HVDC Cables Market Size By Voltage (High {35 kV to 475 kV}, Extra High {> 475 kV to 600 kV}, Ultra-High {> 600 kV}), By Installation (Overhead, Submarine, Underground), By Application (Intra-regional, Cross Border) Industry Analysis Report, Regional Outlo

HVDC Cables Market Size By Voltage (High {35 kV to 475 kV}, Extra High {> 475 kV to 600 kV}, Ultra-High {> 600 kV}), By Installation (Overhead, Submarine, Underground), By Application (Intra-regional, Cross Border) Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 - 2030

The HVDC cables market is expected to grow immensely by 2030 owing to the expansion of smart infrastructures across the globe. Additionally, surging need for the upgradation of existing infrastructures is likely to the further bolster market growth through the forecast timeline.

Ongoing construction activities and rapid urbanization have helped the market prosper in recent years. Even though COVID-19 hit the market revenue, companies have been regaining growth impetus by investing in green technological advances, thereby boosting overall business growth.

Notably, government incentives for building smart grid infrastructures and bringing efficient energy solutions to cities have played a major role in industrial expansion. For instance, in September 2021, the Indonesian government approved the route for 4,200 km high-voltage direct current (HDVC) cables that aims to provide green power supply to Singapore via Australia’s Northern Territory.

Similarly, in March 2022, the UK Office of Gas and Electricity (Ofgem) granted provisional approval to a subsea superhighway energy link that is deemed to connect Peterhead in northern Scotland to Drax in North Yorkshire. The project was designed to work on £2.1 billion HVDC cables that could be functional by 2029.

Moreover, key participants in the industry have been focusing on strong pipeline projects that cater to consumer preference towards renewable energy, which has benefitted HVDC cables market growth. For instance, in April 2022, Siemens Energy AG, the largest industrial manufacturing company, received an order to build two HVDC converter stations in the UK and Germany to ensure continuous energy supply from German wind plants without wasting green energy.

In another instance, in April 2022, Sumitomo Electric Industries, another leading power manufacturer, collaborated with Jan De Nul Group, a construction and maintenance services company, to install a 500 MW Greenlink Interconnector that would run between Ireland and the UK. This interconnector will help the infrastructure achieve net zero emissions.

To cite another instance, in April 2022, Hitachi Energy, a leading power technologies specialist, inked a contract to source eco-effective EconiQ gas-insulated lines (GIL) to Energinet, to expand its substation line in Denmark. The substation is an interconnector to a substantial HVDC network. This line will promote the use of an efficient substation that eliminates sulfur hexafluoride with the potential for the lowest carbon footprint.

The HVDC cables market has been categorized based on voltage, installation, application, and region. In terms of region, the North America HVDC cables market is anticipated to exhibit robust growth through 2030 due to the refurbishment and replacement of existing T&D infrastructure.

Apart from North America, Asia Pacific, and Europe, the Rest of World HVDC cables market is projected to witness notable revenue growth over the forecast timeline. Rising energy demand, along with growing renewable integration, is set to foster market outlook in the rest of the world in the forthcoming years.