HVDC Transmission Market is predicted to reach USD 20,990.5 Million at a CAGR of 8.95% during the forecast period 2023-2032

Market Research Future (MRFR) has published on the “Global HVDC Transmission Market”.

The Global HVDC Transmission Market is estimated to register a CAGR of 8.95% during the forecast period of 2024 to 2032.

As per Market Research Future (MRFR) analysis the following companies as the key players in the Global HVDC Transmission Market— ABB, Siemens, Hitachi, Mitsubishi Electric Corporation, Nexans, NKT A/S, Schneider Electric, Toshiba Corporation, NR Electric Co., Ltd, AECOM, Prysmian Group, PSC Specialists Group, Inc., and ALSTOM among other key players.

Market Highlights

The Global HVDC Transmission Market is Projected to Grow at a CAGR of 8.95% in the forecast period, and the market is expected to reach US$ 20,990.5 Million by 2032.

Electricity is essential for developing an economy and is increasing in demand as nations develop globally. Factors leading to higher demand for electricity include increasing household incomes, electrification of transportation, and growing digitalization globally. According to the International Energy Agency (IEA), the demand for electricity will increase by an average of 2.1% globally per year till 2040.  As per IEA, there was more than 2.4% increase in electricity demand in 2022 itself compared to 2021.

Voltage Source Converter-based High Voltage Direct Current (VSC-HVDC) is a novel technology for HVDC transmission which provides complete flow control in both directions, prevents fault propagation, improves voltage stability, and reduces network losses. HVDC Light (ABB), HVDC Plus (Siemens), and MonSin (GE/Alstom) are some of the common VSC-HVDC systems commonly used in the industry today. Additionally, VSC technology has several advantages over the line-commutated conversion (LCC) technology that has been used predominantly.

There is a global transition towards renewable energy sources from traditional energy sources for reasons such as depletion of fossil fuels and increasing greenhouse gas emissions leading to global warming. The US Energy Information Administration (EIA) predicts this share of renewable energy to reach 42% by 2050 in the US. This transition provides a tremendous demand for HVDC transmission applications due to its integration capabilities with renewable energy generation.

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Segment Analysis

The Global HVDC Transmission Market segmentation, based on voltage rating, has been categorized into three segments: Up to 220 kV, 220 kV to 600 kV, and Above 600 kV. Among these, the "Above 600 kV" segment is the dominating segment with a market share of 47.80% in 2023. HVDC transmission systems rated above 600 kV are used predominantly in applications where ultra-high-voltage power must be transmitted over ultra-long distances. For example, in transcontinental power transmission projects linking sources of power generation several thousand kilometers away from the main load centers to hold down transmission losses and bring about greater efficiency in the grid. Benefits of a higher voltage rating, say above 600 kV, include significantly reduced transmission losses and increased power transfer capacity to very high levels.

The Global HVDC Transmission Market segmentation, based on transmission capacity, has been categorized into two segments: Up to 12 GW and Above 12 GW. In 2023, the "Up to 12 GW" segment emerged as the dominating category, accounting for a market revenue share of 57.41% and is expected to experience a robust CAGR of 9.35% in the coming years. HVDC transmission systems of up to 12 GW capacity play a huge role in solving power transmission over long distances and help integrate renewable energy sources into the grid. These systems are extensively applied in the interconnection of different countries or regions, facilitating energy exchange and enhancing energy security, as countries can import or export electricity depending on demand and availability.

The HVDC Transmission Market has been segmented based on technology into Line Commuted Converter (LCC), Voltage Sourced Converter (VSC), and Capacitor Commuted Converter (CCC). In 2023, the Line Commuted Converter (LCC) segment led the market with a revenue share of 42.9% and is projected to experience a CAGR of 8.82% in the coming years. Line-commutated converters are one of the most important technologies in HVDC transmission systems, especially when very high capacity and efficiency are needed. Today, most HVDC transmissions rely on LCC technology. The term 'line-commutated' denotes the commutation from one switching device to another, simplified by relying on the line voltage of the AC system to which the converter is connected. LCCs use switching devices that are either uncontrolled, such as diodes, or can only be turned on by control action, such as thyristors.

The HVDC Transmission Market has been segmented based on configuration into Monopolar, Bipolar, Multi-Terminal, and Back-To-Back systems. In 2023, the Bipolar segment emerged as the dominant segment, holding a market revenue share of 33.5% and is expected to grow at a robust CAGR of 9.45% in the forecast period. Bipolar HVDC transmission systems are a robust solution characterized by the use of two conductors, each at a high potential with respect to the ground but with opposite polarity. While the initial investment for a transmission line in a bipolar system may be higher compared to a monopolar system due to the need for full voltage insulation, the advantages these systems offer are significant.

The HVDC Transmission Market has been segmented based on application into Bulk Head Transmission, Interconnecting Grids, and Infeed Urban Areas. In 2023, the Bulk Head Transmission segment dominated the market, holding a market revenue share of 42.9% and is expected to grow at a robust CAGR of 9.20% in the following years. Bulkhead transmission segment involves dividing a long-distance HVDC transmission line into multiple independent sections, each separated by converter stations. This method offers a significant advantage in fault isolation. In the event of a fault in one section, the other sections can continue to operate independently, greatly limiting the impact of the fault and preventing a complete system shutdown. This capability substantially enhances the overall reliability and availability of the transmission system.

The Global HVDC Transmission Market based on region segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. In 2023, the Asia Pacific region held the largest market revenue share of 39.40%, which is expected to grow at a CAGR of 9.67% in the forecast period 2024-2032. The Asia Pacific region, with its vast electricity generation capacity and diverse energy infrastructure, represents a highly promising market for HVDC transmission systems. As this region continues to lead in global electricity production, the demand for efficient, reliable, and sustainable power transmission solutions, including HVDC technology, is on the rise.

Regional Analysis

By Region, the Global HVDC Transmission Market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. In 2023, the Asia-Pacific region emerged as the dominant force in the global HVDC transmission market, holding a substantial market revenue share of 39.40%. The Asia-Pacific region's rapid industrialization and urbanization are driving a significant increase in energy demand, leading to the expansion of power transmission infrastructure and boosting the need for HVDC transmission systems. Countries in the region are implementing supportive policies to promote advanced power transmission technologies like HVDC, which are essential for meeting growing energy needs and integrating renewable sources. With a rising focus on sustainability, investments in renewable energy projects are increasing, further fueling the demand for HVDC systems. HVDC technology is becoming a critical component in ensuring the stable and efficient transmission of electricity over long distances, particularly for renewable energy integration in the Asia-Pacific region.

Key Findings of the Study

• The Global HVDC Transmission Market is expected to reach USD 20,990.5 Million by 2032, at a CAGR of 8.95% during the forecast period.


• The Asia Pacific region accounted for the largest market revenue share of 39.40% in 2023.


• Based on Voltage Rating, above 600 kV" segment is the dominating segment with a market share of 47.80% in 2023.


• Based on the Transmission Capacity, up to 12 GW" segment emerged as the dominating segment, accounting for a market revenue share of 57.41%.


• Based on Technology, the Line Commuted Converter (LCC) segment dominated the market with the largest market revenue share of 42.86% in 2023


• Based on Configuration, the bipolar segment held largest market share of 33.50% in 2023.


• Based on Application, the Bulk Head Transmission segment held largest market share of 42.89% in 2023.


• The Global HVDC Transmission Market key players include ABB, Siemens, Hitachi, Mitsubishi Electric Corporation, Nexans, NKT A/S, Schneider Electric, Toshiba Corporation, NR Electric Co., Ltd, AECOM, Prysmian Group, PSC Specialists Group, Inc., and ALSTOM.a