High Voltage Direct Current (HVDC) Cables - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2026-2031)

The high voltage direct current (HVDC) cables market size is estimated at USD 11.70 billion in 2026, and is expected to reach USD 17.27 billion by 2031, at a CAGR of 8.10% during the forecast period (2026-2031). This report is Segmented by Location of Deployment (Overhead, Underground, and Submarine), Voltage Level (66 To 110 KV, 115 To 330 KV, and Above 330 KV), and Geography (North America, Europe, Asia-Pacific, South America, and Middle East and Africa). The Market Sizes and Forecasts are Provided in Terms of Value (USD).

Global High Voltage Direct Current (HVDC) Cables Market Trends and Insights

Accelerated Offshore-Wind Interconnection Projects

Europe and Asia-Pacific are adding offshore wind capacity faster than onshore additions, creating a steady pull-through for submarine links that can move multi-gigawatt blocks over 100 km distances. Denmark’s Bornholm Energy Island hub will use a 3 GW HVDC backbone to export power to Denmark, Germany, and Poland by 2030. In Australia, the 1.5 GW Marinus Link reached financial close in 2025 and will rely on ±500 kV extruded cable supplied by Prysmian. Ireland’s 700 MW Celtic Interconnector is under construction and will cut peaking fossil output on the island once active in 2027. Each of these projects demonstrates that offshore wind is no longer niche; it now determines vessel fleet sizing, cable-armoring standards, and even crew training.

Repowering of Ageing AC Interconnectors with HVDC Links

Many AC links built in the 1980s and 1990s are nearing end-of-life, and owners are opting for HVDC replacements that slash losses, add capacity, and allow asynchronous operation. National Grid confirmed in 2025 that it will scrap the 2 GW IFA link and replace it with a 3 GW voltage-source-converter system using Nexans 320 kV cables. Norway’s Statnett is evaluating a similar upgrade for the NorNed link, which has faced insulation degradation outages. Repowering carries lower permitting risk as corridors already exist, yet it demands specialist decommissioning and marine coordination. The European Union’s 15% interconnection target for 2030 further accelerates this swap-out wave.

Complex Cross-Border Permitting for Submarine Corridors

Subsea projects cross multiple economic zones and need clearances from maritime, environmental, defense, and fisheries bodies, often extending timelines by more than five years. The NeuConnect link from the UK to Germany was pushed to 2028 due to routing debates and fishing-industry objections. LionLink required environmental studies across 14 marine protected areas, which took 18 extra months. A European one-stop-shop concept exists on paper but is not yet harmonized, while the ASEAN Power Grid faces similar hold-ups over transit fees and fault liabilities. These delays raise financing costs and deter merchant-model sponsors.

Other drivers and restraints analyzed in the detailed report include:

• National Super-Grid Initiatives in Asia & MENA
• Copper Price Hedging Driving Aluminium-Core HVDC Cable Demand
• Volatility in XLPE Insulation Supply Chain

Segment Analysis

Submarine cables accounted for the smallest share in 2025, yet are projected to post a 10.5% CAGR between 2026 and 2031, outpacing underground and overhead lines as offshore wind build-outs multiply. The HVDC cables market size for submarine projects is forecast to widen in tandem with Europe’s North Sea Wind Power Hub plan, which alone will need about 15,000 km of cabling. Prysmian’s new P-Laser vessel, operational since 2024, can lay 525 kV cables in 3,000 m water depths, allowing schemes in the Norwegian Sea and off Japan.

Underground cables retained a 50.1% share in 2025 thanks to urban feeders in Beijing, Shanghai, and Mumbai, where land constraints block overhead lines. Nexans delivered 320 kV cables for the 230 km Delhi-Agra line in 2025. Overhead networks dominate China’s interior ±800 kV backbone because per-kilometer costs run 40% to 60% lower. Growth here is slower as China’s core grid nears saturation, yet Africa and South America still rely on overhead links to unlock remote hydro and solar assets.

Complete Report Scope:

• By Location of Deployment
  • Overhead Cables
  • Underground Cables
  • Submarine Cables
• By Voltage Level
  • 66 kV to 110 kV
  • 115 kV to 330 kV
  • Above 330 kV
• By Geography
  • North America
    • United States
    • Canada
    • Mexico
  • Europe
    • Germany
    • United Kingdom
    • France
    • Italy
    • Russia
    • Rest of Europe
  • Asia-Pacific
    • China
    • India
    • Japan
    • South Korea
    • ASEAN Countries
    • Rest of Asia-Pacific
  • South America
    • Brazil
    • Argentina
    • Rest of South America
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • South Africa
    • Egypt
    • Rest of Middle East and Africa

Geography Analysis

Asia-Pacific led the HVDC cables market with 42.5% revenue in 2025 and is projected to grow at a 9.8% CAGR to 2031. China commissioned the 2,090 km Baihetan-Jiangsu ±800 kV line in 2025 and plans three more ultra-high-voltage projects by 2031. India’s green-energy corridor tendered 6 GW of capacity in 2025, drawing bids from Prysmian, ZTT, and Hengtong. Japan and South Korea are pushing subsea links to move offshore wind from Hokkaido and the Yellow Sea to demand centers; Sumitomo Electric and LS Cable are front-runners in these awards.

Europe ranks second, driven by offshore wind hubs and repowering of legacy AC corridors. The Bornholm Energy Island, Viking Link, and LionLink schemes together top 10 GW of capacity and more than 2,000 km of cable. Germany’s regulator cleared four north-south HVDC corridors in 2024, with 80% underground routing to placate public resistance. The United Kingdom seeks to replace radial offshore connections with a meshed backbone, aiming for GBP 6 billion savings and 30% less cabling.

North America focuses on cross-border projects that tap Canadian hydro for U.S. load pockets. The 1.25 GW Champlain Hudson Power Express will start service in 2026, bringing power into New York City via a 545 km ±320 kV cable. In the Gulf, a 3 GW spine linking Saudi Arabia, the UAE, and Oman will smooth solar ramp rates and prepare for electricity exports to South Asia. South America and Africa remain early-stage but show proof points such as Brazil’s Belo Monte ±800 kV line and Egypt-Saudi Arabia’s 3 GW interconnection.

List of Companies Covered in this Report:

• Prysmian Group
• Nexans SA
• NKT A/S
• Sumitomo Electric Industries Ltd
• Hitachi Energy Ltd
• LS Cable & System Ltd
• Taihan Cable & Solution Co. Ltd
• ZTT Group
• Furukawa Electric Co. Ltd
• Hengtong HV Power System
• KEI Industries Ltd
• Polycab India Ltd
• Brugg Kabel AG
• Südkabel GmbH
• Jiangsu Zhongtian Technology
• TF Kable
• Dubai Cable Company (Ducab)
• Southwire Company
• General Cable (Prysmian)
• Gulf Cable & Electrical Ind.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support