High Voltage Direct Current (HVDC) Transmission System Market Expected to Achieve 10.1% CAGR by 2029: Growth Forecast Insights

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How Large Will the High Voltage Direct Current (HVDC) Transmission System Market Size By 2025?
There has been robust growth in the high voltage direct current (HVDC) transmission system market in past years. The market is projected to expand from $11.7 billion in 2024 to $12.74 billion in 2025, marking a compound annual growth rate (CAGR) of 8.9%. This growth during the historic period can be primarily attributed to long-distance power transmission, incorporation of renewable energy, interconnection of power grids, addressing transmission limitations, and improved grid dependability.

How Big Is the High Voltage Direct Current (HVDC) Transmission System Market Size Expected to Grow by 2029?
The market size for the high voltage direct current (hvdc) transmission system is projected to experience swift expansion in the upcoming years. The market is anticipated to reach $18.71 billion by 2029, with a compound annual growth rate (CAGR) of 10.1%. The predicted growth during the forecast period is due to factors such as the incorporation of renewable energy, the evolution of smart grids, the electrification of the transportation sector, ongoing advances in cross-border grid interconnections, and a strong focus on the resilience and reliability of the grid. Notable trends during the forecast period encompass digital and control systems, progress in HVDC technology, the integration of energy storage, grid connectivity, and cross-border transmission, as well as ongoing transportation electrification.

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Which Key Market Drivers Powering High Voltage Direct Current (HVDC) Transmission System Market Expansion and Growth?
An anticipated increase in the need for electricity is set to boost the expansion of the high-voltage direct current (HVDC) transmission system market. This spike in electricity consumption comes from an increased demand from both homes and commercial sectors. HVDC transmission systems are crucial in meeting this electricity need, offering a more effective and reliable electricity transmission process. For example, a February 2022 report by the International Energy Agency (IEA), a French intergovernmental organization dealing in credible energy data, projected that the global economic recovery could result in almost a 5% rise in international electricity demand in 2021 and 4% in 2022. Moreover, the Energy Information Administration, a U.S. governmental energy agency, reported in April 2023 that total U.S. electricity use had risen by 2.6%, hitting 4.05 trillion kWh in 2022. Hence, growing electricity demand contributes to the expansion of the high-voltage direct current (HVDC) transmission system market.

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Which Fast-Growing Trends Are Poised to Disrupt the High Voltage Direct Current (HVDC) Transmission System Market?
The emergence of strategic alliances and collaborations marks a key trend in the high-voltage direct current (HVDC) transmission system market. Major industry players are turning to collaborations to strengthen their market hold. For example, Hitachi Energy Ltd., a Swiss manufacturer and developer of power transformers and substations, initiated a strategic alliance with Equinor ASA in November 2022. Hitachi intends to create standardized base designs applied to both high-voltage direct current (DC) and alternating current (AC) transmission systems for connecting offshore wind farms through this alliance. Positioned in Norway, Equinor ASA specializes in offshore activities and the development of gas, wind, oil, and solar energy projects. Additionally, in May 2023, Pattern Energy Group LP, a US-based developer and provider of utility-scale wind and solar power facilities, formed a partnership with Hitachi Energy Ltd. The goal of this partnership is to tap into the SunZia Transmission Project's energy potential to supply high-demand renewable energy areas and enhance power grid reliability and resilience through Hitachi's HVDC technology. Hitachi Energy Ltd. is familiar as a Swiss-based producer and developer of power transformers and substations.

What Are the Emerging 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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Who Are the Global Leaders 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 are the Top Profitable Regional Markets for the High Voltage Direct Current (HVDC) Transmission System Industry?
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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