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HVDC Transmission Systems Market Size (2024 - 2029)

The HVDC transmission systems market is projected to experience substantial growth over the forecast period, driven by the expansion of utility-scale renewable energy plants and rural electrification initiatives globally. Despite challenges posed by the rising share of distributed and off-grid power generation, the increasing energy demand and the growth of the renewable energy sector, particularly in the Middle-East and Africa, are expected to offer significant opportunities for market expansion. The Europe region currently leads the market and is anticipated to maintain a strong growth trajectory, supported by the rising energy demand and the development of transmission networks.

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Market Size of HVDC Transmission Systems Industry

HVDC Transmission Systems Market Summary
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
Market Concentration Medium

Major Players

HVDC Transmission Systems Market Major Players

*Disclaimer: Major Players sorted in no particular order

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 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
Europe
United Kingdom
Germany
France
Italy
Rest of the Europe
Asia-Pacific
China
India
Japan
Rest of the Asia-Pacific
Middle-East and Africa
United Arab Emirates
Saudi Arabia
South Africa
Rest of the Middle-East and Africa
South America
Brazil
Argentina
Rest of the South America
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HVDC Transmission Systems Market Size Summary

The HVDC transmission systems market is poised for significant growth, driven by the expansion of utility-scale renewable energy plants and rural electrification initiatives globally. The increasing demand for energy, particularly in the Middle East and Africa, presents substantial opportunities for market expansion. However, the rise of distributed and off-grid power generation poses challenges to the market's growth trajectory. Europe is expected to lead the market, benefiting from a robust expansion of transmission networks and a strong focus on renewable energy integration. The region's commitment to a low-carbon economy, supported by policies like the EU's renewable energy directive, is expected to further bolster the demand for HVDC technology.

The submarine HVDC transmission system market is anticipated to experience significant growth due to the development of submarine power transmission systems worldwide. This technology is crucial for interconnecting countries and islands separated by seas and for connecting remote offshore platforms to main transmission grids. The increasing power generation from offshore wind farms is expected to drive the adoption of HVDC submarine systems, facilitating electricity trade between countries and enhancing revenue generation from renewable energy sources. The market is semi-consolidated, with major players like ABB Ltd, Siemens AG, and Mitsubishi Electric Corporation actively participating in projects that underscore the growing importance of HVDC technology in global energy infrastructure.

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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, till 2028

    3. 1.3 Recent Trends and Developments

    4. 1.4 Market Dynamics

      1. 1.4.1 Drivers

        1. 1.4.1.1 Growth of Utility-Scale Renewable Energy Plants

        2. 1.4.1.2 Rural Electrification Plans Worlwide

      2. 1.4.2 Restraints

        1. 1.4.2.1 Increasing Share of Distributed and Off-Grid Power Generation

    5. 1.5 Supply Chain Analysis

    6. 1.6 Porter's Five Forces Analysis

      1. 1.6.1 Bargaining Power of Suppliers

      2. 1.6.2 Bargaining Power of Consumers

      3. 1.6.3 Threat of New Entrants

      4. 1.6.4 Threat of Substitutes Products and Services

      5. 1.6.5 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 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)

    3. 2.3 Geography

      1. 2.3.1 North America

        1. 2.3.1.1 United States of America

        2. 2.3.1.2 Canada

        3. 2.3.1.3 Rest of the North America

      2. 2.3.2 Europe

        1. 2.3.2.1 United Kingdom

        2. 2.3.2.2 Germany

        3. 2.3.2.3 France

        4. 2.3.2.4 Italy

        5. 2.3.2.5 Rest of the Europe

      3. 2.3.3 Asia-Pacific

        1. 2.3.3.1 China

        2. 2.3.3.2 India

        3. 2.3.3.3 Japan

        4. 2.3.3.4 Rest of the Asia-Pacific

      4. 2.3.4 Middle-East and Africa

        1. 2.3.4.1 United Arab Emirates

        2. 2.3.4.2 Saudi Arabia

        3. 2.3.4.3 South Africa

        4. 2.3.4.4 Rest of the Middle-East and Africa

      5. 2.3.5 South America

        1. 2.3.5.1 Brazil

        2. 2.3.5.2 Argentina

        3. 2.3.5.3 Rest of the South America

HVDC Transmission Systems Market Size FAQs

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.

In 2024, the HVDC Transmission Systems Market size is expected to reach USD 13.78 billion.

HVDC Transmission Market Report Snapshots

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