The High Voltage Direct Current (HVDC) transmission systems are used for the transmission of power over long distances. These systems use direct current for power transmission. These systems have the ability to interconnect networks that have varying frequencies and features. These systems are termed to be more proficient than AC lines.HVDC transmission uses two technologies, namely Line Commutated Converter (LCC) and Voltage Source Converter (VSC). The LCC is a very economical technology based on Thyristor power semiconductors. These semiconductors enable the bulk transfer of power with very low losses. This technology also has inherent DC fault protection.

The voltage source converter is a new technology in the HVDC transmission system market. It is based on power transistors. This technology is widely used in integrating renewables, in submarine/land cable interconnection, and urban & offshore applications. The VSC technology is included in several schemes such as point-to-point, back-to-back, and others.The report covers detailed information about the market size (US$ Mn), trends & projections, market dynamics (drivers, restraints, and opportunities), recent developments, and the competition landscape pertaining to the global HVDC transmission system market for the study period 2018–2028.

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The global HVDC transmission systems market is expected to reach US$ 17,203.8 Mn by the end of the forecast period, registering a growth rate of 8.7%. Increasing initiatives and government policies pertaining to HVDC transmission, coupled with the growing demand for the Voltage Source Converters (VSC) technology, are among factors that are estimated to provide a robust foundation for the growth of the global HVDC transmission systems market.‘Solutions’ to Contribute Maximum Revenue to HVDC Transmission Systems MarketThe solutions segment is estimated to hold a significant share in the global HVDC transmission systems market in terms of value during the entire forecast period.

On the flip side, the services segment is expected to expand at a significant CAGR of 10.3% over the forecast period. The services segment is estimated to register 1.3X the growth registered by the solutions segment during the study period.The solution segment is expected to hold a significant value share of the HVDC transmission systems market owing to the fact that the operation and maintenance of HVDC transmission systems requires the procurement of several spare parts to be kept as contingencies. Thus, the increasing demand for the components of HVDC transmission systems is expected to boost the solution segment.

Spike in Offshore Wind Projects to Favor HVDC Transmission Systems Market GrowthHVDC transmission systems are highly preferred over high voltage alternating current transmission systems for long-distance transmission, owing to the fact that AC transmission lines are not capable of delivering a substantial amount of energy when they are stretched over long distances. Moreover, long-distance transmission is required to connect offshore wind farms to the grid. Thus, increasing demand for HVDC transmission systems in offshore wind projects is estimated to drive the market over the forecast period.VSC to Demonstrate Above-average Demand Growth in HVDC Transmission Systems MarketAmong all the technologies, the voltage source converters segment is expected to hold a significant value share over the forecast period.

The segment is projected to register 1.52X the growth registered by the line commutated converters segment.In terms of absolute $ opportunity, the voltage source converters segment is expected to be responsible for more than 60.0% of the total absolute $ opportunity created by the global HVDC transmission systems market.Asia Pacific & Japan Developing High-potential Markets for HVDC Transmission SystemsIncreasing government initiatives pertaining to a shift towards renewable energy, coupled with the rising demand for power in the region, are estimated to drive the demand for HVDC transmission systems.

In addition, increasing urbanization in the region is also expected to boost the demand for HVDC transmission systems over the forecast period.Latin America region is estimated to register substantial growth, and is expected to be followed by the Middle East & Africa, Europe, and North America in terms of value. APEJ and Japan are projected to gain traction over the forecast period in the global HVDC transmission systems market owing to an expected increase in the demand from power transmission industries in various regions.

By the end of the forecast period, North America, Western Europe, and Eastern Europe are estimated to lose their market value share at the end of the forecast period. Collectively, the Asia Pacific excl. Japan (APEJ) and Japan regions are projected to register a CAGR of 19.7% by value, which is 2.3X more than the overall growth of the HVDC transmission systems market by value.HVDC Transmission System Market – Competitive LandscapeThe global HVDC transmission systems market is highly consolidated with the presence of few regional and global players across the globe. Globally, the top 10 vendors in the HVDC transmission systems market collectively hold a share of between 65% to 75% of the overall market in terms of value.

In the recent past, the HVDC transmission market has witnessed substantial developments from the competition perspective. Product launches, acquisitions & mergers, and expansions are some of the strategies chosen by key players to expand and sustain in the global HVDC transmission systems market.In April 2018, ABB Ltd. announced the launching of ABB Ability at Hanover Fair in Germany. ABB Ability is the first combined solution for digitally enabled power transformers

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Some of the key competitors covered in this report include ABB Ltd., Siemens AG, Toshiba Corporation, General Electric, Mitsubishi Electric Corporation, Prysmian SpA, TransGrid Solutions Inc., Abengoa S.A., ATCO Ltd., and LS Industrial Systems Co., Ltd.