HVDC Cables Market Updates : Projected to Surpass USD 15.37 Billion by 2030

►HVDC Cables Market Set to Surge, Driven by Renewable Energy Integration and Grid Modernization

The global High Voltage Direct Current (HVDC) cables market is poised for significant growth, propelled by the escalating demand for efficient long-distance power transmission and the integration of renewable energy sources. According to Maximize Market Research, the market was valued at USD 10.70 billion in 2023 and is projected to grow at a CAGR of 5.31% through 2030.

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►Competitive Landscape

Leading players in the HVDC cables market include Prysmian Group, Nexans, NKT A/S, Sumitomo Electric Industries Ltd., Hitachi Energy, Siemens Energy, Southwire, and General Electric Company. These companies are actively engaged in strategic initiatives such as mergers and acquisitions, technological advancements, and capacity expansions to strengthen their market positions.

►Regional Insights

♦ High Demand in Asia Pacific and Europe

The Asia Pacific region emerged as the largest market for HVDC cables, accounting for a 33.41% share and a market value of approximately USD 4.71 billion in 2023. This growth is attributed to rapid industrialization, urbanization, and significant investments in renewable energy projects in countries like China and India.

Europe is also witnessing substantial demand, driven by the expansion of offshore wind farms and cross-border interconnections. The region's commitment to achieving net-zero emissions by 2050 has led to increased investments in HVDC infrastructure.

♦ United States: HVDC Growth Amid Renewable Energy Push
The United States is experiencing a surge in HVDC cable installations, fueled by the integration of renewable energy sources such as wind and solar into the national grid. In August 2024, investments totaling USD 1.5 billion were made across Texas, Oklahoma, and New Mexico for transmission electricity projects.

Key Developments:

Southwire is developing superconducting HVDC cables aimed at reducing transmission losses by up to 30%, enhancing long-distance power transmission efficiency.

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Asia Pacific: Opportunities in Expanding Energy Infrastructure
The Asia Pacific region presents significant opportunities for HVDC cable deployment, driven by the need for reliable electricity in remote areas and the modernization of aging power infrastructure. China and India are leading the charge with substantial investments in renewable energy and grid upgrades.

Key Developments:

In 2021, Siemens AG, in collaboration with Sumitomo Electric Industries Ltd., commissioned India's first HVDC link featuring voltage-sourced converter technology, enhancing grid stability between Tamil Nadu and Kerala.

Europe: Trends in Offshore Wind Integration
Europe is at the forefront of integrating offshore wind energy into its power grids, necessitating advanced HVDC cable solutions. Projects like the Eastern Green Links, involving two planned submarine HVDC cables from Scotland to Northeast England, aim to deliver 4 GW of renewable energy, representing the largest electricity transmission investment in Great Britain's recent history.

Key Developments:

In 2023, Prysmian Group secured contracts worth approximately USD 1.94 billion from TenneT, the Dutch transmission system operator, for the grid connection of two offshore wind farms in the North Sea.

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► Market Segmentation: In-Depth Analysis:

by Type

Mass Impregnated Cables
Extruded Cables
Others

The market for HVDC cables is divided into three segments: underground, submarine, and overhead line. In 2023, the Submarine segment accounted for 51.3% of the market, the biggest share. The market is expanding as a result of the increasing use of HVDC cables in submarine projects worldwide. The demand for the product is also rising as a result of ongoing offshore projects worldwide. For example, the UK, Spain, and France have joined forces on the BRITIB project, a 1330 km underwater HVDC energy transmission system. High-voltage direct current (HVDC) cables will be used to link the energy grids of Russia and Japan as part of their agreed-upon Russia-Japan grid. In order to transmit energy, China's state grid business is building 3200 kilometers of high-voltage direct current (HVDC) cables. Furthermore, by 2030, the

by Application

Overhead Line
Submarine
Underground

For deeper market insights, peruse the summary of the research report:https://www.maximizemarketresearch.com/market-report/global-hvdc-cables-market/30626/

► Learn about the top players driving innovation in the Market :

1. NKT A/S
2. Nexans Group
3. Prysmian Group
4. LS Cable & System Ltd.
5. ABB
6. Siemens
7. General Electric
8. Hitachi
9. Mitsubishi Electric
10. NR Electric
11. C-Epri Electric Power Engineering
12. ZMS Cable,
13. General Cable
14. Toshiba Corporation
15. ZTT Gupta Power Infrastructure

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