Hvdc Transmission Market
HVDC Transmission Market Forecasts to 2030 - Global Analysis By Type (Overhead, Subsea, Mixed, Underground and Other Types), Component, Project, Technology, Application, End User and By Geography
According to Stratistics MRC, the Global HVDC Transmission Market is accounted for $13.7 billion in 2024 and is expected to reach $25.9 billion by 2030 growing at a CAGR of 11.2% during the forecast period. In order to minimize energy losses and enable asynchronous power grid connections, high voltage direct current (HVDC) transmission is a technique that effectively transports electricity across vast distances. For distribution, it converts AC to DC and back again via converters. Because HVDC requires less conductors and produces less electromagnetic interference, it is advantageous for cables that are submerged and underwater. Power flow is regulated and renewable energy sources are integrated to stabilize system operations.
According to Global Wind Energy Council, the global total offshore wind accounted for 64 GW, with an annual growth rate of 14% compared to the previous year. Thus, with the increasing power generation from offshore wind, the use of the HVDC submarine power transmission system is expected to increase.
Market Dynamics:
Driver:
Increasing deployment of renewable energy
In order to minimize energy loss, HVDC technology is perfect for long-distance transmission of electricity from remote renewable sources like offshore wind farms and solar installations to urban centers. Through improved voltage management and stability, it helps to maintain grid stability and makes the seamless integration of fluctuating renewable energy sources possible. Because intermittent renewable energy generation calls for sophisticated grid management systems, this stability is essential as nations move toward cleaner energy sources.
Restraint:
Complex installation processes
Potential investors and utilities may be discouraged from implementing HVDC systems due to the substantial financial investment required for specialist equipment. Furthermore, lengthier project schedules brought on by the complexity of HVDC installations can result in higher project costs and uncertainties. Investment in HVDC developments may be further discouraged by these issues. As a result, when thinking about implementing HVDC technology, these variables must be taken into account.
Opportunity:
Growing need for interconnecting fragmented power grids
The power grid industry is greatly impacted by High Voltage Direct Current (HVDC) technology, which promotes the deployment of renewable energy sources, facilitates interconnections, and improves grid connectivity. By facilitating effective power transfer between areas with differing frequencies, HVDC technology raises system efficiency and dependability. HVDC systems offer a workable way to transfer electricity from distant generation sites to metropolitan areas, helping fragmented grids achieve sustainability goals and cut carbon emissions as they attempt to integrate renewable energy sources.
Threat:
High initial costs
Utilities may be discouraged from using HVDC solutions since HVDC systems are typically more expensive than conventional AC systems, particularly for shorter distances. Exorbitant upfront costs raise financial risk as well since they can make investors reluctant to commit to HVDC projects. Furthermore, the high capital needs might keep smaller businesses out of the HVDC market, which would limit competition and innovation, impede technological developments, and raise costs because there wouldn't be as many different competitors in the market.
Covid-19 Impact:
The COVID-19 pandemic adversely affected the HVDC transmission market by causing delays in project timelines and supply chain disruptions. Additionally, financial uncertainties prompted many utilities to postpone or scale back investments in infrastructure projects. However, as economies recover and the demand for efficient energy transmission increases, the market is expected to rebound, driven by ongoing investments in renewable energy integration and grid modernization efforts.
The overhead segment is expected to be the largest during the forecast period
The overhead segment is predicted to secure the largest market share throughout the forecast period because HVDC transmission lines are a more appealing alternative because they require less money to establish than subterranean cables. They are essential for transporting power from distant renewable energy sources to populated areas with high demand because they have a greater capacity to carry power, which enables them to carry higher amounts of electricity over longer distances.
The interconnecting grids segment is expected to have the highest CAGR during the forecast period
The interconnecting grids segment is projected to witness substantial growth during the estimation period as it enhances grid resilience and reliability in times of peak demand or emergency. Effective integration of renewable energy sources, such as offshore wind farms and solar projects, is made possible by this technology, which also helps with the shift to greener energy sources and satisfies urban energy demands. The need for HVDC solutions is being driven by this technology propelling the growth of the market.
Region with largest share:
During the projected timeframe, the North America region is expected to have the largest market share due to North America's expanding industrial sector and population, which has prompted the use of cutting-edge transmission technologies like HVDC. The integration of renewable energy projects, especially solar and wind makes HVDC essential for tying remote locations into the current electrical system.
Region with highest CAGR:
Asia Pacific is anticipated to witness the highest rate of growth during the forecast period due to rapid urbanization and industrial growth in Asia Pacific countries like China and India, HVDC technology is crucial for long-distance transmission. HVDC systems are essential as renewable energy sources like solar and wind are being included into the current grid. HVDC technology adoption is fueled by government policies and programs that support renewable energy and modernize the electrical grid.
Key players in the market
Some of the key players in HVDC Transmission Market include ABB Ltd, American Superconductor Corporation , ATCO Electric Ltd., C-EPRI Electric Power Engineering Co. Ltd, General Electric Company, Hitachi Energy, Hvdc Technologies Ltd., LS Electric Co. Ltd., Mitsubishi Electric Corporation, Nexans SA, NR Electric Co., Ltd., Prysmian Group, Siemens AG, Toshiba Corporation and Transgrid Solutions Inc.
Key Developments:
In October 2024, ABB announced that it has signed an agreement to acquire Födisch Group, a leading developer of advanced measurement and analytical solutions for the energy and industrial sectors.
In May 2024, ABB announced it has signed an agreement to acquire Siemens' Wiring Accessories business in China. The acquisition will broaden ABB’s market reach and complement its regional customer offering within smart buildings.
In April 2024, GE Aerospace announced its official launch as an independent public company defining the future of flight, following the completion of the GE Vernova spin-off. GE Aerospace will trade on the New York
Types Covered:
• Overhead
• Subsea
• Mixed
• Underground
• Other Types
Components Covered:
• Converter Stations
• Transmission Cables
• Electrodes
• Control & Protection Systems
• Reactive Power Supplies
• Other Components
Projects Covered:
• Point-to-Point Transmission
• Back-to-Back Stations
• Multi-terminal Systems
• Other Projects
Technologies Covered:
• Voltage Source Converter (VSC)
• Line Commutated Converter (LCC)
• Capacitor Commutated Converter (CCC)
• Other Technologies
Applications Covered:
• Bulk Power Transmission
• Interconnecting Grids
• In-feed Urban Areas
• Other Applications
End Users Covered:
• Electric Utilities
• Renewable Energy
• Mining & Resource Extraction
• Data Centers
• Transportation
• Cross-Border Electricity Trading
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Technology Analysis
3.7 Application Analysis
3.8 End User Analysis
3.9 Emerging Markets
3.10 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global HVDC Transmission Market, By Type
5.1 Introduction
5.2 Overhead
5.3 Subsea
5.4 Mixed
5.5 Underground
5.6 Other Types
6 Global HVDC Transmission Market, By Component
6.1 Introduction
6.2 Converter Stations
6.3 Transmission Cables
6.4 Electrodes
6.5 Control & Protection Systems
6.6 Reactive Power Supplies
6.7 Other Components
7 Global HVDC Transmission Market, By Project
7.1 Introduction
7.2 Point-to-Point Transmission
7.3 Back-to-Back Stations
7.4 Multi-terminal Systems
7.5 Other Projects
8 Global HVDC Transmission Market, By Technology
8.1 Introduction
8.2 Voltage Source Converter (VSC)
8.3 Line Commutated Converter (LCC)
8.4 Capacitor Commutated Converter (CCC)
8.5 Other Technologies
9 Global HVDC Transmission Market, By Application
9.1 Introduction
9.2 Bulk Power Transmission
9.3 Interconnecting Grids
9.4 In-feed Urban Areas
9.5 Other Applications
10 Global HVDC Transmission Market, By End User
10.1 Introduction
10.2 Electric Utilities
10.3 Renewable Energy
10.4 Mining & Resource Extraction
10.5 Data Centers
10.6 Transportation
10.7 Cross-Border Electricity Trading
10.8 Other End Users
11 Global HVDC Transmission Market, By Geography
11.1 Introduction
11.2 North America
11.2.1 US
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 Italy
11.3.4 France
11.3.5 Spain
11.3.6 Rest of Europe
11.4 Asia Pacific
11.4.1 Japan
11.4.2 China
11.4.3 India
11.4.4 Australia
11.4.5 New Zealand
11.4.6 South Korea
11.4.7 Rest of Asia Pacific
11.5 South America
11.5.1 Argentina
11.5.2 Brazil
11.5.3 Chile
11.5.4 Rest of South America
11.6 Middle East & Africa
11.6.1 Saudi Arabia
11.6.2 UAE
11.6.3 Qatar
11.6.4 South Africa
11.6.5 Rest of Middle East & Africa
12 Key Developments
12.1 Agreements, Partnerships, Collaborations and Joint Ventures
12.2 Acquisitions & Mergers
12.3 New Product Launch
12.4 Expansions
12.5 Other Key Strategies
13 Company Profiling
13.1 ABB Ltd
13.2 American Superconductor Corporation
13.3 ATCO Electric Ltd.
13.4 C-EPRI Electric Power Engineering Co. Ltd
13.5 General Electric Company
13.6 Hitachi Energy
13.7 Hvdc Technologies Ltd.
13.8 LS Electric Co. Ltd.
13.9 Mitsubishi Electric Corporation
13.10 Nexans SA
13.11 NR Electric Co., Ltd.
13.12 Prysmian Group
13.13 Siemens AG
13.14 Toshiba Corporation
13.15 Transgrid Solutions Inc.
List of Tables
1 Global HVDC Transmission Market Outlook, By Region (2022-2030) ($MN)
2 Global HVDC Transmission Market Outlook, By Type (2022-2030) ($MN)
3 Global HVDC Transmission Market Outlook, By Overhead (2022-2030) ($MN)
4 Global HVDC Transmission Market Outlook, By Subsea (2022-2030) ($MN)
5 Global HVDC Transmission Market Outlook, By Mixed (2022-2030) ($MN)
6 Global HVDC Transmission Market Outlook, By Underground (2022-2030) ($MN)
7 Global HVDC Transmission Market Outlook, By Other Types (2022-2030) ($MN)
8 Global HVDC Transmission Market Outlook, By Component (2022-2030) ($MN)
9 Global HVDC Transmission Market Outlook, By Converter Stations (2022-2030) ($MN)
10 Global HVDC Transmission Market Outlook, By Transmission Cables (2022-2030) ($MN)
11 Global HVDC Transmission Market Outlook, By Electrodes (2022-2030) ($MN)
12 Global HVDC Transmission Market Outlook, By Control & Protection Systems (2022-2030) ($MN)
13 Global HVDC Transmission Market Outlook, By Reactive Power Supplies (2022-2030) ($MN)
14 Global HVDC Transmission Market Outlook, By Other Components (2022-2030) ($MN)
15 Global HVDC Transmission Market Outlook, By Project (2022-2030) ($MN)
16 Global HVDC Transmission Market Outlook, By Point-to-Point Transmission (2022-2030) ($MN)
17 Global HVDC Transmission Market Outlook, By Back-to-Back Stations (2022-2030) ($MN)
18 Global HVDC Transmission Market Outlook, By Multi-terminal Systems (2022-2030) ($MN)
19 Global HVDC Transmission Market Outlook, By Other Projects (2022-2030) ($MN)
20 Global HVDC Transmission Market Outlook, By Technology (2022-2030) ($MN)
21 Global HVDC Transmission Market Outlook, By Voltage Source Converter (VSC) (2022-2030) ($MN)
22 Global HVDC Transmission Market Outlook, By Line Commutated Converter (LCC) (2022-2030) ($MN)
23 Global HVDC Transmission Market Outlook, By Capacitor Commutated Converter (CCC) (2022-2030) ($MN)
24 Global HVDC Transmission Market Outlook, By Other Technologies (2022-2030) ($MN)
25 Global HVDC Transmission Market Outlook, By Application (2022-2030) ($MN)
26 Global HVDC Transmission Market Outlook, By Bulk Power Transmission (2022-2030) ($MN)
27 Global HVDC Transmission Market Outlook, By Interconnecting Grids (2022-2030) ($MN)
28 Global HVDC Transmission Market Outlook, By In-feed Urban Areas (2022-2030) ($MN)
29 Global HVDC Transmission Market Outlook, By Other Applications (2022-2030) ($MN)
30 Global HVDC Transmission Market Outlook, By End User (2022-2030) ($MN)
31 Global HVDC Transmission Market Outlook, By Electric Utilities (2022-2030) ($MN)
32 Global HVDC Transmission Market Outlook, By Renewable Energy (2022-2030) ($MN)
33 Global HVDC Transmission Market Outlook, By Mining & Resource Extraction (2022-2030) ($MN)
34 Global HVDC Transmission Market Outlook, By Data Centers (2022-2030) ($MN)
35 Global HVDC Transmission Market Outlook, By Transportation (2022-2030) ($MN)
36 Global HVDC Transmission Market Outlook, By Cross-Border Electricity Trading (2022-2030) ($MN)
37 Global HVDC Transmission Market Outlook, By Other End Users (2022-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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