United States High-voltage Direct Current (HVDC) Transmission Systems Market Size (2024 - 2029)

United States High-voltage Direct Current (HVDC) Transmission Systems Market Size Summary

The US high-voltage direct current (HVDC) transmission systems market is poised for substantial growth, driven by increasing investments in transmission and distribution projects, the expansion of electricity infrastructure, and the rising penetration of renewable energy sources. The market is expected to benefit from technological advancements that address operational challenges in offshore wind and solar-based electricity transmission systems. Despite the high installation costs and losses associated with shorter transmission distances, the market is anticipated to grow significantly, with submarine HVDC transmission systems playing a crucial role due to their importance in power trading between countries and their ability to transfer high power across long subsea distances.

The transition of the US power supply from fossil fuels to renewable energy sources is a key factor propelling the HVDC transmission systems market. As wind and solar power become more cost-effective, they are expected to drive decarbonization efforts and meet the increasing energy demand, especially as coal plants are decommissioned. HVDC systems are integral in connecting remote renewable energy sources to urban load centers, facilitating long-distance transmission. Upcoming projects, such as the Plains and Eastern Clean Line and the Sunrise Wind project, highlight the growing demand for HVDC technology. The market is moderately fragmented, with key players like General Electric Company, Toshiba Corporation, Siemens Energy AG, LS Electric Co. Ltd, and NKT AS contributing to its development.