By Current (HVAC, HVDC), By Installation (Overhead Lines, Submarine, Underground), Regional Outlook & Growth Forecast, 2024 – 2032

High Voltage Cables Market Size

High Voltage Cables Market was valued at USD 39.7 billion in 2023 and is set to grow at a CAGR of 2.6% from 2024 to 2032. The growing demand for refurbishment of the existing electrical infrastructure along with increasing investments in the development of grid networks will complement the industry outlook. The lack of efficient power infrastructure across developing nations in line with a shifting focus toward the enhancement of existing grid networks has further instituted a favourable business scenario.
 

The incursion of advanced submarine & underground cable technologies has instituted a sustainable business platform. In addition, favourable consumer inclination toward the deployment of the products to safeguard the living environment along with greater life expectancy of the electric infrastructure will positively sway the industry outlook. Furthermore, economical costs, product reliability, and safe operations are some of the key parameters anticipated to boost the industry landscape.
 

High Voltage Cables Market Trends

The rapid commercialization to upscale the overall economic growth, followed by foreign direct investment schemes to support industrial & commercial establishments will augment the demand for complex and reliable grid infrastructures. In addition, continuous digitalization across the industrial peripheral has appreciably infused a competitive industrial scenario on account of increasing energy demand from communication base stations & data centres. The increasing adoption of advanced, reliable, energy-efficient, and secure fire-resistant electric components has instituted a favourable business scenario.
 

Furthermore, the integration of renewable energy networks has enabled utilities and installers to focus on restructuring the existing electrical infrastructure. Conventional systems are being developed and enhanced, depending on the resonating frequencies and bandwidths to sustain the volatility of the renewable networks.
 

High Voltage Cables Market Analysis

Based on voltage, the > 220 kV voltage rating cables market is projected to surpass over USD 46 billion by 2032. The growing energy demand along with a positive consumer inclination for a sustainable power network will augment the industry landscape. Voltage rating is considered a standard industry protocol for the deployment of electrical components, depending on the application, regulatory preference, and the category of technologies to be enclosed.
 

Based on current, the HVDC industry will grow at CAGR of over 3.5% through 2032. HVDC hold the majority share of the overall high voltage cables industry on account of higher conductor adoption along with limited losses at high transmission when compared to AC cables. Moreover, the installation cost of HVAC cables increases with increasing distance, therefore, HVDC transmission is used for transmission over long distances between two points, directly contributing to the HVDC industry.
 

Asia Pacific high voltage cables market is projected to surpass USD 30 billion by 2032. The rising demand for reliable and uninterrupted power supply along with increasing measures toward the electrification of remote locations will propel the Asia Pacific market growth. Emerging economies consisting of China & India will result in regional growth owing to increasing investments in upgrading & expansion of electric infrastructure and power capacities. Changing power consumption patterns in corporations and households will further boost industry growth. The rising concerns about reliability and grid safety will significantly enhance the product demand.
 

Electric power T&D infrastructure in the U.S. is inclined toward requirement of expansion and upgradation of transmission links across the region. Growing peak load demand along with aging power equipment will focus leading manufacturers to install technological advanced product for better power stability and efficiency.
 

High Voltage Cables Market Share

Key market players, Nexans, NKT A/S, Prysmian Group, Sumitomo Electric Industries, Ltd., ZTT are the leading manufacturers in the market. Their dominance is attributed to factors like strong brand reputation, technological innovations, reliability, and high customer satisfaction, cementing their status as preferred manufacturer and suppliers in the sector.
 

High Voltage Cables Market Companies

Major key players operating across the high voltage cables industry are:

• alfanar Group
• Brugg Kabel AG
• Cablel
• Ducab
• Elsewedy Electric
• FURUKAWA ELECTRIC CO., LTD.
• Gupta Power
• Hitachi Energy Ltd.
• ILJIN ELECTRIC
• Jeddah Cables
• LS Cable & System Ltd.
• Mitsubishi Electric Corporation
• Nexans
• NKT A/S
• Power Plus Cable Co. L.L.C.
• Prysmian Group
• Riyadh Cables
• Southwire Company, LLC
• Sumitomo Electric Industries, Ltd.
• Taihan Cables & Solution Co., Ltd.
• TF Kable
• Tratos
• ZMS Cable
• ZTT
   

High Voltage Cables Industry News

• The European Investment Bank (EIB) and Prysmian have entered into a finance agreement of over USD 450 million to enhance electricity transmission and distribution across Europe. This investment will allow the company to double its production capacity for extruded cables at its factories in Pikkala (Finland), Pozzuoli (Italy), and Gron (France) from approximately 2,000 km annually to over 4,000 km. This expansion is aimed at supporting the EU's goals for clean energy transmission through submarine cable solutions and long-distance interconnections, thereby improving the integration and efficiency of renewable energy sources.
   
• In June 2024, Nexans inaugurated an expanded section of its high voltage subsea cable plant in Halden, Norway, to meet the growing global demand for electrification and support the energy transition. The expansion incorporates advanced cable production technology and includes a second extrusion tower. This addition enables the plant to insulate four cables simultaneously, enhancing its production capacity beyond the existing two.
   

This high voltage cables market research report includes an in–depth coverage of the industry with estimates & forecast in terms of volume in ‘km’ and revenue in ‘USD Billion’ from 2021 to 2032, for the following segments:

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Market, By Voltage

• < 110 kV
• 110 kV - 220 kV
• > 220 kV

Market, By Current

• HVAC
• HVDC

Market, By Installation

• Overhead
• Submarine
• Underground

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada 
• Europe
  • Germany
  • Italy
  • Spain
  • Netherlands
  • UK
• Asia Pacific
  • China
  • Japan
  • India
  • Thailand
  • Indonesia
• Rest of World
  • Brazil
  • Mexico
  • South Africa
  • Chile