Table of Content

1 INTRODUCTION (Page No. - 30)
    1.1 STUDY OBJECTIVES 
    1.2 MARKET DEFINITION 
           1.2.1 INCLUSIONS AND EXCLUSIONS, BY COMPANY
           1.2.2 INCLUSIONS AND EXCLUSIONS, BY COMPONENT
           1.2.3 INCLUSIONS AND EXCLUSIONS, BY PROJECT TYPE
           1.2.4 INCLUSIONS AND EXCLUSIONS, BY TECHNOLOGY
           1.2.5 INCLUSIONS AND EXCLUSIONS, BY APPLICATION LEVEL
           1.2.6 INCLUSIONS AND EXCLUSIONS, BY REGION
    1.3 STUDY SCOPE 
           FIGURE 1 HVDC TRANSMISSION MARKET SEGMENTATION
    1.4 CURRENCY CONSIDERED 
    1.5 UNITS CONSIDERED 
    1.6 LIMITATIONS 
    1.7 STAKEHOLDERS 
    1.8 SUMMARY OF CHANGES 
    1.9 IMPACT OF RECESSION 
2 RESEARCH METHODOLOGY (Page No. - 36)
    2.1 RESEARCH APPROACH 
           FIGURE 2 HVDC TRANSMISSION MARKET: RESEARCH DESIGN
           2.1.1 SECONDARY DATA
                    2.1.1.1 Major secondary sources
                    2.1.1.2 Key data from secondary sources
           2.1.2 PRIMARY DATA
                    2.1.2.1 Primary interviews with experts
                    2.1.2.2 List of key primary interview participants
                    2.1.2.3 Breakdown of primaries
                    2.1.2.4 Key data from primary sources
           2.1.3 SECONDARY AND PRIMARY RESEARCH
                    2.1.3.1 Key industry insights
    2.2 MARKET SIZE ESTIMATION 
           2.2.1 BOTTOM-UP APPROACH
                    2.2.1.1 Approach to capture market share by bottom-up analysis
                               FIGURE 3 BOTTOM-UP APPROACH
           2.2.2 TOP-DOWN APPROACH
                    2.2.2.1 Approach to capture market share by top-down analysis
                               FIGURE 4 TOP-DOWN APPROACH
    2.3 FACTOR ANALYSIS 
           2.3.1 DEMAND-SIDE ANALYSIS
                    FIGURE 5 MARKET SIZE ESTIMATION: DEMAND-SIDE ANALYSIS
           2.3.2 SUPPLY-SIDE ANALYSIS
                    FIGURE 6 MARKET SIZE ESTIMATION: SUPPLY-SIDE ANALYSIS
           2.3.3 GROWTH FORECAST ASSUMPTIONS
                    TABLE 1 MARKET GROWTH ASSUMPTIONS
    2.4 APPROACH TO UNDERSTAND RECESSION IMPACT ON HVDC TRANSMISSION MARKET 
    2.5 MARKET BREAKDOWN AND DATA TRIANGULATION 
           FIGURE 7 DATA TRIANGULATION
    2.6 RESEARCH ASSUMPTIONS 
    2.7 RISK ASSESSMENT 
           TABLE 2 HVDC TRANSMISSION MARKET: RISK ASSESSMENT
3 EXECUTIVE SUMMARY (Page No. - 48)
    FIGURE 8 HVDC TRANSMISSION MARKET, 2019–2028
    FIGURE 9 CONVERTER STATIONS SEGMENT TO DOMINATE HVDC TRANSMISSION MARKET DURING FORECAST PERIOD
    FIGURE 10 POINT-TO-POINT SEGMENT TO CAPTURE LARGEST MARKET SHARE DURING FORECAST PERIOD
    FIGURE 11 LCC-BASED SEGMENT TO ACCOUNT FOR LARGEST SHARE OF HVDC TRANSMISSION MARKET DURING FORECAST PERIOD
    FIGURE 12 BULK POWER TRANSMISSION SEGMENT TO COMMAND LARGEST SHARE OF HVDC TRANSMISSION MARKET DURING FORECAST PERIOD
    FIGURE 13 ASIA PACIFIC TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD
4 PREMIUM INSIGHTS (Page No. - 53)
    4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN HVDC TRANSMISSION MARKET 
           FIGURE 14 INCREASING DEMAND FOR VOLTAGE SOURCE CONVERTER (VSC)-BASED TRANSMISSION TO DRIVE MARKET
    4.2 HVDC TRANSMISSION MARKET, BY COMPONENT 
           FIGURE 15 CONVERTER STATIONS SEGMENT TO DOMINATE HVDC TRANSMISSION MARKET DURING FORECAST PERIOD
    4.3 HVDC TRANSMISSION MARKET, BY TECHNOLOGY 
           FIGURE 16 LCC-BASED SEGMENT TO CAPTURE LARGEST SHARE OF HVDC TRANSMISSION MARKET IN 2028
    4.4 HVDC TRANSMISSION MARKET, BY PROJECT TYPE 
           FIGURE 17 POINT-TO-POINT SEGMENT TO CAPTURE LARGEST SHARE OF HVDC TRANSMISSION MARKET IN 2023
    4.5 HVDC TRANSMISSION MARKET, BY APPLICATION 
           FIGURE 18 BULK POWER TRANSMISSION TO LEAD HVDC TRANSMISSION MARKET FROM 2023 TO 2028
    4.6 AMERICAS: HVDC TRANSMISSION MARKET, BY PROJECT TYPE AND COUNTRY, 2022 
           FIGURE 19 POINT-TO-POINT AND US HELD LARGEST SHARES OF HVDC TRANSMISSION MARKET IN AMERICAS IN 2022
5 MARKET OVERVIEW (Page No. - 56)
    5.1 INTRODUCTION 
    5.2 MARKET DYNAMICS 
           FIGURE 20 HVDC TRANSMISSION MARKET: MARKET DYNAMICS
           5.2.1 DRIVERS
                    5.2.1.1 Integration of VSC technology into HVDC systems
                    5.2.1.2 Rapid transition toward renewable energy
                    5.2.1.3 Strong focus of governments and utilities on grid modernization to improve power reliability
                               FIGURE 21 ELECTRICITY CONSUMPTION, BY REGION, 2020–2023 (TERAWATT-HOUR)
                    5.2.1.4 Government-led policies and initiatives promoting HVDC transmission technology
                               FIGURE 22 IMPACT ANALYSIS OF DRIVERS ON HVDC TRANSMISSION MARKET
           5.2.2 RESTRAINTS
                    5.2.2.1 High initial investment requirements
                    5.2.2.2 Availability of substitute technologies such as distributed and off-grid power generation systems
                    5.2.2.3 Additional costs associated with circuit breakers
                               FIGURE 23 IMPACT ANALYSIS OF RESTRAINTS ON HVDC TRANSMISSION MARKET
           5.2.3 OPPORTUNITIES
                    5.2.3.1 Constant advances in power electronics and adoption of digital and automation technologies
                    5.2.3.2 Electrification of transportation sector
                    5.2.3.3 Growing demand for integrated networks across long distances
                               FIGURE 24 IMPACT ANALYSIS OF OPPORTUNITIES ON HVDC TRANSMISSION MARKET
           5.2.4 CHALLENGES
                    5.2.4.1 Interoperability issues due to lack of standardization
                    5.2.4.2 Stringent regulatory landscape and complexities associated with obtaining permits for HVDC projects
                               FIGURE 25 IMPACT ANALYSIS OF CHALLENGES ON HVDC TRANSMISSION MARKET
    5.3 VALUE CHAIN ANALYSIS 
           FIGURE 26 HVDC TRANSMISSION MARKET: VALUE CHAIN ANALYSIS
           TABLE 3 HVDC TRANSMISSION MARKET: ROLE OF KEY PLAYERS IN ECOSYSTEM
    5.4 ECOSYSTEM MAPPING 
           FIGURE 27 HVDC TRANSMISSION MARKET: ECOSYSTEM
    5.5 KEY TECHNOLOGY TRENDS 
           5.5.1 RELATED TECHNOLOGIES
                    5.5.1.1 Flexible AC transmission system (FACTS)
                    5.5.1.2 Modular multilevel converters (MMCs)
           5.5.2 UPCOMING TECHNOLOGIES
                    5.5.2.1 Grid-forming inverters
                    5.5.2.2 Ultra-high voltage AC (UHVAC)
           5.5.3 ADJACENT TECHNOLOGIES
                    5.5.3.1 Energy storage systems
                    5.5.3.2 Renewable energy integration
    5.6 PRICING ANALYSIS 
           5.6.1 INDICATIVE PRICING ANALYSIS OF HVDC TRANSMISSION COMPONENTS
                    TABLE 4 INDICATIVE PRICING LEVELS OF HVDC TRANSMISSION SOLUTIONS
    5.7 PATENT ANALYSIS 
           TABLE 5 PATENTS FILED DURING 2012–2022
           FIGURE 28 NUMBER OF PATENTS GRANTED FOR HVDC TRANSMISSION
           FIGURE 29 TOP 10 COMPANIES WITH HIGHEST NUMBER OF PATENT APPLICATIONS DURING 2012–2022
           TABLE 6 TOP 20 PATENT OWNERS DURING 2012–2022
           TABLE 7 KEY PATENTS RELATED TO HVDC TRANSMISSION
    5.8 PORTER’S FIVE FORCES ANALYSIS 
           FIGURE 30 HVDC TRANSMISSION MARKET: PORTER’S FIVE FORCES ANALYSIS, 2022
           FIGURE 31 IMPACT OF PORTER’S FIVE FORCES ON HVDC TRANSMISSION MARKET, 2022
           TABLE 8 HVDC TRANSMISSION MARKET: PORTER’S FIVE FORCES ANALYSIS (2022)
           5.8.1 THREAT OF NEW ENTRANTS
           5.8.2 THREAT OF SUBSTITUTES
           5.8.3 BARGAINING POWER OF SUPPLIERS
           5.8.4 BARGAINING POWER OF BUYERS
           5.8.5 INTENSITY OF COMPETITIVE RIVALRY
    5.9 KEY STAKEHOLDERS AND BUYING CRITERIA 
           5.9.1 KEY STAKEHOLDERS IN BUYING PROCESS
                    FIGURE 32 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR HVDC TRANSMISSION
                    TABLE 9 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR HVDC TRANSMISSION MARKET (%)
           5.9.2 BUYING CRITERIA
                    FIGURE 33 KEY BUYING CRITERIA FOR TOP 3 APPLICATIONS OF HVDC TRANSMISSION
                    TABLE 10 KEY BUYING CRITERIA FOR HVDC TRANSMISSION, BY APPLICATION
    5.10 CASE STUDIES 
           TABLE 11 HVDC SOLUTION POWERS RENEWABLE ENERGY INTEGRATION FROM GERMAN NORTH SEA WIND FARMS
           TABLE 12 SIEMENS HELPED ALTA LINK TRANSITION TO WIND-BASED ENERGY WITH ADVANCED TECHNOLOGY AND EXPERTISE
           TABLE 13 HVDC SOLUTIONS EMPOWERED SCOTLAND'S RENEWABLE ENERGY TRANSITION
           TABLE 14 NKT A/S OFFERED POWER TRANSMISSION SOLUTIONS TO ENSURE RELIABLE ENERGY EXCHANGE BETWEEN DENMARK AND SWEDEN
           TABLE 15 MITSUBISHI ELECTRIC CORPORATION HELPED SWANSEA NORTH SUBSTATION UPGRADE TO HIGHER VOLTAGE SYSTEM
    5.11 TRADE DATA 
           TABLE 16 EXPORT DATA FOR PRODUCTS COVERED UNDER HS CODE 8504, 2018–2022 (USD MILLION)
           FIGURE 34 EXPORT VALUES FOR PRODUCTS COVERED UNDER HS CODE 8504, 2018–2022
           TABLE 17 IMPORT DATA FOR PRODUCTS COVERED UNDER HS CODE 8504, 2018–2022 (USD MILLION)
           FIGURE 35 IMPORT VALUES FOR PRODUCTS COVERED UNDER HS CODE 8504, 2018–2022
    5.12 TARIFFS AND REGULATORY LANDSCAPE 
           5.12.1 TARIFFS
                    TABLE 18 MFN TARIFFS FOR HS CODE 8504-COMPLIANT PRODUCTS EXPORTED BY GERMANY
           5.12.2 STANDARDS
                    5.12.2.1 Europe
                    5.12.2.2 Asia Pacific
                    5.12.2.3 North America
           5.12.3 REGULATIONS
                    5.12.3.1 North America
                    5.12.3.2 Europe
                    5.12.3.3 Asia Pacific
    5.13 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 
           FIGURE 36 REVENUE SHIFTS AND NEW REVENUE POCKETS FOR PLAYERS IN HVDC TRANSMISSION MARKET
    5.14 KEY CONFERENCES AND EVENTS, 2022–2023 
           TABLE 19 HVDC TRANSMISSION MARKET: DETAILED LIST OF CONFERENCES AND EVENTS
6 HVDC TRANSMISSION MARKET, BY POWER RATING (Page No. - 87)
    6.1 INTRODUCTION 
    6.2 BELOW 500 MW 
    6.3 501–999 MW 
    6.4 1,000–2,000 MW 
    6.5 ABOVE 2,000 MW 
7 HVDC TRANSMISSION MARKET, BY COMPONENT (Page No. - 90)
    7.1 INTRODUCTION 
           TABLE 20 HVDC TRANSMISSION MARKET, BY COMPONENT, 2019–2022 (USD MILLION)
           FIGURE 37 CONVERTER STATIONS SEGMENT TO DOMINATE MARKET DURING FORECAST PERIOD
           TABLE 21 HVDC TRANSMISSION MARKET, BY COMPONENT, 2023–2028 (USD MILLION)
    7.2 CONVERTER STATIONS 
           TABLE 22 CONVERTER STATIONS: HVDC TRANSMISSION MARKET, BY COMPONENT, 2019–2022 (USD MILLION)
           FIGURE 38 CIRCUIT BREAKERS TO DOMINATE CONVERTER STATIONS MARKET DURING FORECAST PERIOD
           TABLE 23 CONVERTER STATIONS: HVDC TRANSMISSION MARKET, BY COMPONENT, 2023–2028 (USD MILLION)
           7.2.1 VALVES
                    TABLE 24 VALVES: HVDC TRANSMISSION MARKET, BY TYPE, 2019–2022 (USD MILLION)
                    FIGURE 39 THYRISTORS SEGMENT TO COMMAND LARGER SHARE OF VALVES MARKET DURING FORECAST PERIOD
                    TABLE 25 VALVES: HVDC TRANSMISSION MARKET, BY TYPE, 2023–2028 (USD MILLION)
                    7.2.1.1 Thyristor valves
                               7.2.1.1.1 Increasing adoption of thyristor valves in modern HVDC projects to drive market
                    7.2.1.2 Insulated gate bipolar transistors (IGBTs)
                               7.2.1.2.1 Rising demand for IGBT-based converter stations in long-distance power transmission to boost market growth
           7.2.2 TRANSFORMERS
                    7.2.2.1 Ability to optimize voltage conversion to induce demand for transformers
           7.2.3 HARMONIC FILTERS
                    7.2.3.1 AC filter
                               7.2.3.1.1 Increasing adoption of AC filters in electrical systems to mitigate harmonic distortion to drive segmental growth
                    7.2.3.2 DC filter
                               7.2.3.2.1 Increasing emphasis on ensuring high-quality power transmission to fuel adoption of DC filters
           7.2.4 CIRCUIT BREAKERS
                    7.2.4.1 Rising demand for safety and reliability in electrical systems to accelerate adoption of circuit breakers
           7.2.5 REACTORS
                    7.2.5.1 Need to optimize power flow and voltage stability within systems to drive adoption of reactors
           7.2.6 SURGE ARRESTERS
                    7.2.6.1 Increasing adoption of surge arresters to protect HVDC equipment from voltage surges to drive market
    7.3 TRANSMISSION CABLES 
           7.3.1 RISING DEMAND FOR LONG-DISTANCE POWER TRANSFER TO ACCELERATE ADOPTION OF TRANSMISSION CABLES
    7.4 OTHERS 
8 HVDC TRANSMISSION MARKET, BY PROJECT TYPE (Page No. - 99)
    8.1 INTRODUCTION 
           FIGURE 40 POINT-TO-POINT SEGMENT TO CAPTURE LARGEST SHARE OF HVDC TRANSMISSION MARKET DURING FORECAST PERIOD
           TABLE 26 HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2019–2022 (USD MILLION)
           TABLE 27 HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2023–2028 (USD MILLION)
    8.2 POINT-TO-POINT TRANSMISSION 
           8.2.1 INCREASING LONG-DISTANCE ELECTRICITY TRANSFER TO FUEL DEPLOYMENT OF POINT-TO-POINT TRANSMISSION SYSTEMS
                    TABLE 28 POINT-TO-POINT: HVDC TRANSMISSION MARKET, BY TECHNOLOGY, 2019–2022 (USD MILLION)
                    TABLE 29 POINT-TO-POINT: HVDC TRANSMISSION MARKET, BY TECHNOLOGY, 2023–2028 (USD MILLION)
                    TABLE 30 POINT-TO-POINT: HVDC TRANSMISSION MARKET, BY APPLICATION, 2019–2022 (USD MILLION)
                    FIGURE 41 BULK POWER TRANSMISSION SEGMENT TO DOMINATE POINT-TO-POINT HVDC TRANSMISSION MARKET DURING FORECAST PERIOD
                    TABLE 31 POINT-TO-POINT: HVDC TRANSMISSION MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
                    TABLE 32 BULK POWER TRANSMISSION: HVDC TRANSMISSION MARKET FOR POINT-TO-POINT, BY APPLICATION, 2019–2022 (USD MILLION)
                    TABLE 33 BULK POWER TRANSMISSION: HVDC TRANSMISSION MARKET FOR POINT-TO-POINT, BY APPLICATION, 2023–2028 (USD MILLION)
                    TABLE 34 POINT-TO-POINT: HVDC TRANSMISSION MARKET, BY REGION, 2019–2022 (USD MILLION)
                    TABLE 35 POINT-TO-POINT: HVDC TRANSMISSION MARKET, BY REGION, 2023–2028 (USD MILLION)
                    TABLE 36 POINT-TO-POINT: HVDC TRANSMISSION MARKET, BY CONFIGURATION, 2019–2022 (USD MILLION)
                    TABLE 37 POINT-TO-POINT: HVDC TRANSMISSION MARKET, BY CONFIGURATION, 2023–2028 (USD MILLION)
           8.2.2 MONOPOLAR TRANSMISSION SYSTEMS
                    8.2.2.1 Economic feasibility of monopolar HVDC transmission systems to drive segmental growth
                               TABLE 38 POINT-TO-POINT: HVDC TRANSMISSION MARKET FOR MONOPOLAR TRANSMISSION SYSTEMS, BY TECHNOLOGY, 2019–2022 (USD MILLION)
                               TABLE 39 POINT-TO-POINT: HVDC TRANSMISSION MARKET FOR MONOPOLAR TRANSMISSION SYSTEMS, BY TECHNOLOGY, 2023–2028 (USD MILLION)
                               TABLE 40 POINT-TO-POINT: HVDC TRANSMISSION MARKET FOR MONOPOLAR TRANSMISSION SYSTEMS, BY APPLICATION, 2019–2022 (USD MILLION)
                               TABLE 41 POINT-TO-POINT: HVDC TRANSMISSION MARKET FOR MONOPOLAR TRANSMISSION SYSTEMS, BY APPLICATION, 2023–2028 (USD MILLION)
                               TABLE 42 MONOPOLAR TRANSMISSION SYSTEMS: HVDC TRANSMISSION MARKET FOR BULK POWER TRANSMISSION, BY APPLICATION, 2019–2022 (USD MILLION)
                               TABLE 43 MONOPOLAR TRANSMISSION SYSTEMS: HVDC TRANSMISSION MARKET FOR BULK POWER TRANSMISSION, BY APPLICATION, 2023–2028 (USD MILLION)
                               TABLE 44 POINT-TO-POINT: HVDC TRANSMISSION MARKET FOR MONOPOLAR, BY REGION, 2019–2022 (USD MILLION)
                               TABLE 45 POINT-TO-POINT: HVDC TRANSMISSION MARKET FOR MONOPOLAR, BY REGION, 2023–2028 (USD MILLION)
           8.2.3 BIPOLAR TRANSMISSION SYSTEMS
                    8.2.3.1 Increasing focus on improving grid flexibility and resilience to boost demand for bipolar transmission systems
                               TABLE 46 POINT-TO-POINT: HVDC TRANSMISSION MARKET FOR BIPOLAR TRANSMISSION SYSTEMS, BY TECHNOLOGY, 2019–2022 (USD MILLION)
                               TABLE 47 POINT-TO-POINT: HVDC TRANSMISSION MARKET FOR BIPOLAR TRANSMISSION SYSTEMS, BY TECHNOLOGY, 2023–2028 (USD MILLION)
                               TABLE 48 POINT-TO-POINT: HVDC TRANSMISSION MARKET FOR BIPOLAR TRANSMISSION SYSTEMS, BY APPLICATION, 2019–2022 (USD MILLION)
                               TABLE 49 POINT-TO-POINT: HVDC TRANSMISSION MARKET FOR BIPOLAR TRANSMISSION SYSTEMS, BY APPLICATION, 2023–2028 (USD MILLION)
                               TABLE 50 BIPOLAR TRANSMISSION SYSTEMS: HVDC TRANSMISSION MARKET FOR BULK POWER TRANSMISSION, BY APPLICATION, 2019–2022 (USD MILLION)
                               TABLE 51 BIPOLAR TRANSMISSION SYSTEMS: HVDC TRANSMISSION MARKET FOR BULK POWER TRANSMISSION, BY APPLICATION, 2023–2028 (USD MILLION)
                               TABLE 52 POINT-TO-POINT: HVDC TRANSMISSION MARKET FOR BIPOLAR, BY REGION, 2019–2022 (USD MILLION)
                               TABLE 53 POINT-TO-POINT: HVDC TRANSMISSION MARKET FOR BIPOLAR, BY REGION, 2023–2028 (USD MILLION)
    8.3 BACK-TO-BACK STATIONS 
           8.3.1 ADOPTION OF BACK-TO-BACK STATIONS TO FACILITATE POWER TRANSMISSION BETWEEN CONVERTERS TO DRIVE SEGMENT
                    TABLE 54 BACK-TO-BACK: HVDC TRANSMISSION MARKET, BY TECHNOLOGY, 2019–2022 (USD MILLION)
                    TABLE 55 BACK-TO-BACK: HVDC TRANSMISSION MARKET, BY TECHNOLOGY, 2023–2028 (USD MILLION)
                    TABLE 56 BACK-TO-BACK: HVDC TRANSMISSION MARKET, BY APPLICATION, 2019–2022 (USD MILLION)
                    TABLE 57 BACK-TO-BACK: HVDC TRANSMISSION MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
                    TABLE 58 BACK-TO-BACK: HVDC TRANSMISSION MARKET FOR BULK POWER TRANSMISSION, BY APPLICATION, 2019–2022 (USD MILLION)
                    TABLE 59 BACK-TO-BACK: HVDC TRANSMISSION MARKET FOR BULK POWER TRANSMISSION, BY APPLICATION, 2023–2028 (USD MILLION)
                    TABLE 60 BACK-TO-BACK: HVDC TRANSMISSION MARKET, BY REGION, 2019–2022 (USD MILLION)
                    TABLE 61 BACK-TO-BACK: HVDC TRANSMISSION MARKET, BY REGION, 2023–2028 (USD MILLION)
    8.4 MULTI-TERMINAL SYSTEMS 
           8.4.1 INCREASING REQUIREMENT FOR RELIABILITY DURING FORCED OUTAGES TO DRIVE DEMAND FOR MULTI-TERMINAL SYSTEMS
                    TABLE 62 MULTI-TERMINAL: HVDC TRANSMISSION MARKET, BY TECHNOLOGY, 2019–2022 (USD MILLION)
                    TABLE 63 MULTI-TERMINAL: HVDC TRANSMISSION MARKET, BY TECHNOLOGY, 2023–2028 (USD MILLION)
                    TABLE 64 MULTI-TERMINAL: HVDC TRANSMISSION MARKET, BY APPLICATION, 2019–2022 (USD MILLION)
                    FIGURE 42 BULK POWER TRANSMISSION SEGMENT TO LEAD MULTI-TERMINAL HVDC TRANSMISSION MARKET DURING FORECAST PERIOD
                    TABLE 65 MULTI-TERMINAL: HVDC TRANSMISSION MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
                    TABLE 66 MULTI-TERMINAL: HVDC TRANSMISSION MARKET FOR BULK POWER TRANSMISSION, BY APPLICATION, 2019–2022 (USD MILLION)
                    TABLE 67 MULTI-TERMINAL: HVDC TRANSMISSION MARKET FOR BULK POWER TRANSMISSION, BY APPLICATION, 2023–2028 (USD MILLION)
                    TABLE 68 MULTI-TERMINAL: HVDC TRANSMISSION MARKET, BY REGION, 2019–2022 (USD MILLION)
                    TABLE 69 MULTI-TERMINAL: HVDC TRANSMISSION MARKET, BY REGION, 2023–2028 (USD MILLION)
9 HVDC TRANSMISSION MARKET, BY TECHNOLOGY (Page No. - 115)
    9.1 INTRODUCTION 
           FIGURE 43 LCC-BASED SEGMENT TO ACCOUNT FOR LARGEST SHARE OF HVDC TRANSMISSION MARKET FROM 2023 TO 2028
           TABLE 70 HVDC TRANSMISSION MARKET, BY TECHNOLOGY, 2019–2022 (USD MILLION)
           TABLE 71 HVDC TRANSMISSION MARKET, BY TECHNOLOGY, 2023–2028 (USD MILLION)
    9.2 LINE COMMUTATED CONVERTER (LCC) 
           TABLE 72 LCC: HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2019–2022 (USD MILLION)
           FIGURE 44 POINT-TO-POINT PROJECTS TO DOMINATE LCC HVDC TRANSMISSION MARKET DURING FORECAST PERIOD
           TABLE 73 LCC: HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2023–2028 (USD MILLION)
           TABLE 74 LCC: HVDC TRANSMISSION MARKET FOR POINT-TO-POINT PROJECTS, BY CONFIGURATION, 2019–2022 (USD MILLION)
           TABLE 75 LCC: HVDC TRANSMISSION MARKET FOR POINT-TO-POINT PROJECTS, BY CONFIGURATION, 2023–2028 (USD MILLION)
           TABLE 76 LCC: HVDC TRANSMISSION MARKET, BY TYPE, 2019–2022 (USD MILLION)
           TABLE 77 LCC: HVDC TRANSMISSION MARKET, BY TYPE, 2023–2028 (USD MILLION)
           9.2.1 LCC HIGH-VOLTAGE DIRECT CURRENT (HVDC)
                    9.2.1.1 Increasing demand for electricity to drive adoption of LCC HVDC systems
           9.2.2 LCC ULTRA HIGH-VOLTAGE DIRECT CURRENT (UHVDC)
                    9.2.2.1 Increasing electricity trade between various countries to increase demand for LLC UHVDC systems
    9.3 VOLTAGE SOURCE CONVERTER (VSC) 
           TABLE 78 VSC: HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2019–2022 (USD MILLION)
           FIGURE 45 MULTI-TERMINAL SEGMENT TO REGISTER HIGHEST CAGR IN VSC HVDC TRANSMISSION MARKET DURING FORECAST PERIOD
           TABLE 79 VSC: HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2023–2028 (USD MILLION)
           TABLE 80 VSC: HVDC TRANSMISSION MARKET FOR POINT-TO-POINT PROJECTS, BY CONFIGURATION, 2019–2022 (USD MILLION)
           TABLE 81 VSC: HVDC TRANSMISSION MARKET FOR POINT-TO-POINT PROJECTS, BY CONFIGURATION, 2023–2028 (USD MILLION)
           TABLE 82 VSC: HVDC TRANSMISSION MARKET, BY TYPE, 2019–2022 (USD MILLION)
           TABLE 83 VSC: HVDC TRANSMISSION MARKET, BY TYPE, 2023–2028 (USD MILLION)
           9.3.1 VSC HVDC
                    9.3.1.1 Technological advancements in VSC HVDC transmission to create growth opportunities for market players
           9.3.2 VSC UHVDC
                    9.3.2.1 Increasing number of VSC UHVDC projects to drive market growth
    9.4 CAPACITOR COMMUTATED CONVERTER (CCC) 
           9.4.1 INCREASING ADOPTION OF CCC TECHNOLOGY FOR BACK-TO-BACK HVDC TRANSMISSION TO DRIVE SEGMENTAL GROWTH
                    TABLE 84 CCC: HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2019–2022 (USD MILLION)
                    TABLE 85 CCC: HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2023–2028 (USD MILLION)
10 HVDC TRANSMISSION MARKET, BY APPLICATION (Page No. - 123)
     10.1 INTRODUCTION 
             FIGURE 46 BULK POWER TRANSMISSION SEGMENT TO AMASS LARGEST SHARE OF HVDC TRANSMISSION MARKET DURING 2023–2028
             TABLE 86 HVDC TRANSMISSION MARKET, BY APPLICATION, 2019–2022 (USD MILLION)
             TABLE 87 HVDC TRANSMISSION MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
     10.2 BULK POWER TRANSMISSION 
             TABLE 88 BULK POWER TRANSMISSION: HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2019–2022 (USD MILLION)
             FIGURE 47 POINT-TO-POINT PROJECT TYPE TO DOMINATE BULK POWER HVDC TRANSMISSION MARKET DURING FORECAST PERIOD
             TABLE 89 BULK POWER TRANSMISSION: HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2023–2028 (USD MILLION)
             TABLE 90 BULK POWER TRANSMISSION: HVDC TRANSMISSION MARKET FOR POINT-TO-POINT PROJECTS, BY CONFIGURATION, 2019–2022 (USD MILLION)
             TABLE 91 BULK POWER TRANSMISSION: HVDC TRANSMISSION MARKET FOR POINT-TO-POINT PROJECTS, BY CONFIGURATION, 2023–2028 (USD MILLION)
             TABLE 92 BULK POWER TRANSMISSION: HVDC TRANSMISSION MARKET, BY APPLICATION, 2019–2022 (USD MILLION)
             TABLE 93 BULK POWER TRANSMISSION: HVDC TRANSMISSION MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
             10.2.1 OVERHEAD
                        10.2.1.1 Focus on minimizing power loss to fuel demand for overhead transmission
                                     TABLE 94 OVERHEAD: BULK POWER HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2019–2022 (USD MILLION)
                                     TABLE 95 OVERHEAD: BULK POWER HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2023–2028 (USD MILLION)
             10.2.2 UNDERWATER & UNDERGROUND
                        10.2.2.1 Increasing cross-border electricity trade to propel demand for underwater and underground transmission
                                     TABLE 96 UNDERWATER & UNDERGROUND: BULK POWER HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2019–2022 (USD MILLION)
                                     TABLE 97 UNDERWATER & UNDERGROUND: BULK POWER HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2023–2028 (USD MILLION)
     10.3 INTERCONNECTING GRIDS 
             10.3.1 GROWING INTERCONNECTION OF POWER GRIDS TO CREATE DEMAND FOR HVDC TRANSMISSION
                        TABLE 98 INTERCONNECTING GRIDS: HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2019–2022 (USD MILLION)
                        TABLE 99 INTERCONNECTING GRIDS: HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2023–2028 (USD MILLION)
                        TABLE 100 INTERCONNECTING GRIDS: HVDC TRANSMISSION MARKET FOR POINT-TO-POINT PROJECTS, BY CONFIGURATION, 2019–2022 (USD MILLION)
                        TABLE 101 INTERCONNECTING GRIDS: HVDC TRANSMISSION MARKET FOR POINT-TO-POINT PROJECTS, BY CONFIGURATION, 2023–2028 (USD MILLION)
     10.4 INFEED URBAN AREAS 
             10.4.1 RISING ELECTRICITY DEMAND FROM DENSELY POPULATED URBAN AREAS TO FUEL REQUIREMENT FOR HVDC TRANSMISSION
                        TABLE 102 INFEED URBAN AREAS: HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2019–2022 (USD MILLION)
                        FIGURE 48 POINT-TO-POINT PROJECTS TO LEAD HVDC TRANSMISSION MARKET FOR INFEED URBAN AREAS DURING FORECAST PERIOD
                        TABLE 103 INFEED URBAN AREAS: HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2023–2028 (USD MILLION)
                        TABLE 104 INFEED URBAN AREAS: HVDC TRANSMISSION MARKET FOR POINT-TO-POINT PROJECTS, BY CONFIGURATION, 2019–2022 (USD MILLION)
                        TABLE 105 INFEED URBAN AREAS: HVDC TRANSMISSION MARKET FOR POINT-TO-POINT PROJECTS, BY CONFIGURATION, 2023–2028 (USD MILLION)
11 HVDC TRANSMISSION MARKET, BY REGION (Page No. - 132)
     11.1 INTRODUCTION 
             FIGURE 49 CHINA TO BE FASTEST-GROWING COUNTRY-LEVEL MARKET DURING FORECAST PERIOD
             TABLE 106 HVDC TRANSMISSION MARKET, BY REGION, 2019–2022 (USD MILLION)
             TABLE 107 HVDC TRANSMISSION MARKET, BY REGION, 2023–2028 (USD MILLION)
     11.2 AMERICAS 
             FIGURE 50 AMERICAS: HVDC TRANSMISSION MARKET SNAPSHOT
             TABLE 108 AMERICAS: HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2019–2022 (USD MILLION)
             TABLE 109 AMERICAS: HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2023–2028 (USD MILLION)
             TABLE 110 AMERICAS: POINT-TO-POINT: HVDC TRANSMISSION MARKET, BY CONFIGURATION, 2019–2022 (USD MILLION)
             TABLE 111 AMERICAS: POINT-TO-POINT: HVDC TRANSMISSION MARKET, BY CONFIGURATION, 2023–2028 (USD MILLION)
             TABLE 112 AMERICAS: HVDC TRANSMISSION MARKET, BY REGION, 2019–2022 (USD MILLION)
             TABLE 113 AMERICAS: HVDC TRANSMISSION MARKET, BY REGION, 2023–2028 (USD MILLION)
             11.2.1 AMERICAS: RECESSION IMPACT
             11.2.2 NORTH AMERICA
                        TABLE 114 NORTH AMERICA: HVDC TRANSMISSION MARKET, BY COUNTRY, 2019–2022 (USD MILLION)
                        TABLE 115 NORTH AMERICA: HVDC TRANSMISSION MARKET, BY COUNTRY, 2023–2028 (USD MILLION)
                        11.2.2.1 US
                                     11.2.2.1.1 Increasing renewable energy production to boost adoption of HVDC systems
                        11.2.2.2 Canada
                                     11.2.2.2.1 Government-led initiatives to enhance power transmission infrastructure to drive market
                        11.2.2.3 Mexico
                                     11.2.2.3.1 Government initiatives promoting renewable energy integration to stimulate demand for HVDC transmission
             11.2.3 SOUTH AMERICA
                        TABLE 116 SOUTH AMERICA: HVDC TRANSMISSION MARKET, BY COUNTRY, 2019–2022 (USD MILLION)
                        TABLE 117 SOUTH AMERICA: HVDC TRANSMISSION MARKET, BY COUNTRY, 2023–2028 (USD MILLION)
                        11.2.3.1 Brazil
                                     11.2.3.1.1 Government initiatives to modernize grid infrastructure to drive market
                        11.2.3.2 Rest of South America
     11.3 EUROPE 
             FIGURE 51 EUROPE: HVDC TRANSMISSION MARKET SNAPSHOT
             TABLE 118 EUROPE: HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2019–2022 (USD MILLION)
             TABLE 119 EUROPE: HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2023–2028 (USD MILLION
             TABLE 120 EUROPE: POINT-TO-POINT: HVDC TRANSMISSION MARKET, BY CONFIGURATION, 2019–2022 (USD MILLION)
             TABLE 121 EUROPE: POINT-TO-POINT: HVDC TRANSMISSION MARKET, BY CONFIGURATION, 2023–2028 (USD MILLION)
             TABLE 122 EUROPE: HVDC TRANSMISSION MARKET, BY COUNTRY, 2019–2022 (USD MILLION)
             TABLE 123 EUROPE: HVDC TRANSMISSION MARKET, BY COUNTRY, 2023–2028 (USD MILLION)
             11.3.1 EUROPE: RECESSION IMPACT
             11.3.2 UK
                        11.3.2.1 Focus on improving transmission and distribution network to foster market growth
             11.3.3 GERMANY
                        11.3.3.1 Implementation of policies promoting low-carbon future to drive market
             11.3.4 RUSSIA
                        11.3.4.1 Transition to cleaner energy to support adoption of HVDC technology
             11.3.5 FRANCE
                        11.3.5.1 Growing focus on decarbonization to drive adoption of HVDC transmission
             11.3.6 REST OF EUROPE
     11.4 ASIA PACIFIC 
             FIGURE 52 ASIA PACIFIC: HVDC TRANSMISSION MARKET SNAPSHOT
             TABLE 124 ASIA PACIFIC: HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2019–2022 (USD MILLION)
             TABLE 125 ASIA PACIFIC: HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2023–2028 (USD MILLION
             TABLE 126 ASIA PACIFIC: HVDC TRANSMISSION MARKET FOR POINT-TO-POINT, BY CONFIGURATION, 2019–2022 (USD MILLION)
             TABLE 127 ASIA PACIFIC: HVDC TRANSMISSION MARKET FOR POINT-TO-POINT, BY CONFIGURATION 2023–2028 (USD MILLION)
             TABLE 128 ASIA PACIFIC: HVDC TRANSMISSION MARKET, BY REGION, 2019–2022 (USD MILLION)
             TABLE 129 ASIA PACIFIC: HVDC TRANSMISSION MARKET, BY COUNTRY, 2023–2028 (USD MILLION)
             11.4.1 ASIA PACIFIC: RECESSION IMPACT
             11.4.2 CHINA
                        11.4.2.1 Substantial investments in ultra-high-voltage (UHV) projects to foster market growth
             11.4.3 JAPAN
                        11.4.3.1 Surging electricity demand to drive market
             11.4.4 INDIA
                        11.4.4.1 Government-led initiatives to strengthen energy security to drive market
             11.4.5 AUSTRALIA
                        11.4.5.1 Strategic investments in modernizing grid infrastructure to drive demand for HVDC transmission
             11.4.6 REST OF ASIA PACIFIC
     11.5 REST OF THE WORLD (ROW) 
             TABLE 130 ROW: HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2019–2022 (USD MILLION)
             TABLE 131 ROW: HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2023–2028 (USD MILLION
             TABLE 132 ROW: HVDC TRANSMISSION MARKET FOR POINT-TO-POINT, BY CONFIGURATION, 2019–2022 (USD MILLION)
             TABLE 133 ROW: HVDC TRANSMISSION MARKET FOR POINT-TO-POINT, BY CONFIGURATION, 2023–2028 (USD MILLION)
             TABLE 134 ROW: HVDC TRANSMISSION MARKET, BY REGION, 2019–2022 (USD MILLION)
             TABLE 135 ROW: HVDC TRANSMISSION MARKET, BY REGION, 2023–2028 (USD MILLION)
             11.5.1 MIDDLE EAST & AFRICA: RECESSION IMPACT
             11.5.2 MIDDLE EAST
                        11.5.2.1 Emerging transformative projects in Abu Dabi to drive demand for HVDC technology
             11.5.3 AFRICA
                        11.5.3.1 Investments in modernization of energy infrastructure to drive market
12 COMPETITIVE LANDSCAPE (Page No. - 157)
     12.1 INTRODUCTION 
     12.2 STRATEGIES ADOPTED BY KEY PLAYERS 
             TABLE 136 OVERVIEW OF STRATEGIES ADOPTED BY KEY PLAYERS
             TABLE 137 KEY GROWTH STRATEGIES ADOPTED BY COMPANIES DURING 2019–2022
             12.2.1 ORGANIC/INORGANIC GROWTH STRATEGIES
             12.2.2 PRODUCT PORTFOLIO
             12.2.3 GEOGRAPHIC PRESENCE
             12.2.4 MANUFACTURING AND DISTRIBUTION FOOTPRINT
     12.3 MARKET SHARE ANALYSIS, 2022 
             TABLE 138 MARKET SHARE ANALYSIS OF TOP 5 PLAYERS IN HVDC TRANSMISSION MARKET, 2022
     12.4 REVENUE ANALYSIS, 2018–2022 
             FIGURE 53 REVENUE ANALYSIS OF MAJOR COMPANIES IN HVDC TRANSMISSION MARKET, 2018–2022 (USD BILLION)
     12.5 EVALUATION MATRIX FOR MAJOR PLAYERS, 2022 
             12.5.1 STARS
             12.5.2 EMERGING LEADERS
             12.5.3 PERVASIVE PLAYERS
             12.5.4 PARTICIPANTS
                        FIGURE 54 HVDC TRANSMISSION MARKET: EVALUATION MATRIX FOR MAJOR PLAYERS, 2022
     12.6 EVALUATION MATRIX FOR STARTUPS/SMALL AND MEDIUM-SIZED ENTERPRISES (SMES), 2022 
             12.6.1 COMPETITIVE BENCHMARKING
                        TABLE 139 HVDC TRANSMISSION MARKET: DETAILED LIST OF KEY STARTUPS/SMES
                        TABLE 140 STARTUPS/SMES FOOTPRINT, BY COMPONENT
                        TABLE 141 STARTUPS/SMES FOOTPRINT, BY APPLICATION
                        TABLE 142 STARTUPS/SMES FOOTPRINT, BY REGION
             12.6.2 PROGRESSIVE COMPANIES
             12.6.3 RESPONSIVE COMPANIES
             12.6.4 DYNAMIC COMPANIES
             12.6.5 STARTING BLOCKS
                        FIGURE 55 HVDC TRANSMISSION MARKET: EVALUATION MATRIX FOR STARTUPS/SMES, 2022
     12.7 COMPANY FOOTPRINT 
             TABLE 143 OVERALL COMPANY FOOTPRINT
             TABLE 144 COMPANY COMPONENT FOOTPRINT
             TABLE 145 COMPANY APPLICATION FOOTPRINT
             TABLE 146 COMPANY REGION FOOTPRINT
     12.8 COMPETITIVE SCENARIOS AND TRENDS 
             12.8.1 DEALS
                        TABLE 147 HVDC TRANSMISSION MARKET: DEALS, 2019–2023
13 COMPANY PROFILES (Page No. - 179)
(Business Overview, Products/Solutions/Services Offered, Recent Developments, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats))*  
     13.1 INTRODUCTION 
     13.2 KEY PLAYERS 
             13.2.1 HITACHI, LTD.
                        TABLE 148 HITACHI, LTD.: COMPANY OVERVIEW
                        FIGURE 56 HITACHI, LTD.: COMPANY SNAPSHOT
                        TABLE 149 HITACHI, LTD.: DEALS
             13.2.2 SIEMENS ENERGY
                        TABLE 150 SIEMENS ENERGY: COMPANY OVERVIEW
                        FIGURE 57 SIEMENS ENERGY: COMPANY SNAPSHOT
                        TABLE 151 SIEMENS ENERGY: DEALS
             13.2.3 MITSUBISHI ELECTRIC CORPORATION
                        TABLE 152 MITSUBISHI ELECTRIC CORPORATION: COMPANY OVERVIEW
                        FIGURE 58 MITSUBISHI ELECTRIC CORPORATION: COMPANY SNAPSHOT
                        TABLE 153 MITSUBISHI ELECTRIC CORPORATION: DEALS
             13.2.4 GENERAL ELECTRIC
                        TABLE 154 GENERAL ELECTRIC: COMPANY OVERVIEW
                        FIGURE 59 GENERAL ELECTRIC: COMPANY SNAPSHOT
                        TABLE 155 GENERAL ELECTRIC: DEALS
             13.2.5 PRYSMIAN GROUP
                        TABLE 156 PRYSMIAN GROUP: COMPANY OVERVIEW
                        FIGURE 60 PRYSMIAN GROUP: COMPANY SNAPSHOT
                        TABLE 157 PRYSMIAN GROUP: DEALS
             13.2.6 TOSHIBA CORPORATION
                        TABLE 158 TOSHIBA CORPORATION: COMPANY OVERVIEW
                        FIGURE 61 TOSHIBA CORPORATION: COMPANY SNAPSHOT
                        TABLE 159 TOSHIBA CORPORATION: DEALS
             13.2.7 NKT A/S
                        TABLE 160 NKT A/S: COMPANY OVERVIEW
                        FIGURE 62 NKT A/S: COMPANY SNAPSHOT
                        TABLE 161 NKT A/S: DEALS
             13.2.8 NEXANS
                        TABLE 162 NEXANS: COMPANY OVERVIEW
                        FIGURE 63 NEXANS: COMPANY SNAPSHOT
                        TABLE 163 NEXANS: DEALS
             13.2.9 LS ELECTRIC CO., LTD.
                        TABLE 164 LS ELECTRIC CO., LTD.: COMPANY OVERVIEW
                        FIGURE 64 LS ELECTRIC CO., LTD.: COMPANY SNAPSHOT
             13.2.10 NR ELECTRIC CO., LTD.
                        TABLE 165 NR ELECTRIC CO., LTD.: COMPANY OVERVIEW
     13.3 OTHER PLAYERS 
             13.3.1 SUMITOMO ELECTRIC INDUSTRIES, LTD.
             13.3.2 ZAPOROZHTRANSFORMATOR
             13.3.3 ALSTOM GRID (GE GRID SOLUTIONS)
             13.3.4 TAIHAN
             13.3.5 AMERICAN SUPERCONDUCTOR
             13.3.6 ZTT GROUP
             13.3.7 TBEA CO., LTD.
             13.3.8 EFACEC
             13.3.9 SIEYUAN ELECTRIC CO., LTD.
             13.3.10 XJ ELECTRIC CO., LTD.
             13.3.11 BAODING TIANWEI BAOBIAN ELECTRIC CO., LTD.
             13.3.12 CG POWER & INDUSTRIAL SOLUTIONS LTD.
             13.3.13 SGB SMIT
             13.3.14 C-EPRI ELECTRIC POWER ENGINEERING CO., LTD.
             13.3.15 HYOSUNG HEAVY INDUSTRIES
*Details on Business Overview, Products/Solutions/Services Offered, Recent Developments, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats) might not be captured in case of unlisted companies.  
14 APPENDIX (Page No. - 233)
     14.1 INSIGHTS FROM INDUSTRY EXPERTS 
     14.2 DISCUSSION GUIDE 
     14.3 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 
     14.4 CUSTOMIZATION OPTIONS 
     14.5 RELATED REPORTS 
     14.6 AUTHOR DETAILS