High Voltage Direct Current (HVDC) Cables - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2024 - 2029)

High Voltage Direct Current (HVDC) Cables - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2024 - 2029)

The global high voltage direct current (HVDC) cable market is expected to register a CAGR% of more than 5% during the forecast period 2020-2025. However, for distances less than 50 km offshore and 800 km onshore, HVDC becomes costlier than high voltage alternating current (HVAC), and this can affect the onshore market.

Key Highlights

• HVDC cables market is expected to be majorly driven by the submarine installation of cables in the forecast period. Increase in the installation of wind turbines in the offshore environment for generating more renewable energy to overcome the energy demand.
• The growing energy demand and the increase in renewable energy are expected to create significant opportunities. The United States has also planned to invest USD 70 billion in subsea wind energy installations in the upcoming years.
• Europe is the largest market for HVDC cables since it has a significant number of subsea wind energy installations.

High Voltage Direct Current Cables Market Trends

Submarine HVDC Cables to Dominate the Market

• As the energy demand of the world is increasing exponentially, many countries are finding renewable energy as a better alternative to fulfill their energy needs.
• Many projects regarding renewable energy are there, and many are going to start soon. But wind energy is going to be a significant source of renewable energy in the future.
• The United States has planned to invest a sum of USD 70 billion by 2030 in its subsea wind energy installations.
• The state grid corporation of China is in the process of installing 3200 km of HVDC cables for the transmission of energy.
• Russia and Japan had agreed to develop a Russia-Japan grid, which will join two countries in terms of energy using HVDC cables.
• The United Kingdom, Spain, and France have also joined hands for the BRITIB project, which is a 1330 km subsea HVDC installation for the transmission of energy.
• Therefore, factors such as upcoming offshore wind power projects are expected to increase the demand in the HVDC cables market during the forecast period.

Europe to Dominate the Market

• Europe is having more than 50% of total subsea HVDC projects. Europe has the largest market for HVDC.
• In 2016, the United Kingdom started its Hornsea Project, and it generated electricity for the first time in 2019. The entire project is expected to be completed by 2020, and it is the world's largest wind farm project in the North Sea, which is using HVDC cables. Besides Hornsea Project, the United Kingdom has also given contracts for Dogger Bank wind farms in the North Sea, which is said to be the upcoming largest wind farm project in the world.
• The United Kingdom has also declared its Icelink project, which is a 1200km subsea HVDC link between the United Kingdom and Iceland.
• A 1396 km submarine HVDC is to be laid for the EuroAfrica Interconnector between Egypt-Cyprus-Greece, which is divided into two phases. The first phase is to be completed in 2020, while the second phase will end in 2021.
• Germany in Europe launched its DolWin5 project in 2019, which is 100 km away in the North Sea and will be completed by 2024.
• Therefore, factors such as an increase in offshore wind turbine projects, especially in the European region, will have a positive impact on the HVDC cable market.

High Voltage Direct Current Cables Industry Overview

The HVDC cables market is fragmented. Some of the key players in this market include ABB Ltd, Mitsubishi Corp., Prysmian SpA, Hitachi Ltd, and General Electric Company.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support