Asia Pacific Underground High Voltage Cable Market Size, By Voltage (< 110 kV, 110 kV - 220 kV, > 220 kV), By Current (HVAC, HVDC) & Global Forecast, 2023 - 2032

Asia Pacific Underground High Voltage Cable Market Size, By Voltage (< 110 kV, 110 kV - 220 kV, > 220 kV), By Current (HVAC, HVDC) & Global Forecast, 2023 - 2032

Asia Pacific Underground High Voltage Cable Market is estimated to record a CAGR of over 4.9 % during 2023 and 2032, backed by the demand for reliable and efficient power transmission infrastructure. With the growing urbanization and industrialization, there is a heightened need for high-quality voltage cables to ensure the stable and secure transmission of electricity.

In November 2023, NLC India announced the launch of NIGEL (NLC India Green Energy Limited) and aimed to achieve a renewable energy capacity of 6 GW by 2030. The governments across the Asia Pacific region are increasingly focusing on sustainable energy sources. The shift towards cleaner energy sources, such as solar and wind, will stimulate the industry growth over the coming years.

Asia Pacific underground high voltage cable market is classified on the basis of voltage, current, & country.

The more than (>) 220 kV segment is anticipated to gain momentum and grow at a strong CAGR through 2032, as it offers a crucial solution for transmitting large units of electricity over longer distances, meeting the rising energy requirements of growing population. Undeground HV cables are indispensable for connecting expansive renewable installations to the grid, ensuring reliable and high-capacity transmission of power.

HVAC current segment is poised to witness significant growth over the forecast period. Recognizing the varied terrains and climates across the APAC region, the HVAC technology adapts to different factors such as temperature variations and rugged landscapes. Additionally, the flexibility and proven efficiency make it an optimal choice for transmission. The integration of conventional and renewable energy sources will shape the market outlook.

India underground high voltage cable industry size will witness rapid expansion between 2023-2032 as the Indian government emphasize on renewable energy projects. During the global COP-28 held in November 2023, India climbed to 7th position in CCPI (Climate Change Performance Index), showcasing crucial renewable energy gains. The country strives to meet its growing energy needs while embracing clean energy solutions. The ongoing technological advancements in cable manufacturing and design plays a crucial role. All these factors will collectively shape the market dynamics in the upcoming years.