Europe High-Voltage Direct Current (HVDC) Transmission Systems Market Size (2024 - 2029)

The Europe high-voltage direct current (HVDC) transmission systems market is poised for growth, driven by the expansion of utility-scale renewable energy plants and a transition away from fossil fuels. Despite temporary disruptions due to the COVID-19 pandemic, which affected equipment availability and investment levels, the market is expected to benefit from the increasing development of submarine power transmission systems, particularly in offshore regions with high wind potential. However, the rise of distributed and off-grid power generation may limit the demand for HVDC systems. The United Kingdom is anticipated to experience significant growth within this market during the forecast period.

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Market Size of Europe High-Voltage Direct Current (HVDC) Transmission Systems Industry

Europe High-Voltage Direct Current (HVDC) Transmission Systems Market - Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 8.00 %
Market Concentration Medium

Major Players

Europe High-Voltage Direct Current (HVDC) Transmission Systems Market Major Players

*Disclaimer: Major Players sorted in no particular order

Europe High-Voltage Direct Current (HVDC) Transmission Systems Market Analysis

The Europe high-voltage direct current (HVDC) transmission systems market is likely to register a CAGR of more than 8% during the forecast period, 2022-2027. The COVID-19 pandemic disrupted the market temporarily by causing a shortage of equipment due to the closure of manufacturing facilities. The market saw a decline in investments due to lesser discretionary spending. Factors such as the growth of utility-scale renewable energy plants and the shift away from fossil fuels are likely to drive the market as the HVDC transmission system helps to transmit electricity from remote renewable power plants over a long distance without much energy loss than the HVAC system. However, with the increasing share of distributed and off-grid power generation, the need and, in turn, the demand for HVDC transmission systems is expected to be reduced, thus restraining the market growth during the forecast period.

  • The submarine HVDC transmission system type is expected to hold the largest share in the market, owing to the increasing development of submarine power transmission systems across the region.
  • The offshore region of Europe has significant wind potential, which is evident from the already installed capacity. More offshore wind farms are expected to come up in the future to lower emissions, which is expected to provide immense opportunities to the market players involved in the HVDC transmission systems market.
  • The United Kingdom is expected to grow significantly in the European HVDC transmission systems market during the forecast period.

Europe High-Voltage Direct Current (HVDC) Transmission Systems Industry Segmentation

The European high-voltage direct current (HVDC) transmission systems market report includes:

Transmission Type
Submarine HVDC Transmission System
HVDC Ovehead Transmission System
HVDC Underground Transmission System
Component
Converter Stations
Transmission Medium (Cables)
Geography
United Kingdom
Germany
Italy
France
Netherlands
Rest of Europe
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Europe High-Voltage Direct Current (HVDC) Transmission Systems Market Size Summary

The European high-voltage direct current (HVDC) transmission systems market is poised for substantial growth, driven by the increasing demand for efficient energy transmission solutions that support the transition to renewable energy sources. The market is expected to benefit from the expansion of utility-scale renewable energy plants and the shift away from fossil fuels, as HVDC systems are capable of transmitting electricity over long distances with minimal energy loss. However, the rise of distributed and off-grid power generation may pose challenges to market growth. The submarine HVDC transmission system is anticipated to dominate the market, fueled by the development of submarine power transmission systems and the significant wind potential in Europe's offshore regions. This segment's growth is further supported by projects such as the submarine HVDC transmission systems linking Sardinia and Sicily, and discussions between Greece and Egypt on a Mediterranean Sea link.

The United Kingdom is expected to experience notable growth in its HVDC transmission systems market, driven by a shift towards a low-carbon economy and increased integration of renewable energy sources. The country's policies and investments in offshore wind, solar photovoltaic, grid expansion, and energy storage projects underscore the need for advanced energy infrastructure. Significant projects, such as the submarine HVDC transmission system linking the UK and Germany, highlight the UK's commitment to enhancing its energy grid. The market is characterized by partial fragmentation, with key players like General Electric Company, Hitachi Energy Ltd, and Siemens Energy AG actively participating. Notable contracts, such as McDermott International's renewable energy project in Germany and the interconnector project between Poland and Lithuania, further illustrate the dynamic nature of the European HVDC market.

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Europe 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 Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitutes Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Transmission Type

      1. 2.1.1 Submarine HVDC Transmission System

      2. 2.1.2 HVDC Ovehead 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)

    3. 2.3 Geography

      1. 2.3.1 United Kingdom

      2. 2.3.2 Germany

      3. 2.3.3 Italy

      4. 2.3.4 France

      5. 2.3.5 Netherlands

      6. 2.3.6 Rest of Europe

Europe High-Voltage Direct Current (HVDC) Transmission Systems Market Size FAQs

The Europe High-Voltage Direct Current (HVDC) Transmission Systems Market is projected to register a CAGR of greater than 8% during the forecast period (2024-2029)

General Electric Company, Hitachi Energy Ltd., Siemens Energy AG, Toshiba Corporation and Eaton Corporation PLC are the major companies operating in the Europe High-Voltage Direct Current (HVDC) Transmission Systems Market.

Europe HVDC Market Report Snapshots

Europe HVDC Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)