Global HVDC Transmission Market Trends and Forecast 2024-2032

Market Research Future Insights

The Global HVDC Transmission Market is estimated to be worth USD 20,990.5 Billion by 2032, registering an 8.95% CAGR during the forecast period (2024- 2032).

High Voltage Direct Current (HVDC) is applied in long-distance transmission. HVDC power transmission systems utilize DC for electricity transmission. Due to the DC (DC), HVDC systems asynchronously connect power grids therein particular areas which eliminate numerous outage-causing issues.

High voltage DC (HVDC) transmission systems are comparatively less costly for long-distance electricity transmission and produce lower electrical losses. HVDC systems facilitate the transmission of power generated from solar panels and wind plants at long distances.

The designing and developing processes of the HVDC transmission system rely on three components, the converter station at the transmission and receiving ends, the transmission medium, and the electrodes.

HVDC transmission is more affordable for considerable distance power transmission and generates lower electrical misfortunes responsible for the growth of the HVDC transmission market in the coming future. The other factor pushing the growth of the global HVDC Transmission Market is the boosting demand for cable-based transmission as opposed to transmission via overhead lines. Increasing demand for VSC (Voltage Source Converter) based high voltage direct current (VSC-HVDC) transmission systems that provide total flow control in both directions, stop fault propagation, and lower network losses are estimated to push the market.

The Global HVDC Transmission Market report provides an integrated evaluation of the market. The report provides a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that play a significant role in the market.

Key Players

• Siemens (Germany)
• Toshiba Corporation (Japan)
• ABB Group (Switzerland)
• Schneider Electric (France)
• Adani (India)
• Hitachi Energy (Japan)
• General Electric Co. (US)
• Mitsubishi Electric Corporation (Tokyo)
• Alstom (France)
• NKT A/S (Copenhagen)
• Nexans (France)

The major drivers for the growth of the HVDC transmission market include:

Optimal solutions for long-distance transmission: HVDC transmission systems offer efficient and cost-effective solutions for transmitting electricity over long distances. They have lower transmission losses compared to traditional AC transmission systems, making them ideal for transmitting power over large distances

Growing demand for VSC technology: Voltage Source Converter (VSC) technology is gaining popularity in the HVDC transmission market. VSC-based HVDC systems provide better control, stability, and flexibility compared to traditional Line Commutated Converter (LCC) systems. The increasing adoption of VSC technology is driving the growth of the HVDC transmission market

Shift toward renewable energy: The global focus on reducing greenhouse gas emissions and transitioning to renewable energy sources is driving the demand for HVDC transmission systems. HVDC technology is well-suited for transmitting power from renewable energy sources, such as offshore wind farms, to the grid. The shift toward renewable energy is a significant driver for the growth of the HVDC transmission market

Supportive government policies and initiatives: Governments around the world are implementing supportive policies and initiatives to promote the development and deployment of HVDC transmission systems. These policies include incentives, subsidies, and regulations that encourage the use of HVDC technology for efficient power transmission. The supportive government measures are contributing to the growth of the HVDC transmission market

Regional Analysis

The Global HVDC Transmission Market is divided into five regions; North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.

The HVDC Transmission Market in APAC is witnessing exponential growth in power consumption. The event of power infrastructure during this region tenders many growth opportunities for market players. These factors are estimated to fuel the HVDC Transmission Market in APAC within the coming years.

The HVDC transmission systems market in North America is projected to grow during the forecast period, due to plans to develop the offshore wind farm sector, cheap long-distance transmission costs, controllability, and low short circuit current. Due to the amplification of renewable power generation and offshore wind installations, the United States obtained the greatest market share in North America over the projection period.

Market Segmentation

The Global HVDC Transmission Market is segmented into the following types;

• Products

• AC & DC Harmonic Filters
• Converters
• DC Lines
• Circuit Breakers
• Others

• Services

• Repairs & Maintenance
• Engineering & Consulting

• Line Commutated Converters (LCC)
• Voltage Source Converters (VSC)
• Others

• Energy Transmission & Distribution
• Distributed Energy Resources (DER)
• Renewable Energy

• Overhead
• Underground
• Subsea
• Combination

• Below 1000 MW
• 1001 - 2000 MW
• Above 2000 MW