DC Electric Cable Market Size and Outlook 2031

Report Description

Forecast Period	2027-2031
Market Size (2025)	USD 124.89 Billion
CAGR (2026-2031)	5.68%
Fastest Growing Segment	Utilities & Power Grids
Largest Market	Asia Pacific
Market Size (2031)	USD 173.97 Billion

Market Overview

The Global DC Electric Cable Market will grow from USD 124.89 Billion in 2025 to USD 173.97 Billion by 2031 at a 5.68% CAGR. Direct Current (DC) electric cables are specialized transmission lines engineered to convey electricity with significantly reduced power loss over long distances, making them essential for submarine and high-voltage underground infrastructure. The primary drivers of this market include the global transition toward renewable energy, particularly the necessity to connect remote offshore wind farms to mainland networks, and the increasing demand for efficient cross-border grid interconnections. According to the International Energy Agency, in 2024, global investment in electricity grids was projected to reach USD 400 billion, reflecting a substantial commitment to infrastructure upgrades that directly supports the deployment of advanced cabling systems.

However, a significant challenge hampering broader market expansion is the substantial upfront capital expenditure required for High Voltage Direct Current (HVDC) projects, particularly the costs associated with converter stations needed to transform current for end-use. This financial barrier, coupled with the technical complexity of integrating these systems into existing alternating current networks, often delays final investment decisions and complicates project execution in price-sensitive regions.

Key Market Drivers

The rapid expansion of offshore wind energy projects acts as a primary catalyst for the DC electric cable market, as these installations necessitate efficient transmission systems to transport power from remote maritime locations to onshore grids. Direct current technology is uniquely suited for these long-distance subsea connections due to its ability to minimize electrical losses that typically occur with alternating current over extended ranges. This surge in renewable installation activity directly correlates with increased procurement of high-voltage export cables needed to integrate clean energy into national networks. According to the Global Wind Energy Council, April 2024, in the 'Global Wind Report 2024', the global wind industry installed a record 117 GW of new capacity in 2023, signaling a massive scale-up in renewable infrastructure that requires extensive cabling support.

Simultaneously, increasing investments in High Voltage Direct Current (HVDC) transmission infrastructure are significantly propelling market development, driven by the need for cross-border interconnections and robust grid modernization. Utilities are capitalizing on these systems to facilitate bulk power transfer and enhance grid stability across regions, creating substantial demand for specialized underground and subsea DC cables capable of handling gigawatt-scale loads. According to Ofgem, August 2024, in the 'Eastern Green Link 2 Decision', the regulator approved a £3.4 billion funding package for a new subsea high voltage cable link between Scotland and England, illustrating the sheer scale of capital directed toward these transmission assets. This high level of activity is further evidenced by manufacturer performance; according to Prysmian S.p.A., in 2024, the company reported a transmission order backlog of approximately €18 billion in its half-year financial results, reflecting the sustained demand for advanced cable solutions.

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Key Market Challenges

The substantial upfront capital expenditure required for High Voltage Direct Current (HVDC) projects constitutes a significant impediment to the growth of the Global DC Electric Cable Market. These infrastructure initiatives necessitate massive funding not only for the specialized transmission lines but also for the complex converter stations needed to transform electrical current for grid integration. This heavy financial burden creates a formidable barrier to entry, frequently causing utility operators and developers to delay or abandon critical cross-border interconnections and offshore wind links, particularly in price-sensitive regions where securing large-scale financing is difficult.

Consequently, this economic pressure is intensified by volatility in the global supply chain, which further inflates project budgets before construction can commence. According to the International Energy Agency, in 2024, the prices for essential grid components, specifically power cables and transformers, had nearly doubled in real terms compared to 2019 levels due to manufacturing constraints and raw material inflation. This sharp escalation in equipment costs directly affects the financial feasibility of planned developments, forcing stakeholders to postpone final investment decisions and slowing the overall momentum of grid modernization efforts required for broader market expansion.

Key Market Trends

The Widespread Adoption of Extruded XLPE Insulation Technologies is fundamentally reshaping the market, as utilities replace legacy oil-filled cables with advanced polymer materials capable of handling 525 kV ultra-high voltages. This technological shift is driven by the need for higher transmission capacity with lower environmental risks, positioning extruded cross-linked polyethylene as the new standard for continental power corridors. This industry-wide acceptance is validated by major manufacturing awards that specifically mandate this sophisticated insulation for critical infrastructure projects. According to NKT A/S, December 2024, in 'Company Announcement No. 38', the manufacturer was awarded turnkey contracts valued at approximately EUR 1 billion to supply 525 kV XLPE high-voltage direct current cable systems for TenneT’s grid expansion program, underscoring the commercial dominance of this technology.

Simultaneously, the Proliferation of DC Microgrids in Data Centers and Industrial Zones is creating a rapidly expanding demand vertical for specialized cabling infrastructure. As hyper-scale computing facilities face escalating power density requirements due to artificial intelligence workloads, operators are increasingly adopting direct current distribution architectures to eliminate conversion losses and enhance energy efficiency. This surge in sector-specific power consumption necessitates a massive scale-up in heavy-duty DC cabling to support internal grids and external connections. According to the U.S. Department of Energy, December 2024, in the '2024 Report on U.S. Data Center Energy Use', domestic data center electricity consumption is projected to reach between 325 and 580 TWh by 2028, signaling a critical requirement for robust electrical systems to manage this load growth.

Segmental Insights

The Utilities & Power Grids segment is emerging as the fastest-growing area in the Global DC Electric Cable Market driven by the urgent requirement for efficient long-distance power transmission. This expansion is largely fueled by the global shift toward renewable energy integration, specifically connecting remote offshore wind projects to mainland networks. Organizations such as the International Energy Agency emphasize the necessity of grid modernization to reduce transmission losses and meet decarbonization mandates. Consequently, major utility operators are prioritizing high-voltage direct current cabling solutions to enhance cross-border interconnectivity and ensure a stable supply of electricity.

Regional Insights

Asia Pacific commands the global DC electric cable market due to rapid industrialization and substantial investments in power infrastructure. The region creates high demand for direct current cables through the expansive deployment of renewable energy projects, particularly solar and wind farms that require efficient grid integration. Additionally, the adoption of High Voltage Direct Current technology for long-distance transmission supports market growth. Strategic initiatives by entities such as the State Grid Corporation of China further drive demand by prioritizing grid modernization and the efficient transport of electricity from remote generation sites to urban centers.

Recent Developments

In March 2025, Nexans secured a major framework agreement with the French transmission system operator RTE to supply High Voltage Direct Current (HVDC) cables for multiple offshore wind projects. Valued at over EUR 1 billion, the contract covered the design, manufacturing, and installation of 450 kilometers of subsea and 280 kilometers of onshore HVDC cables for the Centre Manche 1 & 2 and Oléron wind farms. This agreement marked a significant development in the Global DC Electric Cable Market, ensuring the resilient connection of large-scale renewable energy capacity to the power grid. The project demonstrated the increasing reliance on sophisticated DC cabling solutions to achieve national decarbonization targets.
In December 2024, NKT was selected by the transmission system operator TenneT to provide 525 kV XLPE High Voltage Direct Current (HVDC) cable systems for the LanWin7 and NordOstLink projects in Germany. These contracts, valued at approximately $1.03 billion, required the company to design, manufacture, and install extensive onshore and offshore DC cable systems. This collaboration underscored the critical role of HVDC technology in the Global DC Electric Cable Market for transporting wind energy from the North Sea to consumption centers. The award reinforced the company's leadership in delivering high-voltage solutions necessary for Europe's ambitious grid infrastructure expansion and energy transition goals.
In June 2024, LS Cable & System announced the commencement of mass production for its 525kV High Voltage Direct Current (HVDC) cables, positioning itself as one of the few manufacturers worldwide to commercialize this advanced technology. The company confirmed that these ultra-high voltage DC cables were being produced for TenneT’s 2 GW grid connection systems, specifically the BalWin4 and LanWin1 projects. This product launch represented a technological breakthrough in the Global DC Electric Cable Market, offering the highest voltage capacity among existing DC cables to enable efficient long-distance power transmission with reduced energy loss, essential for integrating offshore wind farms.
In May 2024, Sumitomo Electric Industries commenced the construction of a new subsea cable manufacturing facility in the Scottish Highlands, significantly expanding its production capabilities for the Global DC Electric Cable Market. During the groundbreaking event, the company was selected as the preferred bidder for the Shetland 2 525kV High Voltage Direct Current (HVDC) subsea power cable project. This strategic initiative, involving an investment of GBP 350 million, aimed to supply critical transmission infrastructure required to connect renewable energy sources to the national grid. The development highlighted the growing demand for high-capacity DC cables to support energy security and the transition to net-zero emissions.

Key Market Players

Prysmian Group
Nexans
ABB Ltd
NKT A/S
LS Cable & System Ltd
Sumitomo Electric Industries, Ltd
Hitachi Ltd
Furukawa Electric Co., Ltd
Mitsubishi Electric Corporation
KEI Industries Limited

By Application	By Insulation Type	By End User	By Region
Battery HVDC Transmission Solar Panels Electronic Devices	PVC XLPE HPTE Mass Impregnated Paper Mass Impregnated Polypropylene Laminate Paper	Utilities & Power Grids IT & Telecom Automotive & Transportation Electronics	North America Europe Asia Pacific South America Middle East & Africa

Report Scope:

In this report, the Global DC Electric Cable Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

DC Electric Cable Market, By Application:

Battery
HVDC Transmission
Solar Panels
Electronic Devices

DC Electric Cable Market, By Insulation Type:

PVC
XLPE
HPTE
Mass Impregnated Paper
Mass Impregnated Polypropylene Laminate Paper

DC Electric Cable Market, By End User:

Utilities & Power Grids
IT & Telecom
Automotive & Transportation
Electronics

DC Electric Cable Market, By Region:

North America

United States
Canada
Mexico

Europe

France
United Kingdom
Italy
Germany
Spain

Asia Pacific

China
India
Japan
Australia
South Korea

South America

Brazil
Argentina
Colombia

Middle East & Africa

South Africa
Saudi Arabia
UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global DC Electric Cable Market.

Available Customizations:

Global DC Electric Cable Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

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

Global DC Electric Cable Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1. Product Overview

1.1. Market Definition

1.2. Scope of the Market

1.2.1. Markets Covered

1.2.2. Years Considered for Study

1.2.3. Key Market Segmentations

2. Research Methodology

2.1. Objective of the Study

2.2. Baseline Methodology

2.3. Key Industry Partners

2.4. Major Association and Secondary Sources

2.5. Forecasting Methodology

2.6. Data Triangulation & Validation

2.7. Assumptions and Limitations

3. Executive Summary

3.1. Overview of the Market

3.2. Overview of Key Market Segmentations

3.3. Overview of Key Market Players

3.4. Overview of Key Regions/Countries

3.5. Overview of Market Drivers, Challenges, Trends

4. Voice of Customer

5. Global DC Electric Cable Market Outlook

5.1. Market Size & Forecast

5.1.1. By Value

5.2. Market Share & Forecast

5.2.1. By Application (Battery, HVDC Transmission, Solar Panels, Electronic Devices)

5.2.2. By Insulation Type (PVC, XLPE, HPTE, Mass Impregnated Paper, Mass Impregnated Polypropylene Laminate Paper)

5.2.3. By End User (Utilities & Power Grids, IT & Telecom, Automotive & Transportation, Electronics)

5.2.4. By Region

5.2.5. By Company (2025)

5.3. Market Map

6. North America DC Electric Cable Market Outlook

6.1. Market Size & Forecast

6.1.1. By Value

6.2. Market Share & Forecast

6.2.1. By Application

6.2.2. By Insulation Type

6.2.3. By End User

6.2.4. By Country

6.3. North America: Country Analysis

6.3.1. United States DC Electric Cable Market Outlook

6.3.1.1. Market Size & Forecast

6.3.1.1.1. By Value

6.3.1.2. Market Share & Forecast

6.3.1.2.1. By Application

6.3.1.2.2. By Insulation Type

6.3.1.2.3. By End User

6.3.2. Canada DC Electric Cable Market Outlook

6.3.2.1. Market Size & Forecast

6.3.2.1.1. By Value

6.3.2.2. Market Share & Forecast

6.3.2.2.1. By Application

6.3.2.2.2. By Insulation Type

6.3.2.2.3. By End User

6.3.3. Mexico DC Electric Cable Market Outlook

6.3.3.1. Market Size & Forecast

6.3.3.1.1. By Value

6.3.3.2. Market Share & Forecast

6.3.3.2.1. By Application

6.3.3.2.2. By Insulation Type

6.3.3.2.3. By End User

7. Europe DC Electric Cable Market Outlook

7.1. Market Size & Forecast

7.1.1. By Value

7.2. Market Share & Forecast

7.2.1. By Application

7.2.2. By Insulation Type

7.2.3. By End User

7.2.4. By Country

7.3. Europe: Country Analysis

7.3.1. Germany DC Electric Cable Market Outlook

7.3.1.1. Market Size & Forecast

7.3.1.1.1. By Value

7.3.1.2. Market Share & Forecast

7.3.1.2.1. By Application

7.3.1.2.2. By Insulation Type

7.3.1.2.3. By End User

7.3.2. France DC Electric Cable Market Outlook

7.3.2.1. Market Size & Forecast

7.3.2.1.1. By Value

7.3.2.2. Market Share & Forecast

7.3.2.2.1. By Application

7.3.2.2.2. By Insulation Type

7.3.2.2.3. By End User

7.3.3. United Kingdom DC Electric Cable Market Outlook

7.3.3.1. Market Size & Forecast

7.3.3.1.1. By Value

7.3.3.2. Market Share & Forecast

7.3.3.2.1. By Application

7.3.3.2.2. By Insulation Type

7.3.3.2.3. By End User

7.3.4. Italy DC Electric Cable Market Outlook

7.3.4.1. Market Size & Forecast

7.3.4.1.1. By Value

7.3.4.2. Market Share & Forecast

7.3.4.2.1. By Application

7.3.4.2.2. By Insulation Type

7.3.4.2.3. By End User

7.3.5. Spain DC Electric Cable Market Outlook

7.3.5.1. Market Size & Forecast

7.3.5.1.1. By Value

7.3.5.2. Market Share & Forecast

7.3.5.2.1. By Application

7.3.5.2.2. By Insulation Type

7.3.5.2.3. By End User

8. Asia Pacific DC Electric Cable Market Outlook

8.1. Market Size & Forecast

8.1.1. By Value

8.2. Market Share & Forecast

8.2.1. By Application

8.2.2. By Insulation Type

8.2.3. By End User

8.2.4. By Country

8.3. Asia Pacific: Country Analysis

8.3.1. China DC Electric Cable Market Outlook

8.3.1.1. Market Size & Forecast

8.3.1.1.1. By Value

8.3.1.2. Market Share & Forecast

8.3.1.2.1. By Application

8.3.1.2.2. By Insulation Type

8.3.1.2.3. By End User

8.3.2. India DC Electric Cable Market Outlook

8.3.2.1. Market Size & Forecast

8.3.2.1.1. By Value

8.3.2.2. Market Share & Forecast

8.3.2.2.1. By Application

8.3.2.2.2. By Insulation Type

8.3.2.2.3. By End User

8.3.3. Japan DC Electric Cable Market Outlook

8.3.3.1. Market Size & Forecast

8.3.3.1.1. By Value

8.3.3.2. Market Share & Forecast

8.3.3.2.1. By Application

8.3.3.2.2. By Insulation Type

8.3.3.2.3. By End User

8.3.4. South Korea DC Electric Cable Market Outlook

8.3.4.1. Market Size & Forecast

8.3.4.1.1. By Value

8.3.4.2. Market Share & Forecast

8.3.4.2.1. By Application

8.3.4.2.2. By Insulation Type

8.3.4.2.3. By End User

8.3.5. Australia DC Electric Cable Market Outlook

8.3.5.1. Market Size & Forecast

8.3.5.1.1. By Value

8.3.5.2. Market Share & Forecast

8.3.5.2.1. By Application

8.3.5.2.2. By Insulation Type

8.3.5.2.3. By End User

9. Middle East & Africa DC Electric Cable Market Outlook

9.1. Market Size & Forecast

9.1.1. By Value

9.2. Market Share & Forecast

9.2.1. By Application

9.2.2. By Insulation Type

9.2.3. By End User

9.2.4. By Country

9.3. Middle East & Africa: Country Analysis

9.3.1. Saudi Arabia DC Electric Cable Market Outlook

9.3.1.1. Market Size & Forecast

9.3.1.1.1. By Value

9.3.1.2. Market Share & Forecast

9.3.1.2.1. By Application

9.3.1.2.2. By Insulation Type

9.3.1.2.3. By End User

9.3.2. UAE DC Electric Cable Market Outlook

9.3.2.1. Market Size & Forecast

9.3.2.1.1. By Value

9.3.2.2. Market Share & Forecast

9.3.2.2.1. By Application

9.3.2.2.2. By Insulation Type

9.3.2.2.3. By End User

9.3.3. South Africa DC Electric Cable Market Outlook

9.3.3.1. Market Size & Forecast

9.3.3.1.1. By Value

9.3.3.2. Market Share & Forecast

9.3.3.2.1. By Application

9.3.3.2.2. By Insulation Type

9.3.3.2.3. By End User

10. South America DC Electric Cable Market Outlook

10.1. Market Size & Forecast

10.1.1. By Value

10.2. Market Share & Forecast

10.2.1. By Application

10.2.2. By Insulation Type

10.2.3. By End User

10.2.4. By Country

10.3. South America: Country Analysis

10.3.1. Brazil DC Electric Cable Market Outlook

10.3.1.1. Market Size & Forecast

10.3.1.1.1. By Value

10.3.1.2. Market Share & Forecast

10.3.1.2.1. By Application

10.3.1.2.2. By Insulation Type

10.3.1.2.3. By End User

10.3.2. Colombia DC Electric Cable Market Outlook

10.3.2.1. Market Size & Forecast

10.3.2.1.1. By Value

10.3.2.2. Market Share & Forecast

10.3.2.2.1. By Application

10.3.2.2.2. By Insulation Type

10.3.2.2.3. By End User

10.3.3. Argentina DC Electric Cable Market Outlook

10.3.3.1. Market Size & Forecast

10.3.3.1.1. By Value

10.3.3.2. Market Share & Forecast

10.3.3.2.1. By Application

10.3.3.2.2. By Insulation Type

10.3.3.2.3. By End User

11. Market Dynamics

11.1. Drivers

11.2. Challenges

12. Market Trends & Developments

12.1. Merger & Acquisition (If Any)

12.2. Product Launches (If Any)

12.3. Recent Developments

13. Global DC Electric Cable Market: SWOT Analysis

14. Porter's Five Forces Analysis

14.1. Competition in the Industry

14.2. Potential of New Entrants

14.3. Power of Suppliers

14.4. Power of Customers

14.5. Threat of Substitute Products

15. Competitive Landscape

15.1. Prysmian Group

15.1.1. Business Overview

15.1.2. Products & Services

15.1.3. Recent Developments

15.1.4. Key Personnel

15.1.5. SWOT Analysis

15.2. Nexans

15.3. ABB Ltd

15.4. NKT A/S

15.5. LS Cable & System Ltd

15.6. Sumitomo Electric Industries, Ltd

15.7. Hitachi Ltd

15.8. Furukawa Electric Co., Ltd

15.9. Mitsubishi Electric Corporation

15.10. KEI Industries Limited

16. Strategic Recommendations

17. About Us & Disclaimer

Report Description

Table of content

Figures and Tables

Frequently asked questions

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