Newark, May 13, 2024 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global HVDC cables market is expected to grow from USD 14.11 Billion in 2023 to USD 20.96 Billion by 2033, at a CAGR of 3.83% during the forecast period 2023-2033.
The modernization of the grid, along with the integration of advanced products with advanced technology for transmission and distribution networks, are some of the factors propelling the growth of the HVDC cables. Moreover, there is a surge in the deployment of renewable energy sources to achieve clean energy goals, fueling the demand for HVDC cables worldwide.
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Scope of HVDC Cables Market
| Report Coverage | Details |
| CAGR | 3.83% from 2024 to 2033 |
| Market Size in 2023 | USD 14.11 Billion |
| Market Size by 2033 | USD 20.96 Billion |
| Largest Market | North America |
| Base Year | 2023 |
| Forecast Year | 2024 to 2033 |
| Historical Year | 2020-2022 |
| Segments Covered | Installation, Voltage, Application |
Competitive Strategy
To enhance their market position in the global HVDC Cables market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• In March 2021: ABB won the order, worth more than USD 30 million, for the partial upgrade of the Inga-Kolwezi high voltage direct current (HVDC) power transmission line. It will help boost the transmission capacity and supply clean hydropower, which help enhance the grid reliability in the Democratic Republic of Congo. It helped the organization expand its market share in the HVDC Cables market.
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Market Growth & Trends
As the world grows, there is more investment in interconnecting grids, linking offshore wind-feeding metropolitan areas, etc. It has been observed that there is a growth in offshore wind energy projects globally, and hence, the sectors which are connecting these projects are also growing. All these factors are driving the HVDC cables market. There is work to modernize the grid for which advanced goods are used in the transmission and distribution network. Also, there is an increase in power consumption in emerging economies because of a surge in industrialization and commercialization. Many projects were happening, such as the Kenya-Ethiopia Electricity Highway in Africa. In this project, the bipolar 500 KV HVDC line is being built, starting from Welaya Sodo in Ethiopia and moving to Suswa in Kenya. The total distance of this project will be around 1068 km, with around 437 km in Ethiopia and 631 km in Kenya. Egypt is also investing in the region for grid infrastructure; hence, it is becoming a leader in Africa for the HVDC cables market. It shows that there is growth in the installation of HVDC systems worldwide as it is proven economically justifiable to strengthen the grid connections. Many renewable energy sources are being added to the grid from many dispersed locations, far from the load centres most of the time; hence, power needs to travel to satisfy the growing need. Hence, the demand for HVDC cables is growing worldwide. It has been observed that governments worldwide are providing financial support to upgrade the power transmission and distribution infrastructure to meet the energy demands. HVDC cables are very useful for manufacturing plants set up at distant locations as they are very efficient in transmitting large amounts of electricity over long distances. Moreover, there is a growing need for the interrupted electricity supply due to rapid urbanization and industrialization.
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Key Findings
• In 2023, the High(35 to 475 KV) segment dominated the market with the largest market share of 65.21% and market revenue of USD 9.20 Billion.
The voltage segment is divided into High(35 to 475 KV), Extra High(475-600 KV) and Ultra High(Above 600KV). In 2023, the High(35 to 475 KV) segment dominated the market with the largest market share of 65.21% and market revenue of USD 9.20 Billion. It is attributed to the growing demand for long-distance power transmission and the surge in renewable energy projects.
• In 2023, the Overhead segment dominated the market with the largest market share of 41.11% and market revenue of USD 5.80 Billion.
The installation segment is divided into subsea, underground, overhead and mixed. In 2023, the Overhead segment dominated the market with the largest market share of 41.11% and market revenue of USD 5.80 Billion. This market share is attributed to its easy installation and low long-distance transmission loss.
• In 2023, the Industrial segment dominated the market with the largest market share of 36.36% and market revenue of USD 5.13 Billion.
The application segment is divided into telecommunication, medical, industrial, oil &gas and others. In 2023, the Industrial segment dominated the market with the largest market share of 36.36% and market revenue of USD 5.13 Billion. This market share is attributed to industries' growing demand for HVDC transmission, as there is a huge power demand there.
Regional Segment Analysis of the HVDC Cables Market:
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
The Asia Pacific region occurred as the largest market for the global HVDC Cables industry, with a market share of 33.41% and a market value of around USD 4.71 Billion in 2023. China and India are the key contributors to the APAC region because of their growing power demand. China is expanding its infrastructure, propelling the demand for HVDC cables in the region. Also, other than India and China, ASEAN countries like South Korea, Pakistan, Japan, and Indonesia will seem to significantly contribute to the expansion of HVDC cable in the region shortly as there is an ageing power infrastructure.
Key players operating in the global HVDC Cables market are:
• Nexans
• Mitsubishi Corp
• Hitachi Ltd
• General Electric Company
• Siemens AG
• ABB Ltd
• Sumitomo Electric Industries Ltd
• LS Corp
• Prysmian SpA
• J-Power Group
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. The Brainy Insights has segmented the global HVDC Cables market based on below mentioned segments:
Global HVDC Cables Market by Installation:
• Subsea
• Underground
• Overhead
• Mixed
Global HVDC Cables Market by Voltage:
• High(35 to 475 kv)
• Extra High(475-600kv)
• Ultra High(Above 600kv)
Global HVDC Cables Market by Application:
• Telecommunication
• Medical
• Industrial
• Oil &Gas
• Others
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About the report:
The global HVDC Cables market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client's objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client's requirements whether they are looking to expand or planning to launch a new product in the global market.
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HVDC Cables Market
