HVDC Cables Market Size - By Voltage, By Installation, By Application, Analysis, Share & Growth Forecast, 2025 - 2034

HVDC Cables Market Size

The global HVDC cables market was valued at USD 9.6 billion in 2024. The market is expected to grow from USD 9.7 billion in 2025 to USD 59.9 billion by 2034, at a CAGR of 24.3%.

• Global shift towards cleaner and more sustainable energy is significantly influencing the growth of the HVDC cable industry. The integration of renewable energy into the grid has become a priority which is influencing the market. The product offers an efficient solution for power transmission over long distances with minimal transmission losses, making them essential in supporting the transition to low carbon energy systems.
   
• For instance, in April 2025, Hitachi Energy was selected to deliver a 950 km HVDC connection from renewable energy zones of various states of Rajasthan to Uttar Pradesh in India. The new HVDC link will provide sufficient energy for around 60 million households, thereby fueling India in becoming the world’s third-largest economy by ensuring robust energy infrastructure to meet growing power consumption and demand.
   
• The global expansion of offshore wind energy is playing a pivotal role in driving the demand for HVDC cables. Offshore wind farms require reliable and efficient transmission technologies to deliver electricity to onshore grids. As turbine capacities increase and wind farms move further towards deep waters, HVDC will become a preferred choice for connecting the assets to the grids.
   
• For instance, in July 2025, Seoul based company, Taihan Cable & Solution, announced an investment of USD 308 million into the development of a submarine cable plant dedicated to 640 kV class HVDC and 400 kV class HVAC lines. This large-scale investment is aimed at meeting rising global and domestic demand for submarine cables and growth of the offshore wind power market.
   
• Growing emphasis on regional energy security has led to a surge in interconnection projects and cross-border transmission initiatives. Countries are actively investing in HVDC cable systems to link their national grids with their neighboring nations, allowing them to exchange electricity across borders. HVDC technology allows precise regulation of power flow, making long-distance electric connectivity stable and reliable.
   
• For illustration, in April 2025, plans to create a HVDC link between the UAE and India are gaining momentum owing to the proposed subsea HVDC interconnector with an estimated capacity of 2000-2500 MW, would enable large-scale transmission of clean energy from the UAE to India, marking a major milestone in transnational grid connectivity.
   
• As the demand for transmitting electricity over longer distances increases, the need for HVDC cables operating at ultra-high voltage will increase. Higher voltage levels permit the transmission of larger amounts of power with lower energy losses thus making the system efficient and cost-effective. In addition, Ultra-High Voltage DC (UHVDC) technologies are proving essential for emerging regions for connecting remote renewable energy sources to urban centers and industrial hubs.
   
• For instance, in April 2025, BHEL, in consortium partnership with Hitachi Energy India Limited, has signed a contract with Rajasthan Part I power transmission limited, a 100% subsidiary of Adani Energy Solutions Limited (AESL) to design and execute 6,000MW ±800kV, bi-pole and bi-directional HVDC terminal to transmit renewable energy from Bhadla, Rajasthan to industrial and transport hub in Fatehpur, Uttar Pradesh.
   

HVDC Cables Market Trends

• Governments across the world are playing a crucial role in accelerating the growth of the HVDC cable industry through policy support, infrastructure investments, and regulatory reforms. Many countries have introduced long-term energy transition roadmaps that prioritize the expansion of transmission networks to adjust to the rising share of renewable energy. In regions including Europe and Asia, cross-border interconnection projects are supported by the government and institutions of the country.
   
• For Instance, Green Energy corridor in India, a project worth USD 12.9 billion comprises of both Inter State Transmission System and Intra State Transmission System in two phases. In July 2025, as a part of GEC Phase II, Tamil Nadu has sanctioned a significant project to evacuate around 4,000MW of renewable energy. This includes construction of 624 circuit kilometers of transmission lines and adding 2,200 MVA substation capacity.
   
• Technological advancements in cable material are significantly enhancing the performance, reliability, and life span of HVDC cables. The new materials being used in the cables have improved thermal resistance, electrical insulation, and mechanical strength which make them suitable for a wide range of applications including deep-sea and underground installations. Innovation in conductor design and shielding techniques is also contributing to higher current-carrying capacity and better fault tolerance.
   
• For illustration, in June 2025, Sumitomo Electric Industries Ltd. Commenced the installation of its 525 kV XLPE HVDC underground cable systems for the Corridor A-Nord project in Germany. These advancements in the use of cross-linked polyethylene (XLPE) cables will significantly contribute to the highest standards of quality and safety goals associated with Germany’s energy transition project.
   
• Sustainability is projected to drive the HVDC market as the energy sector transitions to the adoption of renewable and low-carbon solutions. Manufacturers and project developers are increasingly adopting sustainable practices across the cable lifecycle. Environmental assessments and impact mitigation measures are also being integrated into project planning, particularly for submarine and underground installations. Long operational lifespans and fewer transmission losses of HVDC systems contribute to a reduction in environmental carbon footprint.
   
• Digitalization in operations and maintenance with the help of smart monitoring technology is becoming an accessory in the HVDC cables market. Modern HVDC infrastructure is equipped with digital sensors, IoT devices, and advanced platforms that allow real-time monitoring of cable performance, environmental conditions, and system health. As utilities and transmission companies are focusing on improving grid reliability, digitalization will play a pivotal role in the long-term health and scalability of HVDC networks.
   
• Increasing deployment of offshore submarine HVDC cables on the global scale is accelerating due to connectivity of remote energy sources with mainland grids. Submarine HVDC cables enable the transmission of large volumes of electricity over long distances with minimal losses. Recent advancements in cable design and installation techniques have improved the reliability, voltage capacity, and life of existing infrastructure.
   
• The growing involvement of private sectors and thus influencing the public-private partnership model is contributing to the growth of the HVDC cable market. These partnerships help bridge investment gaps, accelerate project timelines, and bring technical expertise from private players. Private companies are also investing in R&D to innovate cost-effective HVDC technologies. To boast these partnerships, governments sometimes reform regulatory frameworks to encourage private participation and long-term agreements with these companies.
   

HVDC Cables Market Analysis

• Based on voltage, the 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 voltage segment is set to cross USD 37 billion by 2034 owing to their importance for efficient long-distance power transmission.
   
• As power generation sources, particularly renewable energy facilities, that 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.
   
• The high-power HVDC cables, which cover voltage ratings of 35 kW to 475 kW, are gaining prominence and is expected to grow by a CAGR of 23% till 2034. These cables are essential for bulk power transmission over long distances, particularly in projects connecting remote power generation sources including offshore wind farms and large hydropower plants.
   
• The ultra-high voltage with > 600 kV cable market is witnessing robust growth, driven by the global push for efficient long-distance power transmission and renewable energy integration. These cables are essential for minimizing energy losses across vast distances, especially in cross-border and offshore wind projects. Technological advancements, including extruded insulation and enhanced thermal properties, are improving reliability and performance. 
   

• Based on installation, the HVDC cables market is categorized into overhead lines, submarine cables, and underground cables. The submarine segment catered to a market revenue share of 23.8% in 2024. The segment growth is driven by their critical role in enabling long-distance power transmission across seas and oceans.
   
• These cables are primarily deployed for offshore wind power evacuation, inter-country, and intercontinental. For instance, Dogger Bank wind farm in UK, using HVDC submarine cable of 1,200 km line will be fully commissioned by 2026. Their ability to efficiently transmit high-capacity electricity with minimal losses makes them indispensable for the global energy transition across subsea applications.
   
• As nations expand their offshore energy infrastructure towards deeper subsea areas, the demand for robust and efficient submarine HVDC will also grow steadily. For instance, in June 2024, Taihan Cables & Solutions commissioned its 6,200-ton submarine cable-laying vessel named PALOS. The vessel has a capacity to carry up to 4,400 tons of submarine cables in a single voyage. The vessel is capable of reaching a speed of up to 9 knots and offering a stable and precise approach in laying submarine cables.
   
• Underground HVDC cables are gaining a growing share of the market and are expected to grow at a CAGR of 16% till 2034, which is driven by the need for space-efficient and environmentally compatible power transmission solutions in urban and industrial regions. Unlike overhead lines, underground HVDC systems are ideal for densely populated areas, environmentally sensitive zones, and areas with challenging terrains.
   
• Based on applications, the market is segmented into intra-regional, cross-border, and others. The intra-regional application of HVDC cables is expected to grow at a CAGR of 16% through 2034. These account for a substantial portion of the HVDC cable market and are driven by the growing need to strengthen transmission networks within countries or regions. These systems are primarily used to connect remote power generation sites to urban and industrial demand centers.
   
• The cross-border HVDC cable market is expected to grow at a CAGR of 31% till 2034 and is emerging as a critical segment of the market. The growth drivers of cross-border HVDC projects are driven by energy diversification and balancing renewable energy generation. These systems are designed to transmit large power capacities over long distances with minimal losses, making them ideal for connecting grids and facilitating intercontinental power trade.
   

• The U.S. dominated the HVDC cables market in North America with around 95% share in 2024 and generated USD 3.5 billion in revenue. Increasing investments for expansion of the electrical networks and implementation of renewables integrated grids and shaping the business dynamics in North America.
   
• For instance, the Champlain Hudson Power Express project in the U.S. to be operational by 2026, covers the installation of 400 kV HVDC cable, spanning across 600 km under lake. In July 2022, NKT was selected to supply the cable by an investment of over USD 1.4 billion which in turn will facilitate the transmission of sustainable hydropower from Canada to New York City.
   
• The Canada HVDC market is projected to grow at a CAGR of 10% up to 2034. The market is driven by the prioritizing of grid modernization, renewable energy integration, and cross-border trade with the U.S. Canada’s geography and uneven distribution of power generation resources make HVDC technology essential for transmitting electricity from remote hydropower plants and wind farms to high-demand urban areas.
   
• The Europe HVDC cable market was evaluated at USD 2.4 billion in 2024. Regions commitment to energy transition and decarbonization goals by integration of large-scale renewable energy sources from offshore wind farms in the North Sea and solar parks across Southern Europe is driving the HVDC cables market.
   
• The Asia-Pacific HVDC cables market is set to reach USD 8 billion by 2034. Rapid urbanization, large-scale renewable integration, and surging electricity demand are the major drivers behind the growth of this market. Countries across the region are increasingly adopting HVDC cables to transmit high-capacity power over long distances. China dominates the market in the Asia Pacific region with extensive investments in ultra-high-voltage HVDC projects to strengthen its national grid and balance energy flows between renewable-rich areas and high-demand areas.
   
• The Middle East & Africa HVDC cables market is growing significantly driven by large-scale renewable energy projects, cross-border interconnections, and the need to modernize the power infrastructure across the region. HVDC systems are becoming critical for transmitting electricity from remote solar and wind farms in Middle Eastern deserts and Africa’s vast renewable corridors to urban demand centers with minimal losses.
   
• The Latin America HVDC cables market is propelled by the need to integrate renewable energy sources, strengthen regional transmission networks, and upsurge cross-border electricity trade Cross-border interconnections such as Brazil-Argentina and Chile-Peru links are gaining attention to enhance grid stability and promote regional energy trade.
   

HVDC Cables Market Share

• The top 5 companies in the HVDC cables industry include Prysmian Group, Nexans, LS Cable & System Ltd., Sumitomo Electric Industries, Ltd., and NKT A/S collectively contribute to about 30% of the market in 2024.
   
• Prysmian Group is known for its technological expertise and extensive portfolio across submarine and underground HVDC systems. The company specializes in extruded XLPE-insulated cables which caters for the offshore wind integration and has successfully completed projects across the North Sea, linking offshore wind farms to mainland grids in Europe and long-distance submarine HVDC projects in North America and Asia-Pacific.
   
• Nexans is recognized for its expertise in submarine HVDC transmission systems. The company is focused on innovation, sustainability and integrating engineering solutions to enable renewable energy integration and global grid interconnections. The OceanGrid project of Nexans is an innovative research initiative in which research is being carried out on a new aluminum alloy aiming to advance the deployment of profitable offshore wind farms in Norway by 2030-2050.
   

HVDC Cables Market Companies

Some of the key players operating across the HVDC cables industry are:

• Alfanar Group
• Brugg Kabel AG
• Elcowire GROUP AB
• Furukawa Electric
• Gupta Power Infrastructure Limited
• Hitachi Energy Ltd.
• ILJIN ELECTRIC
• LS Cable & System Ltd.
• Mitsubishi Electric Corporation
• Nexans
• NKT A/S
• Prysmian Group
• Qingdao Hanhe Cable Co., Ltd.
• Sumitomo Electric Industries, Ltd.
• Riyadh Cables
• Taihan Cable & Solution Co., Ltd.
• TELE-FONIKA Kable S.A.
• Tratos
• ZMS CABLE 
• ZTT
   
• Prysmian Group reported revenue of approximately USD 19.6 billion in 2024. The company specializes in transmission, power grid, electrification, and digital solutions the company focuses on the transmission of renewable energy through innovative cable solutions.
   
• Nexans is known for its innovative solutions in electrical transmission and distribution systems. The company specializes in making industrial cables, vacuum insulated piping, copper rod and wires and high voltage cables. The company is known for its technological expertise in energy transition projects. The company’s revenue was USD 9.8 billion in 2024.
   
• Taihan Cable & Solutions Co. Ltd reported a revenue of approximately USD 2.3 billion in 2024. The company focuses on the production and supply of power and communication cables and has a global presence in more than 100 countries Their product range includes extra-high voltage cables, overhead lines, distribution cables and renewable energy cables (including submarine cables) and communication cables.
   

HVDC Cables Market News

• In July 2025, Sumitomo Electric Industries Ltd. was named a preferred bidder by National Grid Electricity Transmission PLC for the Sea Link HVDC cable project which is proposed to be a 138 km connection between Kent and Suffolk, which will substantially increase electricity transmission capacity in U.K. and deliver renewable and low-carbon energy efficiently to homes and business throughout the country.
   
• In March 2025, Taihan Cables signed an HVDC framework agreement with National Grid, UK valued at about USD 24.5 billion over up to eight years. National Grid has planned to pursue framework agreement in two areas, HVDC cable systems and converter stations, to ensure a stable supply amid uncertainties in HVDC market.
   
• In March 2025, Nexans secured a major framework agreement with RTE for the design, manufacturing and supply of HVDC cables, which will be used to connect the Centre Manche 1&2 and Oleron offshore wind farm to the French transmission network. The framework network agreement covers the supply of 450km of High Voltage Submarine cables and 280 km of high voltage on shore cables.
   
• In April 2025, Hitachi Energy was selected by Rajasthan Part I Power Transmission Limited to deliver 950km HVDC transmission system for 6GW of renewable energy in Bhadla, Rajasthan to Fatehpur, Uttar Pradesh in India. The new HVDC link will provide sufficient energy to around 60 million households across the country.
   

This HVDC cables market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue (USD Billion) & volume (km) from 2025 to 2034, 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 regions and countries:

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