Market Analysis

The HVDC Transmission Market is projected to develop at a 6.5% CAGR between 2018- 2023, as per the latest analysis of Market Research Future (MRFR). HVDC power transmission systems, simply put, are systems that use direct current to transmit electricity. Owing to the DC or direct current, these systems connect power grids asynchronously in that definite area that eliminates different outage-causing issues. It has different configurations such as multi-terminal links, back-to-back, bi-polar, and mono-polar, different voltage ratings such as more than 800kV, 640-800 kV, 350-640kV, and less than 350 kV, and works on different technologies such as voltage sourced converter (VSC) and low commuted converter (LCC). HVDC transmission has wide applications in offshore cables, asynchronous grids, and underground cables.

Various factors are fuelling the demand for the HVDC transmission market. Such factors, as revealed by the new MRFR analysis, include optimal solutions for long-distance transmission, demand for VSC technology, supportive government initiatives and policies for HVDC transmission, shift towards renewable energy, growing electricity consumption, rising need for cable-based transmission, increasing use of electric-powered devices and its different benefits such as cost-effective and reduces power loss.

On the contrary, complexities with multi-terminal systems, power faults, and the COVID-19 pandemic are factors that may impede the global HVDC transmission market growth over the forecast period.

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Market Segmentation

The HVDC transmission market is bifurcated on the basis of voltage rating, configuration, application, and technology.

Based on technology, the global HVDC transmission market is segmented into voltage sourced converter (VSC) and low commuted converter (LCC). Of these, the voltage sourced converter (VSC) segment will lead the market over the forecast period.

Based on the application, the global HVDC transmission market is segmented into offshore cables, asynchronous grids, and underground cables. Of these, the offshore cables segment will dominate the market over the forecast period.

By configuration, the global HVDC transmission market is segmented into multi-terminal links, back-to-back, bi-polar, and mono-polar. Of these, the multi-terminal links segment will command the largest share in the market over the forecast period.

By voltage rating, the global HVDC transmission market is segmented into more than 800kV, 640-800 kV, 350-640kV, and less than 350 kV.

Regional Outlook
The market is segmented by area into the North America, Europe , Asia-Pacific and Rest of the World regions.
Currently the HVDC transmission market in APAC is witnessing an exponential increase in power consumption. The creation of the power infrastructure in this area offers market players several growth opportunities
Due to growing networks in offshore regions around the world, rising power connections from developing countries such as India, Japan and China, and growing transmission and distribution systems, the HVDC transmission market is expected to gain significantly in the coming years. China invests heavily in renewable energy and is implementing state-of-the-art UHVDC power transfer technology. Due to the rising population, increasing power consumption and ageing infrastructure, the APAC HVDC transmission market is also expected to upsurge over the forecast period.
In the near future, the increasing demand for energy, as well as the growth of the renewable energy sector in the Middle East and Africa, is expected to create significant opportunities for the market for HVDC transmission systems.
The largest European market, it's highly competitive and is dominated by tier-1 players.
Key Players

Key contenders profiled in the global HVDC transmission market report include C-EPRI Electric Power Engineering Co., Ltd (China), Prysmian Group (Italy), Nexans (France), Adani (India), NKT Holdings (Denmark), Mitsubishi (Japan), DATC (U.S), General Electric (U.S.), Alstom (France), Toshiba (Japan), Schneider Electric (France), ABB (Switzerland), Hitachi (Japan), and Seimens AG (Germany).

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