HVDC Cables Market Size - By Voltage (High, Extra High, Ultra High), By Installation (Overhead, Submarine, Underground), By Application (Intra-regional, Cross Border) & Global Forecast, 2023 – 2032

HVDC Cables Market Size

HVDC Cables Market size was valued at over USD 7.2 billion in 2022 and is anticipated to reach USD 16.4 billion by 2032.
 

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The global push towards cleaner energy sources has spurred substantial demand for HVDC cables. Governments and utilities worldwide are heavily investing in HVDC interconnection projects to link power grids across borders. In developing nations, the absence of efficient power infrastructure, coupled with a growing emphasis on upgrading existing grid networks, has created a favorable business environment.

COVID-19 Impact

The COVID-19 pandemic has had a significant impact on the High Voltage Direct Current (HVDC) Cables market. While the energy sector is generally considered essential, the pandemic disrupted supply chains, manufacturing processes, and project timelines across the globe. The HVDC cables industry, which plays a critical role in transmitting electricity over long distances efficiently, faced delays in the production and deployment of HVDC cable systems. Lockdowns and restrictions affected the workforce availability and posed logistical challenges, leading to interruptions in cable production and installation activities.

HVDC Cables Market Trends

The HVDC (High-Voltage Direct Current) cables market is witnessing dynamic trends driven by the global transition to cleaner energy sources and the need to efficiently transmit electricity over long distances. One notable trend is the increasing adoption of HVDC technology in renewable energy projects, particularly offshore wind farms. Governments and utilities are investing in cross-border HVDC interconnection projects to enhance energy security and grid stability while enabling the sharing of renewable energy resources. Additionally growing focus on grid modernization, coupled with the expansion of renewable energy capacity, is expected to drive continued growth and innovation in the HVDC cables market.

HVDC Cables Market Analysis

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High voltage DC cables ranging from 35 to 475kV segment held a market value of over USD 4.9 billion in 2022 and is slated to cross USD 9.9 billion by 2032, attributed to the increasing demand for efficient long-distance power transmission and the expansion of renewable energy projects, including offshore wind farms and large-scale solar installations. HVDC cables with voltage ratings in this range are well-suited for transmitting electricity over extended distances, minimizing power losses, and enhancing grid reliability.

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HVDC cables market from submarine cables was valued at over USD 1.8 billion in 2022 and is predicted to surpass USD 10.9 billion by 2032, driven by the offshore wind sector, which has seen substantial investments in offshore energy applications. Major players in this industry, such as Prysmian, Nexans, NKT, and Sumitomo, have secured significant market shares and are actively seeking to expand their market presence through various strategic moves.

Intra-regional application captured about 55% of the HVDC cables market share in 2022. The global trend of large-scale suburban migration, combined with proactive regulatory initiatives aimed at improving the quality of life for urban and rural residents alike, has fuelled urbanization and commercial expansion worldwide. This population shift, along with government efforts to electrify remote areas, has driven a substantial increase in energy consumption. The noticeable uptick in peak load demand has compelled energy infrastructure installers to expand and modernize power supply components, with a focus on enhancing grid reliability and security.

The increasing need for energy, coupled with a growing demand for robust grid networks, will play a vital role in shaping the industry, particularly in intra-regional applications. This underscores the significance of adapting to changing energy dynamics and ensuring a stable and efficient power supply to meet the evolving needs of both urban and rural areas.

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Europe HVDC cables market size exceed USD 8.4 billion by 2032, owing to the region's increasing focus on renewable energy sources, such as offshore wind farms. HVDC cables play a crucial role in efficiently transmitting power from these renewable energy projects, particularly offshore wind, to onshore grids. Europe has witnessed substantial investments in offshore wind energy, with countries like the United Kingdom, Germany, and Denmark leading the way.

Furthermore, the need to modernize and expand the existing power infrastructure, especially in regions with a high penetration of renewable energy, is driving the demand for HVDC cables. Overall, the Europe market is expected to continue its growth trajectory as the continent transitions towards cleaner energy sources and invests in grid modernization and interconnection projects.

HVDC Cables Market Share

Major participants in the HVDC cables market include:

• Siemens Energy
• Hitachi Energy Ltd.
• Mitsubishi Electric Corporation
• General Electric
• TOSHIBA CORPORATION
• LS Cable & System Ltd.
• ILJIN ELECTRIC
• ZTT
• Nexans
• Prysmian Group
• NKT A/S
• Sumitomo Electric Industries, Ltd.
• alfanar Group
• Taihan Cable & Solution Co., Ltd.
• Gupta Power Infrastructure Limited
• ZMS CABLE

In the competitive landscape of the HVDC cables market, Siemens Energy, Hitachi Energy Ltd., and Mitsubishi Electric Corporation have emerged as the top three major players, each with a strong hold on their market share and strategies to expand further. Siemens Energy, a global energy technology company, has maintained its leadership position through continuous innovation and a wide portfolio of HVDC cable solutions. Their commitment to renewable energy integration and grid modernization has allowed them to secure significant contracts in Europe's offshore wind projects. Hitachi Energy Ltd., on the other hand, has leveraged its extensive expertise in power transmission and distribution to secure a substantial market share. They have focused on delivering high-performance HVDC cable systems that meet the evolving demands of the energy sector, particularly in the Asia-Pacific region.
 

Mitsubishi Electric Corporation has also been a key player, capitalizing on its technological advancements and global presence. Their HVDC cable solutions are recognized for their reliability and efficiency, making them a preferred choice for major projects. All three major players are actively engaged in research and development efforts to enhance product efficiency and reduce manufacturing costs, ensuring their competitiveness in the evolving HVDC cables market. Their strategic alliances and partnerships have further solidified their positions and are instrumental in their pursuit of a larger market share.
 

HVDC Cables Industry News:

• In July 2023, Hitachi Energy Ltd. received an order to supply two HVDC converter stations to interconnect the English and Scottish power grids for SSEN Transmission and the National Grid. The cutting-edge technology & its development meet the requirements of various landmark grid integration projects. The connection of the power link aims to supply a total electricity volume of 2,000 MW in the UK. Henceforth, the company will be able to support the adoption of renewable energy across the region and maintain a strong position in the industry.
   
• In April 2023, Siemens Energy and Dragados Offshore signed an agreement with TenneT to deliver High-Voltage Direct Current (HVDC) transmission technology for three grid connections in the German North Sea. The contract, worth USD 7.52 billion, ensures the onshore transportation of 6 GW offshore wind power. As per the agreement, Siemens will manufacture components including transformers, switchgear, and converter technologies in its factory in Europe while Dragados will be responsible for the offshore construction & installation of the platforms. Therefore, the company established a strong customer base across Europe.
   

This HVDC cables market research report includes an in-depth coverage of the industry with estimates & forecast in terms of Kms and USD Million from 2019 to 2032, for the following segments:

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By Voltage

• High
• Extra High
• Ultra-High

By Installation

• Overhead Lines
• Submarine
• Underground

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
  • Ireland
• Asia Pacific
  • China
  • Japan
  • India
  • Thailand
  • Indonesia
• Rest of the World
  • Brazil
  • Oman
  • South Africa
  • Chile
  • Morocco
  • Saudi Arabia