The HVDC Transmission Market is expected to reach USD 14.9 billion by 2028 from USD 11.4 billion in 2023, at a CAGR of 5.4% during the 2023–2028 period.
The increasing number of VSC-based HVDC projects, growing adoption of renewable energy globally, surging demand for reliable power supplies, and favorable government policies and initiatives for HVDC transmission are the major factors driving the market growth. Furthermore, constantly increasing technological advancements related to converter station components such as valves, circuit breakers, and reactors, among others, are also fueling the market growth for HVDC transmission. Moreover, the growing need for integration of power grids globally for seamless electricity exchange is expected to provide growth opportunities for market players.
The key players profiled in the HVDC transmission market include Hitachi (Japan), Siemens Energy (Germany), Mitsubishi Electric Corporation (Japan), General Electric (US), Prysmian Group (Italy), Toshiba Corporation (Japan), NKT A/S (Denmark), Nexans (France), LS Electric Co., Ltd. (South Korea), and NR Electric Co., Ltd. (China).
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Bulk power transmission to lead the HVDC transmission market during the forecast period.
HVDC systems are preferred over conventional AC lines for transmitting bulk power across long distances due to advantages such as lower power loss and the ability to control transmission accurately with respect to power level as well as direction. Moreover, the growing global population and increasing residential and commercial developments are expected to create a surge in demand for electricity, thereby driving the market growth for HVDC systems in urban areas.
LCC-based transmission to account for the largest share of the HVDC transmission market from 2023 to 2028.
In LCC, power transmission is done through thyristor valves. Commutation can be defined as the transfer of direct current (DC) from one thyristor valve to another valve in the same row. Commutation is carried out by a synchronous voltage source (AC system voltage) in LCC. An LCC station is ideal for high-power, long-distance transmissions as it reduces power losses in an HVDC transmission system. The growing need to transmit electricity over longer distances with lower losses is a major factor driving the market growth for LCC technology.
Asia Pacific is expected to register the highest CAGR during the forecast period.
In Asia Pacific, China is the major market for HVDC transmission market due to the constantly growing demand for power in the country. Some other factors driving the growth of the market in this region include an increase in power consumption patterns and initiatives for low carbon emission. High power quality reliability and stability of power transmission are the major requirements of the power industry in the region, which are driving the growth of the HVDC transmission market in this region. Asia Pacific is expected to register the highest CAGR during the forecast period. Growing developments in power transmission networks and various initiatives taken by countries to integrate wind energy in power grids to ensure clean energy generation are some of the major factors contributing to the market growth.