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HVDC Cables Market Trends

Report ID: GMI3510
Published Date: Jul 2024
Report Format: PDF

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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.

Authors: Ankit Gupta, Riya Gupta

Frequently Asked Questions (FAQ) :

Market size for HVDC cables was USD 9.8 billion in 2023 and may witness 16.5% CAGR through 2032 due to increasing demand for efficient long-distance power transmission

HVDC cables market from the extra high (> 475 kV to 600 kV) voltage segment is poised to cross USD 16.4 billion by 2032 owing to their importance for efficient long-distance power transmission.

Europe industry size may cross USD 9.6 billion by 2032, owing to the rising focus on renewable energy sources, such as offshore wind farms in the region

Some of the major HVDC cables market participants include Mitsubishi Electric Corporation, Siemens Energy, Hitachi Energy Ltd., General Electric and TOSHIBA CORPORATION