1 Global High Voltage Direct Current (HVDC) Cables Market Outlook
The global High Voltage Direct Current (HVDC) Cables market is projected to exhibit substantial growth in the coming years, with a CAGR of 6.11% from 2024 to 2033, reaching a total market size of $8759.57 million USD in 2024. High voltage direct current (HVDC) cables are specialized cables used for transmitting high amounts of electrical power over long distances. Unlike alternating current (AC) cables, which are commonly used for shorter distance transmission, HVDC cables are designed to handle the challenges associated with long-distance power transmission. They are capable of transmitting electricity at high voltages and can efficiently transport large amounts of power across different regions.
Figure Global High Voltage Direct Current (HVDC) Cables Market Size and Growth Rate (2024-2033)
2 High Voltage Direct Current (HVDC) Cables Market Growth Drivers and Challenges
The growing demand for renewable energy is a key driver for the High Voltage Direct Current (HVDC) cables market, as the global shift towards sustainable power sources gains momentum. This is coupled with the continuous increase in investment in grid infrastructure projects, which are essential for modernizing power grids to enhance reliability, efficiency, and resilience. Many nations are investing in advanced line and grid enhancement technologies to improve transmission capacity and efficiency, aiming to integrate renewable energy more swiftly and cost-effectively. The expansion and modernization of power grids worldwide are promoting the demand for efficient power transmission systems, which in turn, is expected to drive the growth of the HVDC cable market. Although significant progress has been made in HVDC cable insulation technology, several challenges remain. One of the main issues is the accumulation of space charge within the insulation material at high DC voltages. This phenomenon can lead to local field enhancements, which can cause insulation breakdown over time. Another challenge is the thermal management of HVDC cables, as the heat generated by electrical losses must be effectively dissipated to prevent overheating and degradation of the insulation material. In addition, the environmental impact of insulation materials and the need for their recyclability and sustainability are becoming areas of increasing concern.
3 Global High Voltage Direct Current (HVDC) Cables Market Analysis by Type
In 2024, the global High Voltage Direct Current (HVDC) cables market generated a total revenue of $8,759.57 million USD, with Mass Impregnated Cables accounting for $4,698.83 million USD and Extruded Cables contributing $4,060.74 million USD. In terms of revenue share, Mass Impregnated Cables held a proportion of 53.64%, while Extruded Cables captured 46.36% of the market, indicating a dominant position for Mass Impregnated Cables in the HVDC cables market that year.
Table Global High Voltage Direct Current (HVDC) Cables Market Size and Share by Type in 2024
|
Type |
Market Size in 2024 (M USD) |
Market Share in 2024 (%) |
|---|---|---|
|
Mass Impregnated Cables |
4698.83 |
53.64% |
|
Extruded Cables |
4060.74 |
46.36% |
4 Global High Voltage Direct Current (HVDC) Cables Market Analysis by Application
In 2024, the revenue distribution among the applications was led by the Submarine segment, which generated $5,064.13 million USD, maintaining its majority share with 57.81% of the total market revenue. The Underground segment followed, contributing $3,422.63 million USD, and holding a revenue share of 39.07%. The Overhead segment accounted for the remaining $272.82 million USD, with a relatively small market share of 3.11%. These figures underscore the significant role of submarine applications in the HVDC cables market, reflecting the substantial investment and demand for submarine HVDC cables, which are crucial for long-distance power transmission and offshore wind farm interconnections.
Table Global High Voltage Direct Current (HVDC) Cables Market Size and Share by Application in 2024
|
Application |
Market Size in 2024 (M USD) |
Market Share in 2024 (%) |
|---|---|---|
|
Submarine |
5064.13 |
57.81% |
|
Underground |
3422.63 |
39.07% |
|
Overhead |
272.82 |
3.11% |
5 Global High Voltage Direct Current (HVDC) Cables Market Analysis by Region
In 2024, the global High Voltage Direct Current (HVDC) cables market revenue reached $8,759.57 million USD, with Europe leading the regions with a revenue of $4,334.18 million USD, accounting for a significant share of 49.48%. North America followed with $2,301.31 million USD, holding a revenue share of 26.27%. The Asia Pacific region contributed $1,619.72 million USD, representing an 18.49% share. Latin America generated $348.62 million USD, with a 3.98% share, while the Middle East and Africa brought in $155.75 million USD, constituting 1.78% of the total market revenue. These figures highlight the dominance of Europe in the HVDC cables market and the substantial contributions from other regions, reflecting the geographic distribution of key infrastructure projects and the varying levels of investment in HVDC technology across the globe.
Figure Global High Voltage Direct Current (HVDC) Cables Market Share by Region in 2024
6 Top 3 Companies of Global High Voltage Direct Current (HVDC) Cables Market
6.1 ABB
Company Introduction and Business Overview:
ABB is a technology company that specializes in providing electrification and automation solutions. The company’s primary activities involve the development and distribution of products, systems, solutions and services related to electrification products, motion and industrial automation. Its solutions integrate engineering expertise and software; and its offerings harness power reliability, increase industrial productivity and enhance energy efficiency.
Products Offered:
ABB, a leading technology company specializing in electrification and automation solutions, has announced a breakthrough in cable technology with the development of a 525 kilovolt (kV) extruded high-voltage direct current (HVDC) cable system. This innovation doubles the power capacity to approximately 2,600 megawatts (MW) from 1,000 MW and extends the cable’s reach to 1,500 kilometers, up from less than 1,000 kilometers, while keeping transmission losses under 5 percent。The 525kV cable system can be deployed in subsea and underground applications, making it ideal for efficient power delivery through densely populated or environmentally sensitive areas, as well as coastal and open-sea applications。This advancement offers a 64 percent increase over 320 kV, the previously highest voltage deployed for this type of technology, and is a significant step forward towards more efficient, reliable, and eco-friendly power transmission.
Sales Revenue in 2024:
In 2024, ABB achieved a remarkable revenue of $2,658.70 million USD in the High Voltage Direct Current (HVDC) cables market. This figure reflects ABB’s strong market presence and its ability to capitalize on the growing demand for efficient power transmission solutions. The company’s continued investment in innovation and technology has positioned it well within the competitive landscape, allowing it to maintain a significant share of the HVDC market as it responds to the increasing global focus on renewable energy and infrastructure development.
6.2 Prysmian
Company Introduction and Business Overview:
Prysmian is a provider of energy and telecommunication cables and systems. The company creates, develops, produces, provides, and installs cables for a variety of uses. The company produces high and medium voltage cable systems; high and extra high voltage cables; optical fiber, optical cables, optical ground wire, connectivity components, accessories, and copper cables; and technology-driven products and services.
Products Offered:
Prysmian’s product profile features the 525 kV cable technology, marking a significant advancement in power transmission efficiency, reliability, and environmental sustainability. This technology utilizes two distinct insulation materials, P-Laser and XLPE, both designed to operate under high electrical stresses and tested with large conductor cross-sections to maximize power transmission over long distances while minimizing land usage. The ±525 kV technology requires less cable to transmit the same power compared to traditional 380 kV AC systems, leading to reduced construction efforts and narrower trench widths during installation. P-Laser benefits from a higher operating temperature than classic HVDC systems at 320 kV. These 525 kV systems are instrumental in connecting power generation areas, such as wind-rich regions, to major consumption centers, often located far from renewable energy sources, thereby reducing land usage and environmental impact. Additionally, 525 kV XLPE submarine cable systems have been successfully developed and tested according to international standards, enabling a substantial increase in transmission capacity of Bipole systems up to 2.5 GW, which is nearly double the capacity of the 320 kV DC systems currently in operation. This innovation is crucial for integrating large amounts of green energy into the grid, such as next-generation offshore wind farms, and for meeting the increasing demand for renewable power connections to lower global carbon emissions.
Sales Revenue in 2024:
For the year 2024, Prysmian reported a revenue of $1,714.45 million USD in the High Voltage Direct Current (HVDC) cables market. This revenue underscores Prysmian’s strong position as a key player in the industry, driven by its commitment to innovation and the increasing demand for advanced cable solutions. The company’s ability to deliver high-quality products and its strategic investments in technology have enabled it to effectively meet the growing needs of the energy sector, particularly in the context of expanding renewable energy infrastructure and interconnection projects.
6.3 NKT
Company Introduction and Business Overview:
NKT AS (NKT) is an industrial equipment company. It develops, manufactures, and markets cables, accessories and solutions for electrical infrastructure, construction, and railway industries. The company’s offerings include high, low, and medium-voltage AC and DC power cables; building wires; telecom cables; HV accessories; and fiber-based photonic components. The company’s solutions find application in interconnections, hydro-electric and nuclear power plants, oil and gas platforms and solar energy, onshore and offshore wind farms.
Products Offered:
NKT offers high voltage direct current (HVDC) offshore cable systems that enable efficient long-distance transmission at high power levels, interconnecting regions, countries, and electrifying oil and gas platforms while providing a secure and stabilizing connection to existing electricity grids. The company introduced the world’s first extruded HVDC XLPE cable system in 1998 and has since installed and commissioned thousands of kilometers. NKT’s XLPE insulation system is specially designed for HVDC transmission, withstanding high DC voltages and manufactured in a cleanroom environment using vertical extrusion line technology. Additionally, NKT provides mass impregnated (MI) cables, known for their excellent reliability in power transmission projects since 1954, with copper conductors rated up to 525 kV. The company also supplied the world’s first MI cable and the longest HVDC MI submarine cable system ever built. These technologies allow for low attenuation power transmission, making them ideal for (ultra) long-distance grid connections and power transmission from offshore wind power generation hubs to the mainland.
Sales Revenue in 2024:
NKT demonstrated a robust market performance with a revenue of $1,142.82 million USD in the High Voltage Direct Current (HVDC) cables sector in 2024. This significant figure reflects the company’s continued growth and its ability to capitalize on the expanding market for HVDC cable solutions, which are increasingly in demand for long-distance power transmission and interconnections across regions and countries.
