HVDC cables market is anticipated to grow at a CAGR of 7.0% during the forecast period. The expansion of smart grid infrastructure coupled with the up-gradation and modernization of existing infrastructure is resulting in increasing demand for HVDC cables. A high-voltage, direct current (HVDC) electric power transmission system uses direct current (DC) for the transmission of electrical power, in contrast with the more common alternating current (AC) systems. High voltage DC cables are used owing to their lightweight, high-power transmission capacity, low maintenance, and minimum handling cost. According to the Observatory of Economic Complexity (OEC), in 2020 the top importers of Parts of electrical transformers and inductors were the US ($1.4 billion), Hong Kong ($952 million), China ($833 million), Germany ($776 million), and India ($382 million). These factors will strongly propel the demand for HVDC cables during the forecast period.
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The global HVDC cables market is segmented based on voltage, installation, and application. Based on the voltage, the market is segmented into high {35 kV to 475 kV}, extra high {> 475 kV to 600 kV}, and ultra-high {> 600 kV}. Based on the installation, the market is segmented into overhead, submarine, and underground. Based on application the market is segmented into Intra-regional and cross-border. Based on the voltage, the extra-high HVDC cables are anticipated to grow at the fastest rate during the forecast period owing to the ongoing installation of the long route transmission lines to meet the rising electricity demand. In addition, the ongoing advancements to deploy energy-efficient power lines will drive the product demand. The above-mentioned segments can be customized as per the requirements. According to the World Green Building Council, around 4.3 billion people live in the Asia-Pacific region, out of which 2 billion lives in urban areas, and it is also anticipated that this will increase to 3.3 billion by 2050. This shows the need for increasing electricity demand and for energy-efficient power lines which will boost the demand for extra-high HVDC cables during the forecast period. Additionally, according to International Energy Agency (IEA), after falling by about 1% in 2020 due to the impacts of the COVID-19 pandemic, the global electricity demand increased close to 5% in 2021 and will increase around 4% in 2022.
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- Market Coverage
- Market number available for – 2022-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill Inc., and others
Market Segmentation
Global HVDC Cables Market by Voltage
- High {35 kV to 475 kV}
- Extra High {> 475 kV to 600 kV}
- Ultra-High {> 600 kV}
Global HVDC Cables Market by Installation
- Overhead
- Submarine
- Underground
Global HVDC Cables Market by Application
- Intra-Regional
- Cross Border
Regional Analysis
- North America
- United States
- Canada
- Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Rest of the World
Company Profiles
- ABB Ltd
- alfanar Group
- Gupta Power Infrastructure Ltd.
- ILJIN co., ltd.
- J-POWER/Electric Power Development Co.,Ltd.
- LS Cable & System Ltd.
- LS Corp.
- Nexans
- NKT A/S
- Prysmian S.p.A.
- Sumitomo Electric Industries, Ltd.
- Taihan Cable & Solution Co., Ltd.
- ZMS Cable Co., Ltd.
- ZTT
The Report Covers
- Market value data analysis of 2021 and forecast to 2028.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global HVDC cables market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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