High Voltage Cables Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

The High Voltage Cables Market is Segmented by Location of Deployment (Overhead Cables, Underground Cables, and Submarine Cables), Type of Transmission (HVDC and HVAC), Voltage Level (66 KV To 110KV, 115 KV To 330 KV, and Above 330 KV), and Geography (North America, Europe, Asia-Pacific, South America, and Middle East and Africa). The Market Size and Forecast are Provided in Value (USD).

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High Voltage Cables Market Size and Share

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High Voltage Cables Market Analysis by Mordor Intelligence

The High Voltage Cables Market size is estimated at USD 37.17 billion in 2025, and is expected to reach USD 52.74 billion by 2030, at a CAGR of 7.25% during the forecast period (2025-2030).

Surging renewable-energy deployment, strong policy support for grid modernization, and expanding offshore wind capacity underpin this growth trajectory. Investments in long-distance transmission corridors and inter-regional interconnectors continue to rise as utilities pursue lower-loss solutions that integrate remote solar and wind resources into load centers. Meanwhile, advances in high-capacity conductor technologies and higher-voltage insulation systems help utilities transport more power along existing rights-of-way, partially alleviating permitting challenges. Submarine link construction accelerates on the back of large offshore wind targets, and utilities prioritize underground solutions in densely populated urban corridors to improve resilience against extreme weather events and public acceptance risks. However, the tight global manufacturing capacity for specialized extra-high-voltage and undersea systems keeps supply chains under strain and lengthens project delivery cycles.

Key Report Takeaways

  • By location of deployment, underground cables led with 48% revenue share in 2024; submarine systems are expanding at 10.5% CAGR through 2030.
  • By type of transmission, HVAC retained 71% of the high voltage cables market share in 2024, while HVDC is projected to grow at an 8.2% CAGR to 2030.
  • By voltage rating, the 115 kV to 330 kV segment commanded 53% of the high voltage cables market size in 2024, yet applications above 330 kV are forecast to advance at an 8.9% CAGR.
  • By region, Asia-Pacific held a 38% share of the high voltage cables market in 2024; the Asia-Pacific segment is slated for the fastest 9.8% CAGR through 2030.
  • Prysmian Group, Nexans, and NKT collectively accounted for a major global market share in 2024, reflecting a concentrated supplier landscape.

Segment Analysis

By Location of Deployment: Underground Dominance Meets Submarine Acceleration

Underground installations captured 48% of 2024 revenue as utilities in densely populated cities favor buried assets that minimize land-use conflicts and improve weather resilience. This segment's high-voltage cables market size is projected to grow with infrastructure-hardening programs replacing aging overhead feeders prone to wildfire and storm damage. Underground projects incur 400-1,000% cost premiums over overhead lines because trenching, jointing, and continuous conduit runs demand skilled labor and specialized machinery. Procurement of gas-insulated joints and cross-bonding accessories also lengthens delivery schedules, reinforcing a preference for incremental upgrades rather than wholesale conversion.

Submarine technology, representing the fastest-growing subset at 10.5% CAGR, aligns with national offshore wind roadmaps and cross-border interconnectors that share variable renewable generation. Prysmian's recent EUR 5 billion framework with Amprion covers 1,000 km of ±525 kV HVDC export links, underscoring demand visibility through 2030. Advanced polymer insulation and steel-wire armoring enable depths beyond 2,000 m, expanding route flexibility to circumvent environmentally sensitive zones. Manufacturing remains highly concentrated: only three facilities worldwide can produce 525 kV submarine cores longer than 120 km per continuous length, creating a strategic bottleneck for offshore developers. Overhead transmission is pivotal in rural corridors and developing economies where land-acquisition costs remain moderate and visual-amenity concerns are lower.

High Voltage Cables Market: Market Share by Location of Deployment
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Note: Segment shares of all individual segments available upon report purchase

By Type of Transmission: HVAC Leadership Challenged by HVDC Innovation

HVAC continues to dominate with a 71% revenue share, driven by entrenched design standards, lower terminal-station costs, and ubiquitous operating experience across regulated utilities. Nevertheless, the high voltage cables market is witnessing brisk uptake of HVDC, which is growing at 8.2% CAGR as grid operators leverage its lower line losses and asynchronous interconnection benefits over distances that surpass 300 km. China’s portfolio of 42 UHVDC projects spans 52,000 km and moves gigawatt-scale blocks of renewable energy from inland deserts to coastal megacities.

Technology shifts in converter design—from thyristor-based line-commutated configurations to voltage-source architectures—lower harmonic filtering needs and enable multi-terminal operation. North America’s SOO Green link, a USD 900 million underground project embedded in an existing rail corridor, exemplifies HVDC’s ability to bypass contested overhead routes while delivering Midwest wind to East Coast load pockets. Multiple European 525 kV projects highlight that converter cost premiums narrow as link capacity exceeds 1.5 GW. In grid-edge contexts such as islanded microgrids, HVAC remains optimal for short radial feeders where synchronous operation simplifies protection schemes.

By Voltage Level: Ultra-High Voltage Transformation Accelerates

The 115–330 kV class accounted for 53% of 2024 revenue, covering regional transmission networks and renewable collection systems. However, the high voltage cables market share above 330 kV is set to expand fastest at an 8.9% CAGR as utilities adopt 400 kV, 525 kV, and 765 kV corridors to deliver bulk power and defer multiple parallel circuits. Texas recently approved its first 765 kV line spanning 300 miles to strengthen Permian Basin interconnections with industrial loads. China’s ±800 kV UHVDC schemes achieve power densities above 5 GW per corridor, resulting in substantial land-use efficiency and reduced right-of-way acquisition costs per transmitted megawatt.

Manufacturing complexity escalates non-linearly with voltage: insulation thickness, conductor diameter, and factory testing facilities must scale together. NKT’s 200-m extrusion tower demonstrates the physical height required to eliminate eccentricity and voids in 640 kV cores. Aging 275 kV corridors in the United Kingdom are being uprated through reconductoring with cross-linked polyethylene designs rated 400 kV and provisioned for future 550 kV operation. Utilities weigh the capital premium of extra-high-voltage designs against lifetime loss reductions and capacity headroom that supports long-term electrification trajectories.

High Voltage Cables Market: Market Share by Voltage Level
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Note: Segment shares of all individual segments available upon report purchase

Geography Analysis

Asia-Pacific remained the largest regional contributor, holding 38% of 2024 revenue, underpinned by China’s aggressive UHV build-out and India’s ongoing green corridor programs; also the fastest growing region with a CAGR of 9.8% through 2030. This region’s high-voltage cable market size is buoyed by government-led capital-expenditure frameworks prioritizing domestic supply-chain development and export opportunities for turnkey EPC contractors. Chinese state grid entities invested over USD 70 billion in 2025 to reinforce transmission backbones that move variable renewable output toward coastal load centers. India accelerates 765 kV expansion to integrate 500 GW of planned renewable capacity by 2030, while Japan, South Korea, and Australia advance offshore wind deployment plans needing high-capacity subsea links.

Thanks to ambitious offshore wind commitments and flagship interconnection projects that strengthen pan-regional energy security, Europe commands a sizeable share. Germany’s EUR 5 billion procurement for submarine export systems connecting 70 GW of wind capacity by 2045 exemplifies this long-term demand visibility. The United Kingdom doubles down on subsea corridors such as the 500-km Eastern Green Link 2 that channels Scottish wind to English industrial clusters. Scandinavia and the Baltics pursue offshore grids capable of meshed operation, leveraging HVDC multi-terminal advances to maximize asset utilization.

North America experiences a growth inflection as federal-funded infrastructure programs and data-center power density increase baseline demand for extra-high-voltage solutions. The USD 65 billion Infrastructure Investment and Jobs Act earmarks grants and loan guarantees for modernized conductor technologies, while pipeline projects like SunZia and Grain Belt Express obtain key permits under revised federal frameworks.

In the Middle East and Africa region, Saudi Arabia leads with a USD 126 billion transmission master plan and significant underground packages that bypass heritage sites and dense city cores. Egypt positions itself as a regional interchange through a 3 GW HVDC link to Saudi Arabia that runs a submarine segment across the Gulf of Aqaba. Gulf states cultivate local manufacturing clusters, while South Africa and Kenya secure Chinese financing for grid extensions that interconnect renewable resource zones with mining and export hubs.

High Voltage Cables Market CAGR (%), Growth Rate by Region
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Competitive Landscape

The market is moderately concentrated, with the top three suppliers—Prysmian Group, Nexans, and NKT—controlling a fair share of the global high-voltage production capacity. Each player pursues aggressive capex plans that target bottleneck categories such as 525 kV submarine, 640 kV onshore XLPE, and large-diameter copper and aluminum rods. Prysmian's EUR 5 billion German offshore portfolio and USD 950 million acquisition of Channell Commercial Corporation expand its reach into digital field services and cable-monitoring systems. Nexans' "Sparking Electrification" strategy focuses on vertically integrated factories and recycled copper inputs, while NKT's EUR 1.3 billion Karlskrona upgrade introduces a third extrusion tower capable of 4,000-ton cable reels.

Regional challengers strengthen their footing through localization moves. LS Cable & System is constructing Virginia's largest U.S. subsea cable facility, targeting federal "Made-in-America" requirements for offshore wind supply chains. Sumitomo Electric's acquisition of Germany's Südkabel secures footholds in European HVDC underground tenders and brings advanced VPE insulation technology into its portfolio. Hitachi Energy's USD 4.5 billion multi-year investment plan covers transformer plants in Pennsylvania, Mexico, and the Czech Republic to mitigate global shortages and shorten delivery times.

Innovation increasingly differentiates vendors. Superconducting projects, such as CERN's 40,000-amp magnesium-diboride demonstrator, aim to shrink corridor footprints by an order of magnitude while eliminating resistive losses. Raw-material security spurs miners and cable makers to partner; BHP forecasts copper demand doubling to 50 million tons by 2035 and is evaluating direct-supply agreements with cable OEMs to lock in refined volumes. Sustainability credentials also matter: recycled-content XLPE, bio-based sheath compounds, and factory electrification strategies increasingly feature in tender scoring.

High Voltage Cables Industry Leaders

  1. Prysmian Group

  2. Nexans SA

  3. NKT A/S

  4. LS Cable & System

  5. Sumitomo Electric

  6. *Disclaimer: Major Players sorted in no particular order
High Voltage Cables Market Concentration
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Recent Industry Developments

  • March 2025: Prysmian Group announced USD 950 million acquisition of Channell Commercial Corporation, marking its first major expansion into digital solutions and connectivity markets, with a potential USD 200 million earn-out.
  • March 2025: TS Conductor began construction of a USD 134 million South Carolina factory that will produce carbon-core conductors for HVDC lines, creating 462 jobs.
  • January 2025: China completed the world’s highest ±800 kV UHVDC line spanning 1,901 km, delivering 40 billion kWh annually and cutting 34 million tons of CO₂ emissions.
  • December 2024: Samsung C&T and Hitachi Energy signed an HVDC collaboration MOU covering the Middle East, Southeast Asia, and Europe.

Table of Contents for High Voltage Cables Industry Report

1. Introduction

  • 1.1 Study Assumptions & Market Definition
  • 1.2 Scope of the Study

2. Research Methodology

3. Executive Summary

4. Market Landscape

  • 4.1 Market Overview
  • 4.2 Market Drivers
    • 4.2.1 Integration of renewable energy build-out
    • 4.2.2 Rapid grid‐modernisation & inter-connection projects
    • 4.2.3 Expanding offshore-wind farm installations
    • 4.2.4 Urbanisation & industrial load growth in emerging economies
    • 4.2.5 Data-centre campus power-density surge
    • 4.2.6 Hydrogen economy-ready transmission corridors
  • 4.3 Market Restraints
    • 4.3.1 High upfront CAPEX of HV cable projects
    • 4.3.2 Lengthy permitting & environmental clearances
    • 4.3.3 Commodity-price volatility (Cu, Al, polymers)
    • 4.3.4 Shortage of certified HV jointing technicians
  • 4.4 Supply-Chain Analysis
  • 4.5 Regulatory Landscape
  • 4.6 Technological Outlook
  • 4.7 Porter's Five Forces
    • 4.7.1 Bargaining Power of Suppliers
    • 4.7.2 Bargaining Power of Buyers
    • 4.7.3 Threat of New Entrants
    • 4.7.4 Threat of Substitutes
    • 4.7.5 Competitive Rivalry

5. Market Size & Growth Forecasts

  • 5.1 By Location of Deployment
    • 5.1.1 Overhead Cables
    • 5.1.2 Underground Cables
    • 5.1.3 Submarine Cables
  • 5.2 By Type of Transmission
    • 5.2.1 HVDC
    • 5.2.2 HVAC
  • 5.3 By Voltage Level
    • 5.3.1 66 kV to 110 kV
    • 5.3.2 115 kV to 330 kV
    • 5.3.3 Above 330 kV
  • 5.4 By Geography
    • 5.4.1 North America
    • 5.4.1.1 United States
    • 5.4.1.2 Canada
    • 5.4.1.3 Mexico
    • 5.4.2 Europe
    • 5.4.2.1 Germany
    • 5.4.2.2 United Kingdom
    • 5.4.2.3 France
    • 5.4.2.4 Italy
    • 5.4.2.5 Russia
    • 5.4.2.6 Rest of Europe
    • 5.4.3 Asia Pacific
    • 5.4.3.1 China
    • 5.4.3.2 India
    • 5.4.3.3 Japan
    • 5.4.3.4 South Korea
    • 5.4.3.5 ASEAN Countries
    • 5.4.3.6 Rest of Asia Pacific
    • 5.4.4 South America
    • 5.4.4.1 Brazil
    • 5.4.4.2 Argentina
    • 5.4.4.3 Rest of South America
    • 5.4.5 Middle East and Africa
    • 5.4.5.1 Saudi Arabia
    • 5.4.5.2 United Arab Emirates
    • 5.4.5.3 South Africa
    • 5.4.5.4 Egypt
    • 5.4.5.5 Rest of Middle East and Africa

6. Competitive Landscape

  • 6.1 Market Concentration
  • 6.2 Strategic Moves (M&A, Partnerships, PPAs)
  • 6.3 Market Share Analysis (Market Rank/Share for key companies)
  • 6.4 Company Profiles (includes Global level Overview, Market level overview, Core Segments, Financials as available, Strategic Information, Products & Services, and Recent Developments)
    • 6.4.1 Prysmian Group
    • 6.4.2 Nexans SA
    • 6.4.3 NKT A/S
    • 6.4.4 ABB Ltd
    • 6.4.5 Siemens Energy AG
    • 6.4.6 Southwire Company LLC
    • 6.4.7 LS Cable & System Ltd
    • 6.4.8 Sumitomo Electric Industries Ltd
    • 6.4.9 General Cable Corp (Prysmian)
    • 6.4.10 KEI Industries Ltd
    • 6.4.11 Furukawa Electric Co Ltd
    • 6.4.12 Taihan Cable & Solution
    • 6.4.13 Tratos Ltd
    • 6.4.14 Finolex Cables Ltd
    • 6.4.15 Cable Corporation of India Ltd
    • 6.4.16 Jiangsu Zhongtian Technology Co
    • 6.4.17 Dubai Cable Co (DUCAB)
    • 6.4.18 Gupta Power Infrastructure Ltd
    • 6.4.19 Elsewedy Electric
    • 6.4.20 Riyadh Cables Group

7. Market Opportunities & Future Outlook

  • 7.1 White-space & unmet-need assessment
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Global High Voltage Cables Market Report Scope

High-voltage cables are specialized electrical cables designed to transmit electricity at high voltage levels. They play a crucial role in transmitting and distributing electrical power over long distances and are essential components of modern power infrastructure. High-voltage cables connect power plants to substations, interconnect different parts of a power grid, and transport electricity from generation sources to consumption centers.

The market is segmented by location of deployment, type of transmission, voltage level, and geography. By location of deployment, the market studied is segmented into overhead cables, underground cables, and submarine cables. By type of transmission, the market studied is segmented into HVDC and HVAC. By voltage level, the market studied is segmented into 50KV-110KV, 115KV-330KV, and greater than 330KV. The report also covers the market size and forecasts for the market across major regions. The report offers the market size in value terms in USD for all the abovementioned segments.

By Location of Deployment Overhead Cables
Underground Cables
Submarine Cables
By Type of Transmission HVDC
HVAC
By Voltage Level 66 kV to 110 kV
115 kV to 330 kV
Above 330 kV
By Geography North America United States
Canada
Mexico
Europe Germany
United Kingdom
France
Italy
Russia
Rest of Europe
Asia Pacific China
India
Japan
South Korea
ASEAN Countries
Rest of Asia Pacific
South America Brazil
Argentina
Rest of South America
Middle East and Africa Saudi Arabia
United Arab Emirates
South Africa
Egypt
Rest of Middle East and Africa
By Location of Deployment
Overhead Cables
Underground Cables
Submarine Cables
By Type of Transmission
HVDC
HVAC
By Voltage Level
66 kV to 110 kV
115 kV to 330 kV
Above 330 kV
By Geography
North America United States
Canada
Mexico
Europe Germany
United Kingdom
France
Italy
Russia
Rest of Europe
Asia Pacific China
India
Japan
South Korea
ASEAN Countries
Rest of Asia Pacific
South America Brazil
Argentina
Rest of South America
Middle East and Africa Saudi Arabia
United Arab Emirates
South Africa
Egypt
Rest of Middle East and Africa
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Key Questions Answered in the Report

What is the current value of the high voltage cables market?

The high voltage cables market stands at USD 37.17 billion in 2025 and is expected to grow steadily through 2030.

Which deployment segment is growing fastest?

Submarine cables, propelled by offshore-wind connections and inter-country links, exhibit the fastest 10.5% CAGR between 2025 and 2030.

Why is HVDC gaining ground on HVAC?

HVDC lines deliver lower transmission losses over long distances and simplify asynchronous interconnections, driving a forecast 8.2% CAGR compared with HVAC’s mature base.

Which region will post the highest growth rate?

Asia-Pacific region is projected to expand at a 9.8% CAGR through 2030 due to China’s aggressive UHV build-out and India’s ongoing green corridor programs.

How concentrated is supplier competition?

Three global manufacturers—Prysmian Group, Nexans, and NKT—control about 40% of capacity, resulting in a moderately concentrated market with a score of 6.

What are the main project bottlenecks today?

Long lead times for submarine and extra-high-voltage cable production, high upfront capital costs, and protracted permitting processes remain the primary challenges limiting faster grid expansion.

Page last updated on: July 4, 2025

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