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HVDC Cables Market Size

Report ID: GMI3510
Published Date: Oct 2023
Report Format: PDF

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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.

HVDC Cables Market Report Attributes
Report Attribute	Details
Base Year:	2022
HVDC Cables Market Size in 2022:	USD 7.2 Billion
Forecast Period:	2023 to 2032
2032 Value Projection:	USD 16.4 Billion
Historical Data for:	2019 to 2022
No. of Pages:	386
Tables, Charts & Figures:	685
Segments covered:	Voltage, Installation, Application and Region
Growth Drivers:	North America and Europe IRenewable energy integration IGrowing investments towards cross border projects Asia Pacific IRising urbanization and industrialization IRising need for energy efficiency Rest of World IExpansion of smart grid network
Pitfalls & Challenges:	High initial costs Adverse impact on the environment

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Authors: Ankit Gupta, Riya Gupta

Frequently Asked Questions (FAQ) :

The market size of HVDC cables was exceeded USD 7.2 billion in 2022 and may surpass USD 16.4 billion by 2032, due to rising importance in efficiently transmitting power over long distances across offshore wind farms and solar facilities.

HVDC cables market size from the submarine cables installation segment was worth USD 1.8 billion in 2022 and is anticipated to reach USD 10.9 billion by 2032, driven by substantial investments in offshore energy applications.

Europe HVDC cables industry size may cross USD 8.4 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 manufacturers are Mitsubishi Electric Corporation, Siemens Energy, Hitachi Energy Ltd., General Electric and TOSHIBA CORPORATION.