High Voltage Cables Market Size and Share
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.
Global High Voltage Cables Market Trends and Insights
Drivers Impact Analysis
Driver | ( ~ ) % Impact on CAGR Forecast | Geographic Relevance | Impact Timeline |
---|---|---|---|
Integration of renewable energy build-out | +2.1% | Europe, China, North America | Medium term (2–4 years) |
Rapid grid‐modernisation & inter-connection projects | +1.8% | Global with growth in emerging markets | Long term (≥ 4 years) |
Expanding offshore-wind farm installations | +1.5% | North America, EU, coastal APAC | Medium term (2–4 years) |
Urbanisation & industrial load growth in emerging economies | +1.2% | Core APAC, MEA, Latin America | Long term (≥ 4 years) |
Data-centre campus power-density surge | +0.9% | North America, Europe, select APAC hubs | Short term (≤ 2 years) |
Hydrogen economy-ready transmission corridors | +0.5% | EU, select North American corridors | Long term (≥ 4 years) |
Source: Mordor Intelligence
Integration of renewable energy build-out
Record levels of solar and wind capacity additions compel utilities to expand and reinforce transmission corridors that can carry power from remote generation points to demand centers. Multi-GW offshore projects now specify thousands of kilometers of ±525 kV submarine HVDC cables that minimize electrical losses over distances that routinely exceed 800 km. China’s ±800 kV UHVDC lines deliver 40 billion kWh annually, offsetting 17 million tons of coal and underscoring the environmental upside of moving large blocks of clean energy.[1]China Daily, “UHVDC Lines Deliver Clean Energy,” chinadaily.com.cn In Europe, Germany’s North Sea strategy targets 70 GW of offshore wind by 2045, requiring extensive subsea and onshore links that connect northern generation to southern industrial loads. The International Energy Agency (IEA) projects a cumulative 80 million km of new or refurbished transmission by 2040—a renewal on par with rebuilding today’s grid. Reconductoring existing corridors with advanced aluminum or carbon-core conductors can defer new-build needs, saving up to USD 85 billion by 2035, yet manufacturing slots for these specialty conductors remain tight. Lead times for large submarine orders extend to three years, exposing project timelines to factory bottlenecks.[2]International Energy Agency, “COP28 Grid Update,” iea.org
Rapid grid‐modernisation & inter-connection projects
Aging infrastructure, proliferating data center clusters, and extreme-weather resilience pressures push utilities toward comprehensive grid upgrade plans. Federal Energy Regulatory Commission Order 1920 imposes a mandatory 20-year planning horizon in the United States, forcing developers to assess high-capacity corridors that deliver renewable flows across multiple states. Cross-border interconnections such as the 2 GW Eastern Green Link 2 subsea cable reinforce the security of supply and support seasonal balancing across Great Britain.[3]Ofgem, “Eastern Green Link 2 Approval,” ofgem.gov.uk Dynamic-line-rating sensors add 20-40% transfer capacity to existing overhead conductors, easing congestion while permit approvals for new corridors remain slow. Grid operators collectively plan more than USD 22 billion in new 765 kV lines in the U.S. Midwest to unlock surplus wind resources and improve resilience during peak-load events. Meanwhile, transformer shortages trigger utility concerns; Hitachi Energy has earmarked USD 4.5 billion for factory expansions across three continents, progressively easing those constraints by 2027.
Expanding offshore-wind farm installations
Utility-scale offshore wind projects, now exceeding 1 GW per site, require dense inter-array networks and export cables operating at 66 kV, 132 kV, or 525 kV. Dogger Bank uses over 200 miles of 66 kV cable to connect turbines to offshore converter stations. Higher-voltage 525 kV systems, slated for German BalWin4 and LanWin1, will move 1.6 GW per link, cutting conversion losses and reducing cable weight per delivered MW. Manufacturers respond with high-capex expansions: NKT is spending EUR 1.3 billion on a Karlskrona megafactory with a 200-m extrusion tower for 640 kV products. The Carbon Trust finds that stepping up array voltage from 66 kV to 132 kV can lower project costs by double-digit percentages by reducing conductor cross-section requirements. Dynamic subsea cables for floating turbines introduce further complexity, as they must withstand constant heave and rotation while ensuring 30-year service life in corrosive marine environments.
Urbanisation & industrial load growth in emerging economies
Rapidly growing megacities and energy-hungry industrial corridors in Asia and Africa create sustained demand for new medium- and high-voltage feeders. China completed 52,000 km of new UHV lines that transfer bulk generation from western deserts to coastal megacities, while India is accelerating its green-corridor program linking solar hubs in Rajasthan and Gujarat to metropolitan demand centers. Saudi Arabia’s USD 126 billion electricity plan includes 5,305 km of high-voltage links and sizable underground sections that avoid dense urban districts. Brazil’s Belo Monte-to-Rio HVDC line transports 5 GW over 1,468 km, underscoring Latin America’s appetite for long-distance solutions. Localized manufacturing is part of national industrial strategies as governments seek to reduce currency exposure and create skilled employment through cable-plant joint ventures.
Restraints Impact Analysis
Restraint | ( ~ ) % Impact on CAGR Forecast | Geographic Relevance | Impact Timeline |
---|---|---|---|
High upfront CAPEX of HV cable projects | −1.4% | Global, with sharper effect in emerging markets | Medium term (2–4 years) |
Lengthy permitting & environmental clearances | −1.1% | North America, Europe, select APAC regions | Long term (≥ 4 years) |
Commodity-price volatility (Cu, Al, polymers) | −0.8% | Global | Short term (≤ 2 years) |
Shortage of certified HV jointing technicians | −0.5% | Global, acute in North America and Europe | Medium term (2-4 years) |
Source: Mordor Intelligence
High upfront CAPEX of HV cable projects
Submarine systems cost four to ten times more than overhead alternatives because they embed armored sheaths, specialized insulation, and custom installation vessels. Since 2019, delivered cable prices have nearly doubled due to metal costs and constrained factory slots, shifting project internal-rate-of-return calculations downward even in premium offshore wind zones. Mega-projects such as the USD 30 billion Morocco-UK Xlinks interconnector highlight the financing complexity of multi-country endeavors that rely on layered debt structures, export-credit guarantees, and power-purchase-agreement backstops. New submarine plants command USD 1 billion or more, carry five-to-seven-year paybacks, and face demand uncertainty once current offshore wind backlogs are fulfilled, deterring private equity participation. Emerging markets that depend on foreign currency debt are particularly exposed to exchange-rate swings, prompting interest from development banks that can absorb longer tenors and lower returns.
Lengthy permitting & environmental clearances
End-to-end authorization for a multistate overhead transmission line in the United States can exceed a decade, with routing studies, environmental reviews, and stakeholder consultations often revisited multiple times. FERC Order 1977 now establishes a two-year federal authorization target for qualifying lines and requires early tribal engagement, yet state siting authority still poses uncertainty in several jurisdictions.[4]Federal Energy Regulatory Commission, “Order 1977 Fact Sheet,” ferc.gov In Europe, Germany’s onshore build-out must align with federal Bundesnetzagentur guidance and state-level approvals, while subsea make-ready activities include fisheries consultations and Natura 2000 habitat assessments. Community opposition remains material; Right-of-First-Refusal laws in certain U.S. states limit out-of-state utilities from building new lines, reducing competitive tension and slowing cost discovery. The U.S. Department of Energy’s Coordinated Interagency Transmission Authorizations and Permits (CITAP) program aims to convene agencies under a single environmental impact statement and has committed to keep federal reviews to 24 months.
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.

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.

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.

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
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Prysmian Group
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Nexans SA
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NKT A/S
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LS Cable & System
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Sumitomo Electric
- *Disclaimer: Major Players sorted in no particular order

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.
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 |
Overhead Cables |
Underground Cables |
Submarine Cables |
HVDC |
HVAC |
66 kV to 110 kV |
115 kV to 330 kV |
Above 330 kV |
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 |
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