HVDC Cables Market Size, Share and Global Trend, By Cable Type (Mass Impregnated, Extruded, Others), By Transmission Lines (Overhead Line, Underground Line, Submarine Line), and Regional Forecast, 2024-2032
KEY MARKET INSIGHTS
The ever-growing demand for electricity and the new techniques for electricity production require a good transmission source over long distances. HVDC cables are the best solution for long-distance transmission. In recent times there has been an increase in offshore electricity production using solar and wind energy. This produced energy is transmitted to the grid or sometimes to the FPSOs. In some countries like Brazil where most of the energy is imported, big International events like the 2014 FIFA world cup and 2016 Olympics took place which needed new transmission lines to be laid. This, in turn, helped the market of the HVDC cables to grow in this region.
On the basis of cable type, the global HVDC cables market can be segmented into mass impregnated, extruded and others. The growing use of extruded cables will see extruded cable as the most used cable in the coming years. On the basis of transmission lines, the global HVDC cables market can be segmented into overhead lines, underground lines, and submarine lines.
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The key market driver for the global HVDC cables market is the growing demand for electricity at remote locations. Also, the economic advantage of HVDC cables and fewer leakages act as key market drivers for the global HVDC cables market to grow. Key market restraint for the global HVDC cables market is the high cost which is required for installing HVDC transmission cables. There are also other instruments which need to be installed with HVDC cables, for e.g. circuit breakers, which add additional cost to the installation.
Key Players Covered
Key players operating in the global HVDC cables market are ABB Ltd, Siemens AG, Yashike Laien, BPT Chemical, General Electric, Hitachi, Mitsubishi Electric, Nexans, NKT A/S, NR Electric, C-EPRI Electric Power Engineering, Prysmian Group, LS Cable, and Europacable.
SEGMENTATION
SEGMENTATION | DETAILS |
By Cable Type | · Mass Impregnated · Extruded · Others |
By Transmission Lines | · Overhead Line · Underground Line · Submarine Line |
By Geography | · North America (The USA and Canada) · Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe) · Asia Pacific (China, India, Australia, Southeast Asia and Rest of Asia Pacific) · Latin America (Brazil, Mexico and Rest of Latin America) · Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa) |
REGIONAL ANALYSIS
The global HVDC cables market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe was the first region to adopt HVDC transmission lines. Europe has the maximum number of HVDC transmission lines installed. Scandinavia has the highest number in the region. Asia Pacific region holds the biggest opportunity for growth of the global HVDC cables market. The growing urbanization and increase in adoption of HVDC technology are the two factors driving market growth in the Asia Pacific. The drift towards a cleaner source of electricity production has encouraged the deployment of new transmission lines in North America, and the Middle East region. This drift towards cleaner energy has helped the HVDC cables market to grow in North America and the Middle East. As in Latin America energy is procured from other countries the role of transmission lines becomes more significant in this region and therefore HVDC cables are utilized in this region.
Key Industry Developments
- In April 2019, Dutch TSO announced about its plans to provide cables for IJmuiden offshore wind project, this would be the world’s first 2 GW direct current offshore wind link.
- In October 2018, NKT announced that it had received a letter of award by Equinor Energy AS to install and supply cable system of 200km of 80kV high-voltage DC offshore power cables for the second phase of Johan Sverdrup oil field development project in Norway.
- In December 2018, Nexans has developed a high voltage direct current cable system for use from the German transmission system operator for operating at 525kV. This enables them to carry more power than previous industry standards cables.
- Ongoing
- 2023
- 2019-2022
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