HVDC Transmission Market is expected to Grow with a CAGR of 6.44% through 2030
Rising demand for efficient
long-distance power transmission and integration of renewable energy sources is
driving growth in the HVDC transmission market, enabling reduced energy losses
and enhanced grid reliability worldwide.
According to TechSci Research
report, “HVDC Transmission Market – Global Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2030F”, the HVDC Transmission Market was valued at USD 12.98 Billion in 2024 and is expected to reach USD 19.05 Billion by 2030 with a CAGR of 6.44%. The High Voltage Direct Current (HVDC)
Transmission Market is primarily driven by the increasing global demand for
efficient, reliable, and long-distance power transmission solutions amid rapid
urbanization and the ongoing transition toward renewable energy sources. As
countries seek to expand their power grids to connect remote renewable energy
generation sites such as offshore wind farms, solar parks, and hydropower
plants to urban load centers, HVDC technology offers distinct advantages over
traditional alternating current (AC) transmission, including lower transmission
losses, enhanced grid stability, and the ability to transmit large amounts of
power over vast distances with minimal infrastructure footprint.
The rising need
for cross-border power interconnections to facilitate energy trade and ensure
grid resilience is accelerating the adoption of HVDC systems, as these systems
enable asynchronous grid connections and reduce bottlenecks in power transfer.
Another critical driver is the growing emphasis on upgrading aging transmission
infrastructure to accommodate increasing electricity demand and integrate
distributed energy resources, where HVDC solutions provide scalable and
flexible alternatives. Regulatory policies and government incentives promoting
clean energy and grid modernization also contribute significantly to market
growth by encouraging investments in HVDC projects. Additionally, advancements
in HVDC technology, such as voltage source converters (VSC), modular multilevel
converters (MMC), and improved insulation materials, have enhanced the
efficiency, reliability, and cost-effectiveness of HVDC transmission, making it
an increasingly attractive option for utilities and project developers.
The surge in smart grid
deployments and digitalization of power systems further supports HVDC adoption
by enabling better control, monitoring, and optimization of power flows.
Moreover, the need to reduce greenhouse gas emissions and meet climate targets
propels the shift to renewable energy, indirectly boosting the HVDC market as
it plays a vital role in integrating these intermittent energy sources.
Economic growth in emerging markets, particularly in Asia-Pacific and Latin
America, is also driving demand, as these regions invest heavily in expanding
and modernizing their transmission networks to support industrialization and
urban development.
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Based on the Application, Subsea
segment held the largest Market share in 2024. The subsea segment is a
significant growth driver for the HVDC (High Voltage Direct Current)
transmission market, driven primarily by the increasing demand for efficient
and reliable power transmission across vast offshore distances. As offshore
renewable energy projects, particularly offshore wind farms, continue to expand
globally, the subsea HVDC transmission technology has become critical in
connecting these remote energy generation sites to onshore grids. Subsea HVDC
systems offer superior efficiency in transmitting large volumes of electricity
over long distances with minimal power losses compared to traditional AC
(Alternating Current) systems, making them ideal for underwater cable
applications.
The push for cleaner energy
sources and the global commitment to reducing carbon emissions are fueling the
rapid deployment of offshore wind projects, thereby accelerating the demand for
subsea HVDC transmission infrastructure. Moreover, subsea HVDC cables support
the integration of multiple offshore renewable energy farms into a unified grid
network, enhancing grid stability and reliability while enabling the pooling of
renewable resources from various locations. Technological advancements in cable
insulation, converter stations, and modular designs have improved subsea HVDC
systems’ operational efficiency, lifespan, and cost-effectiveness, further
encouraging market adoption.
Regulatory frameworks and
government incentives aimed at promoting renewable energy infrastructure
development in coastal and offshore regions are also pivotal in driving subsea
HVDC transmission investments. Additionally, subsea HVDC transmission is crucial
for intercontinental power exchange and cross-border energy trade, facilitating
energy security and diversification by linking isolated power systems. The
ongoing electrification trend and increased offshore industrial activities,
such as oil and gas exploration and subsea mining, require robust subsea power
transmission solutions, which subsea HVDC technology can efficiently address.
Furthermore, subsea HVDC transmission systems are less susceptible to
environmental and weather-related disruptions compared to overhead lines,
ensuring consistent and stable power supply critical for industrial and
residential consumers.
The growing focus on reducing
the environmental footprint of power infrastructure projects encourages the
adoption of subsea HVDC technology, as it minimizes land use and visual impact
compared to overhead transmission lines. Lastly, significant investments by
major energy corporations and collaborations between technology providers,
utilities, and governments are fostering innovation and infrastructure
expansion in the subsea HVDC transmission market. Collectively, these factors
position the subsea segment as a pivotal driver propelling the overall growth
and transformation of the HVDC transmission market globally.
Based on region, Asia Pacific
is the fastest-growing region in the HVDC transmission market, driven by rapid
industrialization, urbanization, and increasing energy demand across countries
like China, India, and Southeast Asia. Governments in the region are investing
heavily in upgrading and expanding power infrastructure to support economic
growth and integrate renewable energy sources. Large-scale projects, including
cross-border power interconnections and offshore wind farms, are accelerating
HVDC adoption. Additionally, supportive policies and initiatives aimed at grid
modernization and carbon reduction further fuel market expansion. The region’s
favorable regulatory environment and growing focus on energy efficiency
position Asia Pacific as a key driver of global HVDC market growth.
Major companies operating in
the Global HVDC Transmission Market are:
- Hitachi Energy Ltd.
- Siemens Energy AG
- General Electric Company
- ABB Ltd.
- NR Electric Co., Ltd.
- Prysmian S.p.A.
- Nexans S.A.
- NKT A/S
- Toshiba Energy Systems &
Solutions Corporation
- Mitsubishi Electric
Corporation
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“The Global HVDC Transmission
Market is expected to rise in the upcoming years and register a significant
CAGR during the forecast period. The HVDC transmission market is poised for
robust growth, fueled by escalating demand for efficient long-distance power
transfer and seamless integration of renewable energy sources. Increased
investments in grid modernization and international interconnections present
substantial opportunities for HVDC technologies to improve grid reliability and
minimize transmission losses. The expansion of offshore wind and large-scale
solar projects further drives the need for advanced HVDC infrastructure.
Additionally, emerging markets prioritizing power network expansion and
decarbonization initiatives, combined with ongoing technological innovations
and supportive government policies, create a conducive environment for the
market’s global advancement. Therefore, the Market of HVDC Transmission is
expected to boost in the upcoming years.,” said Mr. Karan Chechi, Research
Director of TechSci Research, a research-based global management consulting firm.
“HVDC
Transmission Market - Global Industry Size, Share, Trends, Opportunity, and
Forecast, Segmented, By Type (High-power Rating Projects and Low-power Rating
Projects), By Technology (Line Commutated Converter (LCC) and Voltage Source
Converters (VSC)), By Application (Subsea, Underground, Overhead, and Mixed),
By Region, By Competition, 2020-2030F”, has evaluated the future growth
potential of Global HVDC Transmission Market and provides statistics &
information on the Market size, structure, and future Market growth. The report
intends to provide cutting-edge Market intelligence and help decision-makers
make sound investment decisions., The report also identifies and analyzes the
emerging trends along with essential drivers, challenges, and opportunities in
the Global HVDC Transmission Market.
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