High Voltage Direct Current Cables Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 5.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Europe |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
High Voltage Direct Current Cables Market Analysis
The global high voltage direct current (HVDC) cable market is expected to register a CAGR% of more than 5% during the forecast period 2020-2025. However, for distances less than 50 km offshore and 800 km onshore, HVDC becomes costlier than high voltage alternating current (HVAC), and this can affect the onshore market.
- HVDC cables market is expected to be majorly driven by the submarine installation of cables in the forecast period. Increase in the installation of wind turbines in the offshore environment for generating more renewable energy to overcome the energy demand.
- The growing energy demand and the increase in renewable energy are expected to create significant opportunities. The United States has also planned to invest USD 70 billion in subsea wind energy installations in the upcoming years.
- Europe is the largest market for HVDC cables since it has a significant number of subsea wind energy installations.
High Voltage Direct Current Cables Market Trends
This section covers the major market trends shaping the High Voltage Direct Current Cables Market according to our research experts:
Submarine HVDC Cables to Dominate the Market
- As the energy demand of the world is increasing exponentially, many countries are finding renewable energy as a better alternative to fulfill their energy needs.
- Many projects regarding renewable energy are there, and many are going to start soon. But wind energy is going to be a significant source of renewable energy in the future.
- The United States has planned to invest a sum of USD 70 billion by 2030 in its subsea wind energy installations.
- The state grid corporation of China is in the process of installing 3200 km of HVDC cables for the transmission of energy.
- Russia and Japan had agreed to develop a Russia-Japan grid, which will join two countries in terms of energy using HVDC cables.
- The United Kingdom, Spain, and France have also joined hands for the BRITIB project, which is a 1330 km subsea HVDC installation for the transmission of energy.
- Therefore, factors such as upcoming offshore wind power projects are expected to increase the demand in the HVDC cables market during the forecast period.
Europe to Dominate the Market
- Europe is having more than 50% of total subsea HVDC projects. Europe has the largest market for HVDC.
- In 2016, the United Kingdom started its Hornsea Project, and it generated electricity for the first time in 2019. The entire project is expected to be completed by 2020, and it is the world's largest wind farm project in the North Sea, which is using HVDC cables. Besides Hornsea Project, the United Kingdom has also given contracts for Dogger Bank wind farms in the North Sea, which is said to be the upcoming largest wind farm project in the world.
- The United Kingdom has also declared its Icelink project, which is a 1200km subsea HVDC link between the United Kingdom and Iceland.
- A 1396 km submarine HVDC is to be laid for the EuroAfrica Interconnector between Egypt-Cyprus-Greece, which is divided into two phases. The first phase is to be completed in 2020, while the second phase will end in 2021.
- Germany in Europe launched its DolWin5 project in 2019, which is 100 km away in the North Sea and will be completed by 2024.
- Therefore, factors such as an increase in offshore wind turbine projects, especially in the European region, will have a positive impact on the HVDC cable market.
High Voltage Direct Current Cables Industry Overview
The HVDC cables market is fragmented. Some of the key players in this market include ABB Ltd, Mitsubishi Corp., Prysmian SpA, Hitachi Ltd, and General Electric Company.
High Voltage Direct Current Cables Market Leaders
ABB Ltd
Mitsubishi Corp
General Electric Company
Prysmian SpA
*Disclaimer: Major Players sorted in no particular order
High Voltage Direct Current Cables Market Report - Table of Contents
-
1. INTRODUCTION
-
1.1 Scope of the Study
-
1.2 Market Definition
-
1.3 Study Assumptions
-
-
2. EXECUTIVE SUMMARY
-
3. RESEARCH METHODOLOGY
-
4. MARKET OVERVIEW
-
4.1 Introduction
-
4.2 Market Size and Demand Forecast in USD billion, till 2025
-
4.3 Recent Trends and Developments
-
4.4 Government Policies and Regulations
-
4.5 Market Dynamics
-
4.5.1 Drivers
-
4.5.2 Restraints
-
-
4.6 Supply Chain Analysis
-
4.7 Porter's Five Force Analysis
-
4.7.1 Bargaining Power of Suppliers
-
4.7.2 Bargaining Power of Consumers
-
4.7.3 Threat of New Entrants
-
4.7.4 Threat of Substitutes Products and Services
-
4.7.5 Intensity of Competitive Rivalry
-
-
-
5. MARKET SEGEMENTATION
-
5.1 Location of Deployment
-
5.1.1 Underground
-
5.1.2 Submarine
-
5.1.3 Overhead
-
-
5.2 Geography
-
5.2.1 North America
-
5.2.2 Europe
-
5.2.3 Asia-Pacific
-
5.2.4 South America
-
5.2.5 Middle-East and Africa
-
-
-
6. COMPETITIVE LANDSCAPE
-
6.1 Mergers, Acquisitions, Collaboration, and Joint Ventures
-
6.2 Strategies Adopted by Key Players
-
6.3 Key Companies Profile
-
6.3.1 ABB Ltd
-
6.3.2 Mitsubishi Corp
-
6.3.3 Siemens AG
-
6.3.4 General Electric Company
-
6.3.5 Hitachi Ltd
-
6.3.6 Prysmian SpA
-
6.3.7 J-Power Group
-
6.3.8 LS Corp.
-
6.3.9 Sumitomo Electric Industries Ltd
-
-
-
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
High Voltage Direct Current Cables Industry Segmentation
The high voltage direct (HVDC) market cable market report includes:
High Voltage Direct Current Cables Market Research FAQs
What is the current High Voltage Direct Current (HVDC) Cables Market size?
The High Voltage Direct Current (HVDC) Cables Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)
Who are the key players in High Voltage Direct Current (HVDC) Cables Market?
ABB Ltd, Mitsubishi Corp, General Electric Company and Prysmian SpA are the major companies operating in the High Voltage Direct Current (HVDC) Cables Market.
Which is the fastest growing region in High Voltage Direct Current (HVDC) Cables Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in High Voltage Direct Current (HVDC) Cables Market?
In 2024, the Europe accounts for the largest market share in High Voltage Direct Current (HVDC) Cables Market.
What years does this High Voltage Direct Current (HVDC) Cables Market cover?
The report covers the High Voltage Direct Current (HVDC) Cables Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the High Voltage Direct Current (HVDC) Cables Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
HVDC Cables Industry Report
Statistics for the 2024 HVDC Cables market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. HVDC Cables analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
