Press release
Global HVDC Cables Market Set to Grow from USD 11.27 Billion to USD 17.05 Billion by 2032 at a CAGR of 5.31% - HVDC Cables Forecast Offers Insight
HVDC Cables Market
According to a new report by Maximize Market Research, the global HVDC Cables Market was valued at USD 11.27 Billion in 2024 and is projected to reach USD 17.05 Billion by 2032, with a compound annual growth rate (CAGR) of 5.31% between 2025 and 2032.
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Key Highlights
Market Size & CAGR: USD 11.27 Billion in 2024, projected to reach USD 17.05 Billion by 2032, at a CAGR of 5.31% .
Leading Application Segment: Submarine application accounted for the largest share (51.3%) in 2024 .
Largest Regional Market: Asia Pacific held the largest regional share at 38.3% in 2024 .
Key Growth Drivers:
Rising demand for UHVDC and polymer-insulated (XLPE) cables.
Increased offshore wind farm investments and island interconnections.
Significant initiatives like the BRITIB undersea project and China's 3,200 km HVDC network .
Notable Projects & Trends:
U.S. expected to invest over USD 70 billion in subsea wind energy by 2032.
Large-scale link projects such as Icelink (UK-Iceland), EuroAfrica Interconnector (Egypt-Cyprus-Greece), and Germany's North Sea DolWin5 project .
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Body Content
Market Outlook
The Global HVDC Cables Market, valued at USD 11.27 billion in 2024, is anticipated to grow at a CAGR of 5.31% to reach USD 17.05 billion by 2032. Growth is chiefly propelled by deployment of submarine HVDC solutions, especially for offshore energy projects. UHVDC technologies and XLPE-insulated cables are gaining adoption due to their efficient routing and compact design .
Application Insights
The submarine segment dominates with 51.3% of market share in 2024. Overhead and underground installations also contribute but trail behind, with submarine use bolstered by long-distance transmission and intercontinental power links.
Regional Insights
Asia Pacific leads with 38.3% market share in 2024, fueled by electrification efforts and rural power expansion in China, India, and Japan . Europe is also a significant growth region, with major investments in offshore wind and cross-border projects like DolWin5, Icelink, and EuroAfrica Interconnector driving expansion.
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Key Drivers & Trends
Investment in renewable infrastructure, particularly offshore wind energy, and government-backed modernization programs are primary catalysts. The expansion of island and continent-spanning interconnections underpins demand for long-distance, high-efficiency HVDC transmission systems .
Key Players & Competitive Landscape
While the summary does not list individual companies, the report states that it includes competitive analysis of market leaders, followers, and new entrants, analyzing their regional presence, financials, and strategies.
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
For deeper market insights, peruse the summary of the research report:https://www.maximizemarketresearch.com/market-report/global-hvdc-cables-market/30626/
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