HVDC Cables Market 2022-2028

Title:Global HVDC Cables Market Size, Share & Trends Analysis Report, By Voltage (High {35 kV to 475 kV}, Extra High {> 475 kV to 600 kV}, and Ultra-High {> 600 kV}), By Installation (Overhead, Submarine, and Underground), By Application (Intra-Regional and Cross Border), Forecast Period (2022-2028).

The global HVDC cables market is anticipated to grow at a CAGR of 7.0% during the forecast period. The ongoing reconstruction of existing transmission lines has been significantly supporting the demand for HVDC cables, owing to the Increasing intra-regional agreements among power surplus and deficit countries/states to fulfil the increasing electricity demand. For instance, according to United States Agency for International Development, the US government-led partnership with Africa named Power Africa's latest report 2021, delivered first-time electricity access to 39.7 million people through 8.1 million new on- and off-grid connections to homes and businesses. In 2021, Power Africa created a US-Africa Cleantech Energy Network that supported US firms to increase clean energy exports to Africa.

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. The above-mentioned segments can be customized as per the requirements. Based on the installation, the increasing capital expenditure to construct offshore wind farms will increase the demand for submarine HVDC power cables. Growing product installation across the landlocked areas coupled with easy availability as well as lower product cost has favored the customers toward the adoption of technology advanced products. Increasing capital expenditure and investments towards the expansion of island interconnections along with safe, reliable, and effective offshore transmission across the connecting countries will propel the adoption of HVDC cables. The commissioning of offshore wind farms coupled with rising sustainable power demand will propel the adoption of submarine HVDC cables.

The global HVDC cables market is further segmented based on geography including North America (the US and Canada), Europe (UK, Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East & Africa and Latin America). The market can be analyzed for a particular region or country level as per the requirement. Europe is anticipated to grow at the fastest rate during the forecast period, Europe has more than 50% of total subsea HVDC projects, thus, it holds a significant share in the market. For instance, the UK has also declared its Icelink project, which is a 1200km subsea HVDC link between the UK and Iceland. Germany in Europe launched its DolWin5 project in 2019, which is 100 km away in the North Sea and will be completed by 2024. A 1396 km submarine HVDC is to be laid for the EuroAfrica Interconnector between Egypt-Cyprus-Greece, which is divided into two phases. The first phase is to be completed in 2020, while the second phase will end in 2021.

The major companies serving the global HVDC cables market include Siemens AG, Hitachi Ltd., Toshiba Corp., Mitsubishi Electric Corp., and General Electric Co. The market players are contributing to the market growth by the adoption of various strategies including mergers and acquisitions, collaborations, and new product launches, to stay competitive in the market. For instance, in September 2021, A consortium of Sumitomo Electric Industries, Ltd. (Sumitomo Electric) and Siemens Energy AG (Siemens Energy) signed a contract with Greenlink Interconnector Ltd. (Greenlink) for the design, engineering, procurement, production, construction and commissioning of a high-voltage direct current (HVDC) subsea/underground electricity interconnector cable, with associated converter stations, that will link the existing electricity grids in Ireland and the UK with a nominal capacity of 500MW. The cable route will stretch approximately 190 km under land and under the sea between County Wexford in Ireland and Pembrokeshire in Wales.

Research Methodology

The market study of the global HVDC cables market is incorporated by extensive primary and secondary research conducted by the research team at OMR. Secondary research has been conducted to refine the available data to break down the market into various segments, and derive the total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings authenticity to our reports.

Secondary Sources Include:

• Financial reports of companies involved in the market.

• Whitepapers, research papers, and news blogs.

• Company websites and their product catalog.

The report provides an in-depth analysis of market size, intended quality of the service preferred by consumers. The report will serve as a source for a 360-degree analysis of the market thoroughly integrating different models.

Market Segmentation

• Global HVDC Cables Market Research and Analysis by Voltage
• Global HVDC Cables Market Research and Analysis by Installation
• Global HVDC Cables Market Research and Analysis by Application

The Report Covers:

• Comprehensive research methodology of the global HVDC cables market.
• This report also includes a detailed and extensive market overview with key analyst insights.
• An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
• Analysis of regional regulations and other government policies impacting the global HVDC cables market.
• Insights about market determinants that are stimulating the global HVDC cables market.
• Detailed and extensive market segments with the regional distribution of forecasted revenues.
• Extensive profiles and recent developments of market players.