Global HVDC Transmission System Market

Global HVDC Transmission System Market Size, Share, Growth Analysis, By Component Type (Converters, DC Lines), By Power Rating (Below 500 MW, 501 MW to 999 MW), By Application(Interconnecting Grids, Bulk Power Transmission) - Industry Forecast 2023-2030


Report ID: SQMIN55A2032 | Region: North America | Published Date: February, 2024 | Pages: 157 | Tables: 94 | Figures: 76

Global HVDC Transmission System Market Insights

Global HVDC Transmission System Market size was valued at USD 9.45 billion in 2021 and is poised to grow from USD 10.27 billion in 2022 to USD 18.05 billion by 2030, growing at a CAGR of 8.4% in the forecast period (2023-2030).

In latest years, The international High Voltage Direct Current (HVDC) Transmission System marketplace has witnessed big increase in latest years, pushed through numerous key elements. HVDC generation performs a crucial role in effectively transmitting large quantities of strength over long distances, offering decrease transmission losses as compared to conventional alternating cutting-edge (AC) systems. The increasing integration of renewable strength sources, which includes wind and sun strength, has driven the demand for HVDC transmission systems. These structures are effective in transporting electricity from remote renewable power web sites to population facilities.

Governments and utilities worldwide are making an investment in the interconnection of power grids to decorate strength safety and reliability. HVDC structures facilitate the green transfer of power between grids working at extraordinary frequencies and voltages. Ongoing advancements in HVDC technology, inclusive of voltage source converters (VSC) and line-commutated converters (LCC), make a contribution to stepped forward device overall performance, more suitable manage competencies, and extended performance.

Market snapshot - (2023-2030)

Global Market Size

USD 9.45 billion

Largest Segment

Converters

Fastest Growth

DC Lines

Growth Rate

8.4% CAGR

Global HVDC Transmission System Market ($ Bn)
Country Share for Asia-Pacific Region (%)
Global HVDC Transmission System Market By Component ($ Bn)
Global HVDC Transmission System Market By Component (%)

To get more reports on the above market click here to Buy The Report

Global HVDC Transmission System Market Segmental Analysis

The global HVDC Transmission System market is segmented into four major segments i.e. by Component Type, Power Rating, Application, and region. Based on Type, it is divided into Converters, DC Lines, Filters, Others (including Ground Electrodes, Smoothing Reactors). Based on Power Rating, it is bifurcated as Below 500 MW, 501 MW to 999 MW, 1000 MW to 2000 MW, Above 2000 MW. Based on Application it is segregated into, Interconnecting Grids, Bulk Power Transmission, Offshore Power Transmission, Integration of Renewable Energy. Based on region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.

Analysis by Component

The converter generation, whether or not Line-Commutated Converter (LCC) or Voltage Source Converter (VSC), is important for the general performance of HVDC systems. Advances in converter technology, in particular in VSC HVDC, have contributed to improved controllability, reduced losses, and improved grid stability.

VSC HVDC generation has gained interest because of its advantages, which includes the capacity to govern active and reactive strength independently, better performance in susceptible AC systems, and decreased environmental impact. As renewable energy integration and offshore wind projects hold to enlarge, VSC HVDC might also experience faster boom because of its suitability for those applications.

Analysis by Application

The interconnection of power grids is a crucial application for HVDC systems. This phase is driven with the aid of the want for efficient strength change among areas or countries with different grid traits, facilitating strength buying and selling, enhancing grid stability, and enhancing energy security.

The offshore power transmission segment is probably to enjoy big boom. As offshore wind strength projects extend globally, connecting those faraway offshore sites to onshore grids will become crucial. HVDC era is nicely-suitable for long-distance submarine cable transmission, making it a favored preference for offshore wind farms.

Global HVDC Transmission System Market By Component, 2021 (%)

To get detailed analysis on other segments, Request For Sample Report

Global HVDC Transmission System Market Regional Insights

Asia-Pacific, specially international locations like China and India, has been a main participant in the HVDC marketplace. The fast industrialization, increasing energy call for, and bold renewable strength dreams in those nations make contributions to the dominance of the Asia-Pacific location. Large-scale infrastructure initiatives, such as interconnecting grids and lengthy-distance strength transmission, are common in this vicinity.

The North American location, which include America and Canada, may experience great growth. Factors contributing to this increase encompass the growth of renewable power tasks, grid modernization initiatives, and the need for green power transmission over long distances.

Global HVDC Transmission System Market By Region, (2023-2030)
  • Largest
  • Fastest

To know more about the market opportunities by region and country, click here to
Buy The Complete Report

Global HVDC Transmission System Market Dynamics

Drivers

Increasing Demand for Efficient Power Transmission

  • The growing demand for green and long-distance strength transmission. HVDC generation enables the transmission of energy over prolonged distances with lower energy losses in comparison to conventional AC systems, making it a preferred desire for interconnecting grids and transmitting strength from faraway renewable power assets. The growing integration of renewable electricity, especially from offshore wind farms, further fuels the market, as HVDC structures are nicely-appropriate for the green transportation of renewable electricity to populace centers.

Restraints

High Initial Capital Investment Required for the HVDC Infrastructure

  • One of the main marketplace restraints is the high preliminary capital funding required for the deployment of HVDC infrastructure. The enormous upfront expenses associated with converter stations, DC traces, and different components can act as a deterrent for some projects, mainly in areas with finances constraints.

Speak to one of our ABIRAW analyst for your custom requirements before the purchase of this report

Global HVDC Transmission System Market Competitive Landscape

The competitive surroundings of the HVDC Transmission System marketplace is dynamic and characterised by means of the presence of several key players vying for market proportion. The industry leaders leverage their substantial revel in and technological expertise to offer a huge range of HVDC solutions, inclusive of each Line-Commutated Converter (LCC) and Voltage Source Converter (VSC) technology. In addition to those essential gamers, there may be a growing number of rising and local gamers contributing to the market's competitiveness.

Top Player’s Company Profiles

  • ABB Ltd.
  • Siemens AG
  • Toshiba Corporation
  • Mitsubishi Electric Corporation
  • Hitachi Ltd.
  • NR Electric Co., Ltd
  • Prysmian Group
  • General Electric Company
  • C-EPRI Electric Power Engineering Co. Ltd.
  • LS Industrial Systems Co., Ltd.
  • NKT A/S
  • Nexans
  • Xuji Group
  • Abengoa
  • XD Group
  • TBEA
  • GE Grid Solution
  • State Grid Corporation of China
  • China South Grid
  • Hydro-Québec

Recent Developments

  • November 2023: Caisse de dépôt et placement du Québec (CDPQ), a Canadian pension fund, ambitions to double the dimensions of its electricity transmission commercial enterprise, Verene Energia, inside the next 5 years. Eduardo Farhat, the CEO overseeing the group's operations in Brazil, indicated that the expansion may arise thru securing new initiatives in auctions or obtaining operational assets.
  • February 2023: Mitsubishi Electric Corporation (TOKYO: 6503) declared its access right into a share transfer settlement for the complete acquisition of Scibreak AB, a Sweden-based totally employer specializing in the improvement of direct modern circuit breakers (DCCBs).

Global HVDC Transmission System Key Market Trends

  • Rising Integration Of Hvdc Systems With Renewable Energy Projects: The global HVDC Transmission System marketplace is witnessing high-quality tendencies which might be shaping its trajectory and influencing the destiny of energy transmission technology. One outstanding fashion is the growing integration of HVDC systems with renewable power tasks, especially offshore wind farms. HVDC generation proves instrumental in correctly transporting electricity generated from these faraway and often offshore locations to onshore grids.

Global HVDC Transmission System Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

Global HVDC Transmission System market analysis well-known shows a dynamic marketplace with a number of standout developments and difficulties. The marketplace is propelled with the aid of the developing demand for green lengthy-distance power transmission and the combination of renewable strength sources. High preliminary capital investment, technological complexities, and grid integration challenges act as restraints.

Voltage Source Converter (VSC) generation is gaining prominence because of its progressed controllability. Regionally, Asia-Pacific dominates the market, driven through fast urbanization and ambitious renewable energy objectives. Key trends encompass the increasing interconnection of offshore wind farms and advancements in HVDC technology, emphasizing sustainability and grid reliability.

Report Metric Details
Market size value in 2021 USD 9.45 billion
Market size value in 2030 USD 18.05 billion
Growth Rate 8.4%
Base year 2021
Forecast period (2023-2030)
Forecast Unit (Value) USD Billion
Segments covered
  • Component Type
    • Converters, DC Lines, Filters, Others (including Ground Electrodes, Smoothing Reactors)
  • Power Rating
    • Below 500 MW, 501 MW to 999 MW, 1000 MW to 2000 MW, Above 2000 MW
  • Application
    • Interconnecting Grids, Bulk Power Transmission, Offshore Power Transmission, Integration of Renewable Energy
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • ABB Ltd.
  • Siemens AG
  • Toshiba Corporation
  • Mitsubishi Electric Corporation
  • Hitachi Ltd.
  • NR Electric Co., Ltd
  • Prysmian Group
  • General Electric Company
  • C-EPRI Electric Power Engineering Co. Ltd.
  • LS Industrial Systems Co., Ltd.
  • NKT A/S
  • Nexans
  • Xuji Group
  • Abengoa
  • XD Group
  • TBEA
  • GE Grid Solution
  • State Grid Corporation of China
  • China South Grid
  • Hydro-Québec
Customization scope

Free report customization with purchase. Customization includes:-

  • Segments by type, application, etc
  • Company profile
  • Market dynamics & outlook
  • Region

To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.

Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share

Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Global HVDC Transmission System Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Global HVDC Transmission System Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Global HVDC Transmission System Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global HVDC Transmission System Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global HVDC Transmission System Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Global HVDC Transmission System Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

$5,300
BUY NOW GET SAMPLE
Want to customize this report?

Our industry expert will work with you to provide you with customized data in a short amount of time.

SPEAK TO AN ANALYST

FAQ's

Global HVDC Transmission System Market size was valued at USD 9.45 billion in 2021 and is poised to grow from USD 10.27 billion in 2022 to USD 18.05 billion by 2030, growing at a CAGR of 8.4% in the forecast period (2023-2030).

The competitive surroundings of the HVDC Transmission System marketplace is dynamic and characterised by means of the presence of several key players vying for market proportion. The industry leaders leverage their substantial revel in and technological expertise to offer a huge range of HVDC solutions, inclusive of each Line-Commutated Converter (LCC) and Voltage Source Converter (VSC) technology. In addition to those essential gamers, there may be a growing number of rising and local gamers contributing to the market's competitiveness. 'ABB Ltd.', 'Siemens AG', 'Toshiba Corporation', 'Mitsubishi Electric Corporation', 'Hitachi Ltd.', 'NR Electric Co., Ltd', 'Prysmian Group', 'General Electric Company', 'C-EPRI Electric Power Engineering Co. Ltd.', 'LS Industrial Systems Co., Ltd.', 'NKT A/S', 'Nexans', 'Xuji Group', 'Abengoa', 'XD Group', 'TBEA', 'GE Grid Solution', 'State Grid Corporation of China', 'China South Grid', 'Hydro-Québec'

The growing demand for green and long-distance strength transmission. HVDC generation enables the transmission of energy over prolonged distances with lower energy losses in comparison to conventional AC systems, making it a preferred desire for interconnecting grids and transmitting strength from faraway renewable power assets. The growing integration of renewable electricity, especially from offshore wind farms, further fuels the market, as HVDC structures are nicely-appropriate for the green transportation of renewable electricity to populace centers.

Rising Integration Of Hvdc Systems With Renewable Energy Projects: The global HVDC Transmission System marketplace is witnessing high-quality tendencies which might be shaping its trajectory and influencing the destiny of energy transmission technology. One outstanding fashion is the growing integration of HVDC systems with renewable power tasks, especially offshore wind farms. HVDC generation proves instrumental in correctly transporting electricity generated from these faraway and often offshore locations to onshore grids.

Asia-Pacific, specially international locations like China and India, has been a main participant in the HVDC marketplace. The fast industrialization, increasing energy call for, and bold renewable strength dreams in those nations make contributions to the dominance of the Asia-Pacific location. Large-scale infrastructure initiatives, such as interconnecting grids and lengthy-distance strength transmission, are common in this vicinity.

Speak With Our Analyst

Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.

logo-images

Feedback From Our Clients

Global HVDC Transmission System Market

Product ID: SQMIN55A2032

$5,300
BUY NOW GET SAMPLE