The global high voltage cable market is expected to witness growth at a CAGR of 5.52% during the forecast period 2023-2030. Get more insights into our blog.

1. HVC Market: An Explainer on Widening
Applications
Given the infrastructure space, the budgetary allocation, industry CAPEX, and policy reforms have
spearheaded investments in various projects in the past few years. The European Commission
declared grants for 135 transport projects under the Connecting Europe Facility. Such projects will
guarantee an increase in demand for all types of high voltage cables to meet energy demands
among the growing population. As per Triton’s analysis, the global high voltage cable market is
expected to garner revenue worth $59.80 billion by 2030, growing at a CAGR of 5.52% during the
forecast period 2023-2030.
Equipped with various conductors and insulators, HVCs are designed to transmit electricity over long
distances without power losses. This benefit has elevated their adoption in various sectors, including
infrastructure and renewable energy.
Rising Applications: Bridging the Growth Gap
We know that HVCs are expansively employed for high voltage energy transmission; however, their
application is not limited to infrastructure. The vertical sector in the studied market includes
renewable energy, infrastructure, and industrial. Let’s dive into each category to understand their
role in the market’s expansion.

2. 1. Renewable Energy: While there are several renewable energy sources, investments in solar
and wind energy are by far at their peak. As per the Global Wind Energy Council, wind farms
are estimated to generate around 536 GW of global power over the next 5 years. A sizable
number of HVCs will be required to connect offshore projects to the main grid line. In this
regard, submarine cables will be employed for offshore projects, while overhead cables will
find application in onshore projects.
Regional Focus: Several European governments are supporting clean energy projects, with
Germany leading over other nations. By 2050, the nation’s energy transition plan aims to
generate 80% of electricity via renewable sources. To achieve this target, the nation is set to
upgrade its high voltage power transmission networks. Further, in the Asia-Pacific, China
leads in renewable energy installations, attaining a capacity of approximately 1020 GW in
2021. These factors are thus expected to offer lucrative opportunities for market
development.
2. Industrial: Triton’s analysis of the given market by industrial vertical includes categories like
mining, oil & gas, power & utilities, chemical & petroleum, and others. Estimates indicate the
power & utility subsegment holds the largest share at a CAGR of 4.23% in the category.
Underground and overhead cables have gained prominence in power utility, manufacturing,
and mining, while the submarine is used in the oil & gas industry. The robust demand for
HVCs is supported by the rising focus on installing power generation plants to support
growing operations.
Regional Focus: Industrialization and government initiatives across the UK, Germany,
France, and Spain have elevated the adoption of high voltage cables. Large-scale HVCs are
employed for excavation projects for powering on-site machines. As per our analysis, the
natural gas sector is anticipated to expand greatly. In South East Europe, the Gas Corridor
pipeline infrastructure has delivered the first 10 billion cubic meters of gas as of March
2022. The Baltic Pipe Project is another project that connects gas reservoirs in Israel and
Cyprus to Greece. These mega projects have widened the scope of the Europe HVC market.
3. Infrastructure: The HVC market is supported by various commercial and residential
construction projects. The commercial category captures a majority of shares in the
infrastructure segment. Several nations in Asia-Pacific, the Middle East, and Latin America
have undertaken upgradation projects from rail signaling to network infrastructure.
Overhead and underground cables are widely deployed in big commercial spaces with the
capacity to have their substations. Additionally, the rising demand to upgrade broadband
services and the advent of the 5G network has influenced network providers to upgrade
infrastructure, ultimately driving the high voltage cable market.
Regional Focus: Canada declared its plan to phase out coal-fired electricity by 2030, with
the provinces of Alberta, Saskatchewan, and British Columbia, setting ambitious energy
targets. The government aims to invest around $350 billion in electricity infrastructure by
2030, soaring demand for various power equipment, including high voltage cables. Such
developments are projected to open avenues for HVC manufacturers in North America.

3. Growth Outlook: Competitive Analysis
Given the rising applications of high voltage cables, there is intense competition among contenders.
In recent years, urbanization, high power consumption, and investment in emerging nations have
influenced players to acquire more contracts or engage in product launches to gain a higher market
share.
● NKT Cable, in January 2022, acquired Ventcroft Ltd to add its fire-resistant cable technology
to the product line and expand in the European power cable market.
● In September 2022, NKT Cable introduced low-carbon copper for the 320 kV HVDC cables to
lower carbon footprint, delivered to Dogger Bank C in the North Sea.
● Tratos partnered with Enertechnos in 2019 to develop an innovative cable to tackle the UK's
energy loss.
In retrospect, population growth and industrialization have elevated the demand and production of
HVCs across sectors. However, the rising efforts to limit global temperature below 2 °C under the Paris
Agreement are expected to fuel the deployment of HVCs for clean energy development projects,
ultimately driving the high voltage cable market on an additional growth trajectory.
FAQs:
Q1) What are the different types of high voltage cables?
Submarine, underground, and overhead are different HV cable types.
Q2) What factors are fueling high voltage cable adoption?
The growing infrastructure activities, high power demand, and development in emerging nations
fuel the adoption of high voltage cables globally.