Press release
High Voltage Direct Current (HVDC) Transmission System Industry Outlook 2025-2029: Market Set to Cross $19.27 Billion Milestone
High Voltage Direct Current (HVDC) Transmission System
What Is the Expected CAGR for the High Voltage Direct Current (HVDC) Transmission System Market Through 2025?
The market size of the high voltage direct current (HVDC) transmission system has seen a quick expansion in recent years. The market is projected to increase from $11.7 billion in 2024 to $12.95 billion in 2025, with a compound annual growth rate (CAGR) of 10.7%. The historical growth of this market is attributed to factors such as long-distance power transmission, renewable energy integration, power grids interconnection, addressing transmission limitations, and improved grid reliability.
What's the Projected Size of the Global High Voltage Direct Current (HVDC) Transmission System Market by 2029?
Expectations are high for substantial expansion in the high voltage direct current (HVDC) transmission system market over the next few years, with a forecasted value of $19.27 billion by 2029. This represents a compound annual growth rate (CAGR) of 10.4%. Such extraordinary growth in the coming years can be linked to several factors, including the incorporation of renewable energy, smart grid development and increasing electrification of transportation. Enhanced cross-border grid connectivity and a growing focus on grid resilience and reliability also play a part. Key trends to watch during this forecast period include digitalization and control systems, improvements in HVDC technology, energy storage integration, and an emphasis on grid interconnection and cross-border transmission as well as the growing electrification of transportation.
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Top Growth Drivers in the High Voltage Direct Current (HVDC) Transmission System Industry: What's Accelerating the Market?
The escalating need for electricity is projected to augment the expansion of the high-voltage direct current (HVDC) transmission system market. The heightened need for electricity stems from amplified requirements by industries and households. HVDC transmission systems play a critical role in meeting these needs as they offer efficient, stable electricity transmission. In a report from February 2022, the France-based International Energy Agency (IEA), an intergovernmental body known for its authoritative energy data, projected that the global economic recovery would stimulate a near 5% rise in electricity demand in 2021 and a 4% increase in 2022. Moreover, according to the US Energy Information Administration in April 2023, there was a 2.6% rise in total US electricity consumption, reaching 4.05 trillion kWh in 2022. Consequently, the growth of the high-voltage direct current (HVDC) transmission system market is being fueled by the rising electricity demand.
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What Trends Will Shape the High Voltage Direct Current (HVDC) Transmission System Market Through 2029 and Beyond?
One of the key trends becoming popular in the high-voltage direct current (HVDC) transmission system market is the focus on strategic alliances and collaborations. Market leaders in HVDC transmission system are making partnership and collaboration strategies a priority in order to bolster their market standing. For instance, in November 2022, Hitachi Energy Ltd., a Swiss power transformers and substations manufacturer, began a strategic affiliation with Equinor ASA. This partnership aims for Hitachi to create standardized base designs for high-voltage direct current (DC) and alternating current (AC) transmission systems that will facilitate the connection of offshore wind farms. Equinor ASA is a Norwegian company with a specialization in offshore operations and works on developing wind, gas, oil, and solar energy projects. Moreover, in May 2023, Pattern Energy Group LP, a US-based organization that develops utility-scale wind and solar power facilities, joined forces with Hitachi Energy Ltd. The goal of this partnership is for Pattern Energy to exploit and transport the energy potential of the SunZia Transmission Project to areas demanding high quantities of renewable energy. Using Hitachi's HVDC technology, they aim to provide power grids with greater reliability and durability. Hitachi Energy Ltd. continues to perform as a Swiss manufacturer and developer of power transformers and substations.
What Are the Main Segments in the High Voltage Direct Current (HVDC) Transmission System Market?
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 Top Companies are Driving Growth in the High Voltage Direct Current (HVDC) Transmission System Market?
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
Which Regions Will Dominate the High Voltage Direct Current (HVDC) Transmission System Market Through 2029?
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.
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