Product Code: GVR-4-68040-410-7
HVDC Transmission Market Size & Trends:
The global HVDC transmission market size was estimated at USD 11.98 billion in 2023 and is expected to grow at a CAGR of 4.5% from 2024 to 2030. An increasing demand for efficient long-distance power transmission is driving the growth of the market. HVDC technology offers lower power losses over long distances compared to traditional alternating current (AC) systems, making it ideal for transmitting large amounts of electricity from remote renewable energy sources to urban centers. For example, China's West-East Electricity Transfer Project uses HVDC to transmit power from hydroelectric dams in the west to population centers in the east, over distances exceeding 2,000 kilometers.
Another crucial factor propelling the market is the growing focus on renewable energy integration. As countries worldwide aim to reduce carbon emissions and increase their reliance on clean energy sources, HVDC systems play a vital role in connecting offshore wind farms and solar installations to the main grid. For instance, the NordLink project between Norway and Germany utilizes High Voltage Direct Current (HVDC) technology to exchange renewable energy between the two countries, enhancing grid stability and facilitating the integration of intermittent power sources.
Additionally, the need for grid interconnection and the development of supergrids are driving HVDC adoption. HVDC links allow for the connection of asynchronous grids, enabling power trading between regions and countries with different electrical frequencies. This is particularly relevant in Europe, where initiatives such as the North Sea Wind Power Hub aim to create an interconnected offshore grid linking multiple countries. Such projects not only improve energy security but also promote market integration and optimize the use of renewable resources across borders.
Moreover, technological advancements in HVDC systems are further fueling market growth. The development of voltage-source converters (VSC) has expanded the applications of HVDC, making it more suitable for smaller-scale projects and offering improved control capabilities. Additionally, innovations in HVDC circuit breakers and the potential for multi-terminal HVDC systems are opening new possibilities for creating more flexible and resilient power grids. These technological improvements are making HVDC an increasingly attractive option for utilities and grid operators looking to modernize their transmission infrastructure.
Global HVDC Transmission Market Report Segmentation
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global HVDC transmission market report based on technology, type, and region:
- Technology Outlook (Revenue, USD Million, 2018 - 2030)
- Line Commutated Converter (LCC)
- Voltage Source Converter (VSC)
- Type Outlook (Revenue, USD Million, 2018 - 2030)
- Overhead
- Subsea
- Mixed
- Underground
- Regional Outlook (Revenue, USD Million, 2018 - 2030)
- North America
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Asia Pacific
- China
- India
- Japan
- South Korea
- Australia
- Central & South America
- Middle East & Africa
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Market Segmentation & Scope
- 1.2. Market Definition
- 1.3. Information Procurement
- 1.3.1. Purchased Database
- 1.3.2. GVR's Internal Database
- 1.3.3. Secondary Materials & Third-Party Perspectives
- 1.3.4. Primary Research
- 1.4. Information Analysis
- 1.4.1. Data Analysis Models
- 1.5. Market Formulation & Data Visualization
- 1.6. Data Validation & Publishing
- 1.7. List of Abbreviations
Chapter 2. Executive Summary
- 2.1. Market Outlook, 2023 (USD Million)
- 2.2. Segmental Outlook
- 2.3. Competitive Landscape Snapshot
Chapter 3. HVDC Transmission Market Variables, Trends, and Scope
- 3.1. Market Lineage Outlook
- 3.2. Penetration and Growth Prospect Mapping
- 3.3. Industry Value Chain Analysis
- 3.4. Price Trend Analysis, 2018 to 2030 (USD/Unit)
- 3.4.1. Key Factors Influencing Pricing
- 3.5. Regulatory Framework
- 3.5.1. Standard & Compliance
- 3.5.2. Safety
- 3.6. Market Dynamics
- 3.6.1. Market Driver Analysis
- 3.6.2. Market Restraint Analysis
- 3.6.3. Market Challenges Analysis
- 3.6.4. Market Opportunity Analysis
- 3.7. Business Environment Analysis
- 3.7.1. Industry Analysis - Porter's Five Forces Analysis
- 3.7.2. PESTEL Analysis
Chapter 4. HVDC Transmission Market: Technology Estimates & Trend Analysis
- 4.1. Definition & Scope
- 4.2. Technology Movement Analysis & Market Share, 2023 & 2030
- 4.3. Line Commutated Converter (LCC)
- 4.3.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 4.4. Voltage Source Converter (VSC)
- 4.4.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
Chapter 5. HVDC Transmission Market: Type Estimates & Trend Analysis
- 5.1. Definition & Scope
- 5.2. Installation Movement Analysis & Market Share, 2023 & 2030
- 5.3. Overhead
- 5.3.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 5.4. Subsea
- 5.4.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 5.5. Mixed
- 5.5.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 5.6. Underground
- 5.6.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
Chapter 6. HVDC Transmission Market: Regional Estimates & Trend Analysis
- 6.1. Key Takeaways
- 6.2. Regional Movement Analysis & Market Share, 2023 & 2030
- 6.3. North America
- 6.3.1. market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.3.2. market estimates and forecasts, by technology, 2018 - 2030 (USD Million)
- 6.3.3. market estimates and forecasts, by type, 2018 - 2030 (USD Million)
- 6.3.4. U.S.
- 6.3.4.1. market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.3.4.2. market estimates and forecasts, by technology, 2018 - 2030 (USD Million)
- 6.3.4.3. market estimates and forecasts, by type, 2018 - 2030 (USD Million)
- 6.3.5. Canada
- 6.3.5.1. market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.3.5.2. market estimates and forecasts, by technology, 2018 - 2030 (USD Million)
- 6.3.5.3. market estimates and forecasts, by type, 2018 - 2030 (USD Million)
- 6.3.6. Mexico
- 6.3.6.1. market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.3.6.2. market estimates and forecasts, by technology, 2018 - 2030 (USD Million)
- 6.3.6.3. market estimates and forecasts, by type, 2018 - 2030 (USD Million)
- 6.4. Europe
- 6.4.1. market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.4.2. market estimates and forecasts, by technology, 2018 - 2030 (USD Million)
- 6.4.3. market estimates and forecasts, by type, 2018 - 2030 (USD Million)
- 6.4.4. Germany
- 6.4.4.1. market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.4.4.2. market estimates and forecasts, by technology, 2018 - 2030 (USD Million)
- 6.4.4.3. market estimates and forecasts, by type, 2018 - 2030 (USD Million)
- 6.4.5. U.K.
- 6.4.5.1. market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.4.5.2. market estimates and forecasts, by technology, 2018 - 2030 (USD Million)
- 6.4.5.3. market estimates and forecasts, by type, 2018 - 2030 (USD Million)
- 6.4.6. France
- 6.4.6.1. market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.4.6.2. market estimates and forecasts, by technology, 2018 - 2030 (USD Million)
- 6.4.6.3. market estimates and forecasts, by type, 2018 - 2030 (USD Million)
- 6.4.7. Italy
- 6.4.7.1. market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.4.7.2. market estimates and forecasts, by technology, 2018 - 2030 (USD Million)
- 6.4.7.3. market estimates and forecasts, by type, 2018 - 2030 (USD Million)
- 6.4.8. Spain
- 6.4.8.1. market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.4.8.2. market estimates and forecasts, by technology, 2018 - 2030 (USD Million)
- 6.4.8.3. market estimates and forecasts, by type, 2018 - 2030 (USD Million)
- 6.5. Asia Pacific
- 6.5.1. market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.5.2. market estimates and forecasts, by technology, 2018 - 2030 (USD Million)
- 6.5.3. market estimates and forecasts, by type, 2018 - 2030 (USD Million)
- 6.5.4. China
- 6.5.4.1. market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.5.4.2. market estimates and forecasts, by technology, 2018 - 2030 (USD Million)
- 6.5.4.3. market estimates and forecasts, by type, 2018 - 2030 (USD Million)
- 6.5.5. India
- 6.5.5.1. market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.5.5.2. market estimates and forecasts, by technology, 2018 - 2030 (USD Million)
- 6.5.5.3. market estimates and forecasts, by type, 2018 - 2030 (USD Million)
- 6.5.6. Japan
- 6.5.6.1. market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.5.6.2. market estimates and forecasts, by technology, 2018 - 2030 (USD Million)
- 6.5.6.3. market estimates and forecasts, by type, 2018 - 2030 (USD Million)
- 6.5.7. South Korea
- 6.5.7.1. market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.5.7.2. market estimates and forecasts, by technology, 2018 - 2030 (USD Million)
- 6.5.7.3. market estimates and forecasts, by type, 2018 - 2030 (USD Million)
- 6.5.8. Australia
- 6.5.8.1. market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.5.8.2. market estimates and forecasts, by technology, 2018 - 2030 (USD Million)
- 6.5.8.3. market estimates and forecasts, by type, 2018 - 2030 (USD Million)
- 6.6. Central & South America
- 6.6.1. market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.6.2. market estimates and forecasts, by technology, 2018 - 2030 (USD Million)
- 6.6.3. market estimates and forecasts, by type, 2018 - 2030 (USD Million)
- 6.6.4. Brazil
- 6.6.4.1. market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.6.4.2. market estimates and forecasts, by technology, 2018 - 2030 (USD Million)
- 6.6.4.3. market estimates and forecasts, by type, 2018 - 2030 (USD Million)
- 6.7. Middle East & Africa
- 6.7.1. market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.7.2. market estimates and forecasts, by technology, 2018 - 2030 (USD Million)
- 6.7.3. market estimates and forecasts, by type, 2018 - 2030 (USD Million)
- 6.7.4. UAE
- 6.7.4.1. market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.7.4.2. market estimates and forecasts, by technology, 2018 - 2030 (USD Million)
- 6.7.4.3. market estimates and forecasts, by type, 2018 - 2030 (USD Million)
Chapter 7. Competitive Landscape
- 7.1. Key Players & Recent Developments & Their Impact on the Industry
- 7.2. Key Company/Competition Categorization
- 7.3. List of key Components Suppliers and Channel Partners
- 7.4. Company Market Share & Position Analysis, 2023
- 7.5. Company Heat Map Analysis
- 7.6. Competitive Dashboard Analysis
- 7.7. Strategy Mapping
- 7.7.1. Collaboration/ Partnerships/ Agreements
- 7.7.2. New Product launches
- 7.7.3. Mergers & Acquisitions
- 7.7.4. Research & Development
- 7.7.5. Others
- 7.8. Company Listing/Profiles
- 7.8.1. ABB Ltd.
- 7.8.1.1. Company Overview
- 7.8.1.2. Financial Performance
- 7.8.1.3. Product Benchmarking
- 7.8.2. Siemens AG
- 7.8.3. General Electric Company
- 7.8.4. Hitachi Energy
- 7.8.5. Nexans SA
- 7.8.6. LS Electric Co. Ltd.
- 7.8.7. American Superconductor Corporation
- 7.8.8. Transgrid Solutions Inc.
- 7.8.9. C-EPRI Electric Power Engineering Co., Ltd.
- 7.8.10. Toshiba Corporation
- 7.8.11. Mitsubishi Electric Corporation
- 7.8.12. NR Electric Co., Ltd.
- 7.8.13. Double Engineering Company
- 7.8.14. ATCO Electric Ltd.
- 7.8.15. Hvdc Technologies Ltd.