The global high voltage direct current transmission market size was valued at $10.6 billion in 2022, and is projected to reach $23.7 billion by 2032, growing at a CAGR of 8.4% from 2023 to 2032.
The high voltage direct current transmission market involves the transportation of electrical strength over extended distances or across structures with varying voltage stages the use of direct modern (DC) as a substitute of alternating current (AC). This approach offers benefits such as minimized power losses in the course of transmission, increased effectiveness, and the potential to link far away renewable power installations to the electricity grid. The integration of renewable power sources into the high voltage direct current (HVDC) transmission market has fueled its increase with the aid of addressing the intermittent nature of renewables such as wind and solar. HVDC structures effectively transport electricity from numerous renewable sources to urban centers, making sure a stable electricity supply. They beautify grid stability, facilitate renewable farm interconnections, and provide flexibility through technologies such as voltage source converters (VSC-HVDC). Government policies supporting easy strength similarly stimulate HVDC and renewable investments, contributing to the global sustainable electricity transition and market growth.
However, the rise in adoption of disbursed and off-grid power generation, driven with the aid of technologies such as rooftop solar panels and localized wind turbines poses challenges to the high voltage direct cutting-edge transmission market. This shift towards decentralized electricity reduces the demand for large-scale HVDC projects, as neighborhood options become more cost-effective. In addition, regulatory support for dispensed electricity and technological developments in local generation similarly impact HVDC competitiveness. All these factors impede the boom of the market.
The HVDC transmission industry is set for widespread growth, pushed by way of the emphasis on grid modernization and infrastructure development. HVDC science enhances grid resilience, aligning with modernization dreams through superior manipulate and fast strength restoration. As the world embraces cleaner strength sources, HVDC's effectivity in transmitting electricity over long distances is integral for connecting faraway renewables to city areas. Capacity improvements limit the want for new transmission lines, benefiting environmental sustainability and grid stability for integrating renewables and dispensed electricity resources. All these elements are anticipated to provide new increase possibilities for the excessive voltage direct current transmission market throughout the forecast period.
The excessive voltage direct modern transmission market is segmented on the basis of component, technology, transmission type, application, and region. By component, the market is segmented into converter stations, transmission medium (cables), and others. The other section is predicted to develop at the fastest CAGR of 9.0% during the forecast period. Grounding electrodes are critical for HVDC transmission gadget safety, preserving ground potential, avoiding electrical shock, and safeguarding towards lightning-induced surges. In addition, communication and monitoring tools provide real-time statistics essential for system oversight, anomaly detection, and fast corrective measures, enhancing reliability and enabling grid coordination for stability and environment friendly electricity alternate in interconnected systems. All these elements are expected to provide new boom possibilities for grounding electrodes, communication, and monitoring equipment in the high voltage direct cutting-edge transmission market during the forecast period.
By technology, the high voltage direct current transmission market is divided into voltage supply converters (VSCs), line commutated converters (LCCs), and capacitor commutated converters (CCCs). The voltage source converters (VSCs) phase is expected to grow at the fastest CAGR during the forecast period. The surge in renewable power adoption, pretty wind and solar is fueling the need for VSCs. VSCs are imperative in stabilizing variable renewable outputs into constant AC power for the grid. High-voltage direct modern-day transmission is growing for long-distance energy transfer, with VSCs preferred for their top of the line controllability and reactive strength support. This technological know-how is gaining recognition in connecting faraway renewable sources, offshore wind farms, grid upgrades, renewable integration, grid interconnections, multi-terminal HVDC systems, and submarine cable projects.
By transmission type, the high voltage direct current transmission market growth is classified into submarine, overhead, and underground. The submarine section is expected to grow at the fastest CAGR throughout the forecast period. HVDC cables employed in submarine environments like marine habitats, have the gain of producing decrease electromagnetic fields compared to AC cables, decreasing their influence on marine ecosystems. HVDC technological know-how allows longer submarine cable deployment, mainly really helpful for linking offshore wind farms and transmitting electricity between continents.
By application, the market is classified into bulk power transmission, interconnecting grids, and infeed city areas. The infeed urban areas phase is predicted to develop at the quickest CAGR at some point of the forecast period. HVDC interconnections effectively link one-of-a-kind town grids, improving reliability and aiding load-sharing throughout top demand. This redundancy is crucial for critical urban infrastructure, decreasing the threat of blackouts in essential services like hospitals and records centers. HVDC transmission lines can be designed to decrease city impact, the use of underground or submarine cables. For instance, in March 2021, Nokia brought a clever metropolis management platform for Nicosia, improving citizen services and enabling new ones in mobility, parking, lighting, and waste management as phase of its smart city strategy.
By region, the market is analyzed throughout North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific region confirmed the quickest CAGR growth during the forecast period. Asia-Pacific region susceptible to natural disasters, HVDC transmission systems offer increased resilience compared to standard AC grids, reducing the influence of typhoons, earthquakes, and tsunamis on electricity supply. Many nations are investing in grid modernization, with HVDC technology enhancing electricity with the flow control, lowering losses, and bettering voltage stability for a more reliable and efficient grid. In addition, nations with excess electricity potential make use of HVDC lines to successfully export power over long distances, benefiting both exporters and importers, as viewed in the case of Bhutan, Nepal, and India. All these factors increase the demand for the high voltage direct current transmission market scope in the Asia-Pacific region.
The high voltage direct current transmission market involves the transportation of electrical strength over extended distances or across structures with varying voltage stages the use of direct modern (DC) as a substitute of alternating current (AC). This approach offers benefits such as minimized power losses in the course of transmission, increased effectiveness, and the potential to link far away renewable power installations to the electricity grid. The integration of renewable power sources into the high voltage direct current (HVDC) transmission market has fueled its increase with the aid of addressing the intermittent nature of renewables such as wind and solar. HVDC structures effectively transport electricity from numerous renewable sources to urban centers, making sure a stable electricity supply. They beautify grid stability, facilitate renewable farm interconnections, and provide flexibility through technologies such as voltage source converters (VSC-HVDC). Government policies supporting easy strength similarly stimulate HVDC and renewable investments, contributing to the global sustainable electricity transition and market growth.
However, the rise in adoption of disbursed and off-grid power generation, driven with the aid of technologies such as rooftop solar panels and localized wind turbines poses challenges to the high voltage direct cutting-edge transmission market. This shift towards decentralized electricity reduces the demand for large-scale HVDC projects, as neighborhood options become more cost-effective. In addition, regulatory support for dispensed electricity and technological developments in local generation similarly impact HVDC competitiveness. All these factors impede the boom of the market.
The HVDC transmission industry is set for widespread growth, pushed by way of the emphasis on grid modernization and infrastructure development. HVDC science enhances grid resilience, aligning with modernization dreams through superior manipulate and fast strength restoration. As the world embraces cleaner strength sources, HVDC's effectivity in transmitting electricity over long distances is integral for connecting faraway renewables to city areas. Capacity improvements limit the want for new transmission lines, benefiting environmental sustainability and grid stability for integrating renewables and dispensed electricity resources. All these elements are anticipated to provide new increase possibilities for the excessive voltage direct current transmission market throughout the forecast period.
The excessive voltage direct modern transmission market is segmented on the basis of component, technology, transmission type, application, and region. By component, the market is segmented into converter stations, transmission medium (cables), and others. The other section is predicted to develop at the fastest CAGR of 9.0% during the forecast period. Grounding electrodes are critical for HVDC transmission gadget safety, preserving ground potential, avoiding electrical shock, and safeguarding towards lightning-induced surges. In addition, communication and monitoring tools provide real-time statistics essential for system oversight, anomaly detection, and fast corrective measures, enhancing reliability and enabling grid coordination for stability and environment friendly electricity alternate in interconnected systems. All these elements are expected to provide new boom possibilities for grounding electrodes, communication, and monitoring equipment in the high voltage direct cutting-edge transmission market during the forecast period.
By technology, the high voltage direct current transmission market is divided into voltage supply converters (VSCs), line commutated converters (LCCs), and capacitor commutated converters (CCCs). The voltage source converters (VSCs) phase is expected to grow at the fastest CAGR during the forecast period. The surge in renewable power adoption, pretty wind and solar is fueling the need for VSCs. VSCs are imperative in stabilizing variable renewable outputs into constant AC power for the grid. High-voltage direct modern-day transmission is growing for long-distance energy transfer, with VSCs preferred for their top of the line controllability and reactive strength support. This technological know-how is gaining recognition in connecting faraway renewable sources, offshore wind farms, grid upgrades, renewable integration, grid interconnections, multi-terminal HVDC systems, and submarine cable projects.
By transmission type, the high voltage direct current transmission market growth is classified into submarine, overhead, and underground. The submarine section is expected to grow at the fastest CAGR throughout the forecast period. HVDC cables employed in submarine environments like marine habitats, have the gain of producing decrease electromagnetic fields compared to AC cables, decreasing their influence on marine ecosystems. HVDC technological know-how allows longer submarine cable deployment, mainly really helpful for linking offshore wind farms and transmitting electricity between continents.
By application, the market is classified into bulk power transmission, interconnecting grids, and infeed city areas. The infeed urban areas phase is predicted to develop at the quickest CAGR at some point of the forecast period. HVDC interconnections effectively link one-of-a-kind town grids, improving reliability and aiding load-sharing throughout top demand. This redundancy is crucial for critical urban infrastructure, decreasing the threat of blackouts in essential services like hospitals and records centers. HVDC transmission lines can be designed to decrease city impact, the use of underground or submarine cables. For instance, in March 2021, Nokia brought a clever metropolis management platform for Nicosia, improving citizen services and enabling new ones in mobility, parking, lighting, and waste management as phase of its smart city strategy.
By region, the market is analyzed throughout North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific region confirmed the quickest CAGR growth during the forecast period. Asia-Pacific region susceptible to natural disasters, HVDC transmission systems offer increased resilience compared to standard AC grids, reducing the influence of typhoons, earthquakes, and tsunamis on electricity supply. Many nations are investing in grid modernization, with HVDC technology enhancing electricity with the flow control, lowering losses, and bettering voltage stability for a more reliable and efficient grid. In addition, nations with excess electricity potential make use of HVDC lines to successfully export power over long distances, benefiting both exporters and importers, as viewed in the case of Bhutan, Nepal, and India. All these factors increase the demand for the high voltage direct current transmission market scope in the Asia-Pacific region.
Key Findings Of The Study
- By component, the converter stations segment has dominated the market which accounted for more than half of the high voltage direct current transmission market share in 2022.
- By technology, the voltage source converters (VSC) segment was the fastest growing region representing for 8.8% CAGR of the market.
- By application, the bulk power transmission segment was dominated the market, which accounted for more than half of the market share growing with a CAGR of 8.1% in 2022.
- By region, Asia-Pacific was the highest revenue contributed in 2022, and is estimated to register a CAGR of 8.7% during the forecast period.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the high voltage direct current transmission market analysis from 2022 to 2032 to identify the prevailing high voltage direct current transmission market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the high voltage direct current transmission market forecast assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global high voltage direct current transmission market trends, key players, market segments, application areas, and market growth strategies.
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Key Market Segments
By Component
- Transmission Medium (Cables)
- Others
- Converter Stations
By Technology
- Voltage Source Converters (VSC)
- Line Commutated Converters (LCC)
- Capacitor Commutated Converter (CCC)
By Transmission Type
- Submarine
- Overhead
- Underground
By Application
- Bulk Power Transmission
- Interconnecting Grids
- Infeed Urban Areas
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- Italy
- Spain
- UK
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- South Africa
- Saudi Arabia
- Rest of LAMEA
- Key Market Players
- ABB Ltd.
- Nexans S.A.
- Prysmian Group
- Schneider Electric SE.
- Toshiba Corporation.
- Hitachi Ltd.
- Mitsubishi Electric Corporation
- NR Electric Co., Ltd.
- Siemens AG
- General Electric Company
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: HIGH VOLTAGE DIRECT CURRENT (HVDC) TRANSMISSION MARKET, BY COMPONENT
CHAPTER 5: HIGH VOLTAGE DIRECT CURRENT (HVDC) TRANSMISSION MARKET, BY TECHNOLOGY
CHAPTER 6: HIGH VOLTAGE DIRECT CURRENT (HVDC) TRANSMISSION MARKET, BY TRANSMISSION TYPE
CHAPTER 7: HIGH VOLTAGE DIRECT CURRENT (HVDC) TRANSMISSION MARKET, BY APPLICATION
CHAPTER 8: HIGH VOLTAGE DIRECT CURRENT (HVDC) TRANSMISSION MARKET, BY REGION
CHAPTER 9: COMPETITIVE LANDSCAPE
CHAPTER 10: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, the high voltage direct current transmission market size was valued at $10.6 billion in 2022, and is estimated to reach $23.7 billion by 2032, growing at a CAGR of 8.4% from 2023 to 2032.High voltage direct current transmission market trend is a indispensable technological know-how in the field of electrical engineering. It is used for the efficient transmission of electricity over long distances and has a broad range of applications. This technology includes the conversion of alternating contemporary (AC) into direct cutting-edge (DC) and vice versa for the cause of transmitting electricity over high-voltage lines. HVDC technology is primarily based on the precept of changing AC to DC the usage of a rectifier and then converting it lower back to AC at the receiving giving up the use of an inverter. The key advantage of HVDC over usual high voltage alternating current (HVAC) transmission is the decreased loss of electricity for the duration of long-distance transmission. HVAC systems suffer from power losses due to the capacitance and inductance of the transmission lines, which can lead to big energy dissipation over extended distances. HVDC, on the other hand, minimizes these losses.
One of the essential applications of high voltage direct current transmission market is in long-distance power transmission. When electrical energy needs to be transmitted over hundreds or even thousands of miles, HVDC is the preferred choice. This is especially necessary when connecting faraway power technology sources, such as hydroelectric dams, to urban areas. In these cases, the electricity losses in an HVAC device would be prohibitively high, making HVDC the more environment-friendly and cost-effective option. Undersea cable connections characterize another distinguished application of HVDC technology. When electricity wishes to be transmitted throughout bodies of water, such as connecting offshore wind farms to the mainland, HVDC will become indispensable. Underwater HVDC cables are efficient at transmitting electrical energy over lengthy distances with minimal strength losses, making them a desired desire for intercontinental and offshore electricity transmission projects.
The HVDC transmission industry is utilized in grid stabilization. They can rapidly manage the drift of energy and furnish dynamic aid to the grid. This helps in keeping grid stability throughout unexpected occasions like faults or fluctuations in energy generation. HVDC systems are also successful in supplying indispensable black-start capabilities to restore energy after a complete grid blackout. HVDC is in particular well-suited for transmitting electrical energy over full-size distances. For instance, in China, the"Three Gorges - Changzhou" HVDC link covers about 2,000 kilometers. This mission permits power generated by the large Three Gorges Dam to be correctly delivered to areas with excessive electrical energy demand, such as the most important cities. Without HVDC, a sizable quantity of power would be lost due to the inherent inefficiencies of AC transmission over such long distances.
The intermittent nature of renewable energy sources like wind and solar energy requires specific consideration. High voltage direct current transmission market opportunities facilitate the integration of these sources into the grid. For example, the North Sea Link is a planned HVDC interconnector between the UK and Norway. It will enable the trade of hydroelectric strength from Norway with wind strength from the UK. HVDC's capacity to effectively transport electricity over lengthy distances ensures that the strength generated from renewables is no longer wasted and can be shared throughout regions.
The global demand for clean energy has led to the improvement of offshore wind farms in areas with robust winds, often located a long way from the coastline. High voltage direct current transmission market scope is crucial for connecting these offshore wind farms to the mainland. The DolWin3 mission in Germany, for instance, employs HVDC technology to transmit power from offshore wind mills in the North Sea to the onshore grid. The efficient energy transmission competencies of HVDC ensure that power from these faraway sources is economically viable.
The high voltage direct current transmission market share is segmented on the basis of component, technology, transmission type, application, and region. By component, the market is categorized into converter stations, transmission medium (cables), and others. By technology, the market is divided into voltage source converters (VSC), line commutated converters (LCC), and capacitor commutated converters (CCC). By transmission type, the market is classified into submarine, overhead, and underground. By application, the market is segregated into bulk power transmission, interconnecting grids, and infeed urban areas. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Integration of renewable energy sources drives the growth of the high voltage direct current transmission market forecast in upcoming years. The integration of renewable energy sources into high voltage direct current (HVDC) transmission systems is boosting the market boom by facilitating sustainable energy transformation. HVDC technology effectively addresses the intermittent nature of renewables like wind and solar. It enables the transportation of electricity from a variety of renewable sources to city areas, ensuring a consistent energy supply. Moreover, HVDC systems enhance grid steadiness through superior control mechanisms, promoting the interconnection of renewable strength farms and optimizing aid utilization.
Key players in the high voltage direct current transmission market analysis accross ABB Ltd, General Electric Company, Hitachi Ltd, Mitsubishi Electric Corporation, Nexans S.A., NR Electric Co., Ltd., Prysmian Group, Schneider Electric SE, Siemens, and Toshiba Corporation.
Key Market Insights
By technology, line commutated converters (LCC) dominated the market representing more than half of the market revenue in 2022 till the forecast period.By application, bulk power transmission dominated the high voltage direct current transmission market growth, where infeed urban areas grow fast representing 9.0% of CAGR during the forecast period.
By region, Asia-Pacific dominated the market followed by North America representing 8.7% and 8.3% of CAGR respectively.
Companies Mentioned
- ABB Ltd.
- Nexans S.A.
- Prysmian Group
- Schneider Electric SE.
- Toshiba Corporation.
- Hitachi Ltd.
- Mitsubishi Electric Corporation
- NR Electric Co., Ltd.
- Siemens AG
- General Electric Company
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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