The global HVDC transmission system market is projected to evolve at a CAGR of 9.2% during the forecast period, as per recent analysis. The market value is expected to increase from US$ 11.3 billion in 2024 to US$ 27.4 billion by 2034. The HVDC transmission systems industry registered a CAGR of 8.1% at the end of 2023.
HVDC Transmission System Market Analysis and Insights
Attributes | Details |
---|---|
Market Size, 2024 | US$ 11.3 billion |
Market Value, 2034 | US$ 27.4 billion |
Value CAGR (2024 to 2034) | 9.2% |
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Aside from the HVDC transmission system market, insights have been gathered on two other related industries: the global high voltage capacitors market and the flexible AC transmission system market.
HVDC Transmission System Market:
Attributes | HVDC Transmission System Market |
---|---|
Value-based CAGR (2024 to 2034) | 9.2% |
Market Trends | Rising popularity of sustainable and eco-friendly products |
Growth Factor | The increasing demand for renewable energy |
High Voltage Capacitors Market:
Attributes | High Voltage Capacitors Market |
---|---|
Value-based CAGR (2024 to 2034) | 8.6% |
Market Trends | Increasing need for high-performance voltage control devices, such as static synchronous compensators, in various industries. |
Growth Factor | The expansion of the global power industry is likely to drive demand for high-voltage capacitors. |
Flexible AC Current Transmission System Market:
Attributes | Flexible AC Current Transmission System Market |
---|---|
Value-based CAGR (2024 to 2034) | 8.5% |
Market Trends | The expanding trend of urbanization and industrialization has resulted in an immense rise in global electricity demand. |
Growth Factors | Increasing demand for high-performance voltage control devices, such as static synchronous compensators, across a wide range of sectors. |
Attributes | Details |
---|---|
System Component | HVDC Transmission System Solutions |
Market Share in 2024 | 63.4% |
Attributes | Details |
---|---|
Form | LCC |
Market Share in 2024 | 43.2% |
However, they have certain limitations, such as low controllability and inability to operate in weak AC systems. Despite these limitations, LCCs continue to dominate the HVDC transmission system market due to their cost-effectiveness and reliability.
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Countries | CAGR through 2024 to 2034 |
---|---|
United States | 6.1% |
Germany | 8.7% |
China | 9.7% |
Japan | 10.5% |
Australia | 12.7% |
The HVDC transmission systems industry is quite intense, with several players vying for a larger share. Companies are focusing on developing advanced and innovative technologies to improve the efficiency and reliability of HVDC systems. They are also investing in research and development to develop eco-friendly and energy-efficient HVDC transmission systems to cater to the growing demand for sustainable energy solutions.
Recent Developments
Within the system component segment, the HVDC transmission system solution segment held 63.4% of the share in 2024.
The United States accounts for around 6.1% of the market share in 2024.
China is estimated to hold a 9.7% share of the market in 2024.
The market is currently valued at around US$ 11.3 billion.
The market is set to reach a valuation of around US$ 27.4 billion by the end of 2034.
Demand for the HVDC transmission system increased at an 8.1% CAGR from 2019 to 2023.
1. Executive Summary Market 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. Pricing Analysis 4.1. Pricing Analysis, By Component Type 4.2. Average Pricing Benchmark Analysis 5. Market Demand Analysis 2019 to 2023 and Forecast, 2024 to 2034 5.1. Historical Market Size (US$ Million) Analysis, 2019 to 2023 5.2. Current and Future Market Size (US$ Million) Projections, 2024 to 2034 5.3. Y-o-Y Growth Trend Analysis 6. Market Background 6.1. Macro-Economic Factors 6.2. Forecast Factors - Relevance & Impact 6.3. Value Chain Analysis 6.4. Market Dynamics 6.4.1. Drivers 6.4.2. Restraints 6.4.3. Opportunity Analysis 7. Market Analysis 2019 to 2023 and Forecast 2024 to 2034 , by System Component 7.1. Introduction / Key Findings 7.2. Historical Market Size (US$ Million) Analysis By System Component, 2019 to 2023 7.3. Current and Future Market Size (US$ Million) Analysis and Forecast By System Component, 2024 to 2034 7.3.1. Solution 7.3.1.1. AC & DC Harmonic Filters 7.3.1.2. Converters 7.3.1.3. DC Lines 7.3.1.4. Circuit Breakers 7.3.1.5. Others 7.3.2. Services 7.4. Market Attractiveness Analysis By System Component 8. Market Analysis 2019 to 2023 and Forecast 2024 to 2034 , by Technology 8.1. Introduction / Key Findings 8.2. Historical Market Size (US$ Million) Analysis By Technology, 2019 to 2023 8.3. Current and Future Market Size (US$ Million) Analysis and Forecast By Technology, 2024 to 2034 8.3.1. LCC 8.3.2. VSC 8.3.3. Others 8.4. Market Attractiveness Analysis By Technology 9. Market Analysis 2019 to 2023 and Forecast 2024 to 2034 , by Deployment 9.1. Introduction / Key Findings 9.2. Historical Market Size (US$ Million) Analysis By Deployment, 2019 to 2023 9.3. Current and Future Market Size (US$ Million) Analysis and Forecast By Deployment, 2024 to 2034 9.3.1. Overhead 9.3.2. Underground 9.3.3. Subsea 9.3.4. Combination 9.4. Market Attractiveness Analysis By Deployment 10. Market Analysis 2019 to 2023 and Forecast 2024 to 2034 , by Power Rating 10.1. Introduction / Key Findings 10.2. Historical Market Size (US$ Million) Analysis By Power Rating, 2019 to 2023 10.3. Current and Future Market Size (US$ Million) Analysis and Forecast By Power Rating, 2024 to 2034 10.3.1. Below 1000 MW 10.3.2. 1000 - 2000 MW 10.3.3. 2000 MW & above 10.4. Market Attractiveness Analysis By Power Rating 11. Market Analysis 2019 to 2023 and Forecast 2024 to 2034 , by Region 11.1. Introduction 11.2. Historical Market Size (US$ Million) Analysis By Region, 2019 to 2023 11.3. Current Market Size (US$ Million) Analysis and Forecast By Region, 2024 to 2034 11.3.1. North America 11.3.2. Latin America 11.3.3. Asia Pacific Excluding Japan 11.3.4. Japan 11.3.5. Eastern Europe 11.3.6. Western Europe 11.3.7. Middle East & Africa (MEA) 11.4. Market Attractiveness Analysis By Region 12. North America Market Analysis 2019 to 2023 and Forecast 2024 to 2034 12.1. Introduction 12.2. Historical Market Size (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023 12.3. Market Size (US$ Million) Forecast By Market Taxonomy, 2024 to 2034 12.3.1. By Country 12.3.1.1. The USA 12.3.1.2. Canada 12.3.2. By System Component 12.3.3. By Technology 12.3.4. By Deployment 12.3.5. By Power Rating 12.4. Market Attractiveness Analysis 12.4.1. By Country 12.4.2. By System Component 12.4.3. By Technology 12.4.4. By Deployment 12.4.5. By Power Rating 12.5. Key Market Participants - Intensity Mapping 12.6. Drivers and Restraints - Impact Analysis 13. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034 13.1. Introduction 13.2. Historical Market Size (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023 13.3. Market Size (US$ Million) Forecast By Market Taxonomy, 2024 to 2034 13.3.1. By Country 13.3.1.1. Brazil 13.3.1.2. Mexico 13.3.1.3. Rest of Latin America 13.3.2. By System Component 13.3.3. By Technology 13.3.4. By Deployment 13.3.5. By Power Rating 13.4. Market Attractiveness Analysis 13.4.1. By Country 13.4.2. By System Component 13.4.3. By Technology 13.4.4. By Deployment 13.4.5. By Power Rating 13.5. Key Market Participants - Intensity Mapping 13.6. Drivers and Restraints - Impact Analysis 14. Western Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034 14.1. Introduction 14.2. Historical Market Size (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023 14.3. Market Size (US$ Million) Forecast By Market Taxonomy, 2024 to 2034 14.3.1. By Country 14.3.1.1. Germany 14.3.1.2. The UK 14.3.1.3. France 14.3.1.4. Spain 14.3.1.5. Russia 14.3.1.6. Rest of Europe 14.3.2. By System Component 14.3.3. By Technology 14.3.4. By Deployment 14.3.5. By Power Rating 14.4. Market Attractiveness Analysis 14.4.1. By Country 14.4.2. By System Component 14.4.3. By Technology 14.4.4. By Deployment 14.4.5. By Power Rating 14.5. Key Market Participants - Intensity Mapping 14.6. Drivers and Restraints - Impact Analysis 15. Eastern Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034 15.1. Introduction 15.2. Historical Market Size (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023 15.3. Market Size (US$ Million) Forecast By Market Taxonomy, 2024 to 2034 15.3.1. By Country 15.3.1.1. Russia 15.3.1.2. Poland 15.3.1.3. Rest of Europe 15.3.2. By System Component 15.3.3. By Technology 15.3.4. By Deployment 15.3.5. By Power Rating 15.4. Market Attractiveness Analysis 15.4.1. By Country 15.4.2. By System Component 15.4.3. By Technology 15.4.4. By Deployment 15.4.5. By Power Rating 15.5. Key Market Participants - Intensity Mapping 15.6. Drivers and Restraints - Impact Analysis 16. Asia Pacific Excluding Japan Market Analysis 2019 to 2023 and Forecast 2024 to 2034 16.1. Introduction 16.2. Historical Market Size (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023 16.3. Market Size (US$ Million) Forecast By Market Taxonomy, 2024 to 2034 16.3.1. By Country 16.3.1.1. China 16.3.1.2. India 16.3.1.3. Malaysia 16.3.1.4. Singapore 16.3.1.5. Australia 16.3.1.6. Rest of APEJ 16.3.2. By System Component 16.3.3. By Technology 16.3.4. By Deployment 16.3.5. By Power Rating 16.4. Market Attractiveness Analysis 16.4.1. By Country 16.4.2. By System Component 16.4.3. By Technology 16.4.4. By Deployment 16.4.5. By Power Rating 16.5. Key Market Participants - Intensity Mapping 16.6. Drivers and Restraints - Impact Analysis 17. Japan Market Analysis 2019 to 2023 and Forecast 2024 to 2034 17.1. Introduction 17.2. Historical Market Size (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023 17.3. Market Size (US$ Million) Forecast By Market Taxonomy, 2024 to 2034 17.3.1. By Country 17.3.2. By System Component 17.3.3. By Technology 17.3.4. By Deployment 17.3.5. By Power Rating 17.4. Market Attractiveness Analysis 17.4.1. By Country 17.4.2. By System Component 17.4.3. By Technology 17.4.4. By Deployment 17.4.5. By Power Rating 17.5. Key Market Participants - Intensity Mapping 17.6. Drivers and Restraints - Impact Analysis 18. Middle East and Africa Market Analysis 2019 to 2023 and Forecast 2024 to 2034 18.1. Introduction 18.2. Pricing Analysis 18.3. Historical Market Size (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023 18.4. Market Size (US$ Million) Forecast By Market Taxonomy, 2024 to 2034 18.4.1. By Country 18.4.1.1. GCC Countries 18.4.1.2. Israel 18.4.1.3. South Africa 18.4.1.4. Rest of MEA 18.4.2. By System Component 18.4.3. By Technology 18.4.4. By Deployment 18.4.5. By Power Rating 18.5. Market Attractiveness Analysis 18.5.1. By Country 18.5.2. By System Component 18.5.3. By Technology 18.5.4. By Deployment 18.5.5. By Power Rating 18.6. Key Market Participants - Intensity Mapping 18.7. Drivers and Restraints - Impact Analysis 19. Market Structure Analysis 19.1. Market Analysis by Tier of Companies 19.2. Market Concentration 19.3. Market Share Analysis of Top Players 19.4. Market Presence Analysis 19.4.1. By Regional Footprint of Players 19.4.2. Product foot print by Players 19.4.3. Channel Foot Print by Players 20. Competition Analysis 20.1. Competition Dashboard 20.2. Pricing Analysis by Competition 20.3. Competition Benchmarking 20.4. Competition Deep Dive 20.4.1. ABB Ltd. 20.4.1.1. Overview 20.4.1.2. Product Portfolio 20.4.1.3. Profitability by Market Segments (Product / Channel / Region) 20.4.1.4. Sales Footprint 20.4.1.5. Strategy Overview 20.4.1.5.1. Marketing Strategy 20.4.1.5.2. Product Strategy 20.4.2. Siemens AG 20.4.2.1. Overview 20.4.2.2. Product Portfolio 20.4.2.3. Profitability by Market Segments (Product / Channel / Region) 20.4.2.4. Sales Footprint 20.4.2.5. Strategy Overview 20.4.2.5.1. Marketing Strategy 20.4.2.5.2. Product Strategy 20.4.3. Toshiba Corporation 20.4.3.1. Overview 20.4.3.2. Product Portfolio 20.4.3.3. Profitability by Market Segments (Product / Channel / Region) 20.4.3.4. Sales Footprint 20.4.3.5. Strategy Overview 20.4.3.5.1. Marketing Strategy 20.4.3.5.2. Product Strategy 20.4.4. General Electric Co. 20.4.4.1. Overview 20.4.4.2. Product Portfolio 20.4.4.3. Profitability by Market Segments (Product / Channel / Region) 20.4.4.4. Sales Footprint 20.4.4.5. Strategy Overview 20.4.4.5.1. Marketing Strategy 20.4.4.5.2. Product Strategy 20.4.5. Mitsubishi Electric Corporation 20.4.5.1. Overview 20.4.5.2. Product Portfolio 20.4.5.3. Profitability by Market Segments (Product / Channel / Region) 20.4.5.4. Sales Footprint 20.4.5.5. Strategy Overview 20.4.5.5.1. Marketing Strategy 20.4.5.5.2. Product Strategy 20.4.6. Prysmian SpA 20.4.6.1. Overview 20.4.6.2. Product Portfolio 20.4.6.3. Profitability by Market Segments (Product / Channel / Region) 20.4.6.4. Sales Footprint 20.4.6.5. Strategy Overview 20.4.6.5.1. Marketing Strategy 20.4.6.5.2. Product Strategy 20.4.7. TransGrid Solutions Inc. 20.4.7.1. Overview 20.4.7.2. Product Portfolio 20.4.7.3. Profitability by Market Segments (Product / Channel / Region) 20.4.7.4. Sales Footprint 20.4.7.5. Strategy Overview 20.4.7.5.1. Marketing Strategy 20.4.7.5.2. Product Strategy 20.4.8. Abengoa S.A. 20.4.8.1. Overview 20.4.8.2. Product Portfolio 20.4.8.3. Profitability by Market Segments (Product / Channel / Region) 20.4.8.4. Sales Footprint 20.4.8.5. Strategy Overview 20.4.8.5.1. Marketing Strategy 20.4.8.5.2. Product Strategy 20.4.9. ATCO LTD. 20.4.9.1. Overview 20.4.9.2. Product Portfolio 20.4.9.3. Profitability by Market Segments (Product / Channel / Region) 20.4.9.4. Sales Footprint 20.4.9.5. Strategy Overview 20.4.9.5.1. Marketing Strategy 20.4.9.5.2. Product Strategy 20.4.10. LS Industrial Systems Co., Ltd 20.4.10.1. Overview 20.4.10.2. Product Portfolio 20.4.10.3. Profitability by Market Segments (Product / Channel / Region) 20.4.10.4. Sales Footprint 20.4.10.5. Strategy Overview 20.4.10.5.1. Marketing Strategy 20.4.10.5.2. Product Strategy 21. Assumptions and Acronyms Used 22. Research Methodology
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