Market Size of Europe High-Voltage Direct Current (HVDC) Transmission Systems Industry
| 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
*Disclaimer: Major Players sorted in no particular order |
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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 |
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.
Europe High-Voltage Direct Current (HVDC) Transmission Systems Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, till 2027
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitutes Products and Services
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Transmission Type
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2.1.1 Submarine HVDC Transmission System
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2.1.2 HVDC Ovehead Transmission System
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2.1.3 HVDC Underground Transmission System
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2.2 Component
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2.2.1 Converter Stations
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2.2.2 Transmission Medium (Cables)
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2.3 Geography
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2.3.1 United Kingdom
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2.3.2 Germany
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2.3.3 Italy
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2.3.4 France
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2.3.5 Netherlands
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2.3.6 Rest of Europe
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Europe High-Voltage Direct Current (HVDC) Transmission Systems Market Size FAQs
What is the current Europe High-Voltage Direct Current (HVDC) Transmission Systems Market size?
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)
Who are the key players in Europe High-Voltage Direct Current (HVDC) Transmission Systems Market?
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.
