Global HVDC Cables Market Size By Location Of Deployment, By Application, By Geographic Scope And Forecast
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
HVDC Cables Market size was valued at USD 8.25 Billion in 2023 and is projected to reach USD 17.46 Billion by 2030, registering a CAGR of 4.03% from 2024 to 2030.
Global Hvdc Cables Market Drivers
The market drivers for the HVDC Cables Market can be influenced by various factors. These may include
Growing Integration of Renewable Energy The expansion of renewable energy sources, such as solar and wind power, necessitates effective long-distance transmission. This activity is best suited for HVDC (High Voltage Direct Current) cables, which will increase demand.
Grid Modernization and Interconnectivity HVDC cables are essential for providing effective power transmission with low losses as energy grids are modernized and links are formed across various regions or nations.
Reducing Transmission Losses Compared to HVAC (High Voltage Alternating Current) systems, HVDC systems are renowned for having smaller power losses over extended distances. Their adoption in long-distance transmission schemes is motivated by this benefit.
Extension of Offshore Wind Farms Reliable and effective transmission technologies are needed to keep up with the offshore wind farms’ rapid development. HVDC cables’ market expansion is fueled by their suitability for underwater applications.
Cross-Border Energy Trading Is Necessary HVDC cables enable smooth transmission across borders as nations look to promote energy cooperation and cross-border energy trading to maintain energy security and maximize resources.
Urbanization and Infrastructure Development HVDC cables provide a dependable means of delivering electricity to densely populated areas due to the growth of urban areas and the requirement for steady power supplies.
Government Initiatives and Investments Governments everywhere are funding the development of renewable energy sources and updating their electrical infrastructure. As a result, HVDC projects receive more funding, which propels market expansion.
Technological Developments New developments in HVDC technology, like better cable composition and installation methods, have increased the effectiveness and affordability of these systems, promoting their wider use.
Global HVDC Cables Market Restraints
Several factors can act as restraints or challenges for the HVDC Cables Market. These may include
High Initial Costs The establishment of infrastructure and installation of HVDC cables need large capital outlays, which may impede market expansion.
Technological Complexity The adoption of HVDC systems may be constrained by their complicated technology, which necessitates specialist knowledge for installation, operation, and maintenance.
Regulatory Difficulties The legislation governing the transmission of energy in different nations can pose a challenge to multinational projects and impede the expansion of markets.
Environmental Impact Concerns A few HVDC projects bring up environmental concerns, like how underwater cables may affect marine life, which could cause delays and further investigation.
Problems with Grid Integration It can be difficult to integrate HVDC systems with current AC grids; it may necessitate the purchase of new equipment and result in compatibility problems.
Protracted Permitting and Approval Procedures HVDC projects frequently need protracted permitting procedures, especially for cross-border installations, which can cause delays in project completion dates.
Limited Infrastructure for Testing and Maintenance Compared to AC systems, HVDC systems have less facilities for testing and maintenance, which may reduce their dependability and increase downtime.
Rivalry with Other Technologies The need for HVDC cables may decline as a result of developing technology in energy transmission and storage, such as enhanced HVAC (High Voltage Alternating Current) systems or decentralized energy sources.
Global HVDC Cables MarketSegmentation Analysis
The Global HVDC Cables Market is segmented based on Location Of Deployment, Application, And Geography.
HVDC Cables Market, By Location Of Deployment
Underground
 Submarine
 Overhead
Based on Location Of Deployment, The market is segmented into Underground, Submarine, and Overhead. The Overhead cables dominate the market and have strongest market share because it is easy to install and the transmission loss is very low for long distances. Since they have no complex technology involved it is expected to drive the growth of the market.
HVDC Cables Market, By Application
On-Shore Transmission To efficiently move electricity from generation sources to consumption areas, long-distance bulk power transmission inside a landmass is accomplished by the use of HVDC cables.
Off-Shore Transmission Underwater HVDC cables span bodies of water to link interconnecting power grids, offshore wind farms, and hydropower projects. When it comes to incorporating renewable energy sources, they are essential.
Interconnectors High-voltage direct current (HVDC) cables enable the transfer of electricity between various power grids, promoting interregional cooperation, enhanced grid stability, and the availability of a variety of energy sources.
HVDC Cables Market, By Geography
 North America
 Europe
 Asia Pacific
 Rest of the world
On the basis of Geography, The Global HVDC Cables Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. Asia Pacific holds the strongest market share and is expected to grow in the future due to the advancement in technology. In addition, smart grid technology implementation and the support from the government for renewable energy sources are also expected to drive the growth of the market.
Key Players
The major players in the HVDC Cables Market are
ABB
NKT Cables
Prysmian Group
Nexans
LS Cable & System
Hitachi ABB Power Grids
General Cable
Sumitomo Electric Industries
Furukawa Electric
Shanghai Cable Group
Report Scope
REPORT ATTRIBUTES
DETAILS
STUDY PERIOD
2020-2030
BASE YEAR
2023
FORECAST PERIOD
2024-2030
HISTORICAL PERIOD
2020-2022
UNIT
Value (USD Billion)
KEY COMPANIES PROFILED
ABB, NKT Cables, Prysmian Group, Nexans, LS Cable & System, General Cable, Sumitomo Electric Industries, Furukawa Electric, Shanghai Cable Group.
SEGMENTS COVERED
By Location Of Deployment, By Application, And By Geography.
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