HVDC Cables

Global HVDC Cables Market to Reach US$24.9 Billion by 2030

The global market for HVDC Cables estimated at US$11.1 Billion in the year 2024, is expected to reach US$24.9 Billion by 2030, growing at a CAGR of 14.4% over the analysis period 2024-2030. 35 kV - 475 kV, one of the segments analyzed in the report, is expected to record a 13.5% CAGR and reach US$14.5 Billion by the end of the analysis period. Growth in the 475 kV - 600 kV segment is estimated at 15.5% CAGR over the analysis period.

The U.S. Market is Estimated at US$3.0 Billion While China is Forecast to Grow at 19.1% CAGR

The HVDC Cables market in the U.S. is estimated at US$3.0 Billion in the year 2024. China, the world`s second largest economy, is forecast to reach a projected market size of US$5.3 Billion by the year 2030 trailing a CAGR of 19.1% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 10.7% and 12.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 11.4% CAGR.

Global HVDC Cables Market – Key Trends & Drivers Summarized

Why Are HVDC Cables Gaining Priority in Long-Distance Power Transmission and Grid Modernization?
High-voltage direct current (HVDC) cables are playing an increasingly vital role in modern energy infrastructure due to their ability to transmit large volumes of electricity over long distances with minimal energy losses. Unlike AC transmission systems, HVDC networks enable point-to-point power transfer with higher efficiency and lower line losses—making them particularly advantageous for connecting remote renewable energy sources, offshore wind farms, and geographically dispersed power grids. As nations accelerate their transition toward renewable energy and decarbonization, HVDC cable systems are emerging as critical enablers of inter-regional and cross-border energy exchange, supporting the reliable delivery of clean power from production sites to urban load centers.

The rapid integration of wind and solar power—often generated far from demand hubs—is prompting grid operators to deploy HVDC solutions that offer greater control, stability, and capacity over long distances or undersea routes. HVDC cables are also essential for grid interconnectors that enhance energy trading, load balancing, and system redundancy across national borders. These capabilities are aligned with global efforts to build smarter, more flexible, and high-capacity transmission networks that can accommodate fluctuating renewable inputs while reducing dependency on fossil fuels. As grid resilience and transmission efficiency become national priorities, HVDC cables are being recognized as a cornerstone technology for next-generation energy systems.

How Are Technological Advancements and Material Innovations Enhancing HVDC Cable Performance?
Technological innovation in HVDC cable design and materials is expanding the capabilities and reliability of both land and submarine installations. Mass-impregnated non-draining (MIND) cables and cross-linked polyethylene (XLPE) insulated cables have become standard technologies, offering high thermal stability, low dielectric losses, and mechanical robustness. XLPE cables, in particular, are favored for their lightweight construction, environmental compatibility, and ability to support voltages exceeding ±500 kV. These attributes are driving their adoption in large-scale offshore wind projects and underground urban transmission corridors where space, safety, and environmental constraints are paramount.

Further advancements in conductor materials—such as high-purity copper and aluminum—along with innovations in cable sheathing, jointing techniques, and thermal management systems are boosting current-carrying capacity and operational lifespan. Research into superconducting HVDC cables and hybrid AC/DC grid integration is also gaining traction as utilities explore future-ready transmission systems with ultra-high efficiency. Moreover, advanced monitoring and diagnostic tools—such as real-time thermal modeling, partial discharge detection, and cable condition monitoring—are enhancing preventive maintenance and operational transparency. These innovations are collectively enabling longer transmission distances, deeper sea deployments, and greater voltage scalability, solidifying HVDC cables as both a mature and forward-looking transmission technology.

What Policy, Energy Transition, and Interconnection Trends Are Shaping HVDC Cable Deployment Globally?
Government policies supporting renewable integration, grid decarbonization, and transnational energy trade are significantly accelerating HVDC cable deployment. In Europe, the EU’s Green Deal and Trans-European Networks for Energy (TEN-E) policy are funding a wave of cross-border HVDC interconnectors that support electricity market integration and renewable distribution across the continent. Similar initiatives are underway in Asia-Pacific, where China, India, and Southeast Asian countries are deploying ultra-high voltage (UHV) HVDC lines to transport renewable energy from interior regions to coastal industrial hubs. In North America, offshore wind development along the East Coast and interregional power transfer initiatives are creating a robust pipeline for HVDC cable projects, particularly for subsea and underground routes.

The global emphasis on energy security and diversification is also increasing interest in intercontinental HVDC links, such as the ambitious proposals connecting North Africa’s solar capacity with European grids. As distributed energy generation, electric vehicle adoption, and electrification of heating and transport place additional stress on existing AC networks, HVDC cables offer a scalable solution to avoid congestion and improve system flexibility. Regulatory frameworks supporting public-private partnerships, streamlined permitting processes, and technology neutrality are further enabling large-scale HVDC deployment. These structural and policy trends are not only expanding the market for HVDC cables but also embedding them as a strategic infrastructure priority for decarbonized, interconnected power systems.

What Is Driving the Growth of the HVDC Cables Market Across Project Types and Global Regions?
The growth in the HVDC cables market is driven by surging investment in renewable energy infrastructure, expanding offshore wind capacity, and the global modernization of transmission networks. Offshore wind power—particularly in Europe, China, and the U.S.—is a major growth catalyst, as HVDC technology provides a more efficient and cost-effective solution for connecting large-scale offshore farms to distant onshore grids. Submarine HVDC cables are also gaining importance in linking island grids, crossing fjords or mountain ranges, and interconnecting countries to support energy trading and grid balancing. These high-value projects require robust, tailor-engineered cable systems capable of operating in harsh environmental conditions.

Land-based HVDC cable installations are witnessing strong demand in densely populated or environmentally sensitive areas where overhead AC lines are not feasible. Urban energy corridors, data center clusters, industrial parks, and high-speed rail electrification projects are increasingly specifying underground HVDC cables to minimize footprint and enhance safety. Regionally, Europe continues to lead in HVDC deployment due to mature regulatory frameworks and interconnector ambitions, while Asia-Pacific is emerging as a volume-driven market with high-voltage, high-capacity megaprojects led by state utilities. The Middle East and Africa are also exploring HVDC to export surplus renewable energy and stabilize regional grids. As the global energy transition accelerates and cross-border collaboration intensifies, the HVDC cable market is poised for sustained growth, backed by technological maturity, policy alignment, and rising global energy interdependence.

SCOPE OF STUDY:

The report analyzes the HVDC Cables market in terms of units by the following Segments, and Geographic Regions/Countries:

Segments:
Voltage (35 kV - 475 kV, 475 kV - 600 kV, Above 600 kV); Installation (Overhead lines, Submarine, Underground); Application (Intra-Regional, Cross Border, Others)

Geographic Regions/Countries:
World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.

Select Competitors (Total 34 Featured) -

• ABB Ltd
• Alfanar Group
• Brugg Kabel AG
• General Electric Company
• Gupta Power Infrastructure Limited
• Hitachi Energy Ltd.
• ILJIN Electric
• LS Cable & System Ltd.
• Mitsubishi Electric Corporation
• Nexans SA
• NKT A/S
• NR Electric Co., Ltd.
• Prysmian Group
• Siemens Energy
• Southwire Company, LLC
• Sumitomo Electric Industries, Ltd.
• Taihan Cable & Solution Co., Ltd.
• TenneT Holding B.V.
• Toshiba Corporation
• ZMS Cable

TARIFF IMPACT FACTOR

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