HVDC Cables Market worth over $16bn by 2030

HVDC Cables Market size is set to surpass USD 16 billion by 2030, according to a new research report by Global Market Insights Inc.
 

The market growth is attributed to the exponential rise in peak load demand along with ongoing inclination toward renewable power networks. Government regulatory policies to install energy efficient infrastructure along with rising electricity demand will boost the industry dynamics. Paradigm shift toward replacement of conventional grid networks coupled with integration of a smart and sustainable electrical system will complement the market expansion.
 

The COVID-19 impact across the industry was minimum owing to the increasing number of wind and solar farms along with replacement of transmission and distribution network to fulfill rising energy demand.
 

Foreign trade agreements and development of cross-border connections to supply high voltage power supply will drive the market demand

Cross-border high voltage cables market is projected to showcase significant growth on account of increase large scale projects to fulfill the growing electricity demand along with increasing requirement of power supply across the border and remote areas. Rising foreign trade agreements to supply power across the energy deficit countries coupled with favorable government connections with companies to supply advanced power cables will foster the business landscape. In addition, growing investments toward the efficient grid networks followed by positive consumer outlook with respect to the expansion of wind and solar farms will strengthen the industry share.
 

Ongoing project commission of underground high voltage cables to avoid the disturbance over land will influence the investments toward the market

The market for underground HVDC cables is expected to register substantial gains due to the rising acceptance of high voltage power cables to minimize the electrical as well as magnetic field across railway infrastructure along with commercial and industrial sector. Growing electricity demand along with increasing adoption of distributed power structure will spur the product demand.
 

Browse key industry insights spread across 300 pages with 592 market data tables & 25 figures & charts from the report, “HVDC Cables Market Size By Voltage (High {35 kV to 475 kV}, Extra High {> 475 kV to 600 kV}, Ultra-High {> 600 kV}), By Installation (Overhead, Submarine, Underground), By Application (Intra-regional, Cross Border) COVID-19 Impact Analysis, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/hvdc-cables-market
 

Growing number of offshore wind farms along with rising investments toward solar power generation sources will accelerate the market value in Europe region

Europe market is estimated to witness a robust growth impelled by the ongoing investment toward renewable infrastructure including development of large scale solar and wind farms. The replacement of existing T&D infrastructure coupled with integration of sustainable powered sources will escalate the industry growth. Stringent government norms and regulations to deploy low GHG emission equipment along with rising demand for the stable, effective and secure the power grid will improve the product deployment.
 

Technological enhancement along with increasing strategic collaborations among the leading industry participants will fuel the market progression.

Major players operating in the market are General Electric, Siemens AG, Sumitomo Electric Industries, Hitachi, ZTT, Mitsubishi Electric Corporation, Nexans, Gupta Power Infrastructure, Prysmian Group, Alfanar, ZMS Cable, Taihan Electric Wire, Toshiba Corporation, LS Cable & System, Iljin, NKT and ABB.