HVDC Transmission Market Forecast: Growth Dynamics and Revenue Expectations

The global HVDC transmission market size was estimated at USD 11.98 billion in 2023 and is expected to reach USD 16.02 billion by 2030, growing at a CAGR of 4.5% from 2024 to 2030. Increasing demand for efficient long-distance power transmission is a key factor driving the growth of the market.

HVDC technology provides lower power losses over long distances compared to traditional alternating current (AC) systems, making it suitable for transmitting large quantities of electricity from remote renewable energy sources to urban areas. For instance, China's West-East Electricity Transfer Project utilizes HVDC technology to transfer power from hydroelectric dams in the west to population centers in the east, across distances exceeding 2,000 kilometers.

Another significant factor contributing to market growth is the rising focus on renewable energy integration. As countries aim to reduce carbon emissions and rely more on clean energy sources, HVDC systems are essential for connecting offshore wind farms and solar installations to the main grid. An example is the NordLink project between Norway and Germany, which employs HVDC technology to facilitate renewable energy exchange, enhancing grid stability while integrating intermittent power sources.

**** 

Key Market Trends & Insights

• Asia Pacific dominated the market, accounting for over 53.0% of revenue in 2023. This region is home to several countries with ambitious renewable energy goals. Japan, South Korea, and Australia are investing significantly in offshore wind farms and large-scale solar projects, often situated far from population centers.
• The HVDC transmission market in Japan is experiencing substantial growth. As an island nation with limited energy resources, Japan has been diversifying its energy mix and enhancing grid stability.
• By technology, the voltage source converter (VSC) segment recorded the largest revenue market share, exceeding 53.0% in 2023. VSC technology, utilizing insulated-gate bipolar transistors (IGBTs) for power conversion, offers greater flexibility and control.
• By type, the overhead segment captured over 50.0% of the revenue market share in 2023. This segment is the most common and cost-effective solution for land-based transmission, particularly for bulk power transfer over large distances.

**** 

Order a free sample PDF of the HVDC Transmission Market Intelligence Study, published by Grand View Research.

**** 

Market Size & Forecast

• 2023 Market Size: USD 11.98 Billion
• 2030 Projected Market Size: USD 16.02 Billion
• CAGR (2024-2030): 4.5%
• Asia Pacific: Largest market in 2023

**** 

Key Companies & Market Share Insights

The market features intense competition among several major global players and regional manufacturers. Key players are leveraging their technological expertise to enhance their market position. Competition emphasizes technological innovation, project execution capabilities, cost-effectiveness, and after-sales support. As countries worldwide invest in upgrading power infrastructure and expanding renewable energy capacity, companies are competing for market share through strategic partnerships, R&D investments, and global expansion.

**** 

Key Players

• ABB Ltd.
• Siemens AG
• General Electric Company
• Hitachi Energy
• Nexans SA
• LS Electric Co. Ltd.
• American Superconductor Corporation
• Transgrid Solutions Inc.
• C-EPRI Electric Power Engineering Co., Ltd.
• Toshiba Corporation
• Mitsubishi Electric Corporation
• NR Electric Co., Ltd.
• Double Engineering Company
• ATCO Electric Ltd.
• Hvdc Technologies Ltd.

**** 

Explore Horizon Databook – The world's most expansive market intelligence platform developed by Grand View Research.

**** 

Conclusion

The HVDC transmission market is set for steady growth, driven by the increasing demand for efficient long-distance power transportation and the integration of renewable energy sources into national grids. With technological advancements enhancing system efficiency and flexibility, HVDC technology is positioned as a crucial solution for modern power needs. Regions like Asia Pacific are at the forefront of this transformation, investing heavily in infrastructure to support renewable energy development. As the global energy landscape evolves, the HVDC market is poised to play a vital role in achieving energy sustainability and reliability, ultimately paving the way for a greener future.