Global High Voltage Power Cable Market - Forecasts from 2025 to 2030

The high voltage power cable market will grow at a CAGR of 4.09% to reach US$51.70 billion in 2030 from US$42.31 billion in 2025.

The global market for high-voltage power cables is driven by the increasing need for efficient transmission systems coupled with government initiatives for implementing projects having grid interconnections. In 2023, the European Union announced investments in grid modernization projects, including the deployment of high-voltage power cables, to support renewable energy integration and achieve climate goals. Moreover, the growing offshore wind farms and increasing inclination towards renewable energy resources further contribute to the market growth.

Market Trends:

• Upcoming and ongoing projects utilizing high-voltage power cables across various industries are expected to drive market growth in the coming years. For example, in February 2025, the U.K. launched the Eastern Green Link 1 project, a 525 kV high-voltage direct current (HVDC) submarine cable initiative, aimed at improving grid connectivity between Scotland and England. The adoption of smart grids in both developed and emerging economies addresses the need for grid interconnections, leading to increased investments in underground and submarine cable installations. In 2023, the U.S. Department of Energy allocated USD 3.5 billion for smart grid projects, focusing on deploying high-voltage power cables to modernize aging power infrastructure.
• Investments in smart grids worldwide are anticipated to fuel market growth during the forecast period. In 2023, China announced plans to invest over USD 300 billion in smart grid infrastructure as part of its 14th Five-Year Plan (2021-2025). The rising energy demand, driven by population growth, is a key factor accelerating the adoption of smart grid technology and the need for efficient power transmission systems. According to the International Energy Agency (IEA), global electricity demand is projected to grow by 3.4% annually through 2026, spurring investments in high-voltage power cables for grid expansion and modernization.
• The Asia-Pacific region is expected to dominate the high-voltage power cables market, accounting for nearly 50% of the global market share in 2024. This growth is driven by rapid urbanization, industrialization, and renewable energy projects in countries like China, India, and Japan. Europe and North America are also significant markets, with increasing investments in offshore wind farms and grid interconnections. For instance, Germany's SuedLink project, a 700 km HVDC cable, is scheduled to be operational by 2026, further boosting demand for high-voltage power cables in the region.

Some of the major players covered in this report include Belden Inc, Prysmian S.p.A., Nexans S.A, KEI Industries, Havells India Limited, Polycab India Limited, among others.

Key Benefits of this Report:

• Insightful Analysis: Gain detailed market insights covering major as well as emerging geographical regions, focusing on customer segments, government policies and socio-economic factors, consumer preferences, industry verticals, and other sub-segments.
• Competitive Landscape: Understand the strategic maneuvers employed by key players globally to understand possible market penetration with the correct strategy.
• Market Drivers & Future Trends: Explore the dynamic factors and pivotal market trends and how they will shape future market developments.
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Industry and Market Insights, Opportunity Assessment, Product Demand Forecasting, Market Entry Strategy, Geographical Expansion, Capital Investment Decisions, Regulatory Framework & Implications, New Product Development, Competitive Intelligence

Report Coverage:

• Historical data from 2022 to 2024 & forecast data from 2025 to 2030
• Growth Opportunities, Challenges, Supply Chain Outlook, Regulatory Framework, and Trend Analysis
• Competitive Positioning, Strategies, and Market Share Analysis
• Revenue Growth and Forecast Assessment of segments and regions including countries
• Company Profiling (Strategies, Products, Financial Information, and Key Developments among others)

High Voltage Power Cable Market Segmentation by Type:

• The market analyzed by type into the following:
• Overhead
• Underground
• Submarine Cable

High Voltage Power Cable Market Segmentation by Voltage:

• The market analyzed by voltage into the following:
• Up to 50 kV
• 50 to 100 kV
• 100 to 150 kV
• Greater than 150 kV

High Voltage Power Cable Market Segmentation by Material Type:

• The market analyzed by material type into the following:
• Cross Linked Polyethylene (XLPE)
• Polyvinyl Chloride (PVC)
• Others

High Voltage Power Cable Market Segmentation by End-User:

• The market analyzed by end-user into the following:
• Energy & Power
• Industrial
• Building & Construction
• Others

High voltage power cable Market Segmentation by regions:

The study also analysed the high voltage power cable market into the following regions, with country level forecasts and analysis as below:

• North America (US, Canada and Mexico)
• South America (Brazil, Argentina, and Others)
• Europe (Germany, France, United Kingdom, Spain, Italy and Others
• Middle East and Africa (Saudi Arabia, UAE and Others)
• Asia Pacific (China, India, Japan, South Korea, Taiwan, Thailand, Indonesia, and Others)