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

HVDC Cables Market Size

HVDC Cables Market in 2023 was valued at USD 9.8 billion and is anticipated to grow at a CAGR of 16.5% through 2032 owing to increasing demand for efficient long-distance power transmission.
 

HVDC technology minimizes energy losses and is ideal for integrating renewable energy sources, such as offshore wind farms, into the grid. The global push for clean energy and the need for reliable power infrastructure are key factors propelling market expansion. Advancements in cable technology, such as improved insulation and higher voltage capacities, enhance performance and reliability, further boosting adoption.
 

Additionally, government initiatives and substantial investments in upgrading aging power infrastructure support market growth. Regions like Europe and Asia-Pacific are leading due to their significant renewable energy projects and cross-border interconnections. As the energy landscape evolves, the HVDC cables industry is set to grow, driven by technological advancements and the global emphasis on sustainable energy solutions.

HVDC Cables Market Trends

Innovations such as improved insulation materials, higher voltage capacities, and enhanced thermal properties are making HVDC cables more efficient and reliable. These advancements are critical for reducing transmission losses and increasing the overall efficiency of power systems. For example, the development of extruded HVDC cables, which offer higher power ratings and better performance, is gaining traction.
 

Cross-border interconnections are becoming increasingly important as countries seek to enhance grid reliability and share renewable energy resources. HVDC cables are ideal for these interconnections due to their ability to transmit large amounts of power over long distances without significant losses. Projects such as the North Sea Wind Power Hub, which aims to connect offshore wind farms across multiple European countries, highlight the growing importance of HVDC technology in creating interconnected power grids.
 

HVDC Cables Market Analysis

Based on voltage, the HVDC cables market is categorized into High (35 kV to 475 kV), Extra High (> 475 kV to 600 kV), and Ultra-High (> 600 kV). The extra high segment is poised to cross USD 16.4 billion by 2032 owing to their importance for efficient long-distance power transmission. As power generation sources, particularly renewable energy facilities, are often located far from consumption centers, EHV cables are essential for minimizing transmission losses and maintaining system stability. The growing need for reliable and efficient power transfer over vast distances is driving the demand for EHV cables.
 

Based on installation, submarine segment is anticipated to grow with CAGR of more than 32.1% till 2032 on account of the increasing number of offshore renewable energy projects, particularly wind farms. Offshore wind farms are being developed at a rapid pace due to their ability to harness stronger and more consistent wind resources compared to onshore sites. Submarine HVDC cables are essential for transmitting the electricity generated from these offshore wind farms to onshore grids efficiently and reliably.
 

Europe region is anticipated to surpass USD 9.6 billion by 2032 since it is a leader in the development and deployment of offshore wind farms. Countries like the UK, Germany, and Denmark are significantly expanding their offshore wind capacity to meet renewable energy targets. HVDC cables are essential for transmitting power generated by these offshore wind farms to onshore grids efficiently and with minimal losses. The increasing number of large-scale offshore wind projects is a major driver of the HVDC cables market in Europe.
 

The U.S. is significantly investing in renewable energy sources such as wind, solar, and hydroelectric power. HVDC technology is essential for integrating these renewable energy sources into the national grid efficiently. HVDC cables can transmit electricity generated from remote renewable energy plants over long distances to urban centers with minimal losses, making them a vital component of the renewable energy infrastructure.
 

HVDC Cables Market Share

Companies like Prysmian Group, Belden, and Nexans hold the largest market share in the HVDC cables industry due to their advanced technological expertise, extensive product portfolios, and global presence. They invest heavily in R&D to innovate and improve HVDC cable efficiency and reliability. Additionally, these companies have established strong partnerships and contracts with major utilities and renewable energy projects, ensuring a steady demand for their products.
 

HVDC Cables Market Companies

• 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
   

HVDC Cables Industry News

• In July 2023, Hitachi Energy Ltd. secured an order to supply two HVDC converter stations for interconnecting the English and Scottish power grids, commissioned by SSEN Transmission and National Grid. This cutting-edge technology meets the demands of significant grid integration projects, facilitating a power link capable of delivering 2,000 MW of electricity in the UK. This project will bolster the adoption of renewable energy in the region and help Hitachi Energy maintain a strong industry position.
   
• In April 2023, Siemens Energy with Dragados Offshore entered into a USD 7.52 billion agreement with TenneT to provide HVDC transmission technology of transmission for 3 grid connections in the North Sea of Germany. This initiative will support the onshore transmission of 6 GW of offshore wind power. Siemens will produce key components, including transformers, switchgear, and converter technologies, at its European facility, while Dragados will handle the offshore construction and installation of the platforms. This collaboration has bolstered Siemens' customer base across Europe.
   

HVDC Cables market research report includes in-depth coverage of the industry with estimates & forecast in terms of “USD Million, km” from 2021 to 2032, for the following segments:

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Market, By voltage

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

Market, By installation

• Overhead lines
• Submarine
• Underground

Market, By Application

• Intra-Regional
• Cross Border
• Others

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

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • Italy
  • Denmark
  • Norway
  • Ireland
• Asia Pacific
  • China
  • Japan
  • India
  • Thailand
  • Indonesia
• Rest of the World
  • Brazil
  • Oman
  • South Africa
  • Chile
  • Morocco
  • Saudi Arabia
  • South Africa