Underground High Voltage Cable Market Size - By Voltage (< 110 kV, 110 kV - 220 kV, > 220 kV), By Current (HVAC, HVDC), Regional Outlook & Growth Forecast, 2024 – 2032

Underground High Voltage Cable Market Size

Underground High Voltage Cable Market was valued at USD 28.6 billion in 2023 and is set to grow at a CAGR of over 5.8% from 2024 to 2032. The rising demand for refurbishing existing electrical infrastructure, coupled with increasing investments in grid network development, will enhance the industry outlook. The inefficiency of power infrastructure in developing nations, along with a growing emphasis on upgrading existing grid networks, has created a positive business environment.
 

The increasing adoption of distributed generation technologies, alongside offshore wind electric networks, has motivated installers to implement effective and reliable power supply units. The incorporation of aerial bunched cabling technology, export cables, and associated offshore and onshore connections has further fostered a competitive business environment. Moreover, the installation of heavy-duty industrial machinery and large-scale motor control operations will boost the demand for dependable circuitry equipment.
 

Underground High Voltage Cable Market Trends

The advancement of submarine and underground cable technologies has established a sustainable business platform. While suppliers and manufacturers have consistently invested in R&D to expand and improve their product portfolios, new funding from leading participants to integrate a versatile technological platform represents a significant breakthrough. In addition, a favourable consumer inclination toward using these products to protect the living environment and the increased longevity of electric infrastructure will positively influence the industry outlook. The swift commercialization aimed at boosting overall economic growth, along with foreign direct investment schemes supporting industrial and commercial establishments, will increase the demand for complex and reliable grid infrastructures.
 

Underground High Voltage Cable Market Analysis

Based on voltage, the > 220 kV underground high voltage cable industry is anticipated to surpass USD 38 billion by 2032. Voltage rating is regarded as a standard industry protocol for deploying electrical components, depending on the application, regulatory preferences, and the category of technologies involved.
 

Based on current, the HVDC industry will grow at a rate of over 5.8% through 2032. This growth is attributed to the higher adoption of conductors and the reduced losses at high transmission compared to AC cables. Additionally, the installation cost of HVAC cables rises with increasing distance, making HVDC transmission more cost-effective for long-distance transmission between two points, thereby directly contributing to the HVDC industry's expansion.
 

Asia Pacific underground high voltage cable market is anticipated to exceed over USD 35 billion by 2032. The growing demand for reliable and uninterrupted power supply, along with increased efforts toward electrifying remote locations, will drive market growth in the Asia Pacific region. Emerging economies such as China and India will contribute to regional growth due to increasing investments in upgrading and expanding electric infrastructure and power capacities.
 

The electric power transmission and distribution (T&D) infrastructure in the U.S. necessitates the expansion and upgrading of transmission links across the region. Increasing peak load demand and aging power equipment are driving leading manufacturers to install technologically advanced products for improved power stability and efficiency. Additionally, rising concerns about grid safety, reliability, and security have significantly boosted the number of upcoming projects in the region.
 

Underground High Voltage Cable Market Share

Nexans, NKT A/S, Prysmian Group, ZTT, & ILJIN ELECTRIC are the major leading players in the underground high voltage market. Leading manufacturers in the underground high voltage cable industry are prioritizing transmission projects and making investments to gain a competitive advantage. The introduction of advanced technologies and components by these prominent players has contributed to positive business dynamics.
 

Underground High Voltage Cable Market Companies

Major key players operating across the underground high voltage cable industry are:

• alfanar Group
• Brugg Kabel AG
• Ducab, Power Plus Cables Co. L.L.C.
• FURUKAWA ELECTRIC CO., LTD.
• Hellenic Cables
• ILJIN ELECTRIC
• Jeddah Cables
• LS Cable & System Ltd.
• Nexans
• NKT A/S
• Prysmian Group
• Riyadh Cable
• Southwire Company, LLC
• Sumitomo Electric Industries, Ltd.
• Taihan Cable & Solution Co., Ltd.
• TF Kable
• Tratos
• ZTT
   

Underground High Voltage Cable Industry News

• In June 2024, Sumitomo Electric has acquired a majority stake in German high-voltage cable manufacturer Südkabel and is expanding its Mannheim production facility to produce 525 kV HVDC cables locally. This acquisition supports German TSO Amprion’s net-zero initiatives, with Sumitomo Electric securing two major HVDC projects worth over 4 billion USD. Additionally, Sumitomo Electric's new high-voltage submarine cable factory in the UK will further contribute to Europe’s decarbonization efforts.
   
• In January 2024, ILJIN ELECTRIC announced securing a 36 million USD contract with Malaysia’s Tenaga Nasional Berhad for a 52.4 km, 275 kV high-voltage underground cable project. This deal is part of their strategic expansion in Southeast Asia, following significant orders from Singapore and Bangladesh. Additionally, the company is investing 71 million USD to expand its high-voltage transformer and cable production capacities to meet growing global demand?.
   

This underground high voltage cable market research report includes an in–depth coverage of the industry with estimates & forecast in terms of volume in ‘km and revenue in ‘USD Billion’ from 2021 to 2032, for the following segments:

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Market, By Voltage

• < 110 kV
• 110 kV - 220 kV
• > 220 kV

Market, By Current

• HVAC
• HVDC

The above information has been provided for the following region & countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
• Asia Pacific
  • China
  • India
  • Thailand
  • Indonesia
  • Rest of World