Global HVDC Transmission Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global HVDC Transmission Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

HVDC Transmission System uses direct current for the bulk transmission of electrical power, in contrast with the more common alternating current (AC) systems. For long-distance transmission, HVDC systems may be less expensive and suffer lower electrical losses. For underwater power cables, HVDC avoids the heavy currents required to charge and discharge the cable capacitance each cycle. For shorter distances, the higher cost of DC conversion equipment compared to an AC system may still be justified, due to other benefits of direct current links.

The increasing demand for cost-effective solutions for long distance power transmission and integration of VSC technology across grids to enable system security are the major factors that drives the HVDC transmission system market.

Market Overview:

The latest research study on the global HVDC Transmission market finds that the global HVDC Transmission market reached a value of USD 9083.64 million in 2022. It’s expected that the market will achieve USD 11985.37 million by 2028, exhibiting a CAGR of 4.73% during the forecast period.

Market Challenges

HVDC transmission systems require the installation of various components, such as converters, smoothing reactors, and harmonic filters, to reduce or absorb the harmonics that are produced during the transmission process. These components, which are costly, add to the already high cost of installation. High installation cost of HVDC transmission systems is thus estimated to be a prime factor hampering the growth of the market over the forecast period. Moreover, HVDC transmission systems require expensive conversion stations and spare parts for maintenance, which is also expected to challenge the growth of the global HVDC transmission systems market during the forecast period.

Region Overview:

From 2023-2028, Asia Pacific is estimated to witness robust growth prospects.

Company Overview:

The top three companies are ABB, Siemens and Toshiba with the revenue market share of 44.68%, 25.34% and 3.79% in 2018.

ABB is a pioneering technology leader with a comprehensive offering for digital industries. With a history of innovation spanning more than 130 years, ABB is today a leader in digital industries with four customer-focused, globally leading businesses: Electrification, Industrial Automation, Motion, and Robotics & Discrete Automation, supported by its common ABB Ability™ digital platform. ABB's market-leading Power Grids business will be divested to Hitachi in 2020. ABB operates in more than 100 countries with about 147,000 employees.

Siemens AG is the world's leading technology company, and has been committed to excellence in engineering, innovation, quality, reliability and international development for 170 years. The company's operations span the globe, with a focus on electrification, automation and digital. As one of the world's largest providers of energy efficient and resource efficient technologies, Siemens is a leader in high efficiency power generation and transmission solutions, infrastructure solutions, industrial automation, drive and software solutions. The company is also a leading provider of imaging diagnostic equipment such as computed tomography and magnetic resonance imaging systems, as well as laboratory diagnostics and clinical IT.

Segmentation Overview:

Among different product types, Low-Power Rating Projects segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the Overhead Transmission segment occupied the biggest share from 2018 to 2022.

Key Companies in the global HVDC Transmission market covered in Chapter 3:

Toshiba
Siemens
Mitsubishi Electric
NKT
XD Group
GE Grid Solution
Nexans
Prysmian Group
Hitachi
TBEA
ABB
NR Electric
Xuji Group

In Chapter 4 and Chapter 14.2, on the basis of types, the HVDC Transmission market from 2018 to 2029 is primarily split into:

High-Power Rating Projects
Low-Power Rating Projects

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the HVDC Transmission market from 2018 to 2029 covers:

Overhead Transmission
Underground Transmission
Subsea Transmission

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)