HVDC Cables Market Size - By Voltage (High, Extra High, Ultra High), By Installation (Overhead, Submarine, Underground), By Application (Intra-regional, Cross Border) & Global Forecast, 2023 - 2032

HVDC Cables Market Size - By Voltage (High, Extra High, Ultra High), By Installation (Overhead, Submarine, Underground), By Application (Intra-regional, Cross Border) & Global Forecast, 2023 - 2032

HVDC Cables Market size is poised to record significant CAGR from 2023-2032, driven by the rising trend of urbanization. According to World Bank, the urban population across the globe will increase by 1.5 times to 6 billion.

The increasing demand for electricity is steering the need for efficient as well as high-capacity power transmission solutions. With multiple people moving to urban areas, the need for electricity is growing multifold for powering homes, businesses, and infrastructure in cities. The advent of smart cities is resulting in the rising digitization of various industries, including the higher integration of IoT and digitalization in healthcare and manufacturing. The proliferation of electronic devices along with the growing adoption of electric cars, buses, and other vehicles will outline the market development.

The HVDC cables industry is segmented into voltage, installation, application, and region.

In terms of voltage, the market share from the extra high segment may record appreciable CAGR from 2023 to 2032. EHV (extra high voltage) DC cables are designed for efficient long-distance power transmission. With the far placement of electricity generation sources, such as renewable energy projects, from population centers or load centers, EHVDC technology has further turned essential for minimizing the transmission losses while ensuring reliable energy delivery.

Based on application, the HVDC cables industry value from the cross border segment is expected to expand at remarkable growth rate from 2023-2032. Cross-border connections comprise the transmission of electricity from renewable energy sources, including offshore wind farms and remote solar installations. To that end, HVDC technology has grown widely popular for integrating renewable energy as it offers efficient power transmission from remote locations. It also allows the interconnection of power grids with different frequencies and asynchronous operations crucial in cross-border applications comprising grids operating at different frequencies.

Regionally, the North America HVDC cables market size is projected to witness considerable expansion through 2032 owing to the increasing focus on renewable energy sources, including offshore wind farms and solar power plants. The influx of government initiatives and policies for modernizing power infrastructure and limiting carbon emissions is leading to the expansion of HVDC cable installations. The surging interest in cross-border electricity transmission projects will also influence the regional industry expansion.