What Has Been High Voltage Direct Current (HVDC) Transmission System Market in Recent Years?
The high voltage direct current (hvdc) transmission system market has seen considerable growth due to a variety of factors.
• Over the past few years, the market size of the high voltage direct current (HVDC) transmission system has seen significant growth. It's projected to expand from $11.7 billion in 2024 to $12.95 billion in 2025, with a compound annual growth rate (CAGR) of 10.7%.
The surge in growth during the historic period is due to factors such as long-distance power transmission, the addition of renewable energy, the interconnection of power grids, navigation of transmission restrictions, and improved grid reliability.
What Does Future Hold for The High Voltage Direct Current (HVDC) Transmission System Market Size?
The high voltage direct current (hvdc) transmission system market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for the high voltage direct current (HVDC) transmission system is projected to experience significant growth in the upcoming years, inflating to a value of $19.27 billion by 2029, with a compound annual growth rate (CAGR) of 10.4%.
This growth during the expected period can be ascribed to factors such as the incorporation of renewable energy, innovation in smart grid infrastructure, the electrification of transportation, sustained cross-border grid interconnections, and emphasis on grid resilience and reliability. The forecast period will also see major trends such as digitization and control systems, strides in HVDC technology, integration of energy storage, grid interlinking, cross-border transmission, and further electrification of transport systems.
What Are the Critical Driver Fuelling the High Voltage Direct Current (HVDC) Transmission System Market's Growth?
Anticipated augmentation in the consumption of electricity is predicted to catapult the expansion of the high-voltage direct current (HVDC) transmission system marketplace in the future. The escalation in the consumption of electricity pertains to the amplified need for electricity by households and industrial sectors. High-voltage direct current (HVDC) transmission systems predominantly contribute in satisfying the electricity demands as they facilitate a more efficient and stable conveyance of electricity. For instance, in February 2022, according to a report published by the France-based inter-governmental organization, International Energy Agency (IEA), the global economic revival is presumed to compel an upsurge in the worldwide electricity demand by nearly 5% in 2021 and 4% in 2022. Moreover, in April 2023, as per the US-based government agency responsible for energy, Energy Information Administration, the total electricity consumption in the US saw an increase of 2.6% reaching 4.05 trillion kWh in 2022. Thus, the escalated demand for electricity is steering the expansion of the high-voltage direct current (HVDC) transmission system market.
What Is The Segmentation Of The Global High Voltage Direct Current (HVDC) Transmission System Market?
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
Subsegments:
1) By Monopolar: Single-Circuit Monopolar Systems, Monopolar Systems With Grounded Return
2) By Bipolar: Symmetrical Bipolar Systems, Asymmetrical Bipolar Systems
3) By Homopolar: Homopolar Transmission Systems Using Single Conductor
4) By Back To Back: Back-To-Back HVDC Converters For Interconnecting AC Networks, Integrated Back-To-Back Systems
5) By Multi-Terminal: Multi-Terminal DC Systems For Connecting Multiple Sources, Multi-Terminal Systems For Wind Farms Or Solar Energy Integration
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What Emerging Trends Are Shaping The High Voltage Direct Current (HVDC) Transmission System Market?
The high-voltage direct current (HVDC) transmission system market is seeing a significant trend with strategic alliances and collaborations becoming increasingly popular. Industry leaders in the HVDC transmission system market are reinforcing their market position through partnerships and collaborations. For example, Hitachi Energy Ltd., a manufacturer and developer of power transformers and substations based in Switzerland, entered a strategic collaboration with Equinor ASA in November 2022. The goal of this partnership is to create standardized base designs for high-voltage direct current (DC) and alternating current (AC) transmission systems for connecting offshore wind farms. Norway-based Equinor ASA focuses on offshore operations and the development of gas, wind, oil, and solar energy projects. Moreover, in May 2023, Hitachi Energy Ltd. entered into another strategic alliance with Pattern Energy Group LP, a US-based developer and operator of utility-scale wind and solar power facilities. Through this partnership, Pattern Energy aims to utilize and distribute the energy from the SunZia Transmission Project to regions with a high need for renewable energy. The use of Hitachi's HVDC technology will enhance the reliability and resilience of power grids.
Who Are the Key Players in the High Voltage Direct Current (HVDC) Transmission System Market?
Major companies operating in the high voltage direct current (HVDC) transmission system market include:
• 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
What are the Regional Insights into the High Voltage Direct Current (HVDC) Transmission System Market?
Europe was the largest region in the global high voltage direct current (HVDC) transmission system market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the high voltage direct current (hvdc) transmission system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
