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Market Snapshot

CAGR:6.95

2023

2032

Source: Market Expertz

Study Period	2019-2032
Base Year	2023
Forcast Year	2023-2032
CAGR	6.95

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Report Overview

HVDC Transmission Market Analysis By Application (Grid Integration, Interconnection of Renewable Energy Sources, Long-Distance Transmission, Oil & Gas Platforms, Others), By Technology (Line Commutated Converter, Voltage Source Converter), and By Region Forecast to 2032:

The HVDC (High-Voltage Direct Current) Transmission Market is projected to experience substantial growth with a Compound Annual Growth Rate (CAGR) of 6.58% between 2022 and 2032. This growth is expected to result in an estimated increase of USD 14,567.89 million in market size. The expansion of this market is influenced by several key factors, including the increasing demand for efficient long-distance power transmission, grid integration of renewable energy sources, and the need for reliable interconnection solutions in the oil and gas sector. HVDC transmission technology enables the efficient and low-loss transmission of electricity over long distances.

HVDC Transmission Market Overview:

Drivers:

One of the primary drivers fueling the growth of the HVDC Transmission Market is the need for efficient long-distance power transmission. HVDC systems are known for their ability to transmit electricity over thousands of kilometers with minimal power losses compared to traditional alternating current (AC) systems. This makes HVDC technology essential for connecting remote renewable energy sources, such as offshore wind farms, to the main grid.

Furthermore, the grid integration of renewable energy sources plays a crucial role in driving market growth. As the world transitions to cleaner and more sustainable energy generation, HVDC transmission systems provide the necessary infrastructure to connect renewable energy sources, such as solar and wind farms, to the existing power grid, ensuring a stable and reliable power supply.

Trends:

An emerging trend in the HVDC Transmission Market is the adoption of Voltage Source Converter (VSC) technology. VSC-based HVDC systems offer several advantages, including improved grid control, enhanced fault tolerance, and the ability to connect asynchronous grids. These advantages make VSC technology a preferred choice for new HVDC projects, particularly those involving renewable energy integration and interconnections.

Additionally, the market is witnessing increased investment in subsea HVDC transmission projects. Subsea HVDC cables are used to connect offshore renewable energy installations to the onshore grid. This trend is driven by the growth of offshore wind energy and the need for efficient power transmission from remote offshore locations.

Restraints:

One of the key challenges hindering the growth of the HVDC Transmission Market is the high initial capital expenditure required for HVDC projects. The development of HVDC infrastructure involves substantial costs, including the manufacturing of converter stations, substations, and transmission lines. Ensuring adequate funding and securing financing for such projects can be a barrier to entry.

Moreover, technical challenges related to grid stability and control in multi-terminal HVDC systems can pose a restraint. As HVDC systems become more complex with multiple terminals and interconnections, ensuring grid stability and managing system dynamics become critical concerns.

HVDC Transmission Market Segmentation By Application:

Grid Integration: Grid integration applications are expected to witness substantial growth. HVDC technology is vital for integrating renewable energy sources into the existing power grid, enabling the efficient transfer of clean energy from generation sites to consumption centers.
Interconnection of Renewable Energy Sources: The interconnection of renewable energy sources, such as offshore wind farms and remote solar installations, relies on HVDC transmission for efficient power transfer. This application segment is poised for significant expansion.
Long-Distance Transmission: HVDC technology is known for its ability to transmit electricity over long distances with minimal losses. It plays a crucial role in long-distance transmission projects, such as connecting power grids across continents.
Oil & Gas Platforms: HVDC systems are employed in the oil and gas sector for efficient and reliable power supply to offshore platforms and drilling operations, reducing the need for on-site power generation.

HVDC Transmission Market Segmentation By Technology:

Line Commutated Converter (LCC): LCC-based HVDC systems have been traditionally used for high-voltage, long-distance transmission. They are known for their robustness and reliability.
Voltage Source Converter (VSC): VSC technology is gaining prominence due to its advantages in grid control, fault tolerance, and asynchronous grid interconnection. It is preferred for new HVDC projects, especially those involving renewable energy integration.

Regional Overview:

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North America is poised to be a key contributor to the global HVDC Transmission Market, accounting for approximately 37% of the market's growth during the forecast period. The region's focus on grid modernization, renewable energy integration, and interconnections between the United States and Canada drive the adoption of HVDC technology.

Europe also plays a significant role in the market, with countries like Germany, the United Kingdom, and Norway investing in HVDC transmission projects to connect offshore wind farms and improve cross-border energy exchange.

HVDC Transmission Market Customer Landscape:

The HVDC Transmission Market report encompasses the customer adoption lifecycle, ranging from early adopters to mainstream users. It delves into adoption rates across different regions based on penetration and includes key purchase criteria and price sensitivity drivers to assist companies in formulating effective growth strategies.

Major HVDC Transmission Market Companies:

Companies in the HVDC Transmission Market are employing diverse strategies such as partnerships, mergers, acquisitions, geographic expansion, and product/service launches to strengthen their market presence.

Example companies include:

ABB Ltd: ABB is a global leader in HVDC technology and provides a range of HVDC solutions, including both LCC and VSC technologies. The company's expertise lies in grid integration, interconnections, and offshore wind projects.
Siemens AG: Siemens is a prominent player in the HVDC market, offering advanced VSC-based solutions. The company focuses on innovations in grid control and stability, making it a preferred choice for new HVDC projects.
General Electric Company (GE): GE offers HVDC solutions for grid integration and renewable energy projects. The company's commitment to clean energy and grid modernization drives its presence in the market.

The competitive landscape analysis in the report provides insights into 20 key market players, including:

Toshiba Corporation
Hitachi ABB Power Grids
Prysmian Group
Nexans S.A.
C-EPRI Electric Power Engineering Co., Ltd.
NR Electric Co., Ltd.
LS Electric
Rongxin Power Electronic Co., Ltd.
Schneider Electric SE
Mitsubishi Electric Corporation

Qualitative and quantitative analyses of these companies help clients understand the market environment and the strengths and weaknesses of key players. Companies are categorized based on focus, dominance, and strength.

Segment Overview:

The HVDC Transmission Market report forecasts revenue growth at global, regional, and country levels and offers an analysis of trends and growth opportunities from 2019 to 2032.

Application Outlook (USD Million, 2019 - 2032):

Grid Integration
Interconnection of Renewable Energy Sources
Long-Distance Transmission
Oil & Gas Platforms
Others

Technology Outlook (USD Million, 2019 - 2032):

Line Commutated Converter (LCC)
Voltage Source Converter (VSC)

Geography Outlook (USD Million, 2019 - 2032):

North America

United States
Canada

Europe

Germany
United Kingdom
Norway
Rest of Europe

Asia-Pacific

China
India
Japan
Rest of Asia-Pacific

Latin America

Brazil
Mexico

Middle East & Africa

Saudi Arabia
United Arab Emirates
Rest of Middle East & Africa

TABLE OF CONTENTS: GLOBAL HVDC TRANSMISSION MARKET

Chapter 1. MARKET SYNOPSIS

1.1. Market Definition

1.2. Research Scope & Premise

1.3. Methodology

1.4. Market Estimation Technique

Chapter 2. EXECUTIVE SUMMARY

2.1. Summary Snapshot, 2016 – 2027

Chapter 3. INDICATIVE METRICS

3.1. Macro Indicators

Chapter 4. HVDC TRANSMISSION MARKET SEGMENTATION & IMPACT ANALYSIS

4.1. HVDC Transmission Segmentation Analysis

4.2. Industrial Outlook

4.3. Price Trend Analysis

4.4. Regulatory Framework

4.5. Porter’s Five Forces Analysis

4.5.1. Power Of Suppliers

4.5.2. Power Of Buyers

4.5.3. Threat Of Substitutes

4.5.4. Threat Of New Entrants

4.5.5. Competitive Rivalry

Chapter 5. HVDC TRANSMISSION MARKET BY Technology INSIGHTS & TRENDS

5.1. Segment 1 Dynamics & Market Share, 2019 & 2027

5.2. LCC

5.2.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

5.2.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

5.3. VSC

5.3.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

5.3.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

Chapter 6. HVDC TRANSMISSION MARKET BY Application INSIGHTS & TRENDS

6.1. Segment 2 Dynamics & Market Share, 2019 & 2027

6.2. Underground

6.2.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

6.2.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

6.3. Offshore

6.3.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

6.3.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

6.4. Asynchronous grid

6.4.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

6.4.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

Chapter 7. HVDC TRANSMISSION MARKET REGIONAL OUTLOOK

7.1. HVDC Transmission Market Share By Region, 2019 & 2027

7.2. NORTH AMERICA

7.2.1. North America HVDC Transmission Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.2.2. North America HVDC Transmission Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.2.3. North America HVDC Transmission Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.2.4. North America HVDC Transmission Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.2.5. U.S.

7.2.5.1. U.S. HVDC Transmission Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.2.5.2. U.S. HVDC Transmission Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.2.5.3. U.S. HVDC Transmission Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.2.5.4. U.S. HVDC Transmission Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.2.6. CANADA

7.2.6.1. Canada HVDC Transmission Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.2.6.2. Canada HVDC Transmission Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.2.6.3. Canada HVDC Transmission Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.2.6.4. Canada HVDC Transmission Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3. EUROPE

7.3.1. Europe HVDC Transmission Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.3.2. Europe HVDC Transmission Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.3.3. Europe HVDC Transmission Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.3.4. Europe HVDC Transmission Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3.5. GERMANY

7.3.5.1. Germany HVDC Transmission Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.3.5.2. Germany HVDC Transmission Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.3.5.3. Germany HVDC Transmission Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.3.5.4. Germany HVDC Transmission Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3.6. FRANCE

7.3.6.1. France HVDC Transmission Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.3.6.2. France HVDC Transmission Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.3.6.3. France HVDC Transmission Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.3.6.4. France HVDC Transmission Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3.7. U.K.

7.3.7.1. U.K. HVDC Transmission Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.3.7.2. U.K. HVDC Transmission Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.3.7.3. U.K. HVDC Transmission Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.3.7.4. U.K. HVDC Transmission Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4. ASIA-PACIFIC

7.4.1. Asia Pacific HVDC Transmission Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.4.2. Asia Pacific HVDC Transmission Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.4.3. Asia Pacific HVDC Transmission Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.4.4. Asia Pacific HVDC Transmission Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.5. CHINA

7.4.5.1. China HVDC Transmission Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.4.5.2. China HVDC Transmission Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.4.5.3. China HVDC Transmission Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.4.5.4. China HVDC Transmission Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.6. INDIA

7.4.6.1. India HVDC Transmission Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.4.6.2. India HVDC Transmission Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.4.6.3. India HVDC Transmission Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.4.6.4. India HVDC Transmission Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.7. JAPAN

7.4.7.1. Japan HVDC Transmission Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.4.7.2. Japan HVDC Transmission Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.4.7.3. Japan HVDC Transmission Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.4.7.4. Japan HVDC Transmission Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.8. AUSTRALIA

7.4.8.1. Australia HVDC Transmission Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.4.8.2. Australia HVDC Transmission Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.4.8.3. Australia HVDC Transmission Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.4.8.4. Australia HVDC Transmission Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.5. MIDDLE EAST AND AFRICA (MEA)

7.5.1. Mea HVDC Transmission Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.5.2. Mea HVDC Transmission Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.5.3. Mea HVDC Transmission Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.5.4. Mea HVDC Transmission Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.6. LATIN AMERICA

7.6.1. Latin America HVDC Transmission Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.6.2. Latin America HVDC Transmission Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.6.3. Latin America HVDC Transmission Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.6.4. Latin America HVDC Transmission Market Estimates And Forecast By Production Process, 2016 –2027, (USD Million)

7.6.5. Latin America HVDC Transmission Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

Chapter 8. COMPETITIVE LANDSCAPE

8.1. Market Share By Manufacturers

8.2. Strategic Benchmarking

8.2.1. New Product Launches

8.2.2. Investment & Expansion

8.2.3. Acquisitions

8.2.4. Partnerships, Agreement, Mergers, Joint-Ventures

8.3. Vendor Landscape

8.3.1. North American Suppliers

8.3.2. European Suppliers

8.3.3. Asia-Pacific Suppliers

8.3.4. Rest Of The World Suppliers

Chapter 9. COMPANY PROFILES

9.1. Seimens AG (Germany)

9.1.1. Company Overview

9.1.2. Financial Performance

9.1.3. Product Insights

9.1.4. Strategic Initiatives

9.2. Hitachi (Japan)

9.2.1. Company Overview

9.2.2. Financial Performance

9.2.3. Product Insights

9.2.4. Strategic Initiatives

9.3. ABB (Switzerland)

9.3.1. Company Overview

9.3.2. Financial Performance

9.3.3. Product Insights

9.3.4. Strategic Initiatives

9.4. Schneider Electric (France)

9.4.1. Company Overview

9.4.2. Financial Performance

9.4.3. Product Insights

9.4.4. Strategic Initiatives

9.5. Toshiba (Japan)

9.5.1. Company Overview

9.5.2. Financial Performance

9.5.3. Product Insights

9.5.4. Strategic Initiatives

9.6. Alstom (France)

9.6.1. Company Overview

9.6.2. Financial Performance

9.6.3. Product Insights

9.6.4. Strategic Initiatives

9.7. General Electric (U.S.)

9.7.1. Company Overview

9.7.2. Financial Performance

9.7.3. Product Insights

9.7.4. Strategic Initiatives

9.8. DATC (U.S)

9.8.1. Company Overview

9.8.2. Financial Performance

9.8.3. Product Insights

9.8.4. Strategic Initiatives

9.9. Mitsubishi (Japan)

9.9.1. Company Overview

9.9.2. Financial Performance

9.9.3. Product Insights

9.9.4. Strategic Initiatives

9.10. NKT Holdings (Denmark)

9.10.1. Company Overview

9.10.2. Financial Performance

9.10.3. Product Insights

9.10.4. Strategic Initiatives

RESEARCH METHODOLOGY

A research methodology is a systematic approach for assessing or conducting a market study. Researchers tend to draw on a variety of both qualitative and quantitative study methods, inclusive of investigations, survey, secondary data and market observation.

Such plans can focus on classifying the products offered by leading market players or simply use statistical models to interpret observations or test hypotheses. While some methods aim for a detailed description of the factors behind an observation, others present the context of the current market scenario.

Now let’s take a closer look at the research methods here.

Secondary Research Model

Extensive data is obtained and cumulated on a substantial basis during the inception phase of the research process. The data accumulated is consistently filtered through validation from the in-house database, paid sources as well reputable industry magazines. A robust research study requires an understanding of the overall value chain. Annual reports and financials of industry players are studied thoroughly to have a comprehensive idea of the market taxonomy.

Primary Insights

Post conglomeration of the data obtained through secondary research; a validation process is initiated to verify the numbers or figures. This process is usually performed by having a detailed discussion with the industry experts.

However, we do not restrict our primary interviews only to the industry leaders. Our team covers the entire value chain while verifying the data. A significant number of raw material suppliers, local manufacturers, distributors, and stakeholders are interviewed to make our findings authentic. The current trends which include the drivers, restraints, and opportunities are also derived through the primary research process.

Market Estimation

The market estimation is conducted by analyzing the data collected through both secondary and primary research. This process involves market breakdown, bottom-up and top- down approach.

Moreover, while forecasting the market a comprehensive statistical time series model is designed for each market. Macroeconomic indicators are considered to understand the current trends of the market. Each data point is verified by the process of data triangulation method to arrive at the final market estimates.

Final Presentation

The penultimate process results in a holistic research report. The study equips key industry players to undertake significant strategic decisions through the findings. The report encompasses detailed market information. Graphical representations of the current market trends are also made available in order to make the study highly comprehensible for the reader.

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Hvdc Transmission Market Size, Type Analysis, Application Analysis, End-Use, Industry Analysis, Regional Outlook, Competitive Strategies And Forecasts, 2023-2032