Underground High Voltage Cable Market to Grow with a CAGR of 6.16% through 2029

Increasing demand for electricity from emerging economies and growing investments in renewable energy projects are likely to drive the market in the forecast period.

According to TechSci Research report, “Underground High Voltage Cable Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2029”, Global High Voltage Cable Market was valued at USD 37.08 Billion in 2024 and is expected to reach USD 56.57 Billion by 2030 with a CAGR of 7.19% during the forecast period. 

The integration of renewable energy sources like wind, solar, and hydropower into the global energy landscape is a primary driver of the high voltage cable market. As countries strive to reduce greenhouse gas emissions and transition to cleaner energy alternatives, the demand for high voltage cables has skyrocketed. High voltage cables are essential in connecting remote renewable energy generation sites to the electrical grid. They facilitate the efficient transmission of electricity over long distances, minimizing energy loss during transport. This is crucial because renewable energy installations are often located in remote areas, far from population centers. The intermittent nature of renewable energy sources necessitates robust transmission systems to balance supply and demand. High voltage cables play a pivotal role in this by enabling the transport of surplus energy from regions with abundant renewable resources to areas with higher energy demand.

Governments and utilities worldwide are investing heavily in renewable energy projects, which, in turn, drives the demand for high voltage cables. The growth of offshore wind farms and large-scale solar installations further underscores the importance of these cables in delivering clean energy to consumers.

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Based on end-user, The Utility segment held the largest market share in 2023. Utility companies bear the responsibility of generating, transmitting, and distributing electricity to households, businesses, and industries. As the demand for energy continues to grow and the need for grid dependability becomes paramount, these utilities routinely expand and enhance their electrical infrastructure. At the core of these endeavors lie High Voltage Cables, playing a pivotal role in efficiently conveying electricity across extended distances while minimizing energy losses. The global pivot towards renewable energy sources, such as wind and solar power, has precipitated an increased reliance on High Voltage Cables within the utility sector. These cables prove indispensable in linking remote renewable energy generation sites to the broader electrical grid. Consequently, as governments and utilities intensify their investments in clean energy ventures, the call for High Voltage Cables experiences steady growth. The modernization of aging electrical grids is necessitated by the pursuit of heightened efficiency, reliability, and resilience. Utility companies are taking active measures by initiating grid modernization initiatives, often inclusive of the integration of cutting-edge High Voltage Cables. These cables serve as the bedrock for the assimilation of smart grid technologies, facilitating real-time monitoring and control systems, ultimately elevating grid performance. In the domain of utility companies, electricity is frequently transported across vast distances, particularly in regions characterized by dispersed populations or distant power generation facilities. High Voltage Cables are the preferred choice for such long-distance transmission projects, esteemed for their ability to curtail energy wastage while ensuring efficient power delivery. Safety and reliability occupy the foremost concerns for utility companies with regards to their electrical infrastructure.

Based on  region, The Middle East & Africa (MEA) is the fastest-growing region in the global high voltage cable market due to a combination of infrastructural developments, increased demand for electricity, and the region's strategic energy transition goals. Several key factors contribute to the rapid expansion of the high voltage cable market in this region. The Middle East and Africa are undergoing significant urbanization, which demands robust power transmission networks. Cities are expanding rapidly, and new industrial zones, residential areas, and commercial complexes are being established. As part of these developments, there is a growing need for reliable and efficient power distribution systems. High voltage cables play a crucial role in transmitting electricity over long distances with minimal loss, supporting the growing demand for power across urban and rural areas.

Many countries in the MEA region are making concerted efforts to diversify their energy sources. Renewable energy projects, particularly solar and wind, are growing rapidly in countries like Saudi Arabia, the UAE, and South Africa. These projects often require high voltage cables for power transmission from remote generation sites to urban centers. For example, solar farms in the UAE and large-scale wind projects in South Africa depend on the installation of efficient high voltage cables to ensure effective power delivery.

Government initiatives, such as Saudi Arabia’s Vision 2030 and the UAE’s focus on sustainable energy, have spurred significant investments in infrastructure, including power grids. Many MEA countries are investing heavily in modernizing their energy infrastructure, leading to increased demand for high voltage cables, especially for power transmission from large-scale plants.

Major companies operating in the Global Underground High Voltage Cable Market are:

• Prysmian S.p.A
• NKT A/S
• TE Connectivity Ltd 
• Southwire Company, LLC
• Sumitomo Electric Group
• Hitachi, Ltd.
• Kerlink SA
• LS Cable & System Ltd
• Fujikura Ltd 
• Brugg Kabel AG

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“The Global Underground High Voltage Cable market is expected to rise in the upcoming years and register a significant CAGR during the forecast period. The global underground High Voltage Cable market is experiencing substantial growth driven significantly by the integration of renewable energy sources. Governments worldwide are making substantial investments in projects related to wind, solar, and hydropower to align with sustainability objectives and reduce carbon emissions. In this context, underground High Voltage Cables emerge as crucial components that enable the efficient transmission of electricity generated in remote renewable energy facilities to urban centers and industrial zones. The increasing focus on clean energy solutions and the expansion of renewable energy installations are contributing to a heightened demand for underground High Voltage Cables. As the world collectively transitions toward more environmentally friendly energy alternatives, the underground High Voltage Cable market continues to enjoy sustained growth. This growth trajectory is likely to persist as the global community places greater emphasis on clean, sustainable energy sources, further underscoring the market's significance. Therefore, the market of Underground High Voltage Cable is expected to boost in the upcoming years.,” said Mr. Karan Chechi, Research Director of TechSci Research, a research-based management consulting firm.

“Underground High Voltage Cable Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2019-2029F Segmented By Voltage (100 kV – 250 kV, 251 kV – 400 kV, Above 400 kV), By End-User (Industrial, Utility, Commercial), By Region, By Competition”, has evaluated the future growth potential of Global Underground High Voltage Cable Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers make sound investment decisions., The report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global Underground High Voltage Cable Market.

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