Home > Energy & Power > Wire and Cable > Power Cable > HVDC Cables Market

HVDC Cables Market Trends

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

Download Free Sample

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.

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.