High Voltage Cables Accessories Market

• Growing use of renewable energy to boost the market growth

This growing use of renewable energy results in construction of new transmission lines, which propels the High-voltage cables and accessories Market. The markets for renewable energy and high-voltage cables and accessories will undoubtedly grow due to initiatives by Europe and North America to significantly cut carbon emissions in the coming years. The expanding renewable energy sector is another factor driving the high-voltage cables and accessories market revenue.

The Global High Voltage Cables and Accessories Market Industry is projected to witness substantial growth in the coming years. With a market value of 36.3 USD Billion in 2024, it is anticipated to reach 77.4 USD Billion by 2035. This growth trajectory suggests a compound annual growth rate (CAGR) of 7.13% from 2025 to 2035. Such projections indicate a robust demand for high voltage solutions, driven by factors such as renewable energy integration, urbanization, and technological advancements. The market's expansion reflects the increasing need for efficient and reliable power transmission systems globally.

Government initiatives and regulations play a crucial role in shaping the Global High Voltage Cables and Accessories Market Industry. Many countries are implementing stringent regulations aimed at enhancing energy efficiency and reducing carbon emissions. For example, the European Union's Clean Energy for All Europeans package sets ambitious targets for energy transition, which includes the expansion of high voltage infrastructure. These regulatory frameworks not only encourage investments in high voltage technologies but also promote the adoption of smart grid solutions. Consequently, the market is poised for growth as governments prioritize sustainable energy practices and infrastructure development.

The Global High Voltage Cables and Accessories Market Industry is experiencing a surge in demand driven by the global transition towards renewable energy sources. Governments worldwide are investing heavily in wind, solar, and hydroelectric projects, which require efficient transmission systems. For instance, the International Renewable Energy Agency indicates that renewable energy capacity is expected to double by 2030. This shift necessitates the deployment of high voltage cables to transport electricity over long distances, thereby enhancing grid reliability and efficiency. As a result, the market is projected to reach 36.3 USD Billion in 2024, reflecting the growing reliance on sustainable energy solutions.

Rapid urbanization and infrastructure development are pivotal drivers of the Global High Voltage Cables and Accessories Market Industry. As urban populations swell, the demand for reliable electricity supply increases, necessitating the expansion of electrical grids. Countries in Asia and Africa are particularly focused on upgrading their infrastructure to support burgeoning urban centers. For example, India's Smart Cities Mission aims to enhance urban infrastructure, which includes the installation of high voltage cables. This trend is expected to contribute to the market's growth, with projections indicating a rise to 77.4 USD Billion by 2035, underscoring the critical role of high voltage solutions in modernizing urban landscapes.

The growing electrification in emerging economies is a significant driver of the Global High Voltage Cables and Accessories Market Industry. Countries in regions such as Southeast Asia and Africa are making concerted efforts to expand their electrical grids to provide reliable power to underserved populations. Initiatives like the African Union's Programme for Infrastructure Development in Africa aim to enhance energy access through improved transmission networks. This electrification drive is expected to propel the demand for high voltage cables, as these regions require robust infrastructure to support economic growth and development. The market's expansion in these areas reflects a broader trend towards universal energy access.

Technological advancements in cable manufacturing are significantly influencing the Global High Voltage Cables and Accessories Market Industry. Innovations such as improved insulation materials and enhanced conductor designs are leading to more efficient and durable high voltage cables. These advancements not only reduce energy losses during transmission but also extend the lifespan of the cables. For instance, the development of cross-linked polyethylene (XLPE) cables has revolutionized the industry by offering superior performance. As these technologies become more widely adopted, they are likely to drive market growth, with a projected CAGR of 7.13% from 2025 to 2035, indicating a robust future for high voltage cable solutions.

By Region, the study provides market insights into Europe, North America, Asia-Pacific and the Rest of the World. Asia Pacific's high-voltage cables and accessories market accounted for USD 12.9 billion in 2021 and is predicted to exhibit a significant CAGR of 41.3 percent growth during the study period. 

With the rise in energy demand brought on by urbanization, economic modernization, and higher living standards throughout the region, Asia-Pacific has recently emerged as one of the world's largest high-voltage cables and accessories markets. Moreover, China's high-voltage cables and accessories market held the largest market share, and the Indian high-voltage cables and accessories market was the fastest-growing market in the Asia-Pacific region.

Further, the major countries studied in the market report are The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: High-voltage Cables And Accessories Market Share By Region 2021 (%)

Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review

Europe's high-voltage cables and accessories market accounts for the second-largest high-voltage cables and accessories market share. The region's use of renewable energy sources for power generation has increased due to the green energy targets set by several nations. German officials want to completely phase out fossil fuels by 2035 as opposed to their earlier goal of doing so "far before 2040," according to a government draught paper. 

In the EU, renewable energy sources provided 22% of the energy used in 2021. Further, the German high-voltage cables and accessories market held the largest market share, and the UK high-voltage cables and accessories market was the fastest-growing market in the European region.

North America's high-voltage cables and accessories market only accounts for a minor portion. The region's high-voltage cables and accessories market is expected to increase at a moderate rate due to the continuing replacement of the country's outdated grids. The US Department of Energy (DOE) has made a $13 billion funding commitment to support the modernization and growth of the country's electrical grid as of 2022.

As major market players invest heavily in R&D to diversify their product lines, the market will grow. In addition to key market developments, including new product releases, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations, market participants participate in several strategic efforts to enhance their global positions. If they want to expand and be successful in a market that is getting more competitive, the rivals in the high-voltage cables and accessories industry must price their products competitively.

One of the primary business strategies used by the high-voltage cables and accessories industry to service clients and grow the market sector is local production to reduce operational costs. Some of the most significant improvements in medicine have recently been made possible by the high-voltage cables and accessories industry. High-voltage cables and accessories market major players, including Nexans S.A. (France), Synergy Cables Ltd. (Israel), RPG Cables (India), and Siemens AG (Germany), are funding R&D initiatives to spur demand.

Ducab manufactures high-voltage copper, aluminum wire, and cable products for various sectors. Ducab runs six high-tech production sites, each with its R&D and testing capabilities. They manufacture copper and aluminum wire and cable products emphasizing renewable energy. 

For instance, in October 2020, Ducab HV was granted a contract to supply and install high-voltage cables for Dubai's Mohammed bin Rashid (MBR) solar park's 900MW fifth phase. The phase five photovoltaic (PV) project will necessitate 275km of high-voltage cables. Shanghai Electric, China's EPC contractor for the 900MW fifth-phase solar project, has awarded the contract to Ducab HV.

TenneT Holding B.V. is a holding corporation. The Company provides power transmission and distribution services through its subsidiaries. TenneT owns and operates roughly 24,500 kilometers of high-voltage lines and cables as the Transmission System Operator (TSO) for the Netherlands and a substantial portion of Germany. 

For instance, in August 2020, TenneT Holdings awarded a contract to NKT HV cables for the fabrication and installation of DC underground and submarine cables for the BorWIn5 project in Germany. The contract calls for the production of approximately 230 kilometers of 320 kV high-voltage DC on- and offshore power cables and accessories and offshore installation by the cable-laying vessel NKT Victoria.