High Voltage Cables and Accessories Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2021-2031

The Global High Voltage Cables and Accessories Market is projected to expand from a valuation of USD 37.54 Billion in 2025 to USD 55.46 Billion by 2031, reflecting a compound annual growth rate of 6.72%. This sector encompasses essential infrastructure elements, such as insulated conductors, joints, and terminations, which are engineered to efficiently transmit bulk electricity over long distances at elevated voltages. The market is principally fueled by the worldwide necessity to update antiquated transmission grids and the widespread establishment of cross-border interconnections essential for incorporating intermittent renewable energy sources. ENTSO-E’s 2025 updated system needs study highlights this urgency, identifying a requirement for an additional 88 gigawatts of cross-border transmission capacity in Europe by 2030, signifying a massive upcoming demand for high-specification cabling to meet energy transition targets.

Nevertheless, the market faces a substantial hurdle in the form of increasing bottlenecks within the manufacturing supply chain for specialized high voltage systems. Producing extra-high voltage subsea and underground cables demands specific industrial capabilities that are currently restricted by capacity limits, resulting in prolonged procurement lead times. These delays threaten to push back critical grid energization timelines and drive up overall project expenditures, posing a risk to the expansion of the market by complicating the delivery of necessary infrastructure.

Market Drivers

The surge in offshore wind transmission investments acts as a major catalyst for market expansion, requiring the widespread deployment of specialized high-voltage direct current (HVDC) subsea cables. As developers position wind farms increasingly far from coastlines to harness stronger winds, there is a heightened demand for advanced export cable systems designed to minimize transmission losses over extended distances. This necessity drives manufacturers to innovate regarding insulation technologies and subsea accessories to guarantee durability in harsh marine conditions. The Global Wind Energy Council's 'Global Offshore Wind Report 2024' from June 2024 projects that the industry will add 410 GW of new offshore wind capacity between 2024 and 2033, establishing a continuous need for robust submarine cabling infrastructure.

Additionally, the modernization of aging power grid infrastructure is a crucial driver, with utilities worldwide upgrading transmission assets to handle variable renewable energy loads and rising electrification. This process entails replacing outdated conductors and installing durable cable joints and terminations to bolster grid stability against peak demand surges. The International Energy Agency's 'World Energy Investment 2024' report from June 2024 estimates global grid investment will hit USD 400 billion in 2024, with significant funds directed toward refurbishment and digitization. This influx of capital offers concrete opportunities for suppliers, as demonstrated by Prysmian's August 2024 'Half Year Financial Report 2024', which noted a transmission segment order backlog of approximately €18 billion, reflecting the surge in infrastructure spending.

Market Challenges

A significant impediment to the growth of the Global High Voltage Cables and Accessories Market is the deepening bottleneck in the manufacturing supply chain for specialized high voltage systems. With the demand for extra-high voltage subsea and underground cables skyrocketing to satisfy energy transition mandates, manufacturers face difficulties in scaling up specialized production capacities quickly enough. This shortage of manufacturing slots has led to a critical supply-demand imbalance, compelling utilities and developers to endure significantly longer lead times. Consequently, capital-heavy infrastructure initiatives are encountering inevitable scheduling setbacks, which complicates financial planning and delays revenue generation for market stakeholders.

This rigidity in supply directly restricts market growth by physically capping the number of projects that can be energized within specific timeframes. The consequences of these logistical limitations are visible in the deployment speeds of renewable energy sectors that depend on high-specification cabling for grid connectivity. WindEurope reported in 2024 that the European wind energy sector commissioned just 6.4 gigawatts of new capacity during the first half of the year, a volume that falls short of energy security goals. Such delays demonstrate how manufacturing constraints are effectively limiting the market's realized growth, hindering the industry's ability to fully exploit the strong global demand for grid modernization.

Market Trends

A fundamental shift from overhead lines to underground cabling is transforming the land-based transmission market, spurred by the necessity to speed up permitting and reduce public resistance to new energy corridors. Transmission system operators are increasingly selecting high-voltage direct current (HVDC) underground cables for long-distance bulk power transfer, favoring project feasibility in populous areas despite the higher upfront costs compared to overhead lines. This transition is creating significant contract volumes for specialized terrestrial cable systems capable of managing high loads across great distances. For instance, NKT announced in December 2024 that it had won turnkey contracts worth roughly €1 billion to supply 525 kV HVDC underground cable systems for the LanWin7 and NordOstLink corridors, underscoring the vast capital investment in subsurface infrastructure.

Concurrently, the adoption of eco-friendly and recyclable insulation materials is becoming a pivotal trend as utilities enforce more distinct sustainability standards for grid components. Manufacturers are progressively shifting away from traditional cross-linked polyethylene (XLPE), which poses recycling challenges, toward advanced thermoplastic elastomers (HPTE) and polypropylene-based systems that are fully recyclable and have lower carbon footprints. This technological shift supports global decarbonization efforts, forcing suppliers to update their product lines to retain market presence. As noted in Prysmian's '2024 Sustainability Highlights' report from April 2025, revenue from sustainable solutions, such as the fully recyclable P-Laser technology, accounted for 43% of the company's total turnover in 2024, highlighting the rapid commercial adoption of greener insulation in the high voltage sector.

Key Players Profiled in the High Voltage Cables and Accessories Market

• Nexans S.A.
• Prysmian S.p.A.
• Sumitomo Electric Industries, Ltd.
• LS Cable & System Co., Ltd.
• General Cable Corporation
• ABB Ltd.
• Fujikura Ltd.
• Anixter International Inc.
• Legrand S.A.
• TE Connectivity Ltd.

Report Scope

In this report, the Global High Voltage Cables and Accessories Market has been segmented into the following categories:

High Voltage Cables and Accessories Market, by Installation:

• Overhead
• Submarine
• Underground

High Voltage Cables and Accessories Market, by Product Type:

• Overhead Products
• Submarine Products
• Underground Products

High Voltage Cables and Accessories Market, by Voltage:

• 72.5 kV
• 123 kV
• 145 kV
• 170 kV
• 245 kV
• 400 kV
• Above

High Voltage Cables and Accessories Market, by Region:

• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global High Voltage Cables and Accessories Market.

Available Customization

The analyst offers customization according to your specific needs. The following customization options are available for the report:

• Detailed analysis and profiling of additional market players (up to five).

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