HVDC Transmission System Market Size
| Study Period | 2020 - 2029 |
| Market Size (2024) | USD 13.78 Billion |
| Market Size (2029) | USD 21.47 Billion |
| CAGR (2024 - 2029) | 9.28 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Europe |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
HVDC Transmission System Market Analysis
The HVDC Transmission Systems Market size is estimated at USD 13.78 billion in 2024, and is expected to reach USD 21.47 billion by 2029, growing at a CAGR of 9.28% during the forecast period (2024-2029).
- Over the medium term, factors such as growth of utility-scale renewable energy plants and rural electrification plans worlwide, are expected to be one of the most significant drivers for the HVDC transmission market during the forecast period.
- On the other hand, increasing share of distributed and off-grid power generation. This poses a threat to the HVDC transmission market during the forecast period.
- Nevertheless, the growing energy demand, as well as the growth of the renewable energy sector in the Middle-East and Africa, is expected to create significant opportunities for the HVDC transmission systems market in the near future.
- The Europe region dominates the market and will likely register the highest CAGR during the forecast period. With the increasing energy demannd and expansion of transmission network across the Europe.
HVDC Transmission System Market Trends
Submarine HVDC Transmission Systems to Witness Significant Growth
- The submarine HVDC transmission system market is likely to grow significantly due to the development of submarine power transmission systems worldwide. Submarine electricity transmission is gaining importance due to the increasing focus on power trading between countries.
- The HVDC submarine power transmission system is crucial for developing future power transmission networks. HVDC transmission is the only solution for transferring high power across long subsea distances. The major purposes served by HVDC submarine transmission are to interconnect countries or islands separated by sea and to connect remote offshore platforms to main transmission grids.
- The HVDC submarine power transmission system is also used in offshore wind platforms for power transmission to the shore. In 2022, according to Global Wind Energy Council, the global total offshore wind accounted for 64 GW, with an annual growth rate of 14% compared to the previous year. Thus, with the increasing power generation from offshore wind, the use of the HVDC submarine power transmission system is expected to increase.
- Moreover, the HVDC submarine power transmission system helps countries separated by water bodies to trade electricity with each other, which is a significant driver for the segment as countries are interested in generating revenue from excess electricity generated through renewable energy sources.
- Furthermore, developing offshore projects, such as wind power plants and offshore oil and gas upstream projects, offers increasing business opportunities for HVDC technology worldwide.
- Thus, owing to the above points, demand for the submarine HVDC transmission system is expected to increase in the forecast period.
Europe is Expected to Dominate the Market
- The European power generation mix is expected to change considerably in favor of renewables over the next few years, with countries such as Germany, Spain, Belgium, and France, increasingly moving toward a low-carbon economy. The region also has several policies, such as the EU's renewable energy directive and national renewable energy action plans, that support the transition to a low-carbon energy system.
- The energy transition continues to be an integral part of Germany's energy landscape, with ambitious goals to cut CO2 emissions by 80% and increase the share of renewable energy in total energy consumption to 60% and 80% of electricity generated from renewable sources by 2050.
- With the increasing integration of renewable energy sources and the growing need to enhance the security of supply, HVDC grid technology is expected to evolve in the country. Moreover, investments in the offshore wind industry, solar photovoltaic, grid expansion, and energy storage projects require smart energy infrastructure to balance the fluctuating supply of renewable sources.
- For instance, TenneT started the tender for the platform and HVDC system for the offshore Dutch IJmuiden Ver projects and will start the project by the end of 2022 for the offshore IJmuiden Ver wind area. In addition, the project is expected to be commissioned by 2028.
- Excess renewable energy generation capacity in France and Spain is expected to be more easily transmitted between the two countries following the granting of USD 600 million by the European Union to build an undersea power cable across the Bay of Biscay. This, in turn, is likely to require HVDC transmission lines to transmit with low transmission losses, improve supply security and resource diversification, and pave the way for power market integration in southwestern Europe.
- Thus, owing to the above points, Europe is expected to dominate the HVDC transmission systems market in the future.
HVDC Transmission System Industry Overview
The HVDC transmission systems market is semi-consolidated. Some of the major players in the market (in no particular order) include ABB Ltd, Siemens AG, Toshiba Corporation, General Electric Company, and Mitsubishi Electric Corporation, among others.
HVDC Transmission System Market Leaders
-
ABB Ltd
-
Siemens AG
-
Toshiba Corporation
-
Mitsubishi Electric Corporation
-
General Electric Company
*Disclaimer: Major Players sorted in no particular order
HVDC Transmission System Market News
- In March 2023, OWC invites developers to do more site-specific research to examine HVDC as a potential export transmission method in connection with Poland's second phase of seabed leasing for far offshore wind farms.
- In July 2022, Adani Transmission signed a contract with Hitachi Energy to address the growing demand for energy in Mumbai to provide a high-voltage direct current (HVDC) transmission system from Kudus to Mumbai on India's west coast. The new HVDC link will give the city 1,000MW of additional electricity.
- In February 2022, McDermott International was awarded its largest-ever renewable energy contract from TenneT for the BorWin6 980 MW high-voltage direct current project. The project is for designing, manufacturing, installing, and commissioning an HVDC offshore converter platform located 118 miles offshore of Germany on the North Sea Cluster 7 platform.
HVDC Transmission System Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Scope of the Study
- 1.2 Market Definition
- 1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
- 4.1 Introduction
- 4.2 Market Size and Demand Forecast in USD, till 2028
- 4.3 Recent Trends and Developments
-
4.4 Market Dynamics
- 4.4.1 Drivers
- 4.4.1.1 Growth of Utility-Scale Renewable Energy Plants
- 4.4.1.2 Rural Electrification Plans Worlwide
- 4.4.2 Restraints
- 4.4.2.1 Increasing Share of Distributed and Off-Grid Power Generation
- 4.5 Supply Chain Analysis
-
4.6 Porter's Five Forces Analysis
- 4.6.1 Bargaining Power of Suppliers
- 4.6.2 Bargaining Power of Consumers
- 4.6.3 Threat of New Entrants
- 4.6.4 Threat of Substitutes Products and Services
- 4.6.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
-
5.1 Transmission Type
- 5.1.1 Submarine HVDC Transmission System
- 5.1.2 HVDC Overhead Transmission System
- 5.1.3 HVDC Underground Transmission System
-
5.2 Component
- 5.2.1 Converter Stations
- 5.2.2 Transmission Medium (Cables)
-
5.3 Geography
- 5.3.1 North America
- 5.3.1.1 United States of America
- 5.3.1.2 Canada
- 5.3.1.3 Rest of the North America
- 5.3.2 Europe
- 5.3.2.1 United Kingdom
- 5.3.2.2 Germany
- 5.3.2.3 France
- 5.3.2.4 Italy
- 5.3.2.5 Rest of the Europe
- 5.3.3 Asia-Pacific
- 5.3.3.1 China
- 5.3.3.2 India
- 5.3.3.3 Japan
- 5.3.3.4 Rest of the Asia-Pacific
- 5.3.4 Middle-East and Africa
- 5.3.4.1 United Arab Emirates
- 5.3.4.2 Saudi Arabia
- 5.3.4.3 South Africa
- 5.3.4.4 Rest of the Middle-East and Africa
- 5.3.5 South America
- 5.3.5.1 Brazil
- 5.3.5.2 Argentina
- 5.3.5.3 Rest of the South America
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Strategies Adopted by Leading Players
-
6.3 Company Profiles
- 6.3.1 ABB Ltd
- 6.3.2 Siemens AG
- 6.3.3 C-EPRI Electric Power Engineering Co. Ltd
- 6.3.4 General Electric Company
- 6.3.5 Toshiba Corporation
- 6.3.6 Mitsubishi Electric Corporation
- 6.3.7 Prysmian Group
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Growing Energy Demand and the Growth of the Renewable Energy Sector in the Middle East and Africa
HVDC Transmission System Industry Segmentation
High voltage direct current (HVDC) power systems use direct current (DC) to transmit bulk power across large distances. HVDC lines are less expensive and have lower losses than AC lines for long-distance power transmission. It joins networks with varying frequencies and characteristics.
The HVDC transmission market is segmented by transmission type, component, and geography. By transmission type, the market is segmented into submarine HVDC transmission systems, HVDC overhead transmission systems, and HVDC underground transmission systems. By component, the market is segmented into converter stations and transmission medium (Cables). The report also covers the market size and forecasts for the HVDC transmission systems market across major regions. For each segment, the market sizing and forecasts have been done based on revenue (USD).
| Transmission Type | Submarine HVDC Transmission System | |
| HVDC Overhead Transmission System | ||
| HVDC Underground Transmission System | ||
| Component | Converter Stations | |
| Transmission Medium (Cables) | ||
| Geography | North America | United States of America |
| Canada | ||
| Rest of the North America | ||
| Geography | Europe | United Kingdom |
| Germany | ||
| France | ||
| Italy | ||
| Rest of the Europe | ||
| Geography | Asia-Pacific | China |
| India | ||
| Japan | ||
| Rest of the Asia-Pacific | ||
| Geography | Middle-East and Africa | United Arab Emirates |
| Saudi Arabia | ||
| South Africa | ||
| Rest of the Middle-East and Africa | ||
| Geography | South America | Brazil |
| Argentina | ||
| Rest of the South America |
HVDC Transmission System Market Research FAQs
How big is the HVDC Transmission Systems Market?
The HVDC Transmission Systems Market size is expected to reach USD 13.78 billion in 2024 and grow at a CAGR of 9.28% to reach USD 21.47 billion by 2029.
What is the current HVDC Transmission Systems Market size?
In 2024, the HVDC Transmission Systems Market size is expected to reach USD 13.78 billion.
Who are the key players in HVDC Transmission Systems Market?
ABB Ltd, Siemens AG, Toshiba Corporation, Mitsubishi Electric Corporation and General Electric Company are the major companies operating in the HVDC Transmission Systems Market.
Which is the fastest growing region in HVDC Transmission Systems Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in HVDC Transmission Systems Market?
In 2024, the Europe accounts for the largest market share in HVDC Transmission Systems Market.
HVDC Transmission Industry Report
Statistics for the 2024 HVDC Transmission Systems market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. HVDC Transmission Systems analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
