Global High Voltage Direct Current (HVDC) Transmission Market, By Component (Converter Stations, Transmission Cables, Electrodes, Control and Protection and Reactive Power Supplies), Project Type (Point-To-Point Transmission, Back-To-Back Stations and Multi-terminal Systems), Technology (Capacitor Commutated Converter, Voltage Source Converter and Line Commutated Converter), Application (Bulk Power Transmission, Interconnecting Grids and In-feed Urban Areas), Power Rating (Below 500 MW, 501-1000 MW, 1001-1500 MW, 1501-2000 MW and Above 2001 MW), Voltage Rating (Less Than 350 kV, 350-640 kV, 640-800 kV and More Than 800 kV) - Industry Trends and Forecast to 2030.
High Voltage Direct Current (HVDC) Transmission Market Analysis and Size
Growth in the need for based cable-based transmission instead of overhead transmission lines, increased focus of the major players on technological advancements, and increasing application of high voltage direct current (HVDC) transmission for a wide range of applications such as bulk power transmission, interconnecting grids, and in-feed urban areas are the major factors attributable to the growth of high voltage direct current (HVDC) transmission market.
Data Bridge Market Research analyses that the global high voltage direct current (HVDC) transmission market which was USD 10.50 billion in 2022, would rocket up to USD 20.91 billion by 2030, and is expected to undergo a CAGR of 9.3 % during the forecast period.
High voltage direct current (HVDC) transmission system transmits electricity long distances. The high voltage direct current (HVDC) transmission systems are connected through the power grids that allow bulk electric power transmission. The high voltage direct current (HVDC) transmission systems use voltage between 100kV–800kV. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
High Voltage Direct Current (HVDC) Transmission Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015-2020)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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By Component (Converter Stations, Transmission Cables, Electrodes, Control and Protection and Reactive Power Supplies), Project Type (Point-To-Point Transmission, Back-To-Back Stations and Multi-terminal Systems), Technology (Capacitor Commutated Converter, Voltage Source Converter and Line Commutated Converter), Application (Bulk Power Transmission, Interconnecting Grids and In-feed Urban Areas), Power Rating (Below 500 MW, 501-1000 MW, 1001-1500 MW, 1501-2000 MW and Above 2001 MW), Voltage Rating (Less Than 350 kV, 350-640 kV, 640-800 kV and More Than 800 kV)
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Countries Covered
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U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa
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Market Players Covered
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Siemens (Germany), ABB (Switzerland), GENERAL ELECTRIC COMPANY (United States), Toshiba Energy Systems & Solutions Corporation (Japan), Mitsubishi Electric Corporation (Japan), Emerson Electric Co. (United States), Schneider Electric (France), NEXANS (France), NKT A/S (Denmark), Hitachi Ltd. (Japan), Sumitomo Electric Industries Ltd. (Japan), Prysmian S.p.A (Italy), American Superconductor (United States), LS ELECTRIC Co., Ltd. (South Korea), C-EPRI Electric Power Engineering Co. Ltd. (China), TransGrid Solutions (Australia), ATCO LTD. (Canada), Doble Engineering Company (United States), HVDC Technologies Ltd. (United Kingdom), Eltek (Norway)
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Market Opportunities
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Market Definition
In high voltage direct current (HVDC) transmission systems, electricity is converted from AC to DC at the sending end, transmitted over long distances with minimal losses, and then converted back to AC at the receiving end. This technology is used for transmitting large amounts of power over vast distances, interconnecting power grids, and integrating renewable energy sources into existing power systems. The HVDC transmission market encompasses the various components, equipment, and services required for the design, construction, and operation of HVDC transmission systems. This includes converter stations, transformers, circuit breakers, cables, control systems, and associated infrastructure.
Global High Voltage Direct Current (HVDC) Transmission Market Dynamics
Drivers
- Increasing demand for long-distance power transmission
HVDC transmission is highly efficient in transmitting electricity over long distances with minimal losses compared to traditional AC (alternating current) transmission. As the demand for energy continues to rise, particularly in regions where renewable energy sources are located far from population centers, HVDC transmission becomes crucial for efficient power delivery. The need to transmit renewable energy generated from offshore wind farms or remote solar installations is a significant driving factor in the HVDC transmission market.
- Integration of renewable energy sources
The global shift towards renewable energy sources such as wind and solar power requires efficient integration into existing power grids. HVDC transmission systems enable the integration of renewable energy sources by facilitating long-distance transmission and interconnection between different power networks. HVDC transmission provides greater flexibility in managing intermittent renewable energy generation, improving grid stability and reliability. The increasing adoption of renewable energy drives the demand for HVDC transmission infrastructure.
- Increasing Demand for Interconnection of regional power grids
Interconnecting regional power grids through HVDC transmission enables efficient power exchange and load balancing between regions or countries. This interconnection helps optimize power generation and utilization, enhances grid resilience, and promotes energy trading. HVDC transmission allows for the transfer of surplus electricity from regions with excess generation capacity to regions with higher demand, reducing the need for local power generation and enhancing overall grid efficiency.
- Increasing demand for oil and gas exploration
The global high voltage direct current (HVDC) transmission market is primarily driven by the growing demand for oil and gas exploration activities worldwide. As global energy consumption continues to rise, there is a need for exploration and extraction of hydrocarbon reserves from both conventional and unconventional sources. High voltage direct current (HVDC) transmission is crucial in ensuring the integrity and stability of oil and gas wells, protecting them from external contaminants, and maintaining wellbore stability.
Opportunity
- Focus on grid modernization and infrastructure development
As countries and regions strive to modernize their power grids and enhance energy infrastructure, HVDC transmission plays a crucial role. The aging infrastructure in many areas requires upgrades to accommodate the changing energy landscape, including integrating renewable energy sources. HVDC transmission systems enable the efficient transfer of power over long distances, making them a valuable solution for grid modernization initiatives. Governments and utility companies invest in developing HVDC transmission infrastructure to strengthen their grids, improve reliability, and support the energy transition.
Restraints/Challenges
- Increasing share of distributed and off-grid power generation
However, short circuits in AC power systems will be a restraint for the market. The increasing share of distributed and off-grid power generation will further dampen the growth rate of the market. The complexity associated with multi-terminal systems is yet again another market growth restraint.
Recent Development
- In October 2021, Siemens Energy secured a contract to supply a high-voltage direct current (HVDC) transmission system for New York’s first utility-scale offshore wind project, Sunrise Wind, in collaboration with Aker Solutions
Global High Voltage Direct Current (HVDC) Transmission Market Scope
The global high voltage direct current (HVDC) transmission market is segmented on the basis of component, project type, technology, application, power rating, and voltage rating. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Component
- Converter Stations
- Transmission Cables
- Electrodes
- Control and Protection
- Reactive Power Supplies
Project Type
- Point-To-Point Transmission
- Back-To-Back Stations
- Multi-terminal Systems
Technology
- Capacitor Commutated Converter
- Voltage Source Converter
- Line Commutated Converter
Application
- Bulk Power Transmission
- Interconnecting Grids
- In-feed Urban Areas
Power Rating
- Below 500 MW
- 501-1000 MW
- 1001-1500 MW
- 1501-2000 MW
- Above 2001 MW
Voltage Rating
- Less Than 350 Kv
- 350-640 kV
- 640-800 kV
- More Than 800 kV
Global high voltage direct current (HVDC) Transmission Market Regional Analysis/Insights
The global high voltage direct current (HVDC) transmission market is analyzed and market size, and volume information is provided by country, component, project type, technology, application, power rating, and voltage rating as referenced above.
The countries covered in the global high voltage direct current (HVDC) transmission market report are U.S., Canada, and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of the Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Asia-Pacific is expected to dominate and holds the highest growth rate in the market the global high voltage direct current (HVDC) transmission market and will continue to flourish its trend of dominance during the forecast period. This is because of the increased urbanization and construction of smart cities, especially in emerging economies. Asia-Pacific region is projected to undergo substantial during the forecast period owing to the growing industrialization and rising establishment of power plants.
The country section of the report also provides individual market-impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points like downstream and upstream value chain analysis, technical trends, and Porter’s five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Europe brands and the challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Global High Voltage Direct Current (HVDC) Transmission Market Share Analysis
The global high voltage direct current (HVDC) transmission market competitive landscape provides details of competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Europe presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the companies' focus related to the global high voltage direct current (HVDC) transmission market.
Some of the major players operating in the global high voltage direct current (HVDC) transmission market are:
- Siemens (Germany)
- ABB (Switzerland)
- GENERAL ELECTRIC COMPANY (United States)
- Toshiba Energy Systems & Solutions Corporation (Japan)
- Mitsubishi Electric Corporation (Japan)
- Emerson Electric Co. (United States)
- Schneider Electric (France)
- NEXANS (France)
- NKT A/S (Denmark)
- Hitachi Ltd. (Japan)
- Sumitomo Electric Industries Ltd. (Japan)
- Prysmian S.p.A (Italy)
- American Superconductor (United States)
- LS ELECTRIC Co., Ltd. (South Korea)
- C-EPRI Electric Power Engineering Co. Ltd. (China)
- TransGrid Solutions (Australia)
- ATCO LTD. (Canada)
- Doble Engineering Company (United States)
- HVDC Technologies Ltd. (United Kingdom)
- Eltek (Norway)
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