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In 2022, the HVDC Transmission Market Size was estimated to be worth USD 10.5 billion. According to projections, the HVDC Transmission market industry will expand from USD 11.4 billion in 2023 to USD 22.0 billion by 2030, with a compound annual growth rate (CAGR) of 9.60% over the forecast period (2023 - 2030). Transmission of energy and rising demand for voltage source converter (VSC) technologies are the main market factors boosting market expansion.
Powering dense urban areas, where the sheer number of overhead wires would be an eyesore, is a perfect use for high-voltage direct current (HVDC) systems. In spite of their higher initial cost, underground electricity cables are becoming increasingly popular in densely populated areas. Often mandated by legislation for aesthetic reasons, many residential and commercial projects have their utility infrastructure buried beneath. The compound annual growth rate of the HVDC transmission industry is being propelled by the rising demand for VSC technology and power transmission. VSC-HVDC (Voltage Source Converter-based High Voltage Direct Current) is a cutting-edge technology in the High Voltage Direct Current transmission sector. It allows for efficient bidirectional flow control, boosts voltage stability, stops fault propagation, and lessens network losses. Increasing demand for voltage source converter technology is expected to contribute to the growth of this market. HVDC Plus (Siemens), MonSin (GE/Alstom), and HVDC Light (ABB) are three of the most frequently used VSC-HVDC systems in the industry.
Additionally, this technology has a number of advantages over the widely used LCC (line-commutated conversion) technology, including higher power and voltage at the same price, smaller physical size for LCC-based stations, and black start capabilities that are 20–30% larger than those of VSC–HVDC conversion stations. Because of this, the need for VSC-HVDC gearbox capability has increased. Additionally, the amount of power produced from renewable sources increased by 7% in 2020, and their share increased from 27% to 29% overall. According to estimates from the US EIA (Energy Information Administration), this percentage will be approximately 42% in the US by 2050. Due to this change's ability to integrate with the production of renewable energy, HVDC transmission applications have a tremendous promise for expansion.
However, the growth of the HVDC transmission market may be hampered by the rising percentage of distribution and off-grid electricity generation. The HVDC submarine power transmission system, however, is another option for the expansion of future power transmission networks. HVDC transmission is the only solution that can connect remote offshore facilities to main transmission lines and interconnect nations or islands that are separated by water for high power across long distances underwater. A new economic potential for HVDC technology is also provided by the expansion of offshore projects, such as offshore oil and gas upstream and wind farm developments.
Example: In February of 2022, TenneT (Netherlands) granted McDermott International (US) the largest renewable energy contract ever to develop a 980 MW HVDC for wind energy. As a result, the HVDC transmission market stands to benefit greatly from the rising adoption of renewable energy sources, which should result in greater revenue. In terms of electrical output, the HVDC transmission market in Asia and the Pacific is expanding at an unprecedented rate right now. The expansion of the region's electrical grid presents numerous business expansion possibilities. China is putting a lot of money into renewable energy and using cutting-edge UHVDC technology to transmit that electricity. Two of the longest and most powerful HVDC power transmission highways in the world are being built in China, with a combined nominal rating of 3,000 MW. The HVDC market in APAC is expected to grow due to these factors.
LCC and VSC are included in the HVDC Transmission market segmentation based on technology. With the biggest market share, the LCC segment dominated the industry. Mercury-arc valves are used in LCCs (Line-commutated converters). Wherever high capacity and efficiency are needed, these converters play a key role. On online-commutated converters (LCC), the majority of High Voltage Direct Current (HVDC) transmissions are based. However, due to its simple integration into multiport-DC systems and high reactive power control, the VSC market is anticipated to have substantial growth over the course of the projection period.
Report Coverage
Global HVDC Transmission research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global HVDC Transmission report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and HVDC Transmission competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key HVDC Transmission market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global HVDC Transmission market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, HVDC Transmission market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Toshiba Corporation (Japan), ABB Group (Switzerland), Schneider Electric (France), Adani (India), Hitachi Energy (Japan), General Electric Co. (US)
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global HVDC Transmission market based on the below-mentioned segments:
Global HVDC Transmission Market, By Technology
LCC
VSC
Global HVDC Transmission market, By Application
Underground
Asynchronous
Offshore
Global HVDC Transmission Market, By Configuration
Monopolar
Bipolar
Multi-Terminal
Back-To-Back
Global HVDC Transmission market, Regional Analysis
Powering dense urban areas, where the sheer number of overhead wires would be an eyesore, is a perfect use for high-voltage direct current (HVDC) systems. In spite of their higher initial cost, underground electricity cables are becoming increasingly popular in densely populated areas. Often mandated by legislation for aesthetic reasons, many residential and commercial projects have their utility infrastructure buried beneath. The compound annual growth rate of the HVDC transmission industry is being propelled by the rising demand for VSC technology and power transmission. VSC-HVDC (Voltage Source Converter-based High Voltage Direct Current) is a cutting-edge technology in the High Voltage Direct Current transmission sector. It allows for efficient bidirectional flow control, boosts voltage stability, stops fault propagation, and lessens network losses. Increasing demand for voltage source converter technology is expected to contribute to the growth of this market. HVDC Plus (Siemens), MonSin (GE/Alstom), and HVDC Light (ABB) are three of the most frequently used VSC-HVDC systems in the industry.
Additionally, this technology has a number of advantages over the widely used LCC (line-commutated conversion) technology, including higher power and voltage at the same price, smaller physical size for LCC-based stations, and black start capabilities that are 20–30% larger than those of VSC–HVDC conversion stations. Because of this, the need for VSC-HVDC gearbox capability has increased. Additionally, the amount of power produced from renewable sources increased by 7% in 2020, and their share increased from 27% to 29% overall. According to estimates from the US EIA (Energy Information Administration), this percentage will be approximately 42% in the US by 2050. Due to this change's ability to integrate with the production of renewable energy, HVDC transmission applications have a tremendous promise for expansion.
However, the growth of the HVDC transmission market may be hampered by the rising percentage of distribution and off-grid electricity generation. The HVDC submarine power transmission system, however, is another option for the expansion of future power transmission networks. HVDC transmission is the only solution that can connect remote offshore facilities to main transmission lines and interconnect nations or islands that are separated by water for high power across long distances underwater. A new economic potential for HVDC technology is also provided by the expansion of offshore projects, such as offshore oil and gas upstream and wind farm developments.
Example: In February of 2022, TenneT (Netherlands) granted McDermott International (US) the largest renewable energy contract ever to develop a 980 MW HVDC for wind energy. As a result, the HVDC transmission market stands to benefit greatly from the rising adoption of renewable energy sources, which should result in greater revenue. In terms of electrical output, the HVDC transmission market in Asia and the Pacific is expanding at an unprecedented rate right now. The expansion of the region's electrical grid presents numerous business expansion possibilities. China is putting a lot of money into renewable energy and using cutting-edge UHVDC technology to transmit that electricity. Two of the longest and most powerful HVDC power transmission highways in the world are being built in China, with a combined nominal rating of 3,000 MW. The HVDC market in APAC is expected to grow due to these factors.
LCC and VSC are included in the HVDC Transmission market segmentation based on technology. With the biggest market share, the LCC segment dominated the industry. Mercury-arc valves are used in LCCs (Line-commutated converters). Wherever high capacity and efficiency are needed, these converters play a key role. On online-commutated converters (LCC), the majority of High Voltage Direct Current (HVDC) transmissions are based. However, due to its simple integration into multiport-DC systems and high reactive power control, the VSC market is anticipated to have substantial growth over the course of the projection period.
Report Coverage
Global HVDC Transmission research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global HVDC Transmission report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and HVDC Transmission competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key HVDC Transmission market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Toshiba Corporation (Japan), ABB Group (Switzerland), Schneider Electric (France), Adani (India), Hitachi Energy (Japan), General Electric Co. (US) |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of HVDC Transmission Market from 2021 to 2030.
- Market Forecast for HVDC Transmission Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, HVDC Transmission competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on HVDC Transmission
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global HVDC Transmission market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, HVDC Transmission market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Toshiba Corporation (Japan), ABB Group (Switzerland), Schneider Electric (France), Adani (India), Hitachi Energy (Japan), General Electric Co. (US)
Primary Target Market
- Market Players of HVDC Transmission
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global HVDC Transmission market based on the below-mentioned segments:
Global HVDC Transmission Market, By Technology
LCC
VSC
Global HVDC Transmission market, By Application
Underground
Asynchronous
Offshore
Global HVDC Transmission Market, By Configuration
Monopolar
Bipolar
Multi-Terminal
Back-To-Back
Global HVDC Transmission market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
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