High Voltage Direct Current (HVDC) Transmission System Global Market Report 2024

The high voltage direct current (hvdc) transmission system market size has grown rapidly in recent years. It will grow from $10.64 billion in 2023 to $11.89 billion in 2024 at a compound annual growth rate (CAGR) of 11.7%. The growth observed in the historical period can be attributed to long-distance power transmission, the integration of renewable energy, the interconnection of power grids, efforts to overcome transmission constraints, and the enhancement of grid reliability.

The high voltage direct current (hvdc) transmission system market size is expected to see rapid growth in the next few years. It will grow to $17.73 billion in 2028 at a compound annual growth rate (CAGR) of 10.5%. The anticipated growth in the forecast period can be attributed to the continued integration of renewable energy, the development of smart grids, the electrification of transportation, ongoing cross-border grid interconnections, and a persistent focus on grid resilience and reliability. Major trends expected in the forecast period include the adoption of digitalization and control systems, advancements in high-voltage direct current (HVDC) technology, the integration of energy storage solutions, grid interconnection, and cross-border transmission, along with the electrification of transportation.

The high-voltage direct current (HVDC) transmission system market is witnessing growth driven by the rising demand for electricity. The increase in electricity demand globally, reported by the International Energy Agency, is expected to drive a 5% increase in worldwide electricity demand in 2021 and a 4% increase in 2022. The Energy Information Administration's data on the total US electricity consumption in 2022 further highlights the growth in demand. The escalating demand for electricity is fueling the growth of the high-voltage direct current (HVDC) transmission system market.

The high-voltage direct current (HVDC) transmission system market is anticipated to experience growth due to increasing cross-border power trading. Cross-border power trading involves the exchange of electricity between countries or regions, facilitated by interconnectors or transmission lines connecting adjacent power grids. HVDC systems play a crucial role in facilitating cross-border power trading, enabling efficient and reliable transmission of electricity over long distances between countries. According to a July 2022 report by the World Bank, South Asian nations significantly increased cross-border electricity transmission from 2.1 gigawatts (GW) to 6.4 GW in 2022 with assistance from the World Bank. The increasing trend of cross-border power trading is a driving factor for the growth of the high-voltage direct current (HVDC) transmission system market.

Strategic partnerships and collaborations are also a key trend in the high-voltage direct current (HVDC) transmission system market. Key players are actively pursuing partnerships to reinforce their positions. For instance, in November 2022, Hitachi Energy Ltd., a Switzerland-based manufacturer and developer of power transformers, collaborated with Equinor ASA, a Norway-based company focused on offshore operations. This collaboration aims to develop standardized base designs for high-voltage DC and AC transmission systems connecting offshore wind farms. In May 2023, Pattern Energy Group LP, a US-based developer and operator of utility-scale wind and solar power facilities, partnered with Hitachi Energy Ltd. to harness the SunZia Transmission Project's energy potential using Hitachi's HVDC technology.

Major companies in the HVDC transmission system market are focusing on strategic investments in research to reinforce their positions. A strategic investment is an allocation of resources made with the intention of achieving long-term goals aligned with an organization's overall strategy. In August 2023, the United States Department of Energy, a US-based Government department, and the Office of Electricity (OE) announced plans to finance research initiatives driving innovation and cost reduction in high-voltage direct current (HVDC) voltage source converter (VSC) transmission systems. This funding supports the DOE's HVDC COst Reduction (CORE) Initiative, aiming for a 35% reduction in HVDC system costs by 2035 to promote widespread adoption of this technology.

In February 2023, Mitsubishi Electric Corporation, a Japan-based manufacturer of electrical and electronic products, acquired Scibreak AB for an undisclosed amount. This strategic move strengthens Mitsubishi's global high-voltage direct current (HVDC) system business, utilizing Scibreak's direct current circuit breaker (DCCB) technology to lead market commercialization in the field. Scibreak AB, a Sweden-based developer of DCCB technologies for HVDC systems, complements Mitsubishi's objectives.

Major companies operating in the high voltage direct current (hvdc) transmission system market report are Siemens AG, General Electric Company, Mitsubishi Electric Corporation, Schneider Electric SE, ABB Ltd., Prysmian S.p.A., TBEA Co., Ltd., Nexans SA, Toshiba Energy Systems & Solutions Corporation, China Electric Power Equipment and Technology Co., Ltd., ATCO Ltd., LS Electric Co. Ltd., Bharat Heavy Electricals Ltd., Jiangnan Group Limited, China XD Group, Hyosung Heavy Industries Corporation, XJ Electric Co., Ltd., Adani Transmission, NKT A/S, NR Electric Co. Ltd., Rongxin Power Electronic Co., Ltd., American Superconductor Corporation, Hitachi Energy, Furukawa Electric Co. Ltd., TransGrid Solutions Inc., C-EPRI Electric Power Engineering Co. Ltd., Alstom SA, TransWest Express LLC, CTC Global Corporation, VSC Technologies AG.

Europe was the largest region in the global high voltage direct current (HVDC) transmission system market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the high voltage direct current (hvdc) transmission system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the high voltage direct current (hvdc) transmission system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of high-voltage direct current (HVDC) transmission systems include monopolar, bipolar, homopolar, back-to-back, and multi-terminal. Monopolar HVDC refers to high-voltage transmission systems using direct current for sending electrical power over long distances. Various technologies involved include line-commutated converters (LCC), voltage-source converters (VSC), and capacitor-commutated converters (CCC). Capacity ranges from up to 400 KV, 401–800 KV, and above 800 KV, deployed in modes such as overhead, underground, subsea, and combination. These systems are used in applications such as interconnecting grids, infeed urban areas, connecting offshore wind, and others.

The high voltage direct current (HVDC) transmission system market research report is one of a series of new reports that provides high voltage direct current (HVDC) transmission system market statistics, including high voltage direct current (HVDC) transmission system industry global market size, regional shares, competitors with a high voltage direct current (HVDC) transmission system market share, detailed high voltage direct current (HVDC) transmission system market segments, market trends and opportunities, and any further data you may need to thrive in the high voltage direct current (HVDC) transmission system industry. This high voltage direct current (HVDC) transmission system market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The high voltage direct current (HVDC) transmission system market includes revenues earned by entities by providing engineering, design, installation, and maintenance services. The market value includes the value of related goods sold by the service provider or included within the service offering. The high voltage direct current (HVDC) transmission system market consists of sales of converters, transformers, circuit breakers, control systems, and cables. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


This product will be delivered within 3-5 business days.