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Asia Pacific HVDC Cables Market Analysis

Report ID: GMI8818
Published Date: Apr 2024
Report Format: PDF

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Asia Pacific HVDC Cables Market Analysis

Asia Pacific HVDC Cables Market Size, By Voltage, 2022 – 2032 (USD Billion)

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.

Asia Pacific HVDC Cables Market Revenue Share, By Application, 2023

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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 Cable Market Size, 2022 – 2032 (USD Billion)

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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.

Authors: Ankit Gupta, Riya Gupta

Frequently Asked Questions (FAQ) :

The market size of Asia Pacific HVDC cables was reached USD 2.3 billion in 2023 and is expected to register 12.1% CAGR from 2024 to 2032, owing to the increasing demand for efficient long-distance power transmission, renewable energy integration, and grid modernization initiatives worldwide.

The high voltage HVDC cables segment is expected to exceed USD 4 billion by 2032 owing to increasing investments in renewable energy projects and the need for efficient long-distance power transmission solutions.

China HVDC cables battery industry is expected to reach over USD 1.8 billion by 2032 due to increasing investments in renewable energy projects, necessitating efficient long-distance power transmission solutions in the country.

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, and ZTT, are some of the major HVDC cables companies in Asia Pacific.