HVDC Transmission Systems Market likely to surge at a vigorous 8.9% CAGR during the assessment period 2028

HVDC Transmission System Market By System Component (HVDC Transmission System Solution, HVDC Transmission System Services), Technology (LCC, VSC), Deployment ( Overhead, Underground, Subsea, Combination) & Region - Forecast 2022 - 2028

The global HVDC transmission systems market is expected to create an absolute dollar opportunity by expanding the market growth at an impressive CAGR of 8.9% over the projection period from 2022 to 2028. The global market is expected to surge 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 the global power transmission market.

The demand for HVDC transmission systems accelerated with a robust CAGR of 7.3% during the historic period from 2013 to 2021. The growth of the global HVDC transmission systems market is attributed to some of the major factors such as the requirement of low investments as well as low potential losses and the ability to transfer power between separate alternating current networks. 

Future Market Insights forecasts a comparison of the HVDC transmission systems market and its growth in H1 2021 vs. H1 2022. The BPS values difference observed in the HVDC transmission systems market in H1, 2022 - Outlook over H1, 2022 projected implies a 40-unit reduction, according to the FMI analysis. Furthermore, in comparison to H1-2021, the market is predicted to decline by 90 points in H1-2022.

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Based on the nature of their architecture, HVDC transmission systems have high installation and maintenance costs. Modern applications comprise a need for AC power, so it is crucial to install converter stations at endpoints to convert DC power to AC power, which increases costs. Hence, it is restraining the market growth in H1-2022 as compared to H1-2021.  

The HVDC (High voltage direct current) transmission systems are utilized for the transmission of power as compared to long distance. These systems are expected to utilize direct current for efficient power transmission. The HVDC transmission uses two technologies namely Line Commutated Converter (LCC) and Voltage Source Converter (VSC).

The Line Commutated Converter is known as an economical technique that is based on thyristor power semiconductors. Rising demand for HVDC transmission system components such as AC & DC harmonic filters, converters, DC lines, and circuit breakers to enable system security is the current trend in the HVDC transmission system market. 

Key Takeaways

• The long-distance P2P high-voltage direct current transmission concept does not necessarily demand high overall investments. HVDC transmission systems also consist of low losses in comparison to equivalent alternating current transmission variants.
• Although the installation of high-voltage direct current conversion equipment at terminal stations is economically on the higher side 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.
• HVDC transmission systems are anticipated to demand comparatively less conductor per unit distance as compared to an alternating current transmission system. This prominent factor is estimated to propel the adoption of HVDC transmission systems during the forecast period.
• The global HVDC transmission systems market was valued at US$ 5.4 Bn in 2013. HVDC (High Voltage Direct Current) transmission system vendors are focused on maintaining a long-term partnership with the consumer to increase market share in the global market.
• High-voltage direct current transmission systems comprise the potential to transfer electric power between separate alternating current networks. This specific power transfer is able to be autonomously controlled by the HVDC transmission systems in order to support individual networks throughout the transient conditions. In addition to that, the integration of at least one HVDC link in an alternating current grid can improve the overall system controllability.
  
  

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Competitive Landscape

The HVDC transmission system solution providers focus on launching innovative solutions and expanding their HVDC transmission system solution offerings in order to deliver improved technology along with new and technologically advanced solutions in new markets. The business alliances strategy helps the company in product development, technological management, and expanding its customer base.

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

More Insights into the HVDC Transmission Systems Market

North America is anticipated to remain the dominant region and one of the most attractive markets throughout the forecast period. In the North American region, Canada is anticipated to surge at a phenomenal pace of around 9.0% CAGR during the forecast period. The Canada HVDC transmission systems market is expected to reach 1.7X by 2028.

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HVDC Transmission System Market Survey By Category

By System Component:

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

By Technology:

• LCC
• VSC
• Others
  
  

By Deployment:

• Overhead
• Underground
• Subsea
• Combination

By Power Rating:

• Below 1000 MW
• 1000 - 2000 MW
• 2000 MW & above
  
  

Region:

• North America
• Latin America
• APEJ
• Japan
• Eastern Europe
• Western Europe
• MEA
  
  

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Table of Content

1. Executive Summary

    1.1. Global Market Outlook

    1.2. Demand Side Trends

    1.3. Supply Side Trends

    1.4. Analysis and Recommendations

2. Market Overview

    2.1. Market Coverage / Taxonomy

    2.2. Market Definition / Scope / Limitations

3. Key Market Trends

    3.1. Key Trends Impacting the Market

    3.2. Product Innovation / Development Trends

4. HVDC Transmission Systems - Pricing Analysis

    4.1. Pricing Analysis, By Component Type

    4.2. Average Pricing Benchmark Analysis

5. HVDC Transmission Systems Market Demand Analysis 2013-2021 and Forecast, 2022-2028

    5.1. Historical Market Size (US$ Mn) Analysis, 2013-2021

    5.2. Current and Future Market Size (US$ Mn) Projections, 2022-2028