HVDC Transmission Systems Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
The global HVDC transmission systems market size reached US$ 10.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 17.7 Billion by 2028, exhibiting a growth rate (CAGR) of 9.11% during 2023-2028.
The high voltage direct current (HVDC) transmission system relies on direct current (DC) to transmit power in long distances. It comprises a converter, rectifier, inverter, electrodes, smoothing reactors, direct current (DC) lines, harmonic filters, reactive power supplies, and alternate current (AC) circuit breakers. It is widely used in modern power transmission due to its simple constructional feature and less complexity. It provides efficient and economical transmission of power while meeting the requirements of growing load demands. In addition, it assists in transmitting bulk power while reducing power losses. Apart from this, it helps transfer power through submarine cables without voltage fluctuations.
HVDC Transmission Systems Market Trends:
The growing utilization of HVDC transmission systems for bulk power transmission, interconnecting grids, and in-feed urban areas represents one of the key factors driving the market. Besides this, there is a rise in the demand for cable-based transmission compared to overhead transmission lines across the globe. This, along with the burgeoning electrical industry, is contributing to the growth of the market. Moreover, the increasing development of smart cities to use smart technologies for managing assets and resources is offering lucrative growth opportunities to industry investors. In addition, the growing demand for cost-effective solutions for long-distance power transmission is positively influencing the market. Apart from this, there is an increase in the demand for valves and circuit breakers to break the circuit and stop the current flow when the current exceeds a predetermined value without causing damage to the circuit. This, coupled with the expansion of submarine power transmission systems, is catalyzing the demand for HVDC transmission systems. Additionally, the escalating demand for renewable sources of energy to reduce greenhouse gas emissions and air pollution is bolstering the growth of the market.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global HVDC transmission systems market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on component, transmission type, technology, project type and application.
Breakup by Component:
Converter Stations
Transmission Medium (Cables)
Breakup by Transmission Type:
Submarine HVDC Transmission System
HVDC Overhead Transmission System
HVDC Underground Transmission System
Breakup by Technology:
Capacitor Commutated Converter (CCC)
Voltage Source Converter (VSC)
Line Commutated Converter (LCC)
Breakup by Project Type:
Point-to-Point
Back-to-Back
Multi-terminal
Breakup by Application:
Bulk Power Transmission
Interconnecting Grids
Infeed Urban Areas
Breakup by Region:
North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being ABB Ltd., General Electric Company, Hitachi Ltd., LS ELECTRIC Co. Ltd., Mitsubishi Electric Corporation, Nexans S.A., NKT A/S, NR Electric Co. Ltd., Prysmian Group, Siemens AG and Toshiba Corporation.
Key Questions Answered in This Report
1. What was the size of the global HVDC transmission systems market in 2022?
2. What is the expected growth rate of the global HVDC transmission systems market during 2023-2028?
3. What are the key factors driving the global HVDC transmission systems market?
4. What has been the impact of COVID-19 on the global HVDC transmission systems market?
5. What is the breakup of the global HVDC transmission systems market based on the component?
6. What is the breakup of the global HVDC transmission systems market based on the transmission type?
7. What are the key regions in the global HVDC transmission systems market?
8. Who are the key players/companies in the global HVDC transmission systems market?
- 1 Preface
- 2 Scope and Methodology
- 2.1 Objectives of the Study
- 2.2 Stakeholders
- 2.3 Data Sources
- 2.3.1 Primary Sources
- 2.3.2 Secondary Sources
- 2.4 Market Estimation
- 2.4.1 Bottom-Up Approach
- 2.4.2 Top-Down Approach
- 2.5 Forecasting Methodology
- 3 Executive Summary
- 4 Introduction
- 4.1 Overview
- 4.2 Key Industry Trends
- 5 Global HVDC Transmission Systems Market
- 5.1 Market Overview
- 5.2 Market Performance
- 5.3 Impact of COVID-19
- 5.4 Market Forecast
- 6 Market Breakup by Component
- 6.1 Converter Stations
- 6.1.1 Market Trends
- 6.1.2 Market Forecast
- 6.2 Transmission Medium (Cables)
- 6.2.1 Market Trends
- 6.2.2 Market Forecast
- 7 Market Breakup by Transmission Type
- 7.1 Submarine HVDC Transmission System
- 7.1.1 Market Trends
- 7.1.2 Market Forecast
- 7.2 HVDC Overhead Transmission System
- 7.2.1 Market Trends
- 7.2.2 Market Forecast
- 7.3 HVDC Underground Transmission System
- 7.3.1 Market Trends
- 7.3.2 Market Forecast
- 8 Market Breakup by Technology
- 8.1 Capacitor Commutated Converter (CCC)
- 8.1.1 Market Trends
- 8.1.2 Market Forecast
- 8.2 Voltage Source Converter (VSC)
- 8.2.1 Market Trends
- 8.2.2 Market Forecast
- 8.3 Line Commutated Converter (LCC)
- 8.3.1 Market Trends
- 8.3.2 Market Forecast
- 9 Market Breakup by Project Type
- 9.1 Point-to-Point
- 9.1.1 Market Trends
- 9.1.2 Market Forecast
- 9.2 Back-to-Back
- 9.2.1 Market Trends
- 9.2.2 Market Forecast
- 9.3 Multi-terminal
- 9.3.1 Market Trends
- 9.3.2 Market Forecast
- 10 Market Breakup by Application
- 10.1 Bulk Power Transmission
- 10.1.1 Market Trends
- 10.1.2 Market Forecast
- 10.2 Interconnecting Grids
- 10.2.1 Market Trends
- 10.2.2 Market Forecast
- 10.3 Infeed Urban Areas
- 10.3.1 Market Trends
- 10.3.2 Market Forecast
- 11 Market Breakup by Region
- 11.1 North America
- 11.1.1 United States
- 11.1.1.1 Market Trends
- 11.1.1.2 Market Forecast
- 11.1.2 Canada
- 11.1.2.1 Market Trends
- 11.1.2.2 Market Forecast
- 11.2 Asia-Pacific
- 11.2.1 China
- 11.2.1.1 Market Trends
- 11.2.1.2 Market Forecast
- 11.2.2 Japan
- 11.2.2.1 Market Trends
- 11.2.2.2 Market Forecast
- 11.2.3 India
- 11.2.3.1 Market Trends
- 11.2.3.2 Market Forecast
- 11.2.4 South Korea
- 11.2.4.1 Market Trends
- 11.2.4.2 Market Forecast
- 11.2.5 Australia
- 11.2.5.1 Market Trends
- 11.2.5.2 Market Forecast
- 11.2.6 Indonesia
- 11.2.6.1 Market Trends
- 11.2.6.2 Market Forecast
- 11.2.7 Others
- 11.2.7.1 Market Trends
- 11.2.7.2 Market Forecast
- 11.3 Europe
- 11.3.1 Germany
- 11.3.1.1 Market Trends
- 11.3.1.2 Market Forecast
- 11.3.2 France
- 11.3.2.1 Market Trends
- 11.3.2.2 Market Forecast
- 11.3.3 United Kingdom
- 11.3.3.1 Market Trends
- 11.3.3.2 Market Forecast
- 11.3.4 Italy
- 11.3.4.1 Market Trends
- 11.3.4.2 Market Forecast
- 11.3.5 Spain
- 11.3.5.1 Market Trends
- 11.3.5.2 Market Forecast
- 11.3.6 Russia
- 11.3.6.1 Market Trends
- 11.3.6.2 Market Forecast
- 11.3.7 Others
- 11.3.7.1 Market Trends
- 11.3.7.2 Market Forecast
- 11.4 Latin America
- 11.4.1 Brazil
- 11.4.1.1 Market Trends
- 11.4.1.2 Market Forecast
- 11.4.2 Mexico
- 11.4.2.1 Market Trends
- 11.4.2.2 Market Forecast
- 11.4.3 Others
- 11.4.3.1 Market Trends
- 11.4.3.2 Market Forecast
- 11.5 Middle East and Africa
- 11.5.1 Market Trends
- 11.5.2 Market Breakup by Country
- 11.5.3 Market Forecast
- 12 SWOT Analysis
- 12.1 Overview
- 12.2 Strengths
- 12.3 Weaknesses
- 12.4 Opportunities
- 12.5 Threats
- 13 Value Chain Analysis
- 14 Porters Five Forces Analysis
- 14.1 Overview
- 14.2 Bargaining Power of Buyers
- 14.3 Bargaining Power of Suppliers
- 14.4 Degree of Competition
- 14.5 Threat of New Entrants
- 14.6 Threat of Substitutes
- 15 Price Analysis
- 16 Competitive Landscape
- 16.1 Market Structure
- 16.2 Key Players
- 16.3 Profiles of Key Players
- 16.3.1 ABB Ltd.
- 16.3.1.1 Company Overview
- 16.3.1.2 Product Portfolio
- 16.3.1.3 Financials
- 16.3.1.4 SWOT Analysis
- 16.3.2 General Electric Company
- 16.3.2.1 Company Overview
- 16.3.2.2 Product Portfolio
- 16.3.2.3 Financials
- 16.3.2.4 SWOT Analysis
- 16.3.3 Hitachi Ltd.
- 16.3.3.1 Company Overview
- 16.3.3.2 Product Portfolio
- 16.3.3.3 Financials
- 16.3.3.4 SWOT Analysis
- 16.3.4 LS ELECTRIC Co. Ltd.
- 16.3.4.1 Company Overview
- 16.3.4.2 Product Portfolio
- 16.3.4.3 Financials
- 16.3.4.4 SWOT Analysis
- 16.3.5 Mitsubishi Electric Corporation
- 16.3.5.1 Company Overview
- 16.3.5.2 Product Portfolio
- 16.3.5.3 Financials
- 16.3.5.4 SWOT Analysis
- 16.3.6 Nexans S.A.
- 16.3.6.1 Company Overview
- 16.3.6.2 Product Portfolio
- 16.3.6.3 Financials
- 16.3.6.4 SWOT Analysis
- 16.3.7 NKT A/S
- 16.3.7.1 Company Overview
- 16.3.7.2 Product Portfolio
- 16.3.7.3 Financials
- 16.3.8 NR Electric Co. Ltd.
- 16.3.8.1 Company Overview
- 16.3.8.2 Product Portfolio
- 16.3.9 Prysmian Group
- 16.3.9.1 Company Overview
- 16.3.9.2 Product Portfolio
- 16.3.9.3 Financials
- 16.3.9.4 SWOT Analysis
- 16.3.10 Siemens AG
- 16.3.10.1 Company Overview
- 16.3.10.2 Product Portfolio
- 16.3.10.3 Financials
- 16.3.10.4 SWOT Analysis
- 16.3.11 Toshiba Corporation
- 16.3.11.1 Company Overview
- 16.3.11.2 Product Portfolio
- 16.3.11.3 Financials
- 16.3.11.4 SWOT Analysis
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