Global HVDC Transmission Systems Market Expected to Reach USD 23.5 Billion by 2033 - IMARC Group

December 03, 2024 | Electronics and Semiconductors

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Global HVDC Transmission Systems Market Statistics, Outlook and Regional Analysis 2025-2033

The global HVDC transmission systems market size was valued at USD 12.0 Billion in 2024, and it is expected to reach USD 23.5 Billion by 2033, exhibiting a growth rate (CAGR) of 7.7% from 2025 to 2033.

HVDC Transmission Systems Market

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The growing demand for renewable energy integration and grid modernization is driving advancements in HVDC transmission systems, particularly as countries strive to meet clean energy targets. For example, the U.S. Department of Energy announced a USD 11 Million funding initiative for four HVDC transmission projects under the IDEAL HVDC program in November 2024. This program is set to enhance renewable energy integration and reduce transmission costs by 35% by 2035, aligning with the U.S. goal of cleaner energy and grid modernization. HVDC systems, known for their efficiency in long-distance power transmission are becoming central to achieving low-cost, reliable power distribution, especially as renewable energy sources like wind and solar continue to expand. In line with this, the EasyDC-FOS project, which received €5.5 Million in Horizon Europe funding in November 2024, focuses on developing next-generation HVDC cables that operate above 525kV, thereby utilizing intelligent fiber optic monitoring and cybersecurity systems. This innovation supports the EU’s Green Deal by improving power transmission efficiency and enhancing grid security. Thus, this project underscores the global drive towards more advanced, efficient, and secure energy transmission technologies, crucial for meeting Europe’s ambitious renewable energy goals.

Moreover, DNV launched a joint industry project with 10 developers to standardize HVDC transmission connections in the U.S. in January 2024. This project is important for overcoming technical barriers to HVDC integration, particularly in offshore wind development. It aligns with the objectives of the Inflation Reduction Act, aiming to streamline offshore wind power generation and boost the U.S.'s clean energy infrastructure. Consequently, these collaborative efforts highlight the growing need for standardized, reliable HVDC systems to support the transition to sustainable energy sources.

Global HVDC Transmission Systems Market Statistics, By Region

The market research report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, Others); Latin America (Brazil, Mexico, Others); and the Middle East and Africa. According to the report, Europe dominates the HVDC transmission systems market due to its strong emphasis on renewable energy integration grid stability, and decarbonization goals.

North America HVDC Transmission Systems Market Trends:

In North America, HVDC transmission systems are becoming popular due to the rising demand for renewable energy integration. In addition, Canada’s adoption of HVDC technology for transmitting hydropower from remote locations to urban centers is an example, and the U.S. is focusing on enhancing grid reliability and efficiency. Also, increased government investments in infrastructure and green energy projects are expected to drive further growth in HVDC systems.

Europe HVDC Transmission Systems Market Trends:

Europe is the dominating region in the market due to the significant investment in HVDC technology to support long-distance electricity transmission with minimal losses, which is essential for connecting renewable energy sources like wind and solar to urban areas. In November 2024, GE Vernova launched an HVDC Competence Center in Berlin aimed at accelerating Germany and Europe's energy transition. This center will focus on advancing HVDC technology, improving grid stability, and integrating renewable energy sources. Besides this, the center is expected to create 500 skilled jobs, further enhancing Europe’s role in global electrification and decarbonization efforts.

Asia Pacific HVDC Transmission Systems Market Trends:

In Asia Pacific, the market is growing rapidly, driven by urbanization and increasing electricity demand. Moreover, China is a pioneer in utilizing HVDC systems for its vast power grid to efficiently distribute electricity from hydropower plants in the west to industrial areas in the east. Also, India is exploring HVDC solutions to improve its grid stability, especially with the expansion of renewable energy projects like solar and wind.

Latin America HVDC Transmission Systems Market Trends:

In Latin America, HVDC technology is emerging as a key solution for energy transmission across vast distances. In contrast, Brazil, with its extensive hydropower generation capacity, is using HVDC for efficient long-distance power transmission to urban centers. Furthermore, the region’s growing focus on renewable energy integration and grid modernization is expected to fuel the adoption of HVDC systems, contributing to both energy security and sustainability goals.

Middle East and Africa HVDC Transmission Systems Market Trends:

The Middle East and Africa are focusing on HVDC systems to address energy supply challenges, especially in remote areas. In the UAE, HVDC is being used to connect offshore renewable energy sources to the mainland. Moreover, South Africa is also looking at HVDC solutions to improve grid stability and reliability as it expands its renewable energy capacity. Increasing investment in infrastructure projects is driving HVDC adoption.

Top Companies Leading in the HVDC Transmission Systems Industry

Some of the leading HVDC transmission systems market companies include ABB Ltd., General Electric Company, Hitachi Ltd., LS ELECTRIC Co. Ltd., Mitsubishi Electric Corporation, Nexans S.A., NKT A/S, NR Electric Co. Ltd., Prysmian Group, Siemens AG, and Toshiba Corporation, among many others. In November 2024, Hitachi Energy signed a multi-year agreement with Pattern Energy to support the SunZia Transmission Project, connecting New Mexico’s 3,515 MW wind farm to Arizona. The HVDC Light system will transmit 3,000 MW, boosting renewable energy availability across Western states by 2025.

Global HVDC Transmission Systems Market Segmentation Coverage

On the basis of the component, the market has been bifurcated into converter stations and transmission medium (cables), wherein converter stations represent the most preferred segment. These stations are essential components in HVDC infrastructures and are integral to the functioning of HVDC transmission systems.
Based on the transmission type, the market is categorized into submarine HVDC transmission system, HVDC overhead transmission system, and HVDC underground transmission system, amongst which submarine HVDC transmission system dominates the market. These systems provide better voltage stability over long transmission distances, making them suitable for interconnecting distant power grids or offshore renewable energy installations.
On the basis of the technology, the market has been divided into capacitor commutated converter (CCC), voltage source converter (VSC), and line commutated converter (LCC). They are used for converting alternating current (AC) from the power grid to direct current (DC) for transmission.
Based on the project type, the market is bifurcated into point-to-point, back-to-back, and multi-terminal. They are used to facilitate the efficient transmission of electrical power over long distances or between interconnected grids.
On the basis of the application, the market is segmented into bulk power transmission, interconnecting grids, and infeed urban areas. HVDC transmission systems enable efficient bulk power transmission, interconnecting grids over long distances and providing reliable infeed to urban areas, supporting energy distribution, grid stability, and renewable integration.

Report Features	Details
Market Size in 2024	USD 12.0 Billion
Market Forecast in 2033	USD 23.5 Billion
Market Growth Rate 2025-2033	7.7%
Units	Billion USD
Segment Coverage	Component, Transmission Type, Technology, Project Type, Application, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	ABB Ltd., General Electric Company, Hitachi Ltd., LS ELECTRIC Co. Ltd., Mitsubishi Electric Corporation, Nexans S.A., NKT A/S, NR Electric Co. Ltd., Prysmian Group, Siemens AG and Toshiba Corporation
Customization Scope	10% Free Customization
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Global HVDC Transmission Systems Market Expected to Reach USD 23.5 Billion by 2033 - IMARC Group

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