The global HVDC cables market was valued at USD 2.4 billion in 2024 and is projected to reach USD 4.6 billion by the end of 2035. The market is expected to grow at a CAGR of 6.3% from 2025 to 2035, driven by increasing investments in renewable energy integration, expansion of cross-border power transmission networks, and rising demand for efficient long-distance electricity transmission.

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Technical advancements, specifically in Extruded XLPE (Cross-linked Polyethylene) insulation, have enabled cables to operate at higher voltages (up to 525 kV and 640 kV), facilitating deeper and longer subsea links. The market is currently characterized by a surge in "mega-projects," such as the 1,330 km BRITIB undersea installation and China’s massive 3,200 km internal transmission corridors.

Key Findings of the Market Report

• Submarine Installation emerged as the dominant segment, holding a 51.3% market share in 2025, driven by the global boom in offshore wind farms and cross-border interconnections.
• Extruded Cables (XLPE) are the leading product type, accounting for roughly 44% of global revenue, favored for their flexibility, environmental safety, and easier installation over traditional oil-based mass-impregnated cables.
• Asia-Pacific held the largest regional market share at 38.3% in 2025, led by aggressive grid modernization and rural electrification projects in China and India.
• Underground Cables maintained a strong foothold (50.1% share in 2025) in densely populated urban areas like Beijing, Mumbai, and London, where overhead lines are restricted by land constraints.

Global HVDC Cables Market: Growth Drivers

• Offshore Wind Proliferation: As wind farms move further from the shore into deeper waters, HVDC is the only viable technology to evacuate gigawatt-scale power with minimal resistive losses.
• Grid Resilience & Interconnectivity: Countries are increasingly linking their grids (e.g., UAE-India, UK-Iceland) to share energy resources and stabilize frequency between asynchronous power systems.
• Transition to VSC Technology: The adoption of Voltage Source Converter (VSC) technology—which allows for independent control of active and reactive power—is making HVDC more compatible with modern "smart" grids.
• Urbanization in Emerging Economies: Rapid urban growth in APAC and the Middle East requires high-capacity "infeed" lines to deliver bulk power directly into the heart of mega-cities without the visual or space footprint of overhead towers.

Global HVDC Cables Market: Regional Landscape

• Asia-Pacific: This region remains the primary engine for growth. State Grid Corporation of China commissioned multiple ±800 kV ultra-high-voltage lines in 2025, while India’s "Green Energy Corridor" continues to tender multi-gigawatt capacity links.
• Europe: Driven by the "Green Deal," Europe leads in submarine technology. Projects in the North Sea and the Mediterranean are creating a "Super-Grid" that connects offshore wind to the continental mainland.
• North America: The U.S. is seeing significant growth in inter-regional transmission, supported by federal funding from the Department of Energy aimed at reducing transmission costs and improving grid reliability against extreme weather.

Global HVDC Cables Market: Key Players

The market is highly consolidated, with five major manufacturers controlling a significant portion of the global subsea installation capacity.

• Prysmian Group (Market leader with ~25% share)
• Nexans S.A.
• Sumitomo Electric Industries, Ltd.
• NKT A/S
• Hitachi Energy (formerly ABB)
• LS Cable & System
• ZTT (Zhongtian Technology)
• General Electric (GE Vernova)

Key Developments

• July 2025: Taihan Cable & Solution announced a USD 308 million investment in a dedicated submarine cable plant to produce 640 kV class HVDC lines.
• June 2025: Sumitomo Electric commenced the installation of the world's first 525 kV XLPE underground cable system for the "Corridor A-Nord" project in Germany.
• March 2025: Nexans signed a landmark framework agreement with National Grid (UK) to replace aging 2 GW links with new 3 GW VSC systems using 320 kV cables.

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Global HVDC Cables Market: Segmentation

By Installation

• Submarine (Largest Share)
• Underground
• Overhead

By Voltage Level

• High (35 kV – 475 kV)
• Extra High (> 475 kV – 600 kV)
• Ultra-High (> 600 kV)

By Cable Type

• Extruded (XLPE)
• Mass Impregnated (MI)
• Others (PPLP, Superconducting)

By Application

• Intra-regional
• Cross-border
• Offshore Wind Integration

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