Canada High-voltage Direct Current (HVDC) Transmission Systems Market Size (2024 - 2029)

The Canadian HVDC transmission systems market is poised for growth, driven by factors such as the expanding renewable energy sector, rapid urbanization, and increased rural electrification. Despite challenges posed by distributed and remote power systems, the market's potential is bolstered by the dominance of HVDC underground transmission systems and the country's ambitious plans for offshore wind energy installations. The ongoing expansion of the transmission electricity grid further supports the market's development, ensuring that the medium- to long-term power transmission strategies remain unaffected by past disruptions like the COVID-19 pandemic.

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Market Size of Canada High-voltage Direct Current (HVDC) Transmission Systems Industry

Canada High Voltage Direct Current (HVDC) Transmission Systems - Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 2.00 %

Major Players

Canada High-voltage Direct Current (HVDC) Transmission Systems Market Major Players

*Disclaimer: Major Players sorted in no particular order

Canada HVDC Transmission Systems Market Analysis

The Canadian HVDC transmission systems market is expected to register a CAGR of more than 2% during the forecast period, 2022-2027. The COVID-19 pandemic did not alter the country's medium- to long-term plans for power transmission. Power transmission, which was categorized as an essential service by the Ministry of Power during the COVID-19 period, continued as a usual business in the country, with the projects for renewable energy capacity increasing by 8% in the 2019-2020 period. Factors such as the growing renewable energy sector, rapid urbanization, and increasing rural electrification are expected to drive the market during the forecast period. On the other hand, the country's growing distributed and remote power systems are likely to hinder the market growth.

  • The HVDC underground transmission system is likely to maintain its larger market share during the forecast period, making it a dominating segment in the Canadian HVDC market.
  • The country's plan to deploy 30 GW of offshore wind energy installations by 2030 is expected to create several opportunities for HVDC transmission systems, which are more efficient for offshore environments.
  • The increasing expansion of the transmission electricity grid in Canada is expected to drive the country's HVDC transmission systems market during the forecast period.

Canada HVDC Transmission Systems Industry Segmentation

The scope of the Canadian HVDC transmission systems market report includes:

Transmission Type
Submarine HVDC Transmission System
HVDC Overhead Transmission System
HVDC Underground Transmission System
Component
Converter Stations
Transmission Medium (Cables)
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Canada High-voltage Direct Current (HVDC) Transmission Systems Market Size Summary

The Canadian high-voltage direct current (HVDC) transmission systems market is poised for growth, driven by factors such as the expanding renewable energy sector, rapid urbanization, and increasing rural electrification. Despite the challenges posed by distributed and remote power systems, the market is expected to benefit from the country's commitment to deploying significant offshore wind energy installations by 2030. HVDC underground transmission systems are anticipated to maintain a dominant position due to their efficiency in offshore environments and lower long-term maintenance requirements, despite their higher initial costs and complex construction needs. The ongoing expansion of Canada's transmission electricity grid further supports the market's growth prospects.

The HVDC transmission systems offer advantages over traditional high-voltage alternating current (HVAC) systems, particularly in terms of reduced transmission losses and higher power transmission capacity, making them suitable for areas with limited land availability. The market is moderately fragmented, with key players like Hitachi Energy Ltd, Siemens Energy AG, Toshiba Corporation, General Electric Company, and Nexans SA actively participating. Notable projects, such as the Birtle transmission line and the controversial electric transmission corridor connecting Quebec hydroelectric power to the New England grid, highlight the ongoing investments and developments in the sector. These initiatives, along with federal support and strategic partnerships, are expected to drive the market forward in the coming years.

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Canada High-voltage Direct Current (HVDC) Transmission Systems Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD billion, till 2027

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 PESTLE Analysis

  2. 2. MARKET SEGMENTATION

    1. 2.1 Transmission Type

      1. 2.1.1 Submarine HVDC Transmission System

      2. 2.1.2 HVDC Overhead Transmission System

      3. 2.1.3 HVDC Underground Transmission System

    2. 2.2 Component

      1. 2.2.1 Converter Stations

      2. 2.2.2 Transmission Medium (Cables)

Canada High-voltage Direct Current (HVDC) Transmission Systems Market Size FAQs

The Canada High-voltage Direct Current (HVDC) Transmission Systems Market is projected to register a CAGR of greater than 2% during the forecast period (2024-2029)

Hitachi Energy Ltd., Toshiba Corporation, General Electric Company, Siemens Energy AG and Nexans SA are the major companies operating in the Canada High-voltage Direct Current (HVDC) Transmission Systems Market.

Canada High-voltage Direct Current (HVDC) Transmission Systems Report Snapshots

Canada High-voltage Direct Current (HVDC) Transmission Systems Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)