1. What is the projected Compound Annual Growth Rate (CAGR) of the Global HVDC Cables Market?
The projected CAGR is approximately 5.4%.
Global HVDC Cables Market by Cable Type (Mass Impregnated, Extruded, Others), by Transmission Lines (Overhead Line, Underground Line, Submarine Line), by North America (United States, Canada, Mexico), by South America (Brazil, Argentina, Rest of South America), by Europe (United Kingdom, Germany, France, Italy, Spain, Russia, Benelux, Nordics, Rest of Europe), by Middle East & Africa (Turkey, Israel, GCC, North Africa, South Africa, Rest of Middle East & Africa), by Asia Pacific (China, India, Japan, South Korea, ASEAN, Oceania, Rest of Asia Pacific) Forecast 2025-2033
The Global HVDC Cables Market size was valued at USD 14.11 USD Billion in 2023 and is projected to reach USD 20.96 USD Billion by 2032, exhibiting a CAGR of 5.4 % during the forecast period. The global High Voltage Direct Current (HVDC) cables market is rapidly expanding, driven by increasing demand for efficient long-distance power transmission. HVDC cables feature high capacity and minimal energy loss, making them ideal for underwater and underground applications. They are crucial in connecting renewable energy sources, such as offshore wind farms, to the grid. Key types include mass impregnated (MI) cables and extruded cables, leveraging advanced technologies like voltage source converters (VSC) and line commutated converters (LCC). The market's growth is bolstered by the need for sustainable energy solutions and grid interconnections, offering advantages such as improved stability, reduced transmission losses, and enhanced power quality.
Cable Type:
Transmission Lines:
Aspects | Details |
---|---|
Study Period | 2019-2033 |
Base Year | 2024 |
Estimated Year | 2025 |
Forecast Period | 2025-2033 |
Historical Period | 2019-2024 |
Growth Rate | CAGR of 5.4% from 2019-2033 |
Segmentation |
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Note*: In applicable scenarios
Primary Research
Secondary Research
Involves using different sources of information in order to increase the validity of a study
These sources are likely to be stakeholders in a program - participants, other researchers, program staff, other community members, and so on.
Then we put all data in single framework & apply various statistical tools to find out the dynamic on the market.
During the analysis stage, feedback from the stakeholder groups would be compared to determine areas of agreement as well as areas of divergence
The projected CAGR is approximately 5.4%.
Key companies in the market include 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..
The market segments include Cable Type, Transmission Lines.
The market size is estimated to be USD XXX USD Billion as of 2022.
Growing Focus on Safety and Organization to Fuel Market Growth.
Solar Energy to Play a Significant Role in Achieving Green Energy Targets.
Inclination Towards Renewable Energy to Hamper Market Growth.
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