HVDC Transmission System Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of HDVC Transmission System Market
The HDVC transmission system market size was valued at USD 10.26 billion in 2023, and the market is now projected to grow from USD 10.93 billion in 2024 to USD 22.01 billion by 2032, exhibiting a CAGR of 9.14% during the forecast period of 2024-2032.
The submit-COVID-19 landscape gives a possibility for strength companies to rebound and extend, buoyed by means of government investments in essential infrastructure. With a focus on renewable strength assets and grid stability, the market is poised for growth, driven via the imperative of electricity security and economic recovery.
The adoption of Voltage Source Converter (VSC) technology is riding marketplace increase because of its reliability and advancements in High Voltage Direct Current (HVDC) transmission. Unlike Line Commutated Current (LCC) technology, VSC gives high availability and minimal downtime, leveraging mature thyristor era optimized for excessive-energy programs. Furthermore, VSC technology is environmentally friendly, without hazardous materials like mercury found in arc valves, making it a favored preference for the evolving renewable energy panorama.
The market for HVDC transmission systems is witnessing sturdy increase driven by using the growing adoption of grid interconnections to facilitate green strength transmission across regions and countries. HVDC era's capacity to transmit big volumes of energy over long distances with minimum losses makes it quintessential for integrating remote renewable power sources like offshore wind farms and far off solar installations into the grid. Enhanced voltage manages and lower transmission losses as compared to AC systems make HVDC structures pivotal for dependable renewable power transmission to population facilities. Moreover, HVDC-powered grid interconnections facilitate pass-border power buying and selling, promoting efficiency, and bolstering electricity security, supported via authority’s regulations and investments.
Comprehensive Analysis of HDVC Transmission System Market
The HDVC transmission system market growth is rising at an exponential rate due to its market segmentation. This market expansion successfully provides a detailed nearby test thinking about the dominant supply and call for forces that effect the enterprise. These segmentations are methodically segregated by type analysis, by application analysis, by technology analysis. By type analysis incudes high-power rating projects and low-power rating projects. By application analysis incudes subsea, underground, overhead, and mixed. By technology analysis incudes Voltage Source Converter (VSC) and Line Commutated Converter (LCC).
The Asia Pacific region lead the HDVC transmission system market share by benefitting a market size of USD 6.82 billion in 2023 due to strong economic growth and government-supportive policies to accelerate industrialization across the region.
The top gamers within the marketplace play a vital role inside the enterprise assuring market boom and putting market requirements. These gamers include, Hitachi Energy Ltd., Siemens, NEXANS, Toshiba Energy Systems Solutions Corporation, CHINA XD GROUP, Mitsubishi Electric Corporation, General Electric, Xu Ji Group Co. Ltd, NR Electric Co. Ltd., Prysmian Group, TBEA Co., Ltd., NKT these market players provide a level-playing competitive landscape.
In January 2023, Nexans and Super Grid Institute achieve successful transient overvoltage test for 525kV DC cable system in line with latest HVDC recommendations.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Growth Rate CAGR of 9.14% from 2024 to 2032
Unit Value (USD Billion)
Segmentation By Type, By Technology, By Application, and By Region
Segmentation By Type
High-power Rating Projects
Low-power Rating Projects
By Technology
Line Commutated Converter (LCC)
Voltage Source Converter (VSC)
By Application
Subsea
Underground
Overhead
Mixed
By Region
North America (By Type, By Application, By Technology, and by Country)
- U.S.
- Canada
Europe (By Type, By Application, By Technology, and by Country)
- Germany
- France
- U.K.
- Italy
- Russia
- Nordic Countries
- Rest of Europe
Asia Pacific (By Type, By Application, By Technology, and By Country)
- China
- Japan
- South Korea
- Southeast Asia
- India
- Australia
- Rest of Asia Pacific
Latin America (By Type, By Application, By Technology, and by Country)
- Brazil
- Mexico
- Rest of Latin America
The Middle East & Africa (By Type, By Application, By Technology, and by Country)
- Turkey
- Saudi Arabia
- UAE
Rest of the Middle East & Africa
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- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions & Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 4. Key Insights
- 4.1. Key Emerging Trends – For Major Countries
- 4.2. Latest Technological Advancement
- 4.3. Insight on Regulatory Landscape
- 4.4. Porters Five Forces Analysis
- 4.5. Impact of COVID-19 on the HVDC Transmission System Market
- 5. Global HVDC Transmission System Market (USD Billion) Analysis, Insights, and Forecast, 2019-2032
- 5.1. Key Findings
- 5.2. Market Analysis, Insights, and Forecast – By Type
- 5.2.1. High-power Rating Projects
- 5.2.2. Low-power Rating Projects
- 5.3. Market Analysis, Insights, and Forecast – By Application
- 5.3.1. Subsea
- 5.3.2. Underground
- 5.3.3. Overhead
- 5.3.4. Mixed
- 5.4. Market Analysis, Insights, and Forecast – By Technology
- 5.4.1. Line Commutated Converter (LCC)
- 5.4.2. Voltage Source Converter (VSC)
- 5.5. Market Analysis, Insights, and Forecast – By Region
- 5.5.1. North America
- 5.5.2. Europe
- 5.5.3. Asia Pacific
- 5.5.4. Latin America
- 5.5.5. Middle East & Africa
- 6. North America HVDC Transmission System Market (USD Billion) Analysis, Insights, and Forecast, 2019-2032
- 6.1. Key Findings
- 6.2. Market Analysis, Insights, and Forecast – By Type
- 6.2.1. High-power Rating Projects
- 6.2.2. Low-power Rating Projects
- 6.3. Market Analysis, Insights, and Forecast – By Application
- 6.3.1. Subsea
- 6.3.2. Underground
- 6.3.3. Overhead
- 6.3.4. Mixed
- 6.4. Market Analysis, Insights, and Forecast – By Technology
- 6.4.1. Line Commutated Converter (LCC)
- 6.4.2. Voltage Source Converter (VSC)
- 6.5. Market Analysis, Insights, and Forecast – By Country
- 6.5.1. U.S.
- 6.5.2. Canada
- 7. Europe HVDC Transmission System Market (USD Billion) Analysis, Insights, and Forecast, 2019-2032
- 7.1. Key Findings
- 7.2. Market Analysis, Insights, and Forecast – By Type
- 7.2.1. High-power Rating Projects
- 7.2.2. Low-power Rating Projects
- 7.3. Market Analysis, Insights, and Forecast – By Application
- 7.3.1. Subsea
- 7.3.2. Underground
- 7.3.3. Overhead
- 7.3.4. Mixed
- 7.4. Market Analysis, Insights, and Forecast – By Technology
- 7.4.1. Line Commutated Converter (LCC)
- 7.4.2. Voltage Source Converter (VSC)
- 7.5. Market Analysis, Insights, and Forecast – By Country
- 7.5.1. UK
- 7.5.2. Germany
- 7.5.3. France
- 7.5.4. Spain
- 7.5.5. Italy
- 7.5.6. Russia
- 7.5.7. Nordic Countries
- 7.5.8. Rest of Europe
- 8. Asia Pacific HVDC Transmission System Market (USD Billion) Analysis, Insights, and Forecast, 2019-2032
- 8.1. Key Findings
- 8.2. Market Analysis, Insights, and Forecast – By Type
- 8.2.1. High-power Rating Projects
- 8.2.2. Low-power Rating Projects
- 8.3. Market Analysis, Insights, and Forecast – By Application
- 8.3.1. Subsea
- 8.3.2. Underground
- 8.3.3. Overhead
- 8.3.4. Mixed
- 8.4. Market Analysis, Insights, and Forecast – By Technology
- 8.4.1. Line Commutated Converter (LCC)
- 8.4.2. Voltage Source Converter (VSC)
- 8.5. Market Analysis, Insights, and Forecast – By Country
- 8.5.1. China
- 8.5.2. India
- 8.5.3. Japan
- 8.5.4. South Korea
- 8.5.5. Australia
- 8.5.6. Southeast Asia
- 8.5.7. Rest of Asia Pacific
- 9. Latin America HVDC Transmission System Market (USD Billion) Analysis, Insights, and Forecast, 2019-2032
- 9.1. Key Findings
- 9.2. Market Analysis, Insights, and Forecast – By Type
- 9.2.1. High-power Rating Projects
- 9.2.2. Low-power Rating Projects
- 9.3. Market Analysis, Insights, and Forecast – By Application
- 9.3.1. Subsea
- 9.3.2. Underground
- 9.3.3. Overhead
- 9.3.4. Mixed
- 9.4. Market Analysis, Insights, and Forecast – By Technology
- 9.4.1. Line Commutated Converter (LCC)
- 9.4.2. Voltage Source Converter (VSC)
- 9.5. Market Analysis, Insights, and Forecast – By Country
- 9.5.1. Brazil
- 9.5.2. Mexico
- 9.5.3. Rest of Latin America
- 10. Middle East and Africa HVDC Transmission System Market (USD Billion) Analysis, Insights, and Forecast, 2019-2032
- 10.1. Key Findings
- 10.2. Market Analysis, Insights, and Forecast – By Type
- 10.2.1. High-power Rating Projects
- 10.2.2. Low-power Rating Projects
- 10.3. Market Analysis, Insights, and Forecast – By Application
- 10.3.1. Subsea
- 10.3.2. Underground
- 10.3.3. Overhead
- 10.3.4. Mixed
- 10.4. Market Analysis, Insights, and Forecast – By Technology
- 10.4.1. Line Commutated Converter (LCC)
- 10.4.2. Voltage Source Converter (VSC)
- 10.5. Market Analysis, Insights, and Forecast – By Country
- 10.5.1. Turkey
- 10.5.2. Saudi Arabia
- 10.5.3. UAE
- 10.5.4. Rest of Middle East and Africa
- 11. Competitive Analysis
- 11.1. Company Market Share Analysis, 2023
- 11.2. Company Profile
- 11.2.1. Hitachi Energy Ltd.
- 11.2.1.1. Business Overview
- 11.2.1.2. Product and Service Offerings
- 11.2.1.3. Recent Developments
- 11.2.1.4. Financials (Based on Availability)
- 11.2.2. Siemens
- 11.2.2.1. Business Overview
- 11.2.2.2. Product and Service Offerings
- 11.2.2.3. Recent Developments
- 11.2.2.4. Financials (Based on Availability)
- 11.2.3. NEXANS
- 11.2.3.1. Business Overview
- 11.2.3.2. Product and Service Offerings
- 11.2.3.3. Recent Developments
- 11.2.3.4. Financials (Based on Availability)
- 11.2.4. Toshiba Energy Systems Solutions Corporation
- 11.2.4.1. Business Overview
- 11.2.4.2. Product and Service Offerings
- 11.2.4.3. Recent Developments
- 11.2.4.4. Financials (Based on Availability)
- 11.2.5. CHINA XD GROUP
- 11.2.5.1. Business Overview
- 11.2.5.2. Product and Service Offerings
- 11.2.5.3. Recent Developments
- 11.2.5.4. Financials (Based on Availability)
- 11.2.6. Mitsubishi Electric Corporation
- 11.2.6.1. Business Overview
- 11.2.6.2. Product and Service Offerings
- 11.2.6.3. Recent Developments
- 11.2.6.4. Financials (Based on Availability)
- 11.2.7. General Electric
- 11.2.7.1. Business Overview
- 11.2.7.2. Product and Service Offerings
- 11.2.7.3. Recent Developments
- 11.2.7.4. Financials (Based on Availability)
- 11.2.8. Xu Ji Group Co. Ltd
- 11.2.8.1. Business Overview
- 11.2.8.2. Product and Service Offerings
- 11.2.8.3. Recent Developments
- 11.2.8.4. Financials (Based on Availability)
- 11.2.9. NR Electric Co. Ltd.
- 11.2.9.1. Business Overview
- 11.2.9.2. Product and Service Offerings
- 11.2.9.3. Recent Developments
- 11.2.9.4. Financials (Based on Availability)
- 11.2.10. Prysmian Group.
- 11.2.10.1. Business Overview
- 11.2.10.2. Product and Service Offerings
- 11.2.10.3. Recent Developments
- 11.2.10.4. Financials (Based on Availability)
- 11.2.11. TBEA Co., Ltd.
- 11.2.11.1. Business Overview
- 11.2.11.2. Product and Service Offerings
- 11.2.11.3. Recent Developments
- 11.2.11.4. Financials (Based on Availability)
- 11.2.12. NKT
- 11.2.12.1. Business Overview
- 11.2.12.2. Product and Service Offerings
- 11.2.12.3. Recent Developments
- 11.2.12.4. Financials (Based on Availability)
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