Market Overview
In 2023, the HVDC Transmission Market was valued at USD 9,194.8 million. The HVDC Transmission Market is expected to increase from USD 9,813.5 million in 2024 to USD 20,990.5 million by 2030, with a compound annual growth rate (CAGR) of 8.95% during the forecast period.

HVDC systems are effective tools for transporting electricity across great distances. They have various advantages over standard AC systems, including lower power losses, more efficiency, better control, and a smaller environmental effect. As the need for power rises, HVDC networks will become increasingly critical. Overall, HVDC transmission is an effective way to carry electricity over vast distances. It has various advantages over ordinary air conditioners, but it is more expensive to create and maintain. Long-distance transmission uses high voltage direct current (HVDC), whereas power transmission uses direct flow (also known as the electrical superhighway). Because of the direct current (DC), HVDC transmission asynchronously connects electricity grids over large distances, reducing a variety of outage-causing concerns.

Market Segment Insights:

  • The HVDC Transmission Market has been divided into three sectors depending on voltage rating: up to 220 kV, 220 kV to 600 kV, and over 600 kV.
  • The market has been divided into two sectors depending on transmission capacity: up to 12 GW and more than 12 GW.
  • The HVDC Transmission Market contains three technology segments: Line Commuted Converters (LCC), Voltage Sourced Converters (VSC), and Capacitor Commuted Converters (CCC).
  • The market is divided into four segments based on configuration: monopolar, bipolar, multi-terminal, and back-to-back.
  • The HVDC Transmission Market is divided into three segments depending on application: bulkhead transmission, interconnecting grids, and infeed urban areas.

Regional insights
The HVDC Transmission Market is divided into regions such as North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. In 2023, the Asia Pacific region had the greatest market revenue share of 39.40%, and it is predicted to rise at a CAGR of 9.67% over the forecast period 2024-2030. The Asia Pacific area, with its large electrical generation capacity and diverse energy infrastructure, presents a highly attractive market for HVDC transmission systems. As this region continues to lead in global electricity generation, there is a growing demand for efficient, dependable, and sustainable power transmission solutions, such as HVDC technology. In 2021, the Asia-Pacific area contributed considerably to global electricity output, totaling 14,030,721 GWh. This domination is mostly driven by key powers such as China, India, Japan, and Korea, which are among the world’s leading electricity producers, making this region an important focus for HVDC transmission growth.

Major Players
ABB, Siemens, Hitachi, Mitsubishi Electric Corporation, Prysmian Group, PSC Specialists Group, Inc., ALSTOMNexans, NKT A/S, Schneider Electric, Toshiba Corporation, NR Electric Co., Ltd., and AECOM are the major players in the HVDC Transmission market.