HVDC Cables Market Size, Share, Industry Trends, Growth Drivers, Opportunities, Key Players Analysis, Regional Outlook and Forecast Report (2025–2032)

The HVDC Cables Market size was valued at USD 11.27 billion in 2024, and the total revenue is expected to grow at a CAGR of 5.31% from 2025 to 2032, reaching nearly USD 17.05 billion.
HVDC Cables Market Overview:
A high-voltage direct current (HVDC) cable is the preferred transmission technology for long-distance bulk electric power transmission. HVDC cables connect power networks across countries and continents to ensure that energy infrastructures are secure and reliable A conductor and insulator make comprise a cable, which can be run underground or underwater. HVDC cables are a superior alternative for carrying energy over long distances than alternating current (AC) cables, which are more widely utilized.

The HVDC cables have numerous advantages over traditional cables and are mostly used to supply energy to oil and gas facilities such as floating production storage and offloading and other platforms located in or near the ocean. The majority of HVDC cables used voltages ranging from 100 to 800 kV. Power can also be transferred across grid systems that operate at different frequencies, such as 50 Hz and 60 Hz, using HVDC.To know about the Research Methodology :- Request Free Sample Report
HVDC Cables Market Dynamics:
Trends that are expected to boost the HVDC Cables Market perspective:

• Growing demand for UHVDC cables:

The Ultra-high voltage direct current cables are used to transmit electricity over long distances with minimum power loss. This ability to minimize power loss over long distances has raised the demand along with installations across the globe. Many major industry companies are launching a new products in order to keep up with the pace of the market. For instance, NKT launched their 525 kV HVDC XLPE subterranean cables in May 2021, which is expected to be used in planned high voltage direct current corridor projects in Germany. According to an MMR analyst, the market segment is expected to be worth US$ 530 million by the end of the forecast period.

• An increase in the number of transmission projects is expected to increase the use of overhead HVDC cables

The growing demand for energy in emerging countries, such as India and China has increased as a result of rapid industrialization and urbanization. This has also resulted in the upgrading of existing power infrastructure in order to extend the reach of electrical supplies, leads necessitating the installation of overhead HVDC cables. In addition, land-based transmission grids are simple to operate and maintain, and HVDC cables can be constructed in difficult terrain. A steady increase in the number of power transmission projects in China and India has fueled the use of overhead HVDC cables, which is driving the market growth.

• German government initiatives to alter the market for HVDC cables

In Germany, the growing number of wind farms, along with transmission line and power station upgrades, has resulted in an increase in demand for HVDC cables. The government has taken steps to meet the electrical needs of their growing industry and urban areas by heavily investing in these projects and collaborating with industry players. For instance, in 2020, Prysmian inked an agreement with Amprion GmbH, a German grid operator, to supply a 525 kV HVDC cable system for project A-Nord. Such activities are expected to aid in increasing the country's HVDC cable consumption rate.

Increase In Usage of XLPE HVDC Cables:

The growing use of HVDC cable in Oil and gas sector is driving the HVDC cable market growth across the globe. XLPE HVDC cable cables have several advantages that make them more popular than standard cables. These polymer insulated cables are lighter and easier to handle. They're also easier to connect than paper-insulated cables and offer a greater conductor temperature. As a result, the wire can be smaller and the construction can be more compact. XLPE cables allow the use of several additives including antioxidants, cross-linking agents, lubricating additives, and scorch-resistant additives. These factors are expected to uplift the HVDC cable market growth during the forecast period.

The Growing Demand for Subsea HVDC Cables across the globe:

The underwater HVDC cables market is driven by increased capital investment to build offshore wind farms, along with rising sustainable power demand across the globe. The technical adoption is expected to push by the growth of island linkages, followed by safe and dependable offshore transmission. For instance, Siemens Gas & Power was awarded a contract for over USD 450 million in June 2020 to build a 300-kilometer HVDC link across mainland Greece. In addition, increased public and private investments in modern transmission lines, along with government attempts to adopt renewable energy assets, are expected to uplift the HVDC cables market during the forecast period.
HVDC Cables Market Segment Analysis:
Based on the Application, the HVDC Cables Market is segmented into Overhead Line, Submarine, and Underground. The Submarine segment held the largest market share, accounting for 51.3% in 2024. The growing adoption of HVDC cables in Submarine projects across the globe is boosting the market growth. In addition, ongoing off-shore projects across the globe are increasing the product demand. For instance, The BRITIB project, a 1330 km undersea HVDC installation for energy transmission, has brought together the United Kingdom, Spain, and France. Russia and Japan have decided to build a Russia-Japan grid, which will use high-voltage direct current (HVDC) cables to connect the two nations' energy grids. China's state grid corporation is constructing 3200 kilometers of high-voltage direct current (HVDC) cables for energy transmission. In addition, by 2032, the United States is expected to invest more than US$ 70 billion in subsea wind energy installations.
HVDC Cables Market Regional Insights:
Asia Pacific region held the largest market share accounted for 38.3% in 2024. The Asia Pacific HVDC cables market share will be driven by the rising need for reliable and uninterrupted electricity, along with increasing measures to electrify rural places across the region. Growing investment towards upgrading power capacities and electric infrastructure, in countries like China and India, is expected to drive the HVDC cables market growth.

In India, POWERGRID's EHVAC (up to 765 kV) and +800/+500kV HVDC transmission networks are used for bulk power transmission. As of June 30, 2021, POWERGRID's transmission network has 172,154 circuit kilometers of transmission lines with a transformation capacity of 446,940 Mega Volt Amperes (MVA) and 262 substations.

The market for HVDC cables in Japan is predicted to rise as investments in clean energy networks increase, along with the number of submarine power cable projects in the region. The growing demand for improved submersible cables across offshore installations to provide effective power supply is boosting the product demand.

The European region is expected to grow at CAGR of 5.17% during the forecast period. Icelink, a 1200km subsea HVDC link between the United Kingdom and Iceland, has been announced by the United Kingdom. The EuroAfrica Interconnector, which is separated into two sections, is expected to install a 1396 km submarine HVDC between Egypt, Cyprus, and Greece. The first phase has finished in 2020, while the second phase is expected to complete in 2021. In 2021, Germany announced its DolWin5 project in Europe, which will be completed in 2024 and is located 100 kilometres distant in the North Sea. As a result, factors including a rise in offshore wind turbine installations, particularly in the European region, are expected to uplift the HVDC cables market.

The objective of the report is to present a comprehensive analysis of the global HVDC Cables Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Market dynamic, structure by analyzing the market segments and projecting the HVDC Cables Market size. Clear representation of competitive analysis of key players by Application, price, financial position, product portfolio, growth strategies, and regional presence in the HVDC Cables Market make the report investor’s guide.
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HVDC Cables Market


Report Coverage
Details


Base Year:
2024
Forecast Period:
2025-2032


Historical Data:
2019 to 2024
Market Size in 2024:
USD 11.27 Billion


Forecast Period 2025 to 2032 CAGR:
5.31%
Market Size in 2032:
USD 17.05 Billion


 Segments Covered:
by Type
Mass Impregnated Cables
Extruded Cables
Others


by Application
Overhead Line
Submarine
Underground



HVDC Cables Market by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, Turkey, Russia and Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, ASEAN and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina, Columbia and Rest of South America)
HVDC Cables Market Key Players
1. Sumitomo Electric Industries, Ltd
2. Prysmian Group
3. Nexans
4. General Electric (GE)
5. Hitachi Energy
6. Siemens Energy
7. Mitsubishi Electric
8. Eaton Corporation
9. NKT A/S
10. LS Cable & System
11. ZTT
12. Taihan Cable & Solution Co., Ltd.
13. TBEA
14. ZMS Cable
15. ILJIN Electric
16. Alfanar Group
17. Toshiba Corporation
18. Southwire
19. NR Electric
20. C-Epri Electric Power Engineering
21. ENTSO-E
22. Sudkabel GmbH
23. Borealis AG
24. Furukawa Electric Co., Ltd
25. Far East Cable Co., Ltd.
26. RPG Cables
27. Cable Corporation of India Ltd
28. SunCable
29. XLCC
30. Others
Frequently Asked Questions:
1] What segments are covered in the HVDC Cables Market report?
Ans. The segments covered in the HVDC Cables Market report are based on Type, Application, and region

2] Which region is expected to hold the highest share of the HVDC Cables Market?
Ans. The Asia Pacific region is expected to hold the highest share of the HVDC Cables Market.

3] What is the market size of the HVDC Cables Market by 2032?
Ans. The market size of the HVDC Cables Market by 2032 is USD 17.05 Bn.

4] What is the growth rate of the HVDC Cables Market?
Ans. The Global HVDC Cables Market is growing at a CAGR of 5.31% during the forecasting period 2025-2032.

5] What was the market size of the HVDC Cables Market in 2024?
Ans. The market size of the HVDC Cables Market in 2024 was USD 11.27 Bn.