HVDC Transmission System Market Expanding at a CAGR of 8.9% 2022-2028

 Expanding at a CAGR of 8.9%, the global HVDC transmission system market is projected to increase from a valuation of US$ 10.3 Bn in 2022 to US$ 17.2 Bn by 2028. The HVDC transmission system demand accounted for almost 15% market share of global power transmission market.

The HVDC (High voltage direct current) transmission systems are used for transmission of power over long distance. These systems use direct current for power transmission. The HVDC transmission uses two technologies namely Line Commutated Converter (LCC) and Voltage Source Converter (VSC).

On the basis of FMI’s study, the global market for HVDC transmission systems will witness prominent demand generation from power transmission industries. Increasing demand for HVDC transmission systems in emerging economies is expected to particularly drive the revenue growth of global HVDC transmission systems market in the near future, according to the report.

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Increasing demand for HVDC transmission systems in offshore wind projects is expected to contribute to the growth of the HVDC transmission systems market over the forecast period. Moreover, the expenditure incurred by the total direct current transmission line over long distances is considerably lower than the alternating current transmission line installed over the same distance. Growing demand for HVDC transmission systems for long-distance transmission is thus expected to fuel the growth of the HVDC transmission systems market in the coming years.

Expensive Installation Remains Longstanding Factor Limiting Rapid Growth of HVDC Transmission Systems Market

On the flip side, HVDC transmission systems require the installation of various components, such as converters, smoothing reactors, and harmonic filters, to reduce or absorb the harmonics that are produced during the transmission process. These components, which are costly, add to the already high cost of installation. High installation cost of HVDC transmission systems is thus estimated to be a prime factor hampering the growth of the market over the forecast period. Moreover, HVDC transmission systems require expensive conversion stations and spare parts for maintenance, which is also expected to challenge the growth of the global HVDC transmission systems market during the forecast period.

North America & APEJ to Remain Key Markets for HVDC Transmission Systems Manufacturers

An in-depth analysis of the market suggests that the overall size of the global HVDC transmission systems market will grow at a substantial rate during the forecast period. Several optimistic variations are likely to contribute to the growth of the HVDC transmission systems market.

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By region, North America is estimated to dominate the global HVDC transmission systems market throughout the forecast period. North America, followed by Asia Pacific excluding Japan (APEJ), is estimated to remain among the dominant regions. APEJ, followed by Japan, is expected to expand at a high CAGR over the forecast period.

By system component, the solution segment is estimated to dominate the HVDC transmission systems market with a value of US$ 5,278.8 Mn in 2018. Among the solution segments, the AC & DC harmonic filters segment is expected to create an incremental $ opportunity worth US$ 674.6 Mn during the forecast period. However, the services segment is estimated to expand at a significant CAGR in the global HVDC transmission systems market over the forecast period.

By technology, the Voltage Source Converters (VSC) segment is expected to hold a dominant value share in the global HVDC transmission systems market. The segment is projected to expand with a high CAGR owing to the increasing applications of VSCs in wind farm grids for underground power transmission.

By deployment, subsea & underground cables are gaining popularity as these cables transmit lower losses than overhead cables. In value terms, the subsea segment is projected to create an incremental $ opportunity worth US$ 3,068.8 Mn in the global HVDC transmission systems market over the forecast period.

Global HVDC Transmission Systems Market: Competitive Landscape

Some of the key players involved in the manufacturing of HVDC transmission systems, which are included in this study, are

  • ABB Ltd.,
  • Toshiba Corporation,
  • Siemens AG,
  • General Electric,
  • Mitsubishi Electric Corporation,
  • Prysmian SpA,
  • Abengoa S.A.,
  • TransGrid Solutions Inc.,
  • ATCO Ltd.,
  • LS Industrial Systems Co., Ltd.

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HVDC Transmission Systems Market: Segmentation

On the basis of system component, the global HVDC Transmission Systems market has been segmented into:

  • Solution
    • AC & DC Harmonic Filters
    • Converters
    • DC Lines
    • Circuit Breakers
    • Others
  • Services

On the basis of technology, the global HVDC Transmission Systems market has been segmented into:

  • LCC (Line Commutated Converters)
  • VSC (Voltage Source Converters)
  • Others

On the basis of deployment, the global HVDC Transmission Systems market has been segmented into:

  • Overhead
  • Underground
  • Subsea
  • Combination

On the basis of power rating, the global HVDC Transmission Systems market has been segmented into:

  • Below 1000 MW
  • 1000 – 2000 MW
  • 2000 MW & above

Key Questions Answered in the Report

  • How much is the global HVDC transmission system industry worth?
  • Which are the top 5 countries driving most of the demand for HVDC transmission system?

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