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High Voltage Direct Current (HVDC) Transmission System Market Forecast 2025-2034: Analysing Major Trends, Opportunities, and Growth Drivers
High Voltage Direct Current HVDC Transmission System Market Size
The anticipated surge in electricity consumption is predicted to fuel the expansion of the high-voltage direct current (HVDC) transmission system market. This increase in electricity consumption can be linked to amplified demands from domestic households and industries. HVDC transmission systems play a pivotal role in meeting these demands since they offer a more dependable and efficient electricity transmission solution. For example, the International Energy Agency (IEA) stated in a February 2022 report that global electricity consumption is expected to grow nearly 5% in 2021 and 4% in 2022 because of the global economic recovery. Moreover, the Energy Information Administration reported in April 2023 that the total electricity consumption in the US swelled by 2.6%, reaching 4.05 trillion kWh in 2022. Consequently, the rising electricity demand is triggering the expansion of the high-voltage direct current (HVDC) transmission system market.
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How will the growth rate of the high voltage direct current (hvdc) transmission system market shape industry trends by 2034?
In recent times, we've seen a swift expansion in the market size of the high voltage direct current (HVDC) transmission system. It is projected to surge from $11.7 billion in 2024 to about $12.95 billion in 2025, boasting a compound annual growth rate (CAGR) of 10.7%. This notable increase during the historical period is largely due to the needs for long-distance power transmission, integration of renewable energy, power grid interconnections, conquering transmission constraints, coupled with improved grid reliability.
In the coming years, the market size for high voltage direct current (HVDC) transmission systems is anticipated to experience brisk growth. It's projected to increase to a value of $19.27 billion in 2029, displaying a compound annual growth rate (CAGR) of 10.4%. This market growth throughout the forecast period can be credited to aspects such as the incorporation of renewable energy, the progression of smart grids, the electrification of transport routes, ongoing cross-border grid connections, and a focus on grid resilience and dependability. Essential trends over the forecast period are expected to include digitalization and control systems, improvements in HVDC technology, the incorporation of energy storage, boosts in grid connection and cross-border transmission, and the electrification of transportation.
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What trends are poised to drive the future success of the high voltage direct current (hvdc) transmission system market?
A rising trend recognized within the high-voltage direct current (HVDC) transmission system marketplace involves the formation of strategic partnerships and collaborations, which typical participants are leveraging to solidify their presence. Illustratively, in November 2022, Hitachi Energy Ltd. - a power transformers and substations developer originating from Switzerland - entered into an alliance with Equinor ASA. The objective of this collaboration is the creation of standardized base designs for both direct current (DC) and alternating current (AC) high-voltage systems, which will be used to link offshore wind farms. It's worth noting that Equinor ASA, headquartered in Norway, specializes in offshore operations and the development of oil, wind, gas, and solar energy projects. By May 2023, another alliance saw the light of day with the partnership of Pattern Energy Group LP, a developer and operator of commercial wind and solar power facilities in the US, and Hitachi Energy Ltd. The goal of this partnership is to exploit and transport the energy potential of the SunZia Transmission Project to areas with a huge demand for green energy. By adopting Hitachi's HVDC technology, they aim to simultaneously enhance the reliability and resilience of the power grids. Hitachi Energy Ltd. continues to develop and manufacture power transformers and substations from its Swiss base.
Which primary segments of the high voltage direct current (hvdc) transmission system market are driving growth and industry transformations?
The high voltage direct current (HVDC) transmission system market covered in this report is segmented -
1) By Type: Monopolar, Bipolar, Homopolar, Back To Back, Multi-Terminal
2) By Technology: Line-Commutated Converters (LCC), Voltage-Source Converters (VSC), Capacitor Commutated Converters (CCC)
3) By Capacity: Upto 400 kV, 401-800 kV, 800 kV Above
4) By Deployment: Overhead, Underground, Subsea, Combination
5) By Application: Interconnecting Grids, Infeed Urban Areas, Connecting Offshore Wind, Other Applications
Subsegments:
1) By Monopolar: Single-Circuit Monopolar Systems, Monopolar Systems With Grounded Return
2) By Bipolar: Symmetrical Bipolar Systems, Asymmetrical Bipolar Systems
3) By Homopolar: Homopolar Transmission Systems Using Single Conductor
4) By Back To Back: Back-To-Back HVDC Converters For Interconnecting AC Networks, Integrated Back-To-Back Systems
5) By Multi-Terminal: Multi-Terminal DC Systems For Connecting Multiple Sources, Multi-Terminal Systems For Wind Farms Or Solar Energy Integration
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Which geographical regions are pioneering growth in the high voltage direct current (hvdc) transmission system market?
Europe was the largest region in the global high voltage direct current (HVDC) transmission system market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the high voltage direct current (hvdc) transmission system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the influential players reshaping the high voltage direct current (hvdc) transmission system market landscape?
Major companies operating in the high voltage direct current (HVDC) transmission system market include Siemens AG, General Electric Company, Mitsubishi Electric Corporation, Schneider Electric SE, ABB Ltd, Prysmian S.p.A., TBEA Co., Ltd., Nexans SA, Toshiba Energy Systems & Solutions Corporation, China Electric Power Equipment and Technology Co., Ltd., ATCO Ltd., LS Electric Co. Ltd., Bharat Heavy Electricals Ltd., Jiangnan Group Limited, China XD Group, Hyosung Heavy Industries Corporation, XJ Electric Co., Ltd., Adani Transmission, NKT A/S, NR Electric Co. Ltd., Rongxin Power Electronic Co., Ltd., American Superconductor Corporation, Hitachi Energy, Furukawa Electric Co. Ltd., TransGrid Solutions Inc., C-EPRI Electric Power Engineering Co. Ltd., Alstom SA, TransWest Express LLC, CTC Global Corporation, VSC Technologies AG
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What Is Covered In The High Voltage Direct Current (HVDC) Transmission System Global Market Report?
•Market Size Forecast: Examine the high voltage direct current (hvdc) transmission system market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the high voltage direct current (hvdc) transmission system market for a structured understanding.
•Key Players Overview: Analyze major players in the high voltage direct current (hvdc) transmission system market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the high voltage direct current (hvdc) transmission system market.
•Segment Contributions: Evaluate how different segments drive overall growth in the high voltage direct current (hvdc) transmission system market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the high voltage direct current (hvdc) transmission system market.
•Industry Challenges: Identify potential risks and obstacles affecting the high voltage direct current (hvdc) transmission system market.
•Competitive Landscape: Review strategic developments in the high voltage direct current (hvdc) transmission system market, including expansions, agreements, and new product launches.
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