High Voltage Direct Current (HVDC) Transmission System Market – Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented by Transmission Type (Submarine HVDC Transmission System, HVDC Overhead Transmission System, and HVDC Underground Transmission System), Component (Converter Stations and Transmission Medium (Cables)), By Region, Competition, 2018-2028

  • Industry : Power
  • Pages : NA
  • Published Date : NA
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Summary

Report Description

Forecast Period

2024-2028

Market Size (2022)

USD 11.38 Billion

CAGR (2023-2028)

8.59%

Fastest Growing Segment

Submarine HVDC Transmission Systems

Largest Market

Europe


Market Overview

Global High Voltage Direct Current (HVDC) Transmission System market was valued at USD 11.38 Billion in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 8.59% through 2028.

Key Market Drivers

Grid Reliability and Stability will help with High Voltage Direct Current (HVDC) Transmission System Market growth.

Grid reliability and stability are fundamental drivers propelling the growth of the Global High Voltage Direct Current (HVDC) Transmission System market. These critical aspects are at the core of ensuring a secure and resilient electrical infrastructure, especially as modern power systems face increasingly complex challenges. One of the primary ways in which HVDC systems drive grid reliability is through their advanced control and operational capabilities. HVDC technology allows for precise control over the flow of electricity, making it easier to manage power distribution across large areas. This feature is invaluable in maintaining grid stability by ensuring that electricity flows are balanced and controlled, which reduces the risk of voltage fluctuations, frequency deviations, and blackouts. In essence, HVDC systems act as a stabilizing force within the grid.

As power grids evolve to incorporate more renewable energy sources, grid operators encounter the intermittent and variable nature of these resources. HVDC systems excel at integrating renewable energy into the grid due to their ability to manage power quality and synchronize the grid with varying generation patterns. This ensures that the grid remains stable, even when transitioning between conventional and renewable power sources. Furthermore, HVDC transmission lines are known for their efficiency over long distances. They significantly reduce energy losses compared to traditional alternating current (AC) lines. The reduced line losses enhance grid efficiency, allowing utilities to deliver electricity more reliably and cost-effectively to consumers.

HVDC technology also contributes to grid reliability by providing a means for interconnecting regional and national grids. This interconnection supports grid redundancy, allowing for power sharing between different regions during emergencies or periods of high demand. In essence, HVDC systems enhance energy security by creating a network of interconnected grids, reducing the risk of localized grid failures affecting large populations. In summary, the pursuit of grid reliability and stability is a central driving force behind the expansion of the HVDC Transmission System market. These systems are pivotal in maintaining the integrity of modern power grids, especially in the face of challenges posed by renewable energy integration, grid decentralization, and increased electricity demand. As utilities and grid operators prioritize resilience and stability, the demand for HVDC technology is expected to continue its upward trajectory, positioning it as a crucial component of future energy systems worldwide.

Renewable Energy Integration Have Played a Crucial Role in The Growth of The High Voltage Direct Current (HVDC) Transmission System Market

The integration of renewable energy sources is a major driving force behind the growth of the Global High Voltage Direct Current (HVDC) Transmission System market. As the world increasingly embraces clean and sustainable energy generation from sources such as wind, solar, and hydropower, the need for efficient and reliable methods to transport this energy to end-users has become paramount. HVDC transmission systems have emerged as a crucial solution to address the challenges associated with renewable energy integration. One of the primary reasons why renewable energy integration drives the HVDC market is the geographical distribution of renewable resources. Often, renewable energy sources are located in remote areas, far from population centers where electricity demand is highest. HVDC technology excels at transmitting electricity over long distances with minimal energy losses. By utilizing HVDC transmission lines, renewable energy generated in remote regions can be efficiently transported to urban centers and industrial hubs, ensuring that clean energy can be harnessed where it is needed most.

Furthermore, the intermittent nature of some renewable energy sources, such as wind and solar, requires advanced grid management and energy storage solutions. HVDC systems offer greater control and flexibility in managing power flows, allowing grid operators to balance the supply and demand of electricity more effectively. This capability is crucial for ensuring grid stability and reliability, especially as renewable energy sources become a larger part of the energy mix. Environmental concerns and climate change mitigation efforts have also accelerated the adoption of renewable energy sources. HVDC transmission systems align with these objectives by enabling the efficient distribution of clean energy. By reducing energy losses during transmission and optimizing the use of renewable resources, HVDC technology contributes to the reduction of greenhouse gas emissions and supports the transition to a more sustainable energy future.

Government policies and incentives aimed at promoting renewable energy development often include provisions for upgrading and expanding the transmission infrastructure, including HVDC systems. This further propels the growth of the HVDC market as governments worldwide recognize the critical role that efficient energy transmission plays in achieving renewable energy targets. In conclusion, renewable energy integration is a central driver of the Global HVDC Transmission System market. HVDC technology's ability to efficiently transport renewable energy over long distances, enhance grid stability, and align with environmental goals positions it as a key enabler of the transition to a cleaner and more sustainable energy landscape. As the world continues to prioritize renewable energy, the demand for HVDC transmission systems is poised for significant growth, making them an essential component of the global energy transition.

 

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Key Market Challenges

High Initial Costs

The high initial costs associated with High Voltage Direct Current (HVDC) Transmission Systems can pose a significant impediment to the growth of the global HVDC market. HVDC technology, while offering numerous advantages, often requires substantial upfront investments in various components and infrastructure, which can deter potential projects and investors. One of the primary contributors to these high initial costs is the specialized equipment required for HVDC systems. This includes high-power converters, transformers, and control systems designed to handle high voltages and currents. Additionally, the construction of HVDC converter stations, which serve as key infrastructure nodes, can be a capital-intensive endeavor.

Moreover, the cost of laying long-distance HVDC transmission lines can be substantial. These lines are typically designed to span significant distances, whether over land or underwater, and often involve complex engineering challenges. The procurement, installation, and maintenance of these transmission lines contribute significantly to the overall cost. Environmental considerations can also drive-up costs. When HVDC transmission lines traverse ecologically sensitive areas or pass through densely populated regions, additional measures, such as environmental impact assessments, mitigation efforts, or rerouting, may be required, further inflating project expenses.

Additionally, ongoing maintenance and operational costs must be factored in, as HVDC systems require specialized maintenance to ensure their reliability and efficiency. This involves the regular inspection, servicing, and potential replacement of high-value components. In some cases, financing large-scale HVDC projects can be challenging, particularly in regions with limited access to capital or uncertainties regarding regulatory frameworks and revenue models. These financial hurdles can dissuade potential investors from engaging in HVDC ventures. To address these challenges, various strategies can be employed, including government incentives, subsidies, and public-private partnerships to share the financial burden. Additionally, advancements in technology and economies of scale are expected to gradually reduce the upfront costs of HVDC systems, making them more accessible and cost-effective in the long run. Nevertheless, high initial costs remain a key consideration for stakeholders in the HVDC market.

Complexity of Technology

The complexity of the technology associated with High Voltage Direct Current (HVDC) Transmission Systems represents a significant potential hindrance to the global HVDC market. HVDC technology is characterized by intricate engineering, advanced power electronics, and complex control systems, making its implementation and operation challenging in several ways. Firstly, the specialized expertise required for designing, constructing, and maintaining HVDC systems is in high demand. Finding and training personnel with the necessary skills can be a bottleneck, especially in regions where such expertise is limited.

Secondly, the design phase of HVDC projects involves intricate decisions, including selecting appropriate converter technologies, voltage levels, and configurations. Errors in the design phase can lead to inefficiencies, costly rework, and delays in project completion. Thirdly, ensuring interoperability among components from different manufacturers is essential for seamless system operation. This compatibility challenge can lead to technical issues and hinder the integration of HVDC systems into existing grids. Moreover, maintaining HVDC systems to ensure optimal performance requires specialized knowledge, and troubleshooting complex issues can be time-consuming and expensive. This poses operational challenges.

Additionally, staying up to date with rapid technological advancements in HVDC systems is demanding. Operators and maintenance personnel must continually adapt to new developments, which can be a resource-intensive task. Cybersecurity is another facet of complexity. Protecting HVDC systems from potential cyber threats and ensuring the security of critical infrastructure adds a layer of intricacy to their operation. Lastly, regulatory compliance and adherence to standards, which may vary across regions, contribute to the complexity. Non-compliance can result in delays and increased costs. Despite these complexities, the advantages of HVDC technology, such as efficient long-distance power transmission and enhanced renewable energy integration, drive its adoption. Addressing these complexities necessitates collaboration between governments, industry stakeholders, and research institutions to establish standardized practices, provide training, and advance the technology. As the demand for reliable, long-distance power transmission persists, managing and mitigating the complexity of HVDC systems will remain a focal point for the HVDC market.

Key Market Trends

Renewable Energy Integration

The integration of renewable energy sources is poised to be a major driving force behind the growth of the Global High Voltage Direct Current (HVDC) Transmission System market. As the world accelerates its transition towards clean and sustainable energy, the efficient transmission of renewable power over long distances becomes increasingly critical, and HVDC technology is at the forefront of enabling this transition. One of the primary drivers of HVDC adoption is the geographic dispersion of renewable energy resources. Wind farms, solar installations, and hydropower plants are often located in remote or offshore areas with abundant renewable potential. HVDC systems excel at efficiently transmitting electricity over long distances with minimal energy losses, making it possible to harness renewable energy from these remote locations and deliver it to urban centers and industrial hubs where electricity demand is highest.

Furthermore, the intermittent and variable nature of some renewable energy sources, such as wind and solar, requires advanced grid management and energy storage solutions. HVDC technology provides greater control and flexibility in managing power flows, allowing grid operators to seamlessly integrate and stabilize variable renewable energy sources. This enhances grid reliability and resilience, ensuring a consistent power supply even when weather conditions fluctuate. The global imperative to reduce greenhouse gas emissions and combat climate change is another key driver. HVDC systems facilitate the efficient transmission of clean energy from renewable sources, reducing the reliance on fossil fuels for electricity generation. This aligns with national and international climate goals, making HVDC an essential tool for mitigating the environmental impact of the energy sector. Additionally, government policies and incentives often support the development and deployment of HVDC systems as part of broader renewable energy initiatives. These incentives can include subsidies, tax benefits, and regulatory frameworks that encourage the integration of HVDC technology into energy infrastructure.

In conclusion, renewable energy integration is a pivotal driver for the HVDC Transmission System market, with HVDC technology serving as a linchpin in the global transition to clean, sustainable energy sources. Its ability to efficiently transmit renewable power over long distances, enhance grid stability, and reduce carbon emissions positions HVDC as a critical enabler of the renewable energy revolution.

Grid Modernization

Grid modernization is poised to be a significant driving force behind the growth of the Global High Voltage Direct Current (HVDC) Transmission System market. As power grids around the world undergo transformation to meet the demands of the 21st century, HVDC technology is emerging as a crucial enabler of this modernization effort. One of the primary drivers of HVDC adoption within grid modernization is the need to upgrade aging infrastructure. Many existing AC (alternating current) transmission lines are outdated and ill-equipped to handle the increasing electricity demand, fluctuating power generation from renewable sources, and the integration of new technologies like electric vehicles. HVDC systems offer a solution by enabling efficient and reliable long-distance transmission, reducing energy losses, and expanding the capacity of transmission corridors.

Grid reliability and resilience are paramount in the face of changing climate patterns and extreme weather events. HVDC technology enhances grid stability by providing advanced control capabilities that enable rapid response to disturbances and dynamic management of power flows. This ensures uninterrupted power supply, reducing the risk of blackouts and enhancing the overall resilience of the grid. Renewable energy integration is another key aspect of grid modernization. As the world transitions to cleaner energy sources, HVDC systems facilitate the integration of renewable power generation by efficiently transporting electricity from remote wind, solar, and hydroelectric facilities to urban centers where electricity demand is highest. This minimizes curtailment of renewable energy and promotes the reduction of greenhouse gas emissions.

Moreover, grid modernization initiatives often involve the deployment of smart grid technologies for improved monitoring, control, and data analysis. HVDC systems seamlessly integrate with these smart grid architectures, enabling advanced grid management and the efficient utilization of grid assets. In summary, grid modernization is driving the demand for HVDC Transmission Systems as a vital component of modern, efficient, and resilient power grids. HVDC technology is helping address the challenges of aging infrastructure, renewable energy integration, and the need for enhanced grid flexibility and reliability, positioning itself as a linchpin in the transformation of global energy systems.

Segmental Insights

Transmission Type Insights

The market's largest contribution will be the Submarine HVDC Transmission Systems segment. The submarine HVDC transmission system market is likely to grow significantly due to the development of submarine power transmission systems worldwide. Submarine electricity transmission is gaining importance due to the increasing focus on power trading between countries. Thus, owing to the above points, demand for the submarine HVDC transmission system is expected to increase in the forecast period.

 

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Regional Insights

Europe has established itself as the leader in the Global High Voltage Direct Current (HVDC) Transmission System Market with a significant revenue share in 2022.  The European power generation mix is expected to change considerably in favor of renewables over the next few years, with countries such as Germany, Spain, Belgium, and France, increasingly moving toward a low-carbon economy. The region also has several policies, such as the EU's renewable energy directive and national renewable energy action plans, that support the transition to a low-carbon energy system. Thus, owing to the above points, Europe is expected to dominate the HVDC transmission systems market in the future.

Recent Developments

  • In March 2023, OWC invites developers to do more site-specific research to examine HVDC as a potential export transmission method in connection with Poland's second phase of seabed leasing for far offshore wind farms.
  • In July 2022, Adani Transmission signed a contract with Hitachi Energy to address the growing demand for energy in Mumbai to provide a high-voltage direct current (HVDC) transmission system from Kudus to Mumbai on India's west coast. The new HVDC link will give the city 1,000MW of additional electricity.
  • In February 2022, McDermott International was awarded its largest-ever renewable energy contract from TenneT for the BorWin6 980 MW high-voltage direct current project. The project is for designing, manufacturing, installing, and commissioning an HVDC offshore converter platform located 118 miles offshore of Germany on the North Sea Cluster 7 platform.

Key Market Players

  • ABB Ltd
  • Siemens AG
  • C-EPRI Electric Power Engineering Co. Ltd
  • General Electric Company
  • Toshiba Corporation
  • Mitsubishi Electric Corporation
  • Prysmian Group

 By Transmission Type

By Component

By Region
  • Submarine HVDC Transmission System
  • HVDC Overhead Transmission System
  • HVDC Underground Transmission System
  • Converter Stations
  • Transmission Medium (Cables)
  • North America
  • Europe
  • Asia Pacific
  • South America
  • Middle East & Africa

 

Report Scope:

In this report, the Global High Voltage Direct Current (HVDC) Transmission System Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • High Voltage Direct Current (HVDC) Transmission System Market, By Transmission Type:
    • Submarine HVDC Transmission System
    • HVDC Overhead Transmission System
    • HVDC Underground Transmission System
  • High Voltage Direct Current (HVDC) Transmission System Market, By Component:
    • Converter Stations
    • Transmission Medium (Cables)
  • High Voltage Direct Current (HVDC) Transmission System Market, By Region:
    • North America
      • United States
      • Canada
      • Mexico
    • Asia-Pacific
      • China
      • India
      • Japan
      • South Korea
      • Indonesia
    • Europe
      • Germany
      • United Kingdom
      • France
      • Russia
      • Spain
    • South America
      • Brazil
      • Argentina
    • Middle East & Africa
      • Saudi Arabia
      • South Africa
      • Egypt
      • UAE
      • Israel

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global High Voltage Direct Current (HVDC) Transmission System Market.

Available Customizations:

Global High Voltage Direct Current (HVDC) Transmission System Market report with the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

Global High Voltage Direct Current (HVDC) Transmission System Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1.    Product Overview

1.1.  Market Definition

1.2.  Scope of the Market

1.3.  Markets Covered

1.4.  Years Considered for Study

1.5.  Key Market Segmentations

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3.    Executive Summary

4.    Voice of Customers

5.    Global High Voltage Direct Current (HVDC) Transmission System Market Outlook

5.1.  Market Size & Forecast

5.1.1.    By Value

5.2.  Market Share & Forecast

5.2.1.    By Transmission Type (Submarine HVDC Transmission System, HVDC Overhead Transmission System, and HVDC Underground Transmission System)

5.2.2.    By Component (Converter Stations and Transmission Medium (Cables))

5.2.3.    By Region

5.3.  By Company (2022)

5.4.  Market Map

6.    North America High Voltage Direct Current (HVDC) Transmission System Market Outlook

6.1.  Market Size & Forecast

6.1.1.    By Value

6.2.  Market Share & Forecast

6.2.1.    By Transmission Type

6.2.2.    By Component

6.2.3.    By Country

6.3.  North America: Country Analysis

6.3.1.    United States High Voltage Direct Current (HVDC) Transmission System Market Outlook

6.3.1.1.        Market Size & Forecast

6.3.1.1.1.           By Value 

6.3.1.2.        Market Share & Forecast

6.3.1.2.1.           By Transmission Type

6.3.1.2.2.           By Component

6.3.2.    Canada High Voltage Direct Current (HVDC) Transmission System Market Outlook

6.3.2.1.        Market Size & Forecast

6.3.2.1.1.           By Value 

6.3.2.2.        Market Share & Forecast

6.3.2.2.1.           By Transmission Type

6.3.2.2.2.           By Component

6.3.3.    Mexico High Voltage Direct Current (HVDC) Transmission System Market Outlook

6.3.3.1.        Market Size & Forecast

6.3.3.1.1.           By Value 

6.3.3.2.        Market Share & Forecast

6.3.3.2.1.           By Transmission Type

6.3.3.2.2.           By Component

7.    Asia-Pacific High Voltage Direct Current (HVDC) Transmission System Market Outlook

7.1.  Market Size & Forecast

7.1.1.    By Value

7.2.  Market Share & Forecast

7.2.1.    By Transmission Type

7.2.2.    By Component

7.2.3.    By Country

7.3.  Asia-Pacific: Country Analysis

7.3.1.    China High Voltage Direct Current (HVDC) Transmission System Market Outlook

7.3.1.1.        Market Size & Forecast

7.3.1.1.1.           By Value 

7.3.1.2.        Market Share & Forecast

7.3.1.2.1.           By Transmission Type

7.3.1.2.2.           By Component

7.3.2.    India High Voltage Direct Current (HVDC) Transmission System Market Outlook

7.3.2.1.        Market Size & Forecast

7.3.2.1.1.           By Value 

7.3.2.2.        Market Share & Forecast

7.3.2.2.1.           By Transmission Type

7.3.2.2.2.           By Component

7.3.3.    Japan High Voltage Direct Current (HVDC) Transmission System Market Outlook

7.3.3.1.        Market Size & Forecast

7.3.3.1.1.           By Value 

7.3.3.2.        Market Share & Forecast

7.3.3.2.1.           By Transmission Type

7.3.3.2.2.           By Component

7.3.4.    South Korea High Voltage Direct Current (HVDC) Transmission System Market Outlook

7.3.4.1.        Market Size & Forecast

7.3.4.1.1.           By Value 

7.3.4.2.        Market Share & Forecast

7.3.4.2.1.           By Transmission Type

7.3.4.2.2.           By Component

7.3.5.    Indonesia High Voltage Direct Current (HVDC) Transmission System Market Outlook

7.3.5.1.        Market Size & Forecast

7.3.5.1.1.           By Value 

7.3.5.2.        Market Share & Forecast

7.3.5.2.1.           By Transmission Type

7.3.5.2.2.           By Component

8.    Europe High Voltage Direct Current (HVDC) Transmission System Market Outlook

8.1.  Market Size & Forecast

8.1.1.    By Value

8.2.  Market Share & Forecast

8.2.1.    By Transmission Type

8.2.2.    By Component

8.2.3.    By Country

8.3.  Europe: Country Analysis

8.3.1.    Germany High Voltage Direct Current (HVDC) Transmission System Market Outlook

8.3.1.1.        Market Size & Forecast

8.3.1.1.1.           By Value 

8.3.1.2.        Market Share & Forecast

8.3.1.2.1.           By Transmission Type

8.3.1.2.2.           By Component

8.3.2.    United Kingdom High Voltage Direct Current (HVDC) Transmission System Market Outlook

8.3.2.1.        Market Size & Forecast

8.3.2.1.1.           By Value 

8.3.2.2.        Market Share & Forecast

8.3.2.2.1.           By Transmission Type

8.3.2.2.2.           By Component

8.3.3.    France High Voltage Direct Current (HVDC) Transmission System Market Outlook

8.3.3.1.        Market Size & Forecast

8.3.3.1.1.           By Value 

8.3.3.2.        Market Share & Forecast

8.3.3.2.1.           By Transmission Type

8.3.3.2.2.           By Component

8.3.4.    Russia High Voltage Direct Current (HVDC) Transmission System Market Outlook

8.3.4.1.        Market Size & Forecast

8.3.4.1.1.           By Value 

8.3.4.2.        Market Share & Forecast

8.3.4.2.1.           By Transmission Type

8.3.4.2.2.           By Component

8.3.5.    Spain High Voltage Direct Current (HVDC) Transmission System Market Outlook

8.3.5.1.        Market Size & Forecast

8.3.5.1.1.           By Value 

8.3.5.2.        Market Share & Forecast

8.3.5.2.1.           By Transmission Type

8.3.5.2.2.           By Component

9.    South America High Voltage Direct Current (HVDC) Transmission System Market Outlook

9.1.  Market Size & Forecast

9.1.1.    By Value

9.2.  Market Share & Forecast

9.2.1.    By Transmission Type

9.2.2.    By Component

9.2.3.    By Country

9.3.  South America: Country Analysis

9.3.1.    Brazil High Voltage Direct Current (HVDC) Transmission System Market Outlook

9.3.1.1.        Market Size & Forecast

9.3.1.1.1.           By Value 

9.3.1.2.        Market Share & Forecast

9.3.1.2.1.           By Transmission Type

9.3.1.2.2.           By Component

9.3.2.    Argentina High Voltage Direct Current (HVDC) Transmission System Market Outlook

9.3.2.1.        Market Size & Forecast

9.3.2.1.1.           By Value 

9.3.2.2.        Market Share & Forecast

9.3.2.2.1.           By Transmission Type

9.3.2.2.2.           By Component

10. Middle East & Africa High Voltage Direct Current (HVDC) Transmission System Market Outlook

10.1.             Market Size & Forecast

10.1.1. By Value

10.2.             Market Share & Forecast

10.2.1. By Transmission Type

10.2.2. By Component

10.2.3. By Country

10.3.             Middle East & Africa: Country Analysis

10.3.1. Saudi Arabia High Voltage Direct Current (HVDC) Transmission System Market Outlook

10.3.1.1.     Market Size & Forecast

10.3.1.1.1.         By Value 

10.3.1.2.     Market Share & Forecast

10.3.1.2.1.         By Transmission Type

10.3.1.2.2.         By Component

10.3.2. South Africa High Voltage Direct Current (HVDC) Transmission System Market Outlook

10.3.2.1.     Market Size & Forecast

10.3.2.1.1.         By Value 

10.3.2.2.     Market Share & Forecast

10.3.2.2.1.         By Transmission Type

10.3.2.2.2.         By Component

10.3.3. UAE High Voltage Direct Current (HVDC) Transmission System Market Outlook

10.3.3.1.     Market Size & Forecast

10.3.3.1.1.         By Value 

10.3.3.2.     Market Share & Forecast

10.3.3.2.1.         By Transmission Type

10.3.3.2.2.         By Component

10.3.4. Israel High Voltage Direct Current (HVDC) Transmission System Market Outlook

10.3.4.1.     Market Size & Forecast

10.3.4.1.1.         By Value 

10.3.4.2.     Market Share & Forecast

10.3.4.2.1.         By Transmission Type

10.3.4.2.2.         By Component

10.3.5. Egypt High Voltage Direct Current (HVDC) Transmission System Market Outlook

10.3.5.1.     Market Size & Forecast

10.3.5.1.1.         By Value 

10.3.5.2.     Market Share & Forecast

10.3.5.2.1.         By Transmission Type

10.3.5.2.2.         By Component

11. Market Dynamics

11.1.             Drivers

11.2.             Challenge

12. Market Trends & Developments

13. Company Profiles

13.1.             ABB Ltd

13.1.1. Business Overview

13.1.2. Key Revenue and Financials (If Available)

13.1.3. Recent Developments

13.1.4. Key Personnel

13.1.5. Key Product/Services

13.2.              Siemens AG

13.2.1. Business Overview

13.2.2. Key Revenue and Financials

13.2.3. Recent Developments

13.2.4. Key Personnel

13.2.5. Key Product/Services

13.3.             C-EPRI Electric Power Engineering Co. Ltd

13.3.1. Business Overview

13.3.2. Key Revenue and Financials (If Available)

13.3.3. Recent Developments

13.3.4. Key Personnel

13.3.5. Key Product/Services

13.4.             General Electric Company

13.4.1. Business Overview

13.4.2. Key Revenue and Financials (If Available)

13.4.3. Recent Developments

13.4.4. Key Personnel

13.4.5. Key Product/Services

13.5.             Toshiba Corporation

13.5.1. Business Overview

13.5.2. Key Revenue and Financials (If Available)

13.5.3. Recent Developments

13.5.4. Key Personnel

13.5.5. Key Product/Services

13.6.             Mitsubishi Electric Corporation

13.6.1. Business Overview

13.6.2. Key Revenue and Financials (If Available)

13.6.3. Recent Developments

13.6.4. Key Personnel

13.6.5. Key Product/Services

13.7.             Prysmian Group

13.7.1. Business Overview

13.7.2. Key Revenue and Financials

13.7.3. Recent Developments

13.7.4. Key Personnel

13.7.5. Key Product/Services

14. Strategic Recommendations

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Figures and Tables

Frequently asked questions

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The market size of the Global High Voltage Direct Current (HVDC) Transmission System Market was USD 11.38 Billion in 2022.

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The submarine HVDC transmission system market dominates the market due to the development of submarine power transmission systems worldwide. Submarine electricity transmission is gaining importance due to the increasing focus on power trading between countries.

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High Initial Cost and Increasing share of distributed and off-grid power generation, are the major challenges for the market.

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The growing energy demand, as well as the growth of the renewable energy sector in various nations, are expected to create demand for the HVDC transmission systems market in the near future.

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Parvati Sharma

Account Manager BD
Press Release

High Voltage Direct Current (HVDC) Transmission System Market to be dominated by Submarine HVDC Transmission Systems segment through 2028

Nov, 2023

Growing energy demand, as well as the growth of the renewable energy sector to drive Global High Voltage Direct Current (HVDC) Transmission System Market in the forecast period, 2023-2028.

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