Market Size of United Kingdom High-Voltage Direct Current (HVDC) Transmission Systems Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 7.37 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
UK HVDC Transmission Systems Market Analysis
The UK HVDC transmission systems market is expected to record a CAGR of approximately 7.37% during the forecast period (2022-2027).
The COVID-19 pandemic had a severe impact on the market, as several projects were delayed. However, the market has since rebounded and is expected to return to pre-pandemic levels during the forecast period.
- Over the long term, the increasing demand for cost-effective solutions for long-distance renewable power transmission may drive the UK HVDC transmission systems market.
- However, the growing demand for distributed and remote power plants that provide electricity in rural areas without the need for significant transmission and distribution infrastructure is expected to hinder the growth of the HVDC transmission systems market in the coming years.
- Technological advancements in HVDC transmission systems are expected to help in mitigating operational issues with wind and solar-based electricity transmission systems, as the phase difference does not matter in the HVDC transmission line. However, conventional HVAC does not work on this principle, it requires transformers to match the phase generated from a different source. Hence, this factor is expected to provide a better opportunity for the growth of the HVDC transmission system market in the country.
UK HVDC Transmission Systems Industry Segmentation
High voltage direct current (HVDC) power systems use DC for the transmission of bulk power over long distances and interconnecting networks with different frequencies and characteristics. For long-distance power transmission, HVDC lines are less expensive with lower losses as compared to AC transmission.
The UK high voltage direct current (HVDC) transmission systems market is segmented by transmission type (submarine HVDC transmission system, HVDC overhead transmission system, and HVDC underground transmission system) and component (converter stations and transmission medium (cables)). For each segment, the market sizing and forecasts have been done based on revenue (USD million).
| Transmission Type | |
| Submarine HVDC Transmission System | |
| HVDC Overhead Transmission System | |
| HVDC Underground Transmission System |
| Component | |
| Converter Stations | |
| Transmission Medium (Cables) |
United Kingdom High-Voltage Direct Current (HVDC) Transmission Systems Market Size Summary
The UK HVDC transmission systems market is poised for significant growth, driven by the increasing demand for efficient and cost-effective solutions for long-distance renewable power transmission. The market is recovering from the setbacks caused by the COVID-19 pandemic and is expected to regain its pre-pandemic momentum. Technological advancements in HVDC systems are anticipated to address operational challenges associated with wind and solar energy transmission, offering a competitive edge over conventional HVAC systems. The growing importance of submarine electricity transmission, particularly for interconnecting offshore wind farms and facilitating power trade between countries, is further propelling the market. The integration of renewable energy sources into the grid, coupled with the need to reduce transmission losses, underscores the critical role of HVDC systems in the UK's energy landscape.
The shift towards renewable energy, with a focus on offshore wind capacity, is a key driver for the HVDC transmission systems market in the UK. As renewable energy generation costs continue to decline, HVDC technology is becoming increasingly viable for connecting remote energy projects to load centers. The UK's position as a leading offshore wind market necessitates the expansion of HVDC lines to accommodate new wind farms. The market is characterized by a consolidated landscape, with major players such as Siemens AG, Toshiba Corporation, General Electric Company, ABB Ltd, and Prysmian Group actively participating. Strategic investments and contracts, such as those involving Vattenfall and Siemens Energy, highlight the ongoing commitment to enhancing grid infrastructure and supporting the transition to a sustainable energy future.
United Kingdom 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 PESTLE Analysis
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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 Overhead 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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United Kingdom High-Voltage Direct Current (HVDC) Transmission Systems Market Size FAQs
What is the current United Kingdom High-Voltage Direct Current (HVDC) Transmission Systems Market size?
The United Kingdom High-Voltage Direct Current (HVDC) Transmission Systems Market is projected to register a CAGR of 7.37% during the forecast period (2024-2029)
Who are the key players in United Kingdom High-Voltage Direct Current (HVDC) Transmission Systems Market?
Siemens AG, Toshiba Corporation , General Electric Company , ABB Ltd and Prysmian Group are the major companies operating in the United Kingdom High-Voltage Direct Current (HVDC) Transmission Systems Market.
