The high voltage direct current (HVDC) transmission system market is rapidly expanding, projected to grow from $10.64 billion in 2023 to $11.89 billion in 2024, at a CAGR of 11.7%. This growth is driven by the need for long-distance power transmission and renewable energy integration. The market is expected to reach $17.73 billion by 2028, with a CAGR of 10.5%, influenced by the development of smart grid technologies and electrification of transportation.
Major Driver In The High Voltage Direct Current HVDC Transmission System Market
The escalating demand for electricity is set to drive the growth of the high-voltage direct current (HVDC) transmission system market. The increased electricity demand, reflecting the growing needs of households and industries, necessitates more efficient and stable electricity transmission systems. HVDC transmission systems play a vital role in meeting this demand, providing efficient and stable transmission. Reports from the International Energy Agency in February 2022 and the Energy Information Administration in April 2023 emphasize the global and US trends, respectively, indicating a substantial increase in electricity consumption. The rising demand for electricity establishes the HVDC transmission system market for growth in 2023, 2024, and 2028.
Request A Free Sample Of The Global High Voltage Direct Current HVDC Transmission System Market Report
High Voltage Direct Current HVDC Transmission System Market Competitive Landscape
Siemens AG, General Electric Company, Mitsubishi Electric Corporation, Schneider Electric SE, ABB Ltd, Prysmian S.p.A., TBEA Co., Ltd., Nexans SA, Toshiba Energy Systems & Solutions Corporation, China Electric Power Equipment and Technology Co., Ltd., ATCO Ltd., LS Electric Co. Ltd., Bharat Heavy Electricals Ltd., Jiangnan Group Limited, China XD Group, Hyosung Heavy Industries Corporation, XJ Electric Co., Ltd., Adani Transmission, NKT A/S, NR Electric Co. Ltd., Rongxin Power Electronic Co., Ltd., American Superconductor Corporation, Hitachi Energy, Furukawa Electric Co. Ltd., TransGrid Solutions Inc., C-EPRI Electric Power Engineering Co. Ltd., Alstom SA, TransWest Express LLC, CTC Global Corporation, VSC Technologies AG
Key High Voltage Direct Current HVDC Transmission System Market Trend
Strategic partnerships and collaborations have emerged as a key trend gaining popularity in the high-voltage direct current (HVDC) transmission system market. Key players operating in the HVDC transmission system market are focused on partnerships and collaborations to reinforce their position in the market. For instance, in November 2022, Hitachi Energy Ltd., a Switzerland-based manufacturer and developer of power transformers and substations, entered a strategic collaboration with Equinor ASA. Through this collaboration, Hitachi aims to develop standardized base designs that will be applied to high-voltage direct current (DC) and alternating current (AC) transmission systems to connect offshore wind farms. Equinor ASA is a Norway-based company focusing on offshore operations and developing gas, wind, oil, and solar energy projects. Furthermore, in May 2023, Pattern Energy Group LP, a US-based developer, and operator of utility-scale wind and solar power facilities, entered a partnership with Hitachi Energy Ltd. Through this partnership, Pattern Energy aims to harness and carry the SunZia Transmission Project's energy potential to areas with a high demand for renewable energy and using Hitachi's HVDC technology will provide the power grids with more reliability and resilience. Hitachi Energy Ltd. is a Switzerland-based manufacturer and developer of power transformers and substations.
Get The Full Global High Voltage Direct Current HVDC Transmission System Market Report
High Voltage Direct Current HVDC Transmission System Market Segmentation
The high voltage direct current (HVDC) transmission system market covered in this report is segmented –
1) By Type: Monopolar, Bipolar, Homopolar, Back To Back, Multi-Terminal
2) By Technology: Line-Commutated Converters (LCC), Voltage-Source Converters (VSC), Capacitor Commutated Converters (CCC)
3) By Capacity: Upto 400 kV, 401-800 kV, 800 kV Above
4) By Deployment: Overhead, Underground, Subsea, Combination
5) By Application: Interconnecting Grids, Infeed Urban Areas, Connecting Offshore Wind, Other Applications
By Geography:The regions covered in the high voltage direct current (hvdc) transmission system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Europe was the largest region in the global high voltage direct current (HVDC) transmission system market in 2023.
The High Voltage Direct Current HVDC Transmission System Global Market Report 2024 furnishes information about the global high voltage direct current hvdc transmission system market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
