![High Voltage Cable Accessories Market Size High Voltage Cable Accessories Market Summary](https://s3.mordorintelligence.com/high-voltage-cable-accessories-market/high-voltage-cable-accessories-market-size-image-1735462576480.webp)
Study Period | 2020 - 2030 |
Base Year For Estimation | 2024 |
Forecast Data Period | 2025 - 2030 |
CAGR | 5.91 % |
Fastest Growing Market | Asia Pacific |
Largest Market | Asia Pacific |
Market Concentration | Medium |
Major Players![]() *Disclaimer: Major Players sorted in no particular order |
High Voltage Cables and Accessories Market Analysis
The High Voltage Cable Accessories Market is expected to register a CAGR of 5.91% during the forecast period.
The global power sector is undergoing a significant transformation driven by the increasing integration of renewable energy sources and the modernization of existing infrastructure. According to the International Energy Agency (IEA), global investment in electricity networks reached USD 285.5 billion in 2021, with projections indicating this figure needs to more than triple to USD 871 billion annually by 2050 to support net-zero trajectories. This substantial investment requirement reflects the growing complexity of power systems and the need for more sophisticated transmission and distribution networks. The integration of renewable energy sources has created new challenges for grid operators, particularly in managing variable power output and ensuring system stability.
The industry is witnessing a surge in large-scale infrastructure projects aimed at improving grid reliability and cross-border power transmission. In March 2023, NKT secured three turnkey high voltage cable accessories projects worth approximately USD 2.2 billion for the Netherlands IJmuiden Ver and Nederwiek Offshore Wind Zones, demonstrating the scale of ongoing investments. These projects involve the design, production, installation, and commissioning of about 1,700 km of 525 kV XLPE high-voltage direct current systems, highlighting the industry's move toward higher voltage levels and more efficient transmission solutions.
Grid modernization initiatives are gaining momentum across developed markets, particularly in Europe, where, according to Eurelectric, approximately one-third of the European Union's distribution network has been in operation for more than 40 years. This aging infrastructure has led to increased maintenance costs and reliability concerns, prompting utilities to invest in new technologies and equipment. The trend toward smart grid technologies and digital solutions is reshaping the high voltage cables and accessories market, with utilities focusing on improving grid flexibility, reliability, and efficiency through advanced monitoring and control systems.
The market is experiencing significant technological advancements in cable design and materials, driven by the need for higher transmission capacities and improved efficiency. Recent developments include the introduction of new insulation materials, enhanced conductor designs, and innovative joint and termination solutions. For instance, in July 2023, Saudi Arabia announced multiple HVDC transmission line projects, including a 525 kV system spanning 605 km, showcasing the industry's capability to handle increasingly complex and demanding applications. These technological improvements are enabling longer transmission distances, higher power ratings, and better performance in challenging environmental conditions, contributing to the overall evolution of power cable accessories systems.
High Voltage Cables and Accessories Market Trends
Aging Power Grids and Investments in Transmission and Distribution Infrastructure
The global power infrastructure is facing significant challenges related to aging grid systems, leading to increased grid failures, frequent blackouts, and escalating maintenance costs. According to the International Energy Agency (IEA), the total global investment spending in electricity networks stood at USD 285.5 billion in 2021, with projections indicating a need to more than triple to USD 871 billion annually in the decade preceding 2050. This substantial increase in investment requirements is driven by the critical need to replace aging equipment and expand network capacity. In Europe alone, approximately one-third of the European Union's distribution network has been in operation for more than 40 years, and by 2030, half of all distribution networks will exceed the 40-year threshold, necessitating investments between EUR 375-425 billion for modernization and expansion by the end of 2030.
The urgency to upgrade aging infrastructure is evident in recent major infrastructure projects announced in 2023. In June 2023, Minnesota Power declared an HVDC modernization project to replace the aging infrastructure at the Arrowhead Substation in Hermantown, which includes the construction of three high-voltage transmission lines to connect the new converter station to the existing power system. This project highlights the importance of the high voltage cable accessories market in ensuring the reliability and efficiency of power transmission. Similarly, in April 2023, National Grid and Linxon commenced construction on a new high-voltage substation at Bengeworth Road as part of the GBP one billion London Power Tunnels Project to rewire London, demonstrating the significant investments being made in grid infrastructure modernization. These investments are crucial as the aging power grid infrastructure is particularly vulnerable to extreme weather events such as hurricanes, heat waves, floods, wildfires, and blizzards, which can overwhelm the system and lead to widespread power outages. The integration of power cable accessories and underground cable accessories is essential in these modernization efforts to enhance grid resilience.
Segment Analysis: Location of Deployment
Underground Segment in High Voltage Cable Accessories Market
The underground cable accessories segment dominates the high voltage cable accessories market, commanding approximately 49% market share in 2024. This segment's leadership position is driven by several key factors, including increasing urbanization, a growing preference for underground power distribution in densely populated areas, and lower maintenance requirements compared to overhead lines. The segment has particularly benefited from major infrastructure modernization projects across developed economies and new underground transmission projects in emerging markets. Underground cable accessories face lower exposure to environmental factors and weather-related disruptions, making them increasingly preferred for critical power infrastructure. Additionally, the aesthetic advantages and reduced electromagnetic field emissions of underground systems have led to greater adoption in urban centers and environmentally sensitive areas.
![Market Analysis of High Voltage Cable Accessories Market: Chart for Location of Deployment](https://s3.mordorintelligence.com/high-voltage-cable-accessories-market/high-voltage-cable-accessories-market-High-Voltage-Cable-Accessories-Market-Market-Share-by-Location-of-Deployment-Segment-2024-1736965047378.webp)
Remaining Segments in Location of Deployment
The overhead and submarine segments represent significant portions of the high voltage cable accessories market, each serving distinct applications and requirements. The overhead segment maintains its importance, particularly in rural areas and long-distance transmission projects where cost-effectiveness is paramount. Overhead cable accessories benefit from easier installation and maintenance access, making them suitable for regions with lower population density. Meanwhile, the submarine segment plays a crucial role in offshore wind farm connections, cross-border power interconnections, and island power supply systems. This segment has gained increasing significance with the growing focus on offshore renewable energy projects and international power grid interconnections. Both segments continue to evolve with technological advancements in materials and design, improving their reliability and performance characteristics.
Segment Analysis: Voltage Level
High Voltage Segment in High Voltage Cable Accessories Market
The High Voltage segment dominates the global high voltage cable accessories market, commanding approximately 47% market share in 2024. This segment, which covers voltage levels between 66 kV to 220 kV, has established itself as the cornerstone of power transmission infrastructure worldwide. The segment's prominence can be attributed to its extensive application in connecting power plants to substations and substations to distribution networks. The widespread adoption of high voltage cables & accessories market in both overhead and underground transmission systems, coupled with their optimal balance of transmission capacity and cost-effectiveness, has solidified their position as the preferred choice for utilities and power companies. Additionally, the segment is experiencing robust growth, projected to maintain the highest growth rate of around 6% during 2024-2029, driven by increasing investments in grid modernization projects and the rising integration of renewable energy sources into existing power networks.
Remaining Segments in Voltage Level Segmentation
The Extra High Voltage and Ultra High Voltage segments complete the market landscape, each serving distinct roles in power transmission infrastructure. The Extra High Voltage segment, covering voltage levels from 220 kV to 765 kV, plays a crucial role in long-distance power transmission and cross-border interconnections. Meanwhile, the Ultra High Voltage segment, operating beyond 765 kV, represents the cutting edge of power transmission technology, primarily deployed in specialized projects requiring massive power transfer capabilities over extremely long distances. Both segments are witnessing increased adoption in regions with expanding power generation capacities and growing cross-border power trading activities, particularly in Asia-Pacific and Europe where major grid interconnection projects are underway.
High Voltage Cable Accessories Market Geography Segment Analysis
High Voltage Cable Accessories Market in North America
The North American high voltage cable accessories market holds approximately 21% of the global market share in 2024, establishing itself as a crucial region in the global landscape. The United States cable accessories market is primarily driven by significant investments in grid modernization initiatives, particularly through the Building a Better Grid Initiative. The United States leads the regional market with its ambitious plans to expand and modernize electricity transmission systems, supported by substantial federal funding packages. The region's focus on integrating renewable energy sources, especially wind and solar power, into the existing grid infrastructure has created sustained demand for high-voltage cable accessories. The emphasis on grid resilience against extreme weather events and the need to replace aging infrastructure continues to drive market growth. Additionally, the increasing cross-border power trade between the United States and Canada has necessitated the development of robust transmission infrastructure, further boosting the demand for high-voltage cable accessories. The region's commitment to achieving 100% clean electricity by 2035 and net-zero emissions by 2050 continues to shape the market dynamics.
![Market Analysis of High Voltage Cable Accessories Market: Forecasted Growth Rate by Region](https://s3.mordorintelligence.com/high-voltage-cable-accessories-market/high-voltage-cable-accessories-market-High-Voltage-Cable-Accessories-Market-Forecasted-Five-Year-Growth-Rate-By-Region-1736520491923.webp)
High Voltage Cable Accessories Market in Asia-Pacific
The Asia-Pacific region has demonstrated remarkable growth in the high voltage cable accessories market, recording approximately an 11% growth rate from 2019 to 2024. The market's expansion is fundamentally driven by the region's rapid industrialization and urbanization, particularly in countries like China and India. The Asia Pacific MV and HV underground cables and accessories market is undergoing significant transformation with massive investments in transmission and distribution infrastructure. China's ambitious ultra-high voltage transmission projects and India's renewable energy integration goals have created substantial opportunities for market growth. The development of new smart cities and urban areas with advanced transmission infrastructure has further accelerated market expansion. Japan's offshore wind energy development targets and the ASEAN Power Grid initiative have created additional demand vectors. The region's focus on grid modernization, coupled with increasing electricity consumption in developing economies, has established Asia-Pacific as the dominant force in the global high voltage cable accessories market.
High Voltage Cable Accessories Market in Europe
The European high voltage cable accessories market is projected to grow at approximately 6% during 2024-2029, driven by the region's aggressive transition towards renewable energy sources. The market is characterized by substantial investments in grid infrastructure modernization and cross-border interconnection projects. Germany's accelerated 'Energiewende' targets and the European Commission's interconnection target of 15% by 2030 are shaping market dynamics. The region's commitment to achieving net-zero emissions by 2050 has necessitated significant upgrades to existing transmission networks. The increasing integration of offshore wind farms, particularly in the North Sea, has created sustained demand for high-voltage cable accessories. The European Green Deal and REPowerPlan continue to drive investments in transmission infrastructure. The region's focus on reducing dependency on imported energy, particularly following recent geopolitical developments, has accelerated the deployment of renewable energy projects, consequently driving demand for high-voltage cable accessories.
High Voltage Cable Accessories Market in South America
The South American high voltage cable accessories market is experiencing significant transformation, primarily driven by Brazil's ambitious transmission infrastructure development plans. The region's heavy dependence on hydropower and increasing integration of renewable energy sources has created substantial demand for transmission infrastructure upgrades. Countries like Brazil, Argentina, and Chile are implementing various renewable energy projects and expanding their transmission networks to accommodate growing power demands. The focus on grid modernization and the development of cross-border interconnections has created new opportunities for market growth. The region's commitment to renewable energy targets, coupled with government initiatives to improve electricity access in remote areas, continues to drive market expansion. Additionally, the increasing investments in smart grid technologies and the modernization of aging infrastructure have created sustained demand for high-voltage cable accessories across the region.
High Voltage Cable Accessories Market in Middle East & Africa
The Middle East & Africa region presents significant growth opportunities in the high voltage cable accessories market, driven by extensive investments in power infrastructure development. The region's vast renewable energy potential, particularly in solar power, has created substantial demand for transmission infrastructure. Saudi Arabia's Vision 2030 initiatives and the UAE's ambitious renewable energy targets are driving market growth. The development of cross-border interconnection projects and the modernization of existing grid infrastructure have created new market opportunities. The region's focus on reducing dependency on fossil fuels through renewable energy integration has accelerated the demand for high-voltage transmission systems. The GCC cable accessories market is further boosted by the Gulf Cooperation Council Interconnection Authority's initiatives for regional grid integration. Additionally, Africa's growing focus on expanding electricity access and developing renewable energy projects has created new avenues for market expansion in the region.
High Voltage Cables and Accessories Industry Overview
Top Companies in High Voltage Cable Accessories Market
The high voltage cable accessories market is characterized by the strong presence of established players like Nexans SA, Prysmian SpA, NKT AS, TE Connectivity, and Brugg Kabel AG, who are driving innovation through advanced product development. Companies are increasingly focusing on developing environmentally sustainable solutions while expanding their manufacturing capabilities to meet the growing demand from renewable energy projects. Strategic collaborations and partnerships, particularly in offshore wind power projects, have become a key trend as companies aim to strengthen their market positions. The industry has witnessed significant investments in research and development, leading to technological advancements in areas such as XLPE cables, pre-moulded joints, and smart monitoring systems. Market leaders are also expanding their geographical presence through strategic acquisitions and establishing local manufacturing facilities to better serve regional markets and reduce delivery times.
Market Dominated by Global Technical Specialists
The cable accessories market structure is characterized by the dominance of large multinational corporations with extensive technical expertise and manufacturing capabilities. These companies typically operate integrated supply chains, from raw material procurement to final product installation and maintenance services. The market shows moderate consolidation, with the top players holding significant market share due to their established relationships with utilities and EPC contractors, technical know-how, and proven track records in delivering reliable solutions for critical infrastructure projects.
Recent years have seen increased merger and acquisition activity as companies seek to expand their product portfolios and geographical reach. Major players are acquiring regional specialists to gain access to local markets and specific technological capabilities, particularly in emerging economies. The industry also witnesses strategic partnerships between cable manufacturers and accessories providers to offer complete system solutions, creating higher entry barriers for new market entrants while strengthening the position of established players.
Innovation and Service Excellence Drive Success
For incumbent companies to maintain and expand their market share, focus needs to be placed on developing innovative solutions that address the evolving needs of the power transmission sector, particularly in renewable energy integration and smart grid applications. Success factors include maintaining strong relationships with utilities and EPC contractors, investing in research and development for next-generation products, and building comprehensive service capabilities, including installation, maintenance, and technical support. Companies must also adapt to increasing environmental regulations and sustainability requirements while maintaining cost competitiveness.
New entrants and challenger companies can gain ground by focusing on specific market niches or geographical regions where they can build specialized expertise. Success strategies include developing innovative solutions for specific applications, building a strong local presence and relationships, and offering superior technical support and faster response times. The relatively low threat of substitution products provides stability, but companies must navigate the challenges of high customer concentration in the utility sector and stringent technical requirements. Regulatory compliance, particularly in safety and environmental standards, remains a critical success factor for all market participants.
High Voltage Cables and Accessories Market Leaders
-
Nexans SA
-
Prysmian SpA
-
NKT A/S
-
TE Connectivity Ltd
-
Brugg Kabel AG
- *Disclaimer: Major Players sorted in no particular order
![High Voltage Cable Accessories Market Concentration](https://s3.mordorintelligence.com/high-voltage-cable-accessories-market/high-voltage-cable-accessories-market_1591342122033_Market_Concentration-_High_Voltage_Cable_Accessories_Market.webp)
High Voltage Cables and Accessories Market News
- In June 2023, NKT announced that it is finalizing the power cable contract for Poland's 1.2 GW Baltic Power offshore wind farm. The USD 128.3 million contract will design and produce approximately 130 kilometers of 240 kV high-voltage power cables for the Baltic Power offshore wind project. The Baltic Power offshore wind park is one of the first in Poland. The export power cables will be produced at the NKT factory in Cologne, with the anticipated commissioning of the total project in 2026. It will supply more than 1.5 million Polish households with renewable energy annually for about 25 years.
- In May 2023, NKT announced plans to build a new factory, including a third extrusion tower in Karlskrona, Sweden. The investments are navigated by increasing demand for high-voltage power cables and strong order intake. The investments will amount to about USD 1.2 billion from 2023 to 2026. The investment will strengthen NKT's market-leading position significantly by improving the company's abilities to meet the growing demand for especially long-length HVDC power cable solutions. The new factory is expected to commence operation in 2027.
High Voltage Cables and Accessories Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Scope of the Study
- 1.2 Market Definition
- 1.3 Study Assumptions
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET OVERVIEW
- 4.1 Introduction
- 4.2 Market Size and Demand Forecast in USD, till 2028
- 4.3 Recent Trends and Developments
- 4.4 Government Policies and Regulations
-
4.5 Market Dynamics
- 4.5.1 Drivers
- 4.5.1.1 Increasing Integration Of Renewable Energy Generation
- 4.5.1.2 Aging Power Grids And Investments In Transmission And Distribution Infrastructure
- 4.5.2 Restraints
- 4.5.2.1 Increasing Raw Material Prices And Investment In Distributed Renewable Energy Generation Affect The Growth
- 4.6 Supply Chain Analysis
-
4.7 Porter's Five Forces Analysis
- 4.7.1 Bargaining Power of Suppliers
- 4.7.2 Bargaining Power of Consumers
- 4.7.3 Threat of New Entrants
- 4.7.4 Threat of Substitutes Products and Services
- 4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
-
5.1 Location of Deployment
- 5.1.1 Overhead
- 5.1.2 Underground
- 5.1.3 Submarine
-
5.2 Voltage Level
- 5.2.1 High Voltage
- 5.2.2 Extra High Voltage
- 5.2.3 Ultra High Voltage
-
5.3 Geography
- 5.3.1 North America
- 5.3.2 Asia-Pacific
- 5.3.3 Europe
- 5.3.4 South America
- 5.3.5 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Strategies Adopted by Leading Players
-
6.3 Company Profiles
- 6.3.1 Nexans SA
- 6.3.2 Prysmian SpA
- 6.3.3 NKT A/S
- 6.3.4 TE Connectivity Ltd
- 6.3.5 Brugg Kabel AG
- 6.3.6 Sumitomo Electric Industries, Ltd.
- 6.3.7 LS Cable & System Limited
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Development of a Super Grid In Emerging Markets To Provide Opportunities
High Voltage Cables and Accessories Industry Segmentation
The high-voltage cable and accessories comprise cable joints, connectors to switchgear and transformers, and outdoor terminations. Cable accessories are used in power cable networks. High-voltage cables are designed to transmit electrical power at high voltage levels. These cables are typically used to transport electricity over long distances, such as from a power plant to a substation or from a substation to a distribution network. High voltage cable accessories comprise mainly the cable joints, connectors to switchgear and transformers, as well as the outdoor terminations.
The high-voltage cable and accessories market is segmented by location of deployment, voltage level, and geography. By location of deployment, the market is segmented into Overhead, Underground, and Submarine. By voltage level, the market is segmented into High Voltage, Extra High Voltage, and Ultra High Voltage. The report also covers the market size and forecasts for the high-voltage cables and accessories market across major regions. For each segment, the market sizing and forecasts have been done based on revenue (USD).
Location of Deployment | Overhead |
Underground | |
Submarine | |
Voltage Level | High Voltage |
Extra High Voltage | |
Ultra High Voltage | |
Geography | North America |
Asia-Pacific | |
Europe | |
South America | |
Middle-East and Africa |
High Voltage Cables and Accessories Market Research FAQs
What is the current High Voltage Cable Accessories Market size?
The High Voltage Cable Accessories Market is projected to register a CAGR of 5.91% during the forecast period (2025-2030)
Who are the key players in High Voltage Cable Accessories Market?
Nexans SA, Prysmian SpA, NKT A/S, TE Connectivity Ltd and Brugg Kabel AG are the major companies operating in the High Voltage Cable Accessories Market.
Which is the fastest growing region in High Voltage Cable Accessories Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2025-2030).
Which region has the biggest share in High Voltage Cable Accessories Market?
In 2025, the Asia Pacific accounts for the largest market share in High Voltage Cable Accessories Market.
What years does this High Voltage Cable Accessories Market cover?
The report covers the High Voltage Cable Accessories Market historical market size for years: 2020, 2021, 2022, 2023 and 2024. The report also forecasts the High Voltage Cable Accessories Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
Our Best Selling Reports
High Voltage Cable Accessories Market Research
Mordor Intelligence provides a comprehensive analysis of the high voltage cables and accessories market. We leverage extensive expertise in power cable accessories and related segments. Our research covers the Asia Pacific MV and HV underground cables sector, the GCC cable accessories market, and the rapidly evolving India cable accessories market. The report offers detailed insights into various components, including underground cable accessories and high voltage cable terminations. It also includes comprehensive high voltage cable size chart specifications, ensuring stakeholders have access to crucial technical data and medium voltage cable size chart references.
The report, available as an easy-to-download PDF, provides an in-depth analysis of cables and accessories market trends across multiple voltage ranges. These range from medium voltage cables and accessories to high voltage cable assemblies. Stakeholders benefit from a detailed examination of the United States cable accessories market and emerging opportunities in HV cable accessories segments. Our analysis covers crucial aspects of high voltage cables implementation, including cable accessories specifications for various applications. This ranges from standard installations to specialized high voltage underground transmission cable systems. The research provides actionable insights for manufacturers, suppliers, and end-users operating in the power cable accessories industry, supporting strategic decision-making and market expansion initiatives.