High Voltage Cables and Accessories Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Installation (Overhead, Submarine and Underground), By Product Type (Overhead Products, Submarine Products and Underground Products), By Voltage (72.5 kV, 123 kV, 145 kV, 170 kV, 245 kV and 400 kV and Above), By Region, By Company and By Geography, Forecast & Opportunities, 2021-2031F

Forecast Period	2027-2031
Market Size (2025)	USD 37.54 Billion
CAGR (2026-2031)	6.72%
Fastest Growing Segment	Underground
Largest Market	Asia Pacific
Market Size (2031)	USD 55.46 Billion

Market Overview

The Global High Voltage Cables and Accessories Market will grow from USD 37.54 Billion in 2025 to USD 55.46 Billion by 2031 at a 6.72% CAGR. High voltage cables and accessories constitute the critical infrastructure components, comprising insulated conductors, joints, and terminations, designed to transport bulk electricity efficiently at elevated voltages over substantial distances. The market is primarily supported by the urgent global imperative to modernize aging transmission networks and the extensive development of cross-border interconnections required to integrate intermittent renewable energy sources. According to ENTSO-E, in 2025, the updated system needs study identified a requirement for 88 gigawatts of additional cross-border transmission capacity in Europe by 2030, underscoring the immense projected demand for new high-specification cabling infrastructure to support these energy transition goals.

However, a significant challenge that could impede market expansion is the intensifying bottleneck in the manufacturing supply chain for specialized high voltage systems. The production of extra-high voltage subsea and underground cables requires specific industrial capabilities that are currently facing capacity constraints, leading to extended procurement lead times that threaten to delay critical grid energization schedules and inflate overall project costs.

Key Market Drivers

Source: google_search
1. Search Query: "Global Wind Energy Council Global Offshore Wind Report 2024 capacity forecast"
2. Search Query: "IEA World Energy Investment 2024 electricity grids investment USD"
3. Search Query: "Prysmian Group half year results 2024 transmission backlog"

Rising investments in offshore wind transmission projects act as a primary catalyst for market growth, necessitating the extensive deployment of specialized high-voltage direct current (HVDC) subsea cables. As developers establish wind farms further from shore to capture stronger wind speeds, the demand for advanced export cable systems capable of minimizing transmission losses over long distances has surged. This trend directly compels manufacturers to innovate in insulation technologies and subsea accessories to ensure reliability in harsh marine environments. According to the Global Wind Energy Council, June 2024, in the 'Global Offshore Wind Report 2024', the global industry is projected to add 410 GW of new offshore wind capacity between 2024 and 2033, creating a sustained requirement for heavy-duty submarine cabling infrastructure.

Modernization of aging power grid infrastructure serves as the second pivotal driver, as utilities globally upgrade transmission assets to accommodate variable renewable energy loads and increased electrification. This overhaul involves replacing obsolete conductors and installing resilient cable joints and terminations to enhance grid stability against peak demand fluctuations. According to the International Energy Agency, June 2024, in the 'World Energy Investment 2024' report, global investment in electricity grids is projected to reach USD 400 billion in 2024, with a significant portion allocated to refurbishment and digital integration. This investment creates tangible opportunities for cable suppliers, evidenced by the fact that, according to Prysmian, August 2024, in the 'Half Year Financial Report 2024', the company's transmission segment order backlog stood at approximately €18 billion, reflecting this surge in infrastructure spending.

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Key Market Challenges

The intensifying bottleneck in the manufacturing supply chain for specialized high voltage systems presents a substantial barrier to the growth of the Global High Voltage Cables and Accessories Market. As urgent demand for extra-high voltage subsea and underground cables surges to meet energy transition goals, manufacturers are struggling to expand specialized production capacity at a commensurate pace. This scarcity of available manufacturing slots has created a severe imbalance between supply and demand, forcing utilities and developers to accept drastically extended lead times. Consequently, capital-intensive infrastructure projects are facing unavoidable scheduling delays, which disrupts financial planning and defers the revenue realization for market participants.

This supply rigidity is directly dampening market expansion by physically limiting the volume of projects that can be energized within a given timeframe. The impact of these logistical constraints is evident in the deployment rates of renewable energy sectors that rely heavily on high-specification cabling for grid connection. According to WindEurope, in 2024, the European wind energy sector commissioned only 6.4 gigawatts of new capacity in the first half of the year, a figure that remains insufficient to meet established energy security targets. Such deployment lags illustrate how manufacturing constraints are effectively capping the market's actualized growth, preventing the industry from fully capitalizing on the robust global demand for grid modernization.

Key Market Trends

The transition from overhead lines to underground cabling systems is fundamentally reshaping the land-based transmission market, driven by the need to accelerate permitting processes and mitigate public opposition to new energy corridors. Transmission system operators are increasingly opting for high-voltage direct current (HVDC) underground cables for long-distance bulk power transport, prioritizing project feasibility in densely populated regions over the lower initial costs of overhead lines. This shift is generating substantial contract volumes for specialized terrestrial cable systems designed to handle high loads over vast distances. According to NKT, December 2024, in the company announcement 'NKT awarded two high-voltage projects', the manufacturer secured turnkey contracts valued at approximately €1 billion to deliver 525 kV HVDC underground cable systems for the LanWin7 and NordOstLink corridors, confirming the massive scale of capital flowing into these subsurface infrastructure projects.

Simultaneously, the development of eco-friendly and recyclable insulation materials is emerging as a critical trend as utilities mandate stricter sustainability criteria for grid components. Manufacturers are actively replacing traditional cross-linked polyethylene (XLPE), which is difficult to recycle, with advanced thermoplastic elastomers (HPTE) and polypropylene-based systems that offer full recyclability and significantly reduced carbon footprints during production. This technological evolution aligns with global decarbonization strategies, compelling suppliers to innovate their product portfolios to maintain market share. According to Prysmian, April 2025, in the '2024 Sustainability Highlights' report, the company's revenue from sustainable solutions, including its fully recyclable P-Laser cable technology, reached 43% of total turnover in 2024, illustrating the rapid commercial uptake of greener insulation alternatives in the high voltage sector.

Segmental Insights

The Underground segment is currently positioned as the fastest-growing category within the global high voltage cables and accessories market. This expansion is primarily driven by increasing urbanization and the critical need for reliable power transmission in densely populated regions where space for overhead lines is limited. Additionally, regulatory initiatives aimed at grid modernization and environmental preservation are encouraging the adoption of buried infrastructure to minimize visual impact and weather-related disruptions. Consequently, major utility providers are prioritizing underground cabling solutions to ensure stable energy distribution while complying with stringent land-use policies.

Regional Insights

Asia Pacific holds the leading position in the Global High Voltage Cables and Accessories Market, primarily driven by rapid industrialization and surging electricity consumption in developing economies like China and India. The region's dominance is sustained by extensive investments in grid modernization and the large-scale integration of renewable energy sources, including offshore wind and solar projects. Significant infrastructure efforts, such as the ultra-high voltage transmission networks spearheaded by the State Grid Corporation of China, illustrate the strategic focus on connecting remote energy generation with urban demand centers, cementing the region's status as the central hub for market expansion.

Recent Developments

• In November 2025, LS Cable & System officially began the construction of the East Coast-Singapyeong high-voltage direct current project, which utilized the world’s first commercial 500 kV HVDC cable. The new cable technology featured an allowable conductor temperature of 90 degrees Celsius, a significant increase from the standard 70 degrees, allowing for a 50 percent boost in transmission capacity. This breakthrough commercial application was highlighted as a critical development for stabilizing the national power grid and efficiently transmitting electricity generated on the east coast to the metropolitan area, setting a new benchmark in the industry.
• In January 2025, Nexans secured a major project agreement valued at €1 billion under a framework with the transmission system operator TenneT. The contract encompassed the engineering, procurement, construction, and installation of 250 kilometers of 525 kV high-voltage direct current onshore and offshore export cable systems for the LanWin 2 offshore grid connection. This project was part of a broader program to connect wind energy from the German North Sea to the mainland. The award highlighted the company's continued strategic collaboration to develop the critical infrastructure required for Europe's shift toward sustainable energy sources.
• In May 2024, Sumitomo Electric Industries commenced the construction of a new subsea transmission cable factory in the Scottish Highlands. The facility, representing a significant investment in the region, was designed to manufacture high-voltage direct current cables to support the reinforcement of the UK electricity grid and the connection of renewable energy sources. During the groundbreaking ceremony, the company was also announced as the preferred bidder for the Shetland 2 project, a major subsea link intended to transport renewable electricity between the Shetland Islands and the British mainland, further establishing its presence in the European market.
• In March 2024, NKT secured contracts valued at approximately €1.2 billion from the German transmission system operator, Amprion, for the supply of high-voltage cable systems. The agreement focused on the delivery of high-voltage alternating current and direct current onshore power cables to support major grid expansion initiatives. Specifically, the company was tasked with providing 525 kV high-voltage direct current power cables for the Korridor-B V48 project and additional cable systems for the Rheinquerung project. These infrastructure developments were identified as pivotal to Germany’s energy transition, aiming to efficiently transport renewable power from wind farms in the north to consumption centers.

Key Market Players

• 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.

By Installation	By Product Type	By Voltage	By Region
Overhead Submarine and Underground	Overhead Products Submarine Products and Underground Products	72.5 kV 123 kV 145 kV 170 kV 245 kV and 400 kV and Above	North America Europe Asia Pacific South America Middle East & Africa

Report Scope:

In this report, the Global High Voltage Cables and Accessories Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

• High Voltage Cables and Accessories Market, By Installation:

• Overhead
• Submarine and Underground

• High Voltage Cables and Accessories Market, By Product Type:

• Overhead Products
• Submarine Products and Underground Products

• High Voltage Cables and Accessories Market, By Voltage:

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

• High Voltage Cables and Accessories 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