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HVDC Transmission Market Research Report Information By Technology (LCC and VSC), By Application (Underground, Asynchronous, and Offshore), By Configuration (Monopolar, Bipolar, Multi Terminal, and Back-To-Back), By Voltage Rating (640 kV, 500 kV, and 200 kV), and By Region (North America, Europe, Asia-Pacific, And Rest Of The World) – Global Industry Size, Share, Growth, Trends and Forecast To 2032

ID: MRFR/E&P/4569-CR | 100 Pages | Author: Chitranshi Jaiswal| August 2022

Global HVDC Transmission Market Overview:

The HVDC Transmission Market Size was valued at USD 10.5 Billion in 2022. The HVDC Transmission market industry is projected to grow from USD 11.4 Billion in 2023 to USD 22.0 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.60% during the forecast period (2024–2032). Growing demand for voltage source converter (VSC) technology and electricity transmission are the key market drivers propelling the market growth.

HVDC Transmission Market Overview

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

HVDC Transmission Market Trends

  • Growing demand for VSC technology is driving the market growth

Market CAGR for HVDC transmission is driven by the rising demand for VSC technology and electricity transmission. The VSC-HVDC (Voltage Source Converter-based High Voltage Direct Current) is an innovative technology for the High voltage direct current transmission market that gives proper flow control in both directions, enhances voltage stability, averts fault propagation, and lessens network losses. HVDC Plus (Siemens), MonSin (GE/Alstom), and HVDC Light (ABB), are some of the common VSC-HVDC systems frequently used in the industry; it is projected that the increasing demand for voltage source converter technology would contribute to the growth of this market.

Additionally, this technology has various benefits over the LCC (line-commutated conversion) technology that has been used largely, which contains voltage and higher power at the same cost, smaller physical size making LCC- based stations, and black start capabilities 20-30% bigger than the VSC-HVDC conversion stations. Hence, these factors enhance the demand for VSC-HVDC transmission capabilities. Also, the electricity generation from renewable sources grew up by 7% in 2020, and the share of the same also grew from 27% in 2019 to 29% in 2020. The US EIA (Energy Information Administration) speculates this share to reach approx. 42% by 2050 in the US. This shift gives an extreme growth opportunity for HVDC transmission applications owing to its integration capabilities with renewable energy generation.

However, the increasing share of distribution and off-grid power generation may hamper the HVDC transmission market growth. But another technology for the growth of future power transmission networks is the HVDC submarine power transmission system. For transferring high power over long distances underwater, HVDC transmission is the only option that serves two fundamental grounds, including connecting isolated offshore platforms to main transmission lines and interconnecting countries or islands separated by sea. Further, the enlargement of offshore projects, such as offshore oil and gas upstream and wind farms projects, deliver HVDC technology a new economic potential globally.

For instance, in February 2022, TenneT (Netherlands) provided the largest-ever renewable energy contract to McDermott International (US) to make a 980-MW High Voltage Direcet Current for wind energy, which is why the rise in the adoption of renewable energy is a tremendous growth opportunity for the HVDC transmission market. Thus, contributing to the HVDC Transmission market revenue.

HVDC Transmission Market Segment Insights:

HVDC Transmission Technology Insights

The HVDC Transmission market segmentation, based on technology, includes LCC and VSC. The LCC segment dominated the market, accounting for the largest market share. The LCC (line-commutated converters) use mercury-arc valves. These converters are significantly used where huge capacity and efficiency are required. Most of the High Voltage Direct Current (HVDC) transmissions are based on online-commutated converters (LCC).

However, the VSC segment is expected to show significant growth during the forecast period since it can be integrated into multiport-DC systems easily and has high reactive power control.

Figure 1: HVDC Transmission Market, by Technology, 2024 & 2032 (USD Billion)

HVDC Transmission Market, by Technology, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

HVDC Transmission Application Insights

The HVDC Transmission market segmentation, based on application, includes underground, asynchronous, and offshore. The underground category contributed to the large income share. This is because underground cords are used for power applications where overhead cables are not feasible, difficult, or dangerous. These are common in factories and urban areas and even deliver power from overhead posts to consumer premises. Further, the asynchronous and offshore segments are anticipated to witness significant growth during the study period. 

HVDC Transmission Configuration Insights

The HVDC Transmission market segmentation, based on configuration, includes Monopolar, bipolar, multi-terminal, and back-to-back. The bipolar segment contributed to the largest market share during the forecast period. In bipolar transmission, a set of conductors is used, each at a great potential with respect to the ground against polarity. The cost amount of a transmission cable is greater than a monopole with a return conductor because these conductors must be wrapped for the full voltage.

Further, the multi-terminal segment is expected to witness significant growth during the forecast period since it is a system with two or more converter stations and DC terminal lines. Despite differences in configuration, the total power taken from the rectifier station is always equal to the power supplied by the inverter station.

HVDC Transmission Voltage Rating Insights

The HVDC Transmission market segmentation, based on voltage rating, includes 640 kV, 500 kV, and 200 kV. The 640 kV segment dominated the market share during the forecast period. With modern material technology, a 640 kV emitted DC underground system will increase the maximum power transfer of line systems by approx. 20%, permitting better integration of distant renewable energy sources into energy systems.

HVDC Transmission Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American HVDC Transmission market area will dominate this market, owing to rising demand for rising government initiatives to reduce carbon emissions, renewable energy sources, and growing investments in the transmission infrastructure will boost the market growth in this region.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: HVDC Transmission Market Share By Region 2024 (USD Billion)

HVDC Transmission Market Share By Region 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Europe’s HVDC Transmission market accounts for the second-largest market share owing to upgrading industrial infrastructure and huge investments in energy. Further, the German HVDC Transmission market held the largest market share, and the UK HVDC Transmission market was the fastest-growing market in the European region.

The Asia-Pacific HVDC Transmission Market is expected to grow at the fastest CAGR from 2023 to 2032. This is because of the government-supportive policies to accelerate industrialization and strong economic growth across the region. Moreover, China’s HVDC Transmission market held the largest market share, and the Indian HVDC Transmission market was the fastest-growing market in the Asia-Pacific region.

HVDC Transmission Key Market Players & Competitive Insights

Leading market players are investing heavily in R&D in order to expand their product lines, which will help the HVDC Transmission market grow even more. Participants in the market are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contract-based agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To enlarge and survive in a more competitive and rising market climate, the HVDC Transmission industry must provide cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the HVDC Transmission industry to benefit clients and increase the market sector. In recent years, the HVDC Transmission industry has offered some of the most significant advantages to medicine. Major players in the HVDC Transmission market, including Toshiba Corporation (Japan), ABB Group (Switzerland), Schneider Electric (France), Adani (India), Hitachi Energy (Japan), General Electric Co. (US), and others, are attempting to increase market demand by investing in research and development operations.

Toshiba Corporation was incorporated in 1939 as Tokyo Shibaura Electric Company, Ltd. (Japanese: Tōkyō Shibaura Denki KK) in the merger of Tokyo Electric Company, Ltd. and Shibaura Engineering Works, Ltd. Ever since 1978; it has adopted its present name. The company manufactures computers and electronic devices for industry and consumers. It is headquartered in Tokyo, Japan. In December 2022, Toshiba Electronic Devices & Storage Corporation announced the construction of a new back-end production plant for power semiconductors at its Himeji Operations.

Hitachi Energy’s late history dates back to the 1800s when electrical engineering companies, ASEA and BBC (Brown Boveri & Cie), were framed during Europe’s industrial revolution. The two pioneering brands merged in 1988 to create ABB. And the company continued to upgrade automation technologies and industry-leading power through a combination of R&D and tactical acquisitions. In 2020, Hitachi and ABB's Power Grids business came together in a joint venture to make a new leader in pioneering digital technologies. Trusted as a partner of choice in this industry, the company co-creates the best-in-class solutions that provide the promise of a sustainable energy future.

Key Companies in the HVDC Transmission market include

  • Siemens (Germany)

  • Toshiba Corporation (Japan)

  • ABB Group (Switzerland)

  • Schneider Electric (France)

  • Adani (India)

  • Hitachi Energy (Japan)

  • General Electric Co. (US)

  • Mitsubishi Electric Corporation (Tokyo)

  • Alstom (France)

  • NKT A/S (Copenhagen)

  • Nexans (France)

HVDC Transmission Industry Developments

January 2023: Nexans and SuperGrid Institute successfully transient overvoltage test 525kV DC cord system in compliance with the latest high voltage direct current recommendations.

February 2022: Hitachi introduced its new TRO600 series wireless routers with 5G capability. These routers help industrial and utility customers to achieve high reliability and resiliency in mission-critical operations. It enables a flexible, scalable, and secure hybrid wireless communication architecture.

January 2022: NKT has acquired Ventcroft Ltd. It will raise its strong position in the power cable market by adding Ventcrofts, a leading fire-resistant cable technology, to the portfolio.

HVDC Transmission Market Segmentation

HVDC Transmission Technology Outlook

  • LCC

  • VSC

HVDC Transmission Application Outlook

  • Underground

  • Asynchronous

  • Offshore

HVDC Transmission Configuration Outlook

  • Monopolar

  • Bipolar

  • Multi-Terminal

  • Back-To-Back

HVDC Transmission Voltage Rating Outlook

  • 640 kV

  • 500 kV

  • 200 kV

HVDC Transmission Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

Report Attribute/Metric Details
Market Size 2022 USD 10.5 Billion
Market Size 2023 USD 11.4 Billion
Market Size 2032 USD 22.0 Billion
Compound Annual Growth Rate (CAGR) 8.60% (2024-2032)
Base Year 2023
Market Forecast Period 2024-2032
Historical Data 2018- 2022
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Technology, Application, Configuration, Voltage Rating, and Region
Geographies Covered North America, Europe, Asia Pacific, and the Rest of the World
Countries Covered The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled Toshiba Corporation (Japan), ABB Group (Switzerland), Schneider Electric (France), Adani (India), Hitachi Energy (Japan), General Electric Co. (US)
Key Market Opportunities Growing opportunities for renewable energies.
Key Market Dynamics Rising demand for electricity transmissions and VSC technologies

Frequently Asked Questions (FAQ) :

The HVDC Transmission market size was valued at USD 10.5 Billion in 2022.

The market is projected to grow at a CAGR of 8.60% during the forecast period, 2024-2032.

North America had the largest share of the market.

The key players in the market are Toshiba Corporation (Japan), ABB Group (Switzerland), Schneider Electric (France), Adani (India), Hitachi Energy (Japan), and General Electric Co. (US).

The LCC category dominated the market in 2022.

The underground had the largest share of the market.

The bipolar category dominated the market in 2022.

The 640 kV had the largest share of the market.

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