HVDC Transmission Market by LCC, VSC, CCC, Converter Stations, Transmission Cables, Point-to-Point Transmission, Back-to-Back Stations, Multi Terminal Systems, Bulk Power Transmission and Interconnecting Grids - Global Forecast to 2030

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USD 22.07 BN
MARKET SIZE, 2030
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CAGR 7.2%
(2025-2030)
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260
REPORT PAGES
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150
MARKET TABLES

OVERVIEW

HVDC Transmission Market Overview

Source: Secondary Research, Interviews with Experts, MarketsandMarkets Analysis

The HVDC transmission market is projected to grow from USD 15.62 billion in 2025 to USD 22.07 billion in 2030, at a CAGR of 7.2% during the forecast period. The major factors driving market growth are integrating VSC technology into HVDC systems, rapid transition toward renewable energy, and a strong focus of governments and utilities on grid modernization to improve power reliability. In addition, constant advances in power electronics and the adoption of digital and automation technologies, the electrification of the transportation sector, and growing demand for integrated networks across long distances provide ample opportunities for the market players.

KEY TAKEAWAYS

  • BY COMPONENT
    The market is divided into converter stations, transmission cables, and other components. Converter stations account for the largest share, as they are critical for voltage conversion, grid integration, and enabling long-distance bulk power transfer.
  • BY TECHNOLOGY
    Key technologies include Line Commutated Converter (LCC), Voltage Source Converter (VSC), and Capacitor Commutated Converter (CCC). LCC dominates the market due to its cost efficiency and proven performance in high-capacity, long-distance transmission projects.
  • BY PROJECT TYPE
    HVDC projects are categorized into point-to-point transmission, back-to-back stations, and multi-terminal systems. Point-to-point transmission leads the market, driven by its wide use in cross-border power trading, offshore wind connections, and inter-regional grid links.
  • BY APPLICATION
    Applications include bulk power transmission, interconnecting grids, and infeed urban areas. Bulk power transmission holds the largest share as HVDC is increasingly deployed for transporting large volumes of electricity over long distances with minimal losses.
  • BY REGION
    Asia Pacific dominates the market, supported by large-scale investments in renewable energy integration, cross-border electricity trade, and rapid urbanization. China and India are major contributors, with ongoing HVDC megaprojects and grid modernization initiatives.
  • COMPETITIVE LANDSCAPE
    Hitachi, Ltd. (Japan), Siemens Energy (Germany), Mitsubishi Electric Corporation (Japan), GE Vernova (US), and Prysmian Group (Italy) are the key players in the HVDC transmission market. These companies focus on developing high-efficiency converter stations, advanced HVDC technologies, and grid integration solutions to support bulk power transmission and renewable energy connectivity. Strategic partnerships, investments in system automation, and innovations in cable and converter technologies strengthen their position and drive market expansion globally.

The HVDC transmission industry is expected to witness substantial growth in the coming years, driven by the increasing demand for long-distance and high-capacity power transmission, integration of renewable energy sources, and the modernization of aging power grids. Utilities and grid operators are increasingly deploying advanced HVDC solutions, including voltage-source converters (VSC), hybrid HVDC systems, and modular multilevel converters, to enhance grid reliability, efficiency, and stability. Rising investments in cross-border interconnections, offshore wind projects, and large-scale renewable integration, coupled with supportive government policies and decarbonization initiatives, are further accelerating market growth. With its ability to reduce transmission losses, optimize energy flow, and enable flexible grid management, HVDC technology is emerging as a critical enabler for the global transition toward a sustainable and resilient power infrastructure.

TRENDS & DISRUPTIONS IMPACTING CUSTOMERS' CUSTOMERS

The HVDC transmission market is undergoing a significant revenue transformation, driven by the shift from legacy LCC and CCC systems to advanced VSC-based architectures with integrated smart monitoring and control. Manufacturers increasingly focus on developing compact, offshore-ready, digitally connected components to meet evolving grid demands. EPCs (Engineering, Procurement, and Construction) and TSOs (Transmission System Operator) prioritize standardized, low-maintenance solutions, while critical end users such as data centers, hydrogen production sites, and offshore platforms require highly reliable power infrastructure. Leading companies such as Hitachi Energy (Switzerland), Siemens Energy (Germany), Mitsubishi Electric (Japan), and GE Vernova (US) are at the forefront of innovation, developing next-generation HVDC technologies that support grid flexibility, high-voltage reliability, and digital integration. These dynamics are redefining global value chains and unlocking growth in high-value HVDC components.

HVDC Transmission Market

Source: Secondary Research, Interviews with Experts, MarketsandMarkets Analysis

MARKET DYNAMICS

Drivers
Impact
Level
  • Integration of VSC technology into HVDC systems
  • Global shift toward renewable energy sources
RESTRAINTS
Impact
Level
  • High initial investment
  • Availability of substitute technologies
OPPORTUNITIES
Impact
Level
  • Growing adoption of digital and automation technologies
  • Electrification of transportation sector
CHALLENGES
Impact
Level
  • Interoperability issues due to lack of standardization
  • Complexities associated with obtaining necessary permits

Source: Secondary Research, Interviews with Experts, MarketsandMarkets Analysis

Driver: Integration of VSC Technology into HVDC Systems

The adoption of VSC technology in HVDC systems is driving market growth by enhancing flexibility, efficiency, and grid compatibility. VSC-based systems allow independent control of active and reactive power, support weak or passive grids, enable black start, and facilitate connections with offshore wind farms, urban substations, and asynchronous networks. Their compact design suits densely populated regions, while multi-terminal VSC networks support future smart grids. Rising renewable energy integration and urban grid upgrades are accelerating global deployment, with Europe, China, and the Middle East leading the transition toward VSC-based HVDC solutions.

Restraint: High Upfront Capital Investment

High upfront capital costs remain a major barrier to HVDC adoption. Establishing HVDC links requires substantial investment in converter stations, transmission lines, control systems, and integration with existing grids, often exceeding AC system costs, especially for shorter distances. Specialized equipment, engineering expertise, and long permitting cycles further increase initial expenses. While HVDC offers long-term efficiency gains, smaller utilities and developing regions may struggle to secure financing. Limited budgets, competing infrastructure priorities, and multi-year ROI timelines continue to constrain widespread deployment, making capital intensity a key restraint in the HVDC transmission market.

Opportunity: Electrification of the Transportation Sector

The global shift toward transportation electrification is creating significant opportunities for the HVDC transmission market. Increasing adoption of electric vehicles, high-speed electric trains, and urban e-mobility systems is driving demand for high-capacity, long-distance power transmission. HVDC systems minimize transmission losses and efficiently deliver bulk electricity, supporting EV charging corridors, rail electrification, and integration of renewable energy. Investments across Asia, Europe, and North America in green transportation infrastructure require robust, reliable grids. HVDC networks ensure grid stability, balance urban and remote generation, and open growth avenues for utilities and vendors in the electrified transport ecosystem.

Challenge: Interoperability Due to Lack of Standardization

A key challenge in the HVDC market is the lack of standardization, causing interoperability issues between systems from different manufacturers or countries. Custom-built HVDC projects with proprietary hardware and software complicate integration with existing grids, increase operational and maintenance costs, and limit scalability. Incompatibility in control systems and communication protocols can delay multi-vendor or cross-border projects. Without widely adopted technical standards, modular or multi-terminal HVDC grids face development hurdles, increasing risks of vendor lock-in, reduced interoperability, and long-term operational challenges, constraining the market’s growth potential and adoption speed globally.

HVDC Transmission Market: COMMERCIAL USE CASES ACROSS INDUSTRIES

COMPANY USE CASE DESCRIPTION BENEFITS
Operates ultra-high-voltage DC lines to deliver renewable power over thousands of kilometers from western bases to eastern load centers. Minimizes losses| Enables large-scale renewable integration| Strengthens national grid stability
Deploys offshore HVDC links to connect North Sea wind farms with mainland grids for stable renewable power supply. Integrates offshore wind|Reduces curtailment| Ensures reliable grid connection| Supports EU climate goals
Uses HVDC transmission systems to power high-speed and intercity electric rail networks across the country. Provides stable electricity| Reduces operational costs| Supports sustaina+C6ble rail transport
Implements subsea HVDC “power-from-shore” systems to supply electricity to offshore oil and gas platforms. Cuts emissions| Lowers fuel costs| Ensures reliable offshore power supply
Exports clean hydropower to the US through HVDC interconnections. Facilitates renewable energy trade| Reduces carbon footprint| Boosts regional grid stability

Logos and trademarks shown above are the property of their respective owners. Their use here is for informational and illustrative purposes only.

MARKET ECOSYSTEM

The major players operating in the HVDC transmission companies with a significant global presence include Hitachi, Ltd. (Japan), Siemens Energy (Germany), Mitsubishi Electric Corporation (Japan), GE Vernova (US), Prysmian Group (Italy), TOSHIBA CORPORATION (Japan), NKT A/S (Denmark), Nexans (France), LS ELECTRIC Co., Ltd. (South Korea), NR Electric Co., Ltd. (China). The HVDC transmission ecosystem comprises raw material providers, component manufacturers, HVDC system integrators & EPC contractors, and end users.

HVDC Transmission Market Ecosystem

Logos and trademarks shown above are the property of their respective owners. Their use here is for informational and illustrative purposes only.

MARKET SEGMENTS

HVDC Transmission Market Segments

Source: Secondary Research, Interviews with Experts, MarketsandMarkets Analysis

HVDC Transmission Market, By Technology

The Line Commutated Converter (LCC) segment accounted for a significant share in 2024. Its growth is driven by high efficiency, proven reliability, and suitability for long-distance, high-capacity bulk power transmission. LCC technology remains widely adopted in cross-border interconnections, offshore wind integration, and regional grid modernization projects. Emerging technology, such as Voltage Source Converter (VSC), is gaining traction for flexible grid control, lower environmental impact, and integration with renewable energy sources, enabling real-time voltage regulation, reduced losses, and enhanced stability of modern power networks.

HVDC Transmission Market, By Component

The converter stations segment accounted for a significant share in 2024. Its growth is driven by converter stations' critical role in voltage conversion, grid integration, and enabling long-distance bulk power transfer. Converter stations are widely adopted across cross-border power projects, offshore wind farms, and inter-regional transmission networks. Emerging innovations such as modular multilevel converters and hybrid converter stations are gaining traction for enhanced efficiency, compact design, and improved fault tolerance, enabling reliable and scalable HVDC deployment.

HVDC Transmission Market, By Project Type

The point-to-point transmission segment dominated the market in 2024. Its growth is driven by widespread use in connecting distant power generation sources to load centers, enabling efficient long-distance electricity transfer with minimal losses. Point-to-point HVDC projects are extensively adopted in inter-regional and cross-border grids, offshore wind farms, and large-scale renewable energy integration. Emerging multi-terminal and hybrid HVDC systems are gaining attention for their flexibility, scalability, and ability to support complex modern grids with distributed renewable generation.

HVDC Transmission Market, By Application

Bulk power transmission accounted for the largest share in 2024. HVDC systems are increasingly deployed to transport large volumes of electricity over long distances with minimal losses and improved stability. They are widely adopted for interconnecting regional grids, integrating offshore wind and solar farms, and enhancing urban and industrial power supply reliability. Emerging applications in smart grids and renewable-heavy networks are gaining traction, enabling dynamic load management, real-time monitoring, and improved overall grid efficiency.

REGION

Asia Pacific to be fastest-growing region in global HVDC transmission market during forecast period

Asia Pacific is expected to lead growth in the HVDC transmission market during the forecast period. Rapid urbanization, increasing electricity demand, and large-scale renewable energy integration are driving adoption. Countries like China, India, Japan, and South Korea are investing heavily in grid modernization and cross-border power interconnections. China and India are leading with multiple HVDC mega-projects for long-distance bulk power transmission and offshore wind integration, while Japan and South Korea focus on smart grid deployment and renewable energy interconnection. Local and global players such as Hitachi, Mitsubishi Electric, Siemens Energy, GE Vernova, and Prysmian Group support the regional expansion through advanced converter stations, innovative cable technologies, and strategic infrastructure projects.

HVDC Transmission Market Region

HVDC Transmission Market: COMPANY EVALUATION MATRIX

In the HVDC transmission market matrix, Hitachi Energy (Star) leads with a strong market presence and a comprehensive portfolio of HVDC solutions, including high-capacity converter stations, advanced cables, and grid integration technologies. The company drives large-scale adoption through reliable long-distance bulk power transmission projects, renewable energy interconnections, and cross-border grid links. NKT A/S (Emerging Leader) is gaining traction with innovative HVDC cable technologies and turnkey transmission solutions that enhance efficiency, reduce losses, and support renewable integration. While Hitachi Energy dominates with scale, established global projects, and proven technology, NKT shows strong growth potential to advance toward the leaders’ quadrant by expanding its HVDC infrastructure portfolio and increasing adoption across Asia Pacific, Europe, and emerging markets.

HVDC Transmission Market Evaluation Matrics

Source: Secondary Research, Interviews with Experts, MarketsandMarkets Analysis

MARKET SCOPE

REPORT METRIC DETAILS
Market Size in 2024 (Value) USD 14.01 Billion
Market Forecast in 2030 (Value) USD 22.07 Billion
Growth Rate CAGR of 7.2% from 2025–2030
Years Considered 2021–2030
Base Year 2024
Forecast Period 2025–2030
Units Considered Value (USD Million/Billion), Volume (MW)
Report Coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments Covered
  • By Component:
    • Converter Stations
    • Transmission Cables
    • and Other Components
  • By Technology:
    • Line Commutated Converter (LCC)
    • Voltage Source Converter (VSC)
    • and Capacitor Commutated Converter (CCC)
  • By Project Type:
    • Point-to-Point Transmission
    • Back-to-Back Stations
    • and Multi-Terminal Systems
  • By Application:
    • Bulk Power Transmission
    • Interconnecting Grids
    • and Infeed Urban Areas
Regional Scope North America, Europe, Asia Pacific, RoW

WHAT IS IN IT FOR YOU: HVDC Transmission Market REPORT CONTENT GUIDE

HVDC Transmission Market Content Guide

DELIVERED CUSTOMIZATIONS

We have successfully delivered the following deep-dive customizations:

CLIENT REQUEST CUSTOMIZATION DELIVERED VALUE ADDS
HVDC Transmission Equipment & Solutions Providers Competitor benchmarking of major HVDC players (Hitachi, Siemens Energy, Mitsubishi Electric, GE Vernova, Prysmian Group) Segmentation analysis by component, technology, project type, and application Regional market insights with country-level focus (Asia Pacific, Europe, North America, RoW) Trend analysis of emerging HVDC technologies (VSC, hybrid HVDC systems, modular multilevel converters) Pipeline and megaproject tracking for point-to-point and multi-terminal HVDC projects Identify gaps in product and project portfolio Highlight emerging market opportunities and technological trends Support strategic planning, grid expansion, and renewable integration initiatives Benchmark market position against global and regional competitors Enable investment decisions and partnership strategies
Transmission Project Developers Project pipeline mapping for new and upcoming HVDC installations Assessment of project financing and regulatory approvals Regional demand analysis for point-to-point and multi-terminal projects Enable project prioritization and investment planning Identify high-potential regions and segments Support strategic partnerships and joint ventures
Utilities & Grid Operators Analysis of HVDC integration with existing AC grids Load flow modeling and renewable energy integration studies Identification of optimal converter technologies for specific regions Enhance grid reliability and efficiency Support renewable energy penetration and decarbonization goals Reduce operational and integration risks
HVDC Technology Providers Technology benchmarking (LCC vs VSC vs hybrid HVDC) Adoption trend analysis across regions and applications Product portfolio gap analysis and roadmap suggestions Identify R&D focus areas Strengthen market positioning against competitors Support technology development and commercialization
Investors & Financial Analysts Market sizing and forecast by region, project type, and technology ROI and risk assessment of ongoing and planned HVDC projects Competitive landscape and market share analysis Support informed investment decisions Highlight high-growth opportunities Mitigate investment and market risks

RECENT DEVELOPMENTS

  • March 2025 : Prysmian Group (Italy) launched a 245?kV HVAC (High Voltage Alternating Current) dynamic cable system. This innovative solution is designed to enable efficient and reliable power transmission for floating offshore wind farms, addressing the mechanical and electrical challenges of dynamic subsea environments.
  • August 2024 : Siemens Energy (Germany) partnered with Mitsubishi Electric Corporation (Japan) to jointly develop advanced DC switching station technologies and circuit breakers, enabling next-generation multi-terminal HVDC systems.
  • May 2024 : Hitachi Energy Ltd. (Switzerland) entered a strategic collaboration with Grid United (US) under a capacity reservation agreement to deploy HVDC technology for interconnecting regional power grids in the US.

 

Table of Contents

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TITLE
PAGE NO
1
INTRODUCTION
 
 
 
26
2
RESEARCH METHODOLOGY
 
 
 
31
3
EXECUTIVE SUMMARY
 
 
 
42
4
PREMIUM INSIGHTS
 
 
 
47
5
MARKET OVERVIEW
HVDC market thrives on renewable energy push, despite high costs and complex integration challenges.
 
 
 
51
 
5.1
INTRODUCTION
 
 
 
 
5.2
MARKET DYNAMICS
 
 
 
 
 
5.2.1
DRIVERS
 
 
 
 
 
5.2.1.1
Integration of VSC technology into HVDC systems
 
 
 
 
5.2.1.2
Global shift toward renewable energy sources
 
 
 
 
5.2.1.3
Importance of grid modernization and reliable energy transmission
 
 
 
 
5.2.1.4
Government-led policies and initiatives to promote HVDC transmission technology
 
 
 
5.2.2
RESTRAINTS
 
 
 
 
 
5.2.2.1
High initial investment
 
 
 
 
5.2.2.2
Availability of substitute technologies
 
 
 
 
5.2.2.3
Complex project lifecycles
 
 
 
5.2.3
OPPORTUNITIES
 
 
 
 
 
5.2.3.1
Growing adoption of digital and automation technologies
 
 
 
 
5.2.3.2
Electrification of transportation sector
 
 
 
 
5.2.3.3
Increasing demand for integrated networks across long distances
 
 
 
 
5.2.3.4
Strategic shift from traditional fossil fuels to sustainable energy
 
 
 
5.2.4
CHALLENGES
 
 
 
 
 
5.2.4.1
Interoperability issues due to lack of standardization
 
 
 
 
5.2.4.2
Complexities associated with obtaining necessary permits
 
 
5.3
SUPPLY CHAIN ANALYSIS
 
 
 
 
 
5.4
ECOSYSTEM MAPPING
 
 
 
 
 
5.5
INVESTMENT AND FUNDING SCENARIO
 
 
 
 
5.6
TECHNOLOGY ANALYSIS
 
 
 
 
 
5.6.1
KEY TECHNOLOGIES
 
 
 
 
 
5.6.1.1
Modular multilevel converters (MMC)
 
 
 
 
5.6.1.2
Control & protection systems
 
 
 
5.6.2
COMPLEMENTARY TECHNOLOGIES
 
 
 
 
 
5.6.2.1
SCADA
 
 
 
 
5.6.2.2
HVDC grid control software
 
 
 
5.6.3
ADJACENT TECHNOLOGIES
 
 
 
 
 
5.6.3.1
Offshore energy hubs and interconnectors
 
 
 
 
5.6.3.2
Advanced grid planning and simulation tools
 
 
5.7
PRICING ANALYSIS
 
 
 
 
 
 
5.7.1
AVERAGE SELLING PRICE TREND OF COMPONENTS, BY KEY PLAYER, 2021–2024
 
 
 
 
5.7.2
AVERAGE SELLING PRICE TREND OF COMPONENTS, BY REGION, 2021–2024
 
 
 
5.8
PATENT ANALYSIS
 
 
 
 
 
5.9
PORTER'S FIVE FORCES ANALYSIS
 
 
 
 
 
5.9.1
THREAT OF NEW ENTRANTS
 
 
 
 
5.9.2
THREAT OF SUBSTITUTES
 
 
 
 
5.9.3
BARGAINING POWER OF SUPPLIERS
 
 
 
 
5.9.4
BARGAINING POWER OF BUYERS
 
 
 
 
5.9.5
INTENSITY OF COMPETITIVE RIVALRY
 
 
 
5.10
KEY STAKEHOLDERS AND BUYING CRITERIA
 
 
 
 
 
 
5.10.1
KEY STAKEHOLDERS IN BUYING PROCESS
 
 
 
 
5.10.2
BUYING CRITERIA
 
 
 
5.11
CASE STUDIES
 
 
 
 
 
5.11.1
ELECTRIFICATION OF STATOIL TROLL A PLATFORM WITH ABB HVDC LIGHT TECHNOLOGY DELIVERS LOWER EMISSIONS AND IMPROVED EFFICIENCY
 
 
 
 
5.11.2
HITACHI ENERGY HVDC LIGHT INTEGRATION STRENGTHENS NORDIC GRID RESILIENCE AND ENABLES EFFICIENT CROSS-BORDER RENEWABLE ENERGY EXCHANGE
 
 
 
 
5.11.3
SCOTTISH HYDRO ELECTRIC TRANSMISSION AND CAITHNESS-MORAY HVDC COLLABORATED TO STRENGTHEN SCOTLAND'S POWER NETWORK AND ENABLE RELIABLE RENEWABLE ENERGY INTEGRATION
 
 
 
 
5.11.4
MITSUBISHI ELECTRIC CORPORATION ASISTS SWANSEA NORTH SUBSTATION UPGRADE TO HIGHER VOLTAGE SYSTEM
 
 
 
 
5.11.5
HITACHI ENERGY EMPOWERS CROSS-BORDER ENERGY FLOW WITH EAST WEST HVDC INTERCONNECTOR
 
 
 
5.12
TRADE ANALYSIS
 
 
 
 
 
 
5.12.1
IMPORT DATA
 
 
 
 
5.12.2
EXPORT DATA
 
 
 
5.13
TARIFF AND REGULATORY LANDSCAPE
 
 
 
 
 
 
5.13.1
TARIFF ANALYSIS
 
 
 
 
5.13.2
REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
 
 
 
 
5.13.3
STANDARDS
 
 
 
 
 
5.13.3.1
Europe
 
 
 
 
5.13.3.2
Asia Pacific
 
 
 
 
5.13.3.3
North America
 
 
 
 
5.13.3.4
RoW
 
 
 
5.13.4
REGULATIONS
 
 
 
 
 
5.13.4.1
North America
 
 
 
 
5.13.4.2
Europe
 
 
 
 
5.13.4.3
Asia Pacific
 
 
 
 
5.13.4.4
RoW
 
 
5.14
TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS
 
 
 
 
5.15
KEY CONFERENCES AND EVENTS, 2025–2026
 
 
 
 
5.16
IMPACT OF AI/GEN AI ON HVDC TRANSMISSION MARKET
 
 
 
 
 
 
5.16.1
INTRODUCTION
 
 
 
5.17
IMPACT OF 2025 US TARIFF – HVDC TRANSMISSION MARKET
 
 
 
 
 
 
5.17.1
INTRODUCTION
 
 
 
 
 
5.17.1.1
Key tariff rates
 
 
 
5.17.2
PRICE IMPACT ANALYSIS
 
 
 
 
5.17.3
IMPACT ON COUNTRY/ REGION
 
 
 
 
 
5.17.3.1
US
 
 
 
 
5.17.3.2
Europe
 
 
 
 
5.17.3.3
Asia Pacific
 
 
 
5.17.4
IMPACT ON APPLICATIONS
 
 
6
POWER RATINGS IN HVDC TRANSMISSION
Discover optimal HVDC transmission strategies for diverse power rating categories.
 
 
 
91
 
6.1
INTRODUCTION
 
 
 
 
6.2
BELOW 500 MW
 
 
 
 
6.3
501–999 MW
 
 
 
 
6.4
1,000–2,000 MW
 
 
 
 
6.5
ABOVE 2,000 MW
 
 
 
7
HVDC TRANSMISSION MARKET, BY PROJECT TYPE
Market Size & Growth Rate Forecast Analysis to 2030 in USD Million | 26 Data Tables
 
 
 
94
 
7.1
INTRODUCTION
 
 
 
 
7.2
POINT-TO-POINT TRANSMISSION
 
 
 
 
 
7.2.1
MONOPOLAR TRANSMISSION SYSTEMS
 
 
 
 
 
7.2.1.1
Suitability for remote area electrification and early-stage HVDC projects to support market growth
 
 
 
7.2.2
BIPOLAR TRANSMISSION SYSTEMS
 
 
 
 
 
7.2.2.1
Rising demand for bulk power transmission from remote renewable sources to fuel market growth
 
 
7.3
BACK-TO-BACK STATIONS
 
 
 
 
 
7.3.1
GROWING NEED FOR CROSS-BORDER ELECTRICITY TRADE BETWEEN ASYNCHRONOUS NETWORKS TO FOSTER MARKET GROWTH
 
 
 
7.4
MULTI-TERMINAL SYSTEMS
 
 
 
 
 
7.4.1
ABILITY TO AGGREGATE LARGE AMOUNTS OF RENEWABLE ENERGIES COST-EFFECTIVELY TO FUEL MARKET GROWTH
 
 
8
HVDC TRANSMISSION MARKET, BY APPLICATION
Market Size & Growth Rate Forecast Analysis to 2030 in USD Million | 14 Data Tables
 
 
 
105
 
8.1
INTRODUCTION
 
 
 
 
8.2
BULK POWER TRANSMISSION
 
 
 
 
 
8.2.1
OVERHEAD
 
 
 
 
 
8.2.1.1
Growing emphasis on enhancing inter-regional connectivity to boost demand
 
 
 
8.2.2
UNDERWATER & UNDERGROUND
 
 
 
 
 
8.2.2.1
Improved energy security with electricity trading to fuel market growth
 
 
8.3
INTERCONNECTING GRIDS
 
 
 
 
 
8.3.1
ONGOING ADVANCEMENTS IN VSC TECHNOLOGY TO DRIVE MARKET
 
 
 
8.4
INFEED URBAN AREAS
 
 
 
 
 
8.4.1
RISING ELECTRICITY DEMAND FROM DENSELY POPULATED URBAN AREAS TO BOOST DEMAND
 
 
9
HVDC TRANSMISSION MARKET, BY COMPONENT
Market Size & Growth Rate Forecast Analysis to 2030 in USD Million | 36 Data Tables
 
 
 
113
 
9.1
INTRODUCTION
 
 
 
 
9.2
CONVERTER STATIONS
 
 
 
 
 
9.2.1
VALVES
 
 
 
 
 
9.2.1.1
Thyristor valves
 
 
 
 
9.2.1.2
Insulated gate bipolar transistors (IGBTs)
 
 
 
9.2.2
TRANSFORMERS
 
 
 
 
 
9.2.2.1
Ability to optimize voltage levels to boost demand
 
 
 
9.2.3
HARMONIC FILTERS
 
 
 
 
 
9.2.3.1
AC filters
 
 
 
 
9.2.3.2
DC filters
 
 
 
9.2.4
CIRCUIT BREAKERS
 
 
 
 
 
9.2.4.1
Rising demand for secure and uninterrupted transmission of electrical power to augment market growth
 
 
 
9.2.5
REACTORS
 
 
 
 
 
9.2.5.1
Need to ensure seamless voltage fluctuations during AC-DC conversion to boost demand
 
 
 
9.2.6
SURGE ARRESTERS
 
 
 
 
 
9.2.6.1
Growing need to shield equipment from overvoltage conditions to drive market
 
 
9.3
TRANSMISSION CABLES
 
 
 
 
 
9.3.1
INCREASING APPLICATION FOR CROSS-BORDER INTERCONNECTIONS AND OFFSHORE WIND INTEGRATION TO FUEL MARKET GROWTH
 
 
 
9.4
OTHER COMPONENTS
 
 
 
10
HVDC TRANSMISSION MARKET, BY TECHNOLOGY
Market Size & Growth Rate Forecast Analysis to 2030 in USD Million | 18 Data Tables
 
 
 
132
 
10.1
INTRODUCTION
 
 
 
 
10.2
LINE COMMUTATED CONVERTER (LCC)
 
 
 
 
 
10.2.1
HVDC
 
 
 
 
 
10.2.1.1
Rising need to regulate transmission losses with cost-effective methods to drive market
 
 
 
10.2.2
UHVDC
 
 
 
 
 
10.2.2.1
Ability to enhance grid stability and support long-distance bulk power transfers to foster market growth
 
 
10.3
VOLTAGE SOURCE CONVERTER (VSC)
 
 
 
 
 
10.3.1
HVDC
 
 
 
 
 
10.3.1.1
Suitability for long-distance power transmissions to drive market
 
 
 
10.3.2
UHVDC
 
 
 
 
 
10.3.2.1
Rising electricity trading with converter stations in different regions and countries to fuel market growth
 
 
10.4
CAPACITOR COMMUTATED CONVERTER (CCC)
 
 
 
 
 
10.4.1
INCREASING NEED TO CONTROL CURRENT, OVERCURRENT, AND VOLTAGE TO DRIVE MARKET
 
 
11
HVDC TRANSMISSION MARKET, BY REGION
Market Size & Growth Rate Forecast Analysis to 2030 in USD Million | 70 Data Tables
 
 
 
140
 
11.1
INTRODUCTION
 
 
 
 
11.2
NORTH AMERICA
 
 
 
 
 
11.2.1
NORTH AMERICA: MACROECONOMIC OUTLOOK
 
 
 
 
11.2.2
US
 
 
 
 
 
11.2.2.1
Emphasis on developing renewable energy sources and grid modernization to drive market
 
 
 
11.2.3
CANADA
 
 
 
 
 
11.2.3.1
Commitment to reducing greenhouse gas emissions to boost demand
 
 
 
11.2.4
MEXICO
 
 
 
 
 
11.2.4.1
Abundance of wind and solar resources to offer lucrative growth opportunities
 
 
11.3
EUROPE
 
 
 
 
 
11.3.1
EUROPE: MACROECONOMIC OUTLOOK
 
 
 
 
11.3.2
UK
 
 
 
 
 
11.3.2.1
Increasing investments to boost HDVC transmission infrastructure to fuel market growth
 
 
 
11.3.3
GERMANY
 
 
 
 
 
11.3.3.1
Transition to low-carbon energy system to foster market growth
 
 
 
11.3.4
FRANCE
 
 
 
 
 
11.3.4.1
Enhancement of grid connectivity and cross-border electricity exchange to drive market
 
 
 
11.3.5
ITALY
 
 
 
 
 
11.3.5.1
Increasing emphasis on supporting long-distance and high-capacity electricity transmission to propel market growth
 
 
 
11.3.6
SPAIN
 
 
 
 
 
11.3.6.1
Rising focus on modernizing network with high-capacity subsea interconnectors to fuel market growth
 
 
 
11.3.7
POLAND
 
 
 
 
 
11.3.7.1
Need to reduce dependency on coal-based generation to drive market
 
 
 
11.3.8
NORDICS
 
 
 
 
 
11.3.8.1
Growing demand for low-loss transmission over long distances to boost demand
 
 
 
11.3.9
REST OF EUROPE
 
 
 
11.4
ASIA PACIFIC
 
 
 
 
 
11.4.1
ASIA PACIFIC: MACROECONOMIC OUTLOOK
 
 
 
 
11.4.2
CHINA
 
 
 
 
 
11.4.2.1
Expanding renewable energy infrastructure to support market growth
 
 
 
11.4.3
JAPAN
 
 
 
 
 
11.4.3.1
Incorporation of offshore wind power into national energy strategies to drive market
 
 
 
11.4.4
SOUTH KOREA
 
 
 
 
 
11.4.4.1
Government-led initiatives to boost HDVC adoption to fuel market growth
 
 
 
11.4.5
INDIA
 
 
 
 
 
11.4.5.1
Rising focus on modernizing power transmission infrastructure to boost demand
 
 
 
11.4.6
AUSTRALIA
 
 
 
 
 
11.4.6.1
Promotion of clean energy resources to propel market growth
 
 
 
11.4.7
INDONESIA
 
 
 
 
 
11.4.7.1
Strategies to enhance grid flexibility to support market growth
 
 
 
11.4.8
MALAYSIA
 
 
 
 
 
11.4.8.1
Need to interconnect asynchronous grids and move large volumes of power with minimal losses to drive market
 
 
 
11.4.9
THAILAND
 
 
 
 
 
11.4.9.1
Growing emphasis on improving energy security to boost demand
 
 
 
11.4.10
VIETNAM
 
 
 
 
 
11.4.10.1
Increasing focus on enhancing national grid flexibility and resilience to support market growth
 
 
 
11.4.11
REST OF ASIA PACIFIC
 
 
 
11.5
ROW
 
 
 
 
 
11.5.1
ROW: MACROECONOMIC OUTLOOK
 
 
 
 
11.5.2
MIDDLE EAST
 
 
 
 
 
11.5.2.1
Bahrain
 
 
 
 
11.5.2.2
Kuwait
 
 
 
 
11.5.2.3
Oman
 
 
 
 
11.5.2.4
Qatar
 
 
 
 
11.5.2.5
Saudi Arabia
 
 
 
 
11.5.2.6
UAE
 
 
 
 
11.5.2.7
Rest of Middle East
 
 
 
11.5.3
AFRICA
 
 
 
 
 
11.5.3.1
South Africa
 
 
 
 
11.5.3.2
Rest of Africa
 
 
 
11.5.4
SOUTH AMERICA
 
 
 
 
 
11.5.4.1
Growing emphasis on grid reliability to support market growth
 
12
COMPETITIVE LANDSCAPE
Discover key strategies and market dominance shaping the competitive landscape through 2025.
 
 
 
182
 
12.1
INTRODUCTION
 
 
 
 
12.2
RIGHT TO WIN/KEY STRATEGIES ADOPTED BY KEY PLAYERS, 2020–2025
 
 
 
 
12.3
MARKET SHARE ANALYSIS, 2024
 
 
 
 
 
12.4
REVENUE ANALYSIS, 2020–2024
 
 
 
 
 
12.5
COMPANY VALUATION AND FINANCIAL METRICS
 
 
 
 
12.6
BRAND/PRODUCT COMPARISON
 
 
 
 
 
12.7
COMPANY EVALUATION MATRIX: KEY PLAYERS, 2024
 
 
 
 
 
 
12.7.1
STARS
 
 
 
 
12.7.2
EMERGING LEADERS
 
 
 
 
12.7.3
PERVASIVE PLAYERS
 
 
 
 
12.7.4
PARTICIPANTS
 
 
 
 
12.7.5
COMPANY FOOTPRINT: KEY PLAYERS, 2024
 
 
 
 
 
12.7.5.1
Region footprint
 
 
 
 
12.7.5.2
Component footprint
 
 
 
 
12.7.5.3
Application footprint
 
 
 
 
12.7.5.4
Project type footprint
 
 
12.8
COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2024
 
 
 
 
 
 
12.8.1
PROGRESSIVE COMPANIES
 
 
 
 
12.8.2
RESPONSIVE COMPANIES
 
 
 
 
12.8.3
DYNAMIC COMPANIES
 
 
 
 
12.8.4
STARTING BLOCKS
 
 
 
 
12.8.5
COMPETITIVE BENCHMARKING
 
 
 
 
 
12.8.5.1
Detailed list of key startups/SMEs
 
 
 
 
12.8.5.2
Competitive benchmarking of key startups/SMEs
 
 
12.9
COMPETITIVE SCENARIO
 
 
 
 
 
12.9.1
PRODUCT LAUNCHES
 
 
 
 
12.9.2
DEALS
 
 
 
 
12.9.3
OTHER DEVELOPMENTS
 
 
13
COMPANY PROFILES
In-depth Company Profiles of Leading Market Players with detailed Business Overview, Product and Service Portfolio, Recent Developments, and Unique Analyst Perspective (MnM View)
 
 
 
203
 
13.1
INTRODUCTION
 
 
 
 
13.2
KEY PLAYERS
 
 
 
 
 
13.2.1
HITACHI, LTD.
 
 
 
 
 
13.2.1.1
Business overview
 
 
 
 
13.2.1.2
Products/Solutions/Services offered
 
 
 
 
13.2.1.3
Recent developments
 
 
 
 
13.2.1.4
MnM view
 
 
 
13.2.2
SIEMENS ENERGY
 
 
 
 
13.2.3
MITSUBISHI ELECTRIC CORPORATION
 
 
 
 
13.2.4
GE VERNOVA
 
 
 
 
13.2.5
PRYSMIAN GROUP
 
 
 
 
13.2.6
TOSHIBA CORPORATION
 
 
 
 
13.2.7
NKT A/S
 
 
 
 
13.2.8
NEXANS
 
 
 
 
13.2.9
LS ELECTRIC CO., LTD.
 
 
 
 
13.2.10
NR ELECTRIC CO., LTD.
 
 
 
13.3
OTHER PLAYERS
 
 
 
 
 
13.3.1
SUMITOMO ELECTRIC INDUSTRIES, LTD.
 
 
 
 
13.3.2
ZAPOROZHTRANSFORMATOR
 
 
 
 
13.3.3
TRENCH GROUP
 
 
 
 
13.3.4
TAIHAN CABLE & SOLUTION CO., LTD.
 
 
 
 
13.3.5
AMERICAN SEMICONDUCTOR, INC.
 
 
 
 
13.3.6
ZTT
 
 
 
 
13.3.7
TBEA CO., LTD.
 
 
 
 
13.3.8
EFACEC
 
 
 
 
13.3.9
SIEYUAN ELECTRIC CO., LTD.
 
 
 
 
13.3.10
XJ ELECTRIC CO., LTD.
 
 
 
 
13.3.11
BTW
 
 
 
 
13.3.12
CG POWER & INDUSTRIAL SOLUTIONS LTD.
 
 
 
 
13.3.13
SGB SMIT
 
 
 
 
13.3.14
C-EPRI ELECTRIC POWER ENGINEERING CO., LTD.
 
 
 
 
13.3.15
HYOSUNG HEAVY INDUSTRIES
 
 
14
APPENDIX
 
 
 
258
 
14.1
INSIGHTS FROM INDUSTRY EXPERTS
 
 
 
 
14.2
DISCUSSION GUIDE
 
 
 
 
14.3
KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
 
 
 
 
14.4
CUSTOMIZATION OPTIONS
 
 
 
 
14.5
RELATED REPORTS
 
 
 
 
14.6
AUTHOR DETAILS
 
 
 
LIST OF TABLES
 
 
 
 
 
TABLE 1
HVDC TRANSMISSION MARKET: ROLE OF KEY PLAYERS IN HVDC TRANSMISSION ECOSYSTEM
 
 
 
 
TABLE 2
AVERAGE SELLING PRICE TREND OF COMPONENTS, BY KEY PLAYER, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 3
AVERAGE SELLING PRICE TREND OF COMPONENTS, BY REGION,2021–2024 (USD MILLION)
 
 
 
 
TABLE 4
LIST OF PATENTS IN HVDC TRANSMISSION MARKET, 2023–2025
 
 
 
 
TABLE 5
HVDC TRANSMISSION MARKET: PORTER'S FIVE FORCES ANALYSIS
 
 
 
 
TABLE 6
INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP APPLICATIONS (%)
 
 
 
 
TABLE 7
KEY BUYING CRITERIA, BY APPLICATION
 
 
 
 
TABLE 8
IMPORT DATA FOR HS CODE 8504-COMPLIANT PRODUCTS, BY COUNTRY, 2020–2024 (USD MILLION)
 
 
 
 
TABLE 9
EXPORT DATA FOR HS CODE 8504-COMPLIANT PRODUCTS, BY COUNTRY, 2020–2024 (USD MILLION)
 
 
 
 
TABLE 10
MFN TARIFF FOR HS CODE 8504-COMPLIANT PRODUCTS EXPORTED BY GERMANY, 2024
 
 
 
 
TABLE 11
NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
 
 
 
 
TABLE 12
EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
 
 
 
 
TABLE 13
ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
 
 
 
 
TABLE 14
ROW: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
 
 
 
 
TABLE 15
HVDC TRANSMISSION MARKET: DETAILED LIST OF CONFERENCES AND EVENTS, 2025–2026
 
 
 
 
TABLE 16
US-ADJUSTED RECIPROCAL TARIFF RATES
 
 
 
 
TABLE 17
HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 18
HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2025–2030 (USD MILLION)
 
 
 
 
TABLE 19
POINT-TO-POINT TRANSMISSION: HVDC TRANSMISSION MARKET, BY TECHNOLOGY, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 20
POINT-TO-POINT TRANSMISSION: HVDC TRANSMISSION MARKET, BY TECHNOLOGY, 2025–2030 (USD MILLION)
 
 
 
 
TABLE 21
POINT-TO-POINT TRANSMISSION: HVDC TRANSMISSION MARKET, BY APPLICATION, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 22
POINT-TO-POINT TRANSMISSION: HVDC TRANSMISSION MARKET, BY APPLICATION, 2025–2030 (USD MILLION)
 
 
 
 
TABLE 23
POINT-TO-POINT TRANSMISSION: HVDC TRANSMISSION MARKET FOR BULK POWER TRANSMISSION, BY APPLICATION, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 24
POINT-TO-POINT TRANSMISSION: HVDC TRANSMISSION MARKET FOR BULK POWER TRANSMISSION, BY APPLICATION, 2025–2030 (USD MILLION)
 
 
 
 
TABLE 25
HVDC TRANSMISSION MARKET, BY POINT-TO-POINT TRANSMISSION PROJECT TYPE, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 26
HVDC TRANSMISSION MARKET, BY POINT-TO-POINT TRANSMISSION PROJECT TYPE, 2025–2030 (USD MILLION)
 
 
 
 
TABLE 27
POINT-TO-POINT TRANSMISSION: HVDC TRANSMISSION MARKET FOR MONOPOLAR TRANSMISSION SYSTEMS, BY TECHNOLOGY, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 28
POINT-TO-POINT TRANSMISSION: HVDC TRANSMISSION MARKET FOR MONOPOLAR TRANSMISSION SYSTEMS, BY TECHNOLOGY,2025–2030 (USD MILLION)
 
 
 
 
TABLE 29
POINT-TO-POINT TRANSMISSION: HVDC TRANSMISSION MARKET FOR BIPOLAR TRANSMISSION SYSTEMS, BY TECHNOLOGY, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 30
POINT-TO-POINT TRANSMISSION: HVDC TRANSMISSION MARKET FOR BIPOLAR TRANSMISSION SYSTEMS, BY TECHNOLOGY, 2025–2030 (USD MILLION)
 
 
 
 
TABLE 31
BACK-TO-BACK STATIONS: HVDC TRANSMISSION MARKET, BY TECHNOLOGY, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 32
BACK-TO-BACK STATIONS: HVDC TRANSMISSION MARKET, BY TECHNOLOGY, 2025–2030 (USD MILLION)
 
 
 
 
TABLE 33
BACK-TO-BACK STATIONS: HVDC TRANSMISSION MARKET, BY APPLICATION, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 34
BACK-TO-BACK STATIONS: HVDC TRANSMISSION MARKET, BY APPLICATION, 2025–2030 (USD MILLION)
 
 
 
 
TABLE 35
BACK-TO-BACK STATIONS: HVDC TRANSMISSION MARKET FOR BULK POWER TRANSMISSION, BY APPLICATION, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 36
BACK-TO-BACK STATIONS: HVDC TRANSMISSION MARKET FOR BULK POWER TRANSMISSION, BY APPLICATION, 2025–2030 (USD MILLION)
 
 
 
 
TABLE 37
MULTI-TERMINAL SYSTEMS: HVDC TRANSMISSION MARKET, BY TECHNOLOGY, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 38
MULTI-TERMINAL SYSTEMS: HVDC TRANSMISSION MARKET, BY TECHNOLOGY, 2025–2030 (USD MILLION)
 
 
 
 
TABLE 39
MULTI-TERMINAL SYSTEMS: HVDC TRANSMISSION MARKET, BY APPLICATION, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 40
MULTI-TERMINAL SYSTEMS: HVDC TRANSMISSION MARKET, BY APPLICATION, 2025–2030 (USD MILLION)
 
 
 
 
TABLE 41
MULTI-TERMINAL SYSTEMS: HVDC TRANSMISSION MARKET FOR BULK POWER TRANSMISSION, BY APPLICATION, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 42
MULTI-TERMINAL SYSTEMS: HVDC TRANSMISSION MARKET FOR BULK POWER TRANSMISSION, BY APPLICATION, 2025–2030 (USD MILLION)
 
 
 
 
TABLE 43
HVDC TRANSMISSION MARKET, BY APPLICATION, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 44
HVDC TRANSMISSION MARKET, BY APPLICATION, 2025–2030 (USD MILLION)
 
 
 
 
TABLE 45
BULK POWER TRANSMISSION: HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 46
BULK POWER TRANSMISSION: HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2025–2030 (USD MILLION)
 
 
 
 
TABLE 47
HVDC TRANSMISSION MARKET, BY BULK POWER TRANSMISSION APPLICATION, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 48
HVDC TRANSMISSION MARKET, BY BULK POWER TRANSMISSION APPLICATION, 2025–2030 (USD MILLION)
 
 
 
 
TABLE 49
OVERHEAD: BULK POWER HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 50
OVERHEAD: BULK POWER HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2025–2030 (USD MILLION)
 
 
 
 
TABLE 51
UNDERWATER & UNDERGROUND: BULK POWER HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 52
UNDERWATER & UNDERGROUND: BULK POWER HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2025–2030 (USD MILLION)
 
 
 
 
TABLE 53
INTERCONNECTING GRIDS: HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 54
INTERCONNECTING GRIDS: HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2025–2030 (USD MILLION)
 
 
 
 
TABLE 55
INFEED URBAN AREAS: HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 56
INFEED URBAN AREAS: HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2025–2030 (USD MILLION)
 
 
 
 
TABLE 57
HVDC TRANSMISSION MARKET, BY COMPONENT, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 58
HVDC TRANSMISSION MARKET, BY COMPONENT, 2025–2030 (USD MILLION)
 
 
 
 
TABLE 59
CONVERTER STATIONS: HVDC TRANSMISSION MARKET, BY COMPONENT, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 60
CONVERTER STATIONS: HVDC TRANSMISSION MARKET, BY COMPONENT,2025–2030 (USD MILLION)
 
 
 
 
TABLE 61
CONVERTER STATIONS: HVDC TRANSMISSION MARKET, BY REGION, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 62
CONVERTER STATIONS: HVDC TRANSMISSION MARKET, BY REGION, 2025–2030 (USD MILLION)
 
 
 
 
TABLE 63
CONVERTER STATIONS: HVDC TRANSMISSION MARKET IN NORTH AMERICA, BY COUNTRY, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 64
CONVERTER STATIONS: HVDC TRANSMISSION MARKET IN NORTH AMERICA, BY COUNTRY, 2025–2030 (USD MILLION)
 
 
 
 
TABLE 65
CONVERTER STATIONS: HVDC TRANSMISSION MARKET IN EUROPE, BY COUNTRY, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 66
CONVERTER STATIONS: HVDC TRANSMISSION MARKET IN EUROPE, BY COUNTRY, 2025–2030 (USD MILLION)
 
 
 
 
TABLE 67
CONVERTER STATIONS: HVDC TRANSMISSION MARKET IN ASIA PACIFIC, BY COUNTRY, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 68
CONVERTER STATIONS: HVDC TRANSMISSION MARKET IN ASIA PACIFIC, BY COUNTRY, 2025–2030 (USD MILLION)
 
 
 
 
TABLE 69
CONVERTER STATIONS: HVDC TRANSMISSION MARKET IN ROW, BY REGION, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 70
CONVERTER STATIONS: HVDC TRANSMISSION MARKET IN ROW, BY REGION, 2025–2030 (USD MILLION)
 
 
 
 
TABLE 71
VALVES: HVDC TRANSMISSION MARKET, BY TYPE, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 72
VALVES: HVDC TRANSMISSION MARKET, BY TYPE, 2025–2030 (USD MILLION)
 
 
 
 
TABLE 73
TRANSMISSION CABLES: HVDC TRANSMISSION MARKET, BY REGION, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 74
TRANSMISSION CABLES: HVDC TRANSMISSION MARKET, BY REGION, 2025–2030 (USD MILLION)
 
 
 
 
TABLE 75
TRANSMISSION CABLES: HVDC TRANSMISSION MARKET IN NORTH AMERICA, BY COUNTRY, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 76
TRANSMISSION CABLES: HVDC TRANSMISSION MARKET IN NORTH AMERICA, BY COUNTRY, 2025–2030 (USD MILLION)
 
 
 
 
TABLE 77
TRANSMISSION CABLES: HVDC TRANSMISSION MARKET IN EUROPE, BY COUNTRY, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 78
TRANSMISSION CABLES: HVDC TRANSMISSION MARKET IN EUROPE, BY COUNTRY, 2025–2030 (USD MILLION)
 
 
 
 
TABLE 79
TRANSMISSION CABLES: HVDC TRANSMISSION MARKET IN ASIA PACIFIC, BY COUNTRY, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 80
TRANSMISSION CABLES: HVDC TRANSMISSION MARKET IN ASIA PACIFIC, BY COUNTRY, 2025–2030 (USD MILLION)
 
 
 
 
TABLE 81
TRANSMISSION CABLES: HVDC TRANSMISSION MARKET IN ROW, BY REGION, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 82
TRANSMISSION CABLES: HVDC TRANSMISSION MARKET IN ROW, BY REGION, 2025–2030 (USD MILLION)
 
 
 
 
TABLE 83
OTHER COMPONENTS: HVDC TRANSMISSION MARKET, BY REGION, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 84
OTHER COMPONENTS: HVDC TRANSMISSION MARKET, BY REGION, 2025–2030 (USD MILLION)
 
 
 
 
TABLE 85
OTHER COMPONENTS: HVDC TRANSMISSION MARKET IN NORTH AMERICA, BY COUNTRY, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 86
OTHER COMPONENTS: HVDC TRANSMISSION MARKET IN NORTH AMERICA, BY COUNTRY, 2025–2030 (USD MILLION)
 
 
 
 
TABLE 87
OTHER COMPONENTS: HVDC TRANSMISSION MARKET IN EUROPE, BY COUNTRY, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 88
OTHER COMPONENTS: HVDC TRANSMISSION MARKET IN EUROPE, BY COUNTRY, 2025–2030 (USD MILLION)
 
 
 
 
TABLE 89
OTHER COMPONENTS: HVDC TRANSMISSION MARKET IN ASIA PACIFIC, BY COUNTRY, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 90
OTHER COMPONENTS: HVDC TRANSMISSION MARKET IN ASIA PACIFIC, BY COUNTRY, 2025–2030 (USD MILLION)
 
 
 
 
TABLE 91
OTHER COMPONENTS: HVDC TRANSMISSION MARKET IN ROW, BY REGION, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 92
OTHER COMPONENTS: HVDC TRANSMISSION MARKET IN ROW, BY REGION, 2025–2030 (USD MILLION)
 
 
 
 
TABLE 93
HVDC TRANSMISSION MARKET, BY TECHNOLOGY, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 94
HVDC TRANSMISSION MARKET, BY TECHNOLOGY, 2025–2030 (USD MILLION)
 
 
 
 
TABLE 95
HVDC TRANSMISSION MARKET, BY TECHNOLOGY, 2021–2024 (MW)
 
 
 
 
TABLE 96
TRANSMISSION MARKET, BY TECHNOLOGY, 2025–2030 (MW)
 
 
 
 
TABLE 97
LINE COMMUTATED CONVERTER (LCC): HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 98
LINE COMMUTATED CONVERTER (LCC): HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2025–2030 (USD MILLION)
 
 
 
 
TABLE 99
LINE COMMUTATED CONVERTER (LCC): HVDC TRANSMISSION MARKET FOR POINT-TO-POINT PROJECT TYPE, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 100
LINE COMMUTATED CONVERTER (LCC): HVDC TRANSMISSION MARKET FOR POINT-TO-POINT PROJECT TYPE, 2025–2030 (USD MILLION)
 
 
 
 
TABLE 101
HVDC TRANSMISSION MARKET, BY LINE COMMUTATED CONVERTER (LCC) TECHNOLOGY, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 102
HVDC TRANSMISSION MARKET, BY LINE COMMUTATED CONVERTER (LCC) TECHNOLOGY TYPE, 2025–2030 (USD MILLION)
 
 
 
 
TABLE 103
VOLTAGE SOURCE CONVERTER (VSC): HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 104
VOLTAGE SOURCE CONVERTER (VSC): HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2025–2030 (USD MILLION)
 
 
 
 
TABLE 105
VOLTAGE SOURCE CONVERTER (VSC): HVDC TRANSMISSION MARKET FOR POINT-TO-POINT TRANSMISSION PROJECT TYPE, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 106
VOLTAGE SOURCE CONVERTER (VSC): HVDC TRANSMISSION MARKET FOR POINT-TO-POINT TRANSMISSION PROJECT TYPE, 2025–2030 (USD MILLION)
 
 
 
 
TABLE 107
HVDC TRANSMISSION MARKET, BY VOLTAGE SOURCE CONVERTER (VSC) TECHNOLOGY TYPE, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 108
HVDC TRANSMISSION MARKET, BY VOLTAGE SOURCE CONVERTER (VSC) TECHNOLOGY TYPE, 2025–2030 (USD MILLION)
 
 
 
 
TABLE 109
CAPACITOR COMMUTATED CONVERTER (CCC): HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 110
CAPACITOR COMMUTATED CONVERTER (CCC): HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2025–2030 (USD MILLION)
 
 
 
 
TABLE 111
HVDC TRANSMISSION MARKET, BY REGION, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 112
HVDC TRANSMISSION MARKET, BY REGION, 2025–2030 (USD MILLION)
 
 
 
 
TABLE 113
NORTH AMERICA: HVDC TRANSMISSION MARKET, BY COMPONENT, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 114
NORTH AMERICA: HVDC TRANSMISSION MARKET, BY COMPONENT, 2025–2030 (USD MILLION)
 
 
 
 
TABLE 115
NORTH AMERICA: HVDC TRANSMISSION MARKET, BY COUNTRY, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 116
NORTH AMERICA: HVDC TRANSMISSION MARKET, BY COUNTRY, 2025–2030 (USD MILLION)
 
 
 
 
TABLE 117
US: HVDC TRANSMISSION MARKET, BY COMPONENT, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 118
US: HVDC TRANSMISSION MARKET, BY COMPONENT, 2025–2030 (USD MILLION)
 
 
 
 
TABLE 119
CANADA: HVDC TRANSMISSION MARKET, BY COMPONENT, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 120
CANADA: HVDC TRANSMISSION MARKET, BY COMPONENT, 2025–2030 (USD MILLION)
 
 
 
 
TABLE 121
MEXICO: HVDC TRANSMISSION MARKET, BY COMPONENT, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 122
MEXICO: HVDC TRANSMISSION MARKET, BY COMPONENT, 2025–2030 (USD MILLION)
 
 
 
 
TABLE 123
EUROPE: HVDC TRANSMISSION MARKET, BY COMPONENT, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 124
EUROPE: HVDC TRANSMISSION MARKET, BY COMPONENT, 2025–2030 (USD MILLION)
 
 
 
 
TABLE 125
EUROPE: HVDC TRANSMISSION MARKET, BY COUNTRY, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 126
EUROPE: HVDC TRANSMISSION MARKET, BY COUNTRY, 2025–2030 (USD MILLION)
 
 
 
 
TABLE 127
UK: HVDC TRANSMISSION MARKET, BY COMPONENT, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 128
UK: HVDC TRANSMISSION MARKET, BY COMPONENT, 2025–2030 (USD MILLION)
 
 
 
 
TABLE 129
GERMANY: HVDC TRANSMISSION MARKET, BY COMPONENT, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 130
GERMANY: HVDC TRANSMISSION MARKET, BY COMPONENT, 2025–2030 (USD MILLION)
 
 
 
 
TABLE 131
FRANCE: HVDC TRANSMISSION MARKET, BY COMPONENT, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 132
FRANCE: HVDC TRANSMISSION MARKET, BY COMPONENT, 2025–2030 (USD MILLION)
 
 
 
 
TABLE 133
ITALY: HVDC TRANSMISSION MARKET, BY COMPONENT, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 134
ITALY: HVDC TRANSMISSION MARKET, BY COMPONENT, 2025–2030 (USD MILLION)
 
 
 
 
TABLE 135
SPAIN: HVDC TRANSMISSION MARKET, BY COMPONENT, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 136
SPAIN: HVDC TRANSMISSION MARKET, BY COMPONENT,2025–2030 (USD MILLION)
 
 
 
 
TABLE 137
POLAND: HVDC TRANSMISSION MARKET, BY COMPONENT, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 138
POLAND: HVDC TRANSMISSION MARKET, BY COMPONENT, 2025–2030 (USD MILLION)
 
 
 
 
TABLE 139
NORDICS: HVDC TRANSMISSION MARKET, BY COMPONENT, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 140
NORDICS: HVDC TRANSMISSION MARKET, BY COMPONENT, 2025–2030 (USD MILLION)
 
 
 
 
TABLE 141
REST OF EUROPE: HVDC TRANSMISSION MARKET, BY COMPONENT, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 142
REST OF EUROPE: HVDC TRANSMISSION MARKET, BY COMPONENT, 2025–2030 (USD MILLION)
 
 
 
 
TABLE 143
ASIA PACIFIC: HVDC TRANSMISSION MARKET, BY COMPONENT, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 144
ASIA PACIFIC: HVDC TRANSMISSION MARKET, BY COMPONENT, 2025–2030 (USD MILLION)
 
 
 
 
TABLE 145
ASIA PACIFIC: HVDC TRANSMISSION MARKET, BY COUNTRY, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 146
ASIA PACIFIC: HVDC TRANSMISSION MARKET, BY COUNTRY, 2025–2030 (USD MILLION)
 
 
 
 
TABLE 147
CHINA: HVDC TRANSMISSION MARKET, BY COMPONENT, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 148
CHINA: HVDC TRANSMISSION MARKET, BY COMPONENT, 2025–2030 (USD MILLION)
 
 
 
 
TABLE 149
JAPAN: HVDC TRANSMISSION MARKET, BY COMPONENT, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 150
JAPAN: HVDC TRANSMISSION MARKET, BY COMPONENT, 2025–2030 (USD MILLION)
 
 
 
 
TABLE 151
SOUTH KOREA: HVDC TRANSMISSION MARKET, BY COMPONENT, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 152
SOUTH KOREA: HVDC TRANSMISSION MARKET, BY COMPONENT, 2025–2030 (USD MILLION)
 
 
 
 
TABLE 153
INDIA: HVDC TRANSMISSION MARKET, BY COMPONENT, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 154
INDIA: HVDC TRANSMISSION MARKET, BY COMPONENT, 2025–2030 (USD MILLION)
 
 
 
 
TABLE 155
AUSTRALIA: HVDC TRANSMISSION MARKET, BY COMPONENT, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 156
AUSTRALIA: HVDC TRANSMISSION MARKET, BY COMPONENT, 2025–2030 (USD MILLION)
 
 
 
 
TABLE 157
INDONESIA: HVDC TRANSMISSION MARKET, BY COMPONENT, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 158
INDONESIA: HVDC TRANSMISSION MARKET, BY COMPONENT,2025–2030 (USD MILLION)
 
 
 
 
TABLE 159
MALAYSIA: HVDC TRANSMISSION MARKET, BY COMPONENT, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 160
MALAYSIA: HVDC TRANSMISSION MARKET, BY COMPONENT, 2025–2030 (USD MILLION)
 
 
 
 
TABLE 161
THAILAND: HVDC TRANSMISSION MARKET, BY COMPONENT, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 162
THAILAND: HVDC TRANSMISSION MARKET, BY COMPONENT, 2025–2030 (USD MILLION)
 
 
 
 
TABLE 163
VIETNAM: HVDC TRANSMISSION MARKET, BY COMPONENT, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 164
VIETNAM: HVDC TRANSMISSION MARKET, BY COMPONENT, 2025–2030 (USD MILLION)
 
 
 
 
TABLE 165
REST OF ASIA PACIFIC: HVDC TRANSMISSION MARKET, BY COMPONENT, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 166
REST OF ASIA PACIFIC: HVDC TRANSMISSION MARKET, BY COMPONENT, 2025–2030 (USD MILLION)
 
 
 
 
TABLE 167
ROW: HVDC TRANSMISSION MARKET, BY COMPONENT, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 168
ROW: HVDC TRANSMISSION MARKET, BY COMPONENT,2025–2030 (USD MILLION)
 
 
 
 
TABLE 169
ROW: HVDC TRANSMISSION MARKET, BY REGION, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 170
ROW: HVDC TRANSMISSION MARKET, BY REGION, 2025–2030 (USD MILLION)
 
 
 
 
TABLE 171
MIDDLE EAST: HVDC TRANSMISSION MARKET, BY COUNTRY, 2021–2024, (USD MILLION)
 
 
 
 
TABLE 172
MIDDLE EAST: HVDC TRANSMISSION MARKET, BY COUNTRY,2025–2030, (USD MILLION)
 
 
 
 
TABLE 173
MIDDLE EAST: HVDC TRANSMISSION MARKET, BY COMPONENT, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 174
MIDDLE EAST: HVDC TRANSMISSION MARKET, BY COMPONENT, 2025–2030 (USD MILLION)
 
 
 
 
TABLE 175
AFRICA: HVDC TRANSMISSION MARKET, BY COUNTRY, 2021–2024, (USD MILLION)
 
 
 
 
TABLE 176
AFRICA: HVDC TRANSMISSION MARKET, BY COUNTRY, 2025–2030, (USD MILLION)
 
 
 
 
TABLE 177
AFRICA: HVDC TRANSMISSION MARKET, BY COMPONENT, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 178
AFRICA: HVDC TRANSMISSION MARKET, BY COMPONENT, 2025–2030 (USD MILLION)
 
 
 
 
TABLE 179
SOUTH AMERICA: HVDC TRANSMISSION MARKET, BY COMPONENT, 2021–2024 (USD MILLION)
 
 
 
 
TABLE 180
SOUTH AMERICA: HVDC TRANSMISSION MARKET, BY COMPONENT, 2025–2030 (USD MILLION)
 
 
 
 
TABLE 181
OVERVIEW OF STRATEGIES ADOPTED BY KEY PLAYERS, 2020–2025
 
 
 
 
TABLE 182
HVDC TRANSMISSION MARKET: DEGREE OF COMPETITION, 2024
 
 
 
 
TABLE 183
REGION FOOTPRINT
 
 
 
 
TABLE 184
COMPONENT FOOTPRINT
 
 
 
 
TABLE 185
APPLICATION FOOTPRINT
 
 
 
 
TABLE 186
PROJECT TYPE FOOTPRINT
 
 
 
 
TABLE 187
HVDC TRANSMISSION MARKET: DETAILED LIST OF KEY STARTUPS/SMES
 
 
 
 
TABLE 188
STARTUPS/SMES FOOTPRINT, BY COMPONENT
 
 
 
 
TABLE 189
STARTUPS/SMES FOOTPRINT, BY APPLICATION
 
 
 
 
TABLE 190
STARTUPS/SMES FOOTPRINT, BY PROJECT TYPE
 
 
 
 
TABLE 191
STARTUPS/SMES FOOTPRINT, BY REGION
 
 
 
 
TABLE 192
HVDC TRANSMISSION MARKET: PRODUCT LAUNCHES, JANUARY 2022– JULY 2025
 
 
 
 
TABLE 193
HVDC TRANSMISSION MARKET: DEALS, JANUARY 2022– JULY 2025
 
 
 
 
TABLE 194
HVDC TRANSMISSION MARKET: OTHER DEVELOPMENTS, JANUARY 2022– JULY 2025
 
 
 
 
TABLE 195
HITACHI, LTD.: COMPANY OVERVIEW
 
 
 
 
TABLE 196
HITACHI, LTD.: PRODUCTS/SOLUTIONS/SERVICES OFFERED
 
 
 
 
TABLE 197
HITACHI, LTD.: DEALS
 
 
 
 
TABLE 198
HITACHI, LTD.: OTHER DEVELOPMENTS
 
 
 
 
TABLE 199
SIEMENS ENERGY: COMPANY OVERVIEW
 
 
 
 
TABLE 200
SIEMENS ENERGY: PRODUCTS/SOLUTIONS/SERVICES OFFERED
 
 
 
 
TABLE 201
SIEMENS ENERGY: DEALS
 
 
 
 
TABLE 202
SIEMENS ENERGY: OTHER DEVELOPMENTS
 
 
 
 
TABLE 203
MITSUBISHI ELECTRIC CORPORATION: COMPANY OVERVIEW
 
 
 
 
TABLE 204
MITSUBISHI ELECTRIC CORPORATION: PRODUCTS/SOLUTIONS/SERVICES OFFERED
 
 
 
 
TABLE 205
MITSUBISHI ELECTRIC CORPORATION: DEALS
 
 
 
 
TABLE 206
MITSUBISHI ELECTRIC CORPORATION: OTHER DEVELOPMENTS
 
 
 
 
TABLE 207
GE VERNOVA: COMPANY OVERVIEW
 
 
 
 
TABLE 208
GE VERNOVA: PRODUCTS/SOLUTIONS/SERVICES OFFERED
 
 
 
 
TABLE 209
GE VERNOVA: DEALS
 
 
 
 
TABLE 210
GE VERNOVA: OTHER DEVELOPMENTS
 
 
 
 
TABLE 211
PRYSMIAN GROUP: COMPANY OVERVIEW
 
 
 
 
TABLE 212
PRYSMIAN GROUP: PRODUCTS/SOLUTIONS/SERVICES OFFERED
 
 
 
 
TABLE 213
PRYSMIAN GROUP: PRODUCT LAUNCHES
 
 
 
 
TABLE 214
PRYSMIAN GROUP: DEALS
 
 
 
 
TABLE 215
PRYSMIAN GROUP: OTHER DEVELOPMENTS
 
 
 
 
TABLE 216
TOSHIBA CORPORATION: COMPANY OVERVIEW
 
 
 
 
TABLE 217
TOSHIBA CORPORATION: PRODUCTS/SOLUTIONS/SERVICES OFFERED
 
 
 
 
TABLE 218
TOSHIBA CORPORATION: DEALS
 
 
 
 
TABLE 219
TOSHIBA CORPORATION: OTHER DEVELOPMENTS
 
 
 
 
TABLE 220
NKT A/S: COMPANY OVERVIEW
 
 
 
 
TABLE 221
NKT A/S: PRODUCTS/SOLUTIONS/SERVICES OFFERED
 
 
 
 
TABLE 222
NKT A/S: DEALS
 
 
 
 
TABLE 223
NKT A/S: OTHER DEVELOPMENTS
 
 
 
 
TABLE 224
NEXANS: COMPANY OVERVIEW
 
 
 
 
TABLE 225
NEXANS: PRODUCTS/SOLUTIONS/SERVICES OFFERED
 
 
 
 
TABLE 226
NEXANS: DEALS
 
 
 
 
TABLE 227
NEXANS: OTHER DEVELOPMENTS
 
 
 
 
TABLE 228
LS ELECTRIC CO., LTD.: COMPANY OVERVIEW
 
 
 
 
TABLE 229
LS ELECTRIC CO., LTD.: PRODUCTS/SOLUTIONS/SERVICES OFFERED
 
 
 
 
TABLE 230
LS ELECTRIC CO., LTD.: DEALS
 
 
 
 
TABLE 231
LS ELECTRIC CO., LTD.: OTHER DEVELOPMENTS
 
 
 
 
TABLE 232
NR ELECTRIC CO., LTD.: COMPANY OVERVIEW
 
 
 
 
TABLE 233
NR ELECTRIC CO., LTD.: PRODUCTS/SOLUTIONS/SERVICES OFFERED
 
 
 
 
LIST OF FIGURES
 
 
 
 
 
FIGURE 1
HVDC TRANSMISSION MARKET SEGMENTATION AND REGIONAL SCOPE
 
 
 
 
FIGURE 2
HVDC TRANSMISSION MARKET: RESEARCH DESIGN
 
 
 
 
FIGURE 3
BOTTOM-UP APPROACH
 
 
 
 
FIGURE 4
TOP-DOWN APPROACH
 
 
 
 
FIGURE 5
MARKET SIZE ESTIMATION: DEMAND-SIDE ANALYSIS
 
 
 
 
FIGURE 6
MARKET SIZE ESTIMATION: SUPPLY-SIDE ANALYSIS
 
 
 
 
FIGURE 7
DATA TRIANGULATION
 
 
 
 
FIGURE 8
HVDC TRANSMISSION MARKET, 2021–2030
 
 
 
 
FIGURE 9
CONVERTER STATIONS SEGMENT TO DOMINATE MARKET IN 2025
 
 
 
 
FIGURE 10
POINT-TO-POINT SEGMENT TO CAPTURE LARGEST MARKET SHARE IN 2030
 
 
 
 
FIGURE 11
LINE COMMUTATED COVERTER (LCC) SEGMENT TO SECURELARGEST MARKET SHARE IN 2030
 
 
 
 
FIGURE 12
BULK POWER TRANSMISSION SEGMENT TO COMMAND LARGEST MARKET SHARE IN 2030
 
 
 
 
FIGURE 13
ASIA PACIFIC TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD
 
 
 
 
FIGURE 14
TRANSITION TOWARD RENEWABLE ENERGY SOURCES TO SUPPORT MARKET GROWTH
 
 
 
 
FIGURE 15
CONVERTER STATIONS SEGMENT TO CAPTURE LARGEST MARKET SHARE IN 2030
 
 
 
 
FIGURE 16
LINE COMMUTATED CONVERTER (LCC) SEGMENT TO DOMINATE MARKET IN 2030
 
 
 
 
FIGURE 17
POINT-TO-POINT SEGMENT TO SECURE LARGEST MARKET SHARE IN 2030
 
 
 
 
FIGURE 18
BULK POWER TRANSMISSION SEGMENT TO LEAD MARKET IN 2030
 
 
 
 
FIGURE 19
CONVERTER STATION AND CHINA HELD LARGEST SHARES OF HVDC TRANSMISSION MARKET IN ASIA PACIFIC IN 2024
 
 
 
 
FIGURE 20
CHINA TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD
 
 
 
 
FIGURE 21
HVDC TRANSMISSION MARKET: MARKET DYNAMICS
 
 
 
 
FIGURE 22
ELECTRICITY CONSUMPTION, BY REGION, 2021–2024
 
 
 
 
FIGURE 23
IMPACT ANALYSIS OF DRIVERS ON HVDC TRANSMISSION MARKET
 
 
 
 
FIGURE 24
IMPACT ANALYSIS OF RESTRAINTS ON HVDC TRANSMISSION MARKET
 
 
 
 
FIGURE 25
IMPACT ANALYSIS OF OPPORTUNITIES ON HVDC TRANSMISSION MARKET
 
 
 
 
FIGURE 26
IMPACT ANALYSIS OF CHALLENGES ON HVDC TRANSMISSION MARKET
 
 
 
 
FIGURE 27
HVDC TRANSMISSION MARKET: SUPPLY CHAIN ANALYSIS
 
 
 
 
FIGURE 28
HVDC TRANSMISSION MARKET: ECOSYSTEM MAPPING
 
 
 
 
FIGURE 29
INVESTMENT AND FUNDING SCENARIO, 2021–2025
 
 
 
 
FIGURE 30
AVERAGE SELLING PRICE TREND OF COMPONENTS, BY KEY PLAYER, 2021–2024
 
 
 
 
FIGURE 31
AVERAGE SELLING PRICE TREND OF COMPONENTS, BY REGION, 2021–2024
 
 
 
 
FIGURE 32
NUMBER OF PATENTS GRANTED IN HVDC TRANSMISSION MARKET, 2015–2024
 
 
 
 
FIGURE 33
HVDC TRANSMISSION MARKET: PORTER'S FIVE FORCES ANALYSIS
 
 
 
 
FIGURE 34
INFLUENCE OF STAKEHOLDERS ON TOP APPLICATIONS
 
 
 
 
FIGURE 35
KEY BUYING CRITERIA FOR TOP APPLICATIONS
 
 
 
 
FIGURE 36
IMPORT DATA FOR HS CODE 8504-COMPLIANT PRODUCTS, BY COUNTRY,2020–2024
 
 
 
 
FIGURE 37
EXPORT DATA FOR HS CODE 8504-COMPLIANT PRODUCTS, BY COUNTRY, 2020–2024
 
 
 
 
FIGURE 38
TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS
 
 
 
 
FIGURE 39
IMPACT OF AI ON HVDC TRANSMISSION MARKET
 
 
 
 
FIGURE 40
POINT-TO-POINT SEGMENT TO CAPTURE LARGEST MARKET SHARE IN 2025
 
 
 
 
FIGURE 41
BULK POWER TRANSMISSION SEGMENT TO ACCOUNT FOR LARGEST MARKET SHARE IN 2030
 
 
 
 
FIGURE 42
CONVERTER STATIONS SEGMENT TO CAPTURE LARGEST MARKET SHARE IN 2030
 
 
 
 
FIGURE 43
LINE COMMUTATED CONVERTER (LCC) SEGMENT TO ACCOUNT FOR LARGEST SHARE OF HVDC TRANSMISSION MARKET FROM 2025 TO 2030
 
 
 
 
FIGURE 44
ASIA PACIFIC TO BE FASTEST-GROWING REGION DURING FORECAST PERIOD
 
 
 
 
FIGURE 45
NORTH AMERICA: HVDC TRANSMISSION MARKET SNAPSHOT
 
 
 
 
FIGURE 46
EUROPE: HVDC TRANSMISSION MARKET SNAPSHOT
 
 
 
 
FIGURE 47
ASIA PACIFIC: HVDC TRANSMISSION MARKET SNAPSHOT
 
 
 
 
FIGURE 48
HVDC TRANSMISSION MARKET: MARKET SHARE ANALYSIS, 2024
 
 
 
 
FIGURE 49
REVENUE ANALYSIS OF KEY PLAYERS IN HVDC TRANSMISSION MARKET, 2020–2024
 
 
 
 
FIGURE 50
COMPANY VALUATION, 2025
 
 
 
 
FIGURE 51
FINANCIAL METRICS, 2025
 
 
 
 
FIGURE 52
BRAND/PRODUCT COMPARISON
 
 
 
 
FIGURE 53
COMPANY EVALUATION MATRIX: KEY PLAYERS, 2024
 
 
 
 
FIGURE 54
OVERALL COMPANY FOOTPRINT
 
 
 
 
FIGURE 55
COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2024
 
 
 
 
FIGURE 56
HITACHI, LTD.: COMPANY SNAPSHOT
 
 
 
 
FIGURE 57
SIEMENS ENERGY: COMPANY SNAPSHOT
 
 
 
 
FIGURE 58
MITSUBISHI ELECTRIC CORPORATION: COMPANY SNAPSHOT
 
 
 
 
FIGURE 59
GE VERNOVA: COMPANY SNAPSHOT
 
 
 
 
FIGURE 60
PRYSMIAN GROUP: COMPANY SNAPSHOT
 
 
 
 
FIGURE 61
NKT A/S: COMPANY SNAPSHOT
 
 
 
 
FIGURE 62
NEXANS: COMPANY SNAPSHOT
 
 
 
 
FIGURE 63
LS ELECTRIC CO., LTD.: COMPANY SNAPSHOT
 
 
 
 

Methodology

The research study involved four major activities in estimating the size of the HVDC transmission market. Exhaustive secondary research has been done to collect important information about the market and peer markets. The next step has been to validate these findings and assumptions and size them with the help of primary research with industry experts across the value chain. Both top-down and bottom-up approaches have been used to estimate the market size. After this, the market breakdown and data triangulation were adopted to estimate the market sizes of segments and sub-segments.

Secondary Research

In the secondary research process, various secondary sources were referred to identify and collect information required for this study. The secondary sources include annual reports, press releases, investor presentations of companies, white papers, and articles from recognized authors. Secondary research has been mainly done to obtain key information about the market's value chain, the pool of key market players, market segmentation according to industry trends, regional outlook, and developments from both market and technology perspectives..

The HVDC transmission market report estimates the global market size using both the top-down and bottom-up approaches, along with several other dependent submarkets. The major players in the market were identified using extensive secondary research, and their presence in the market was determined using secondary and primary research. All the percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.

Primary Research

Extensive primary research has been conducted after understanding the HVDC transmission market scenario through secondary research. Several primary interviews have been conducted with key opinion leaders from demand- and supply-side vendors across four major regions—North America, Europe, Asia Pacific, and the RoW. Approximately 25% of the primary interviews have been conducted with the demand-side vendors and 75% with the supply-side vendors. Primary data was collected mainly through telephonic interviews, which comprised 80% of the total primary interviews; questionnaires and emails were also used to collect the data.

After successful interaction with industry experts, brief sessions were conducted with highly experienced independent consultants to reinforce our primary research findings. This, along with the in-house subject matter experts' opinions, has led us to the findings as described in the report.

HVDC Transmission Market
 Size, and Share

Note: "Others" includes sales, marketing, and product managers

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

In the market engineering process, both top-down and bottom-up approaches and data triangulation methods have been used to estimate and validate the size of the HVDC transmission market and other dependent submarkets. The research methodology used to estimate the market sizes includes the following:

  • Initially, focusing on top-line investments and spending in the ecosystem (segment-level splits and significant developments in the market have been considered)
  • Identifying stakeholders in the HVDC transmission market that influence the entire market and participants across the supply chain
  • Analyzing major manufacturers and solution providers of HVDC transmission, as well as studying their product portfolios
  • Analyzing trends related to the adoption of HVDC transmission components
  • Tracking the recent and upcoming developments in the market that include investments, R&D activities, product launches, collaborations, mergers & acquisitions, and partnerships, as well as forecasting the market size based on these developments and other critical parameters
  • Carrying out multiple discussions with key opinion leaders to identify the adoption trends of HVDC in the power transmission market
  • Segmenting the overall market into various other market segments
  • Validating the estimates at every level through discussions with key opinion leaders, such as chief executives (CXOs), directors, and operations managers, and finally with the domain experts at MarketsandMarkets

HVDC Transmission Market : Top-Down and Bottom-Up Approach

HVDC Transmission Market Top Down and Bottom Up Approach

Data Triangulation

After arriving at the overall market size by the market size estimation process explained in the earlier section, the overall HVDC transmission market has been divided into several segments and subsegments. The data triangulation and market breakdown procedures have been used to complete the overall market engineering process and arrive at the exact statistics for all segments, wherever applicable. The data has been triangulated by studying various factors and trends from both the demand and supply sides. Along with data triangulation and market breakdown, the market has been validated by top-down and bottom-up approaches.

Market Definition

The HVDC transmission market refers to the industry for technologies and systems that enable the efficient transfer of electricity over long distances using high-voltage direct current. The market, segmented by components such as converter stations, transmission cables, and other components, represents a critical part of the global power transmission sector, enabling efficient, long-distance, and high-capacity electricity transfer. HVDC transmission systems efficiently deliver power over extended distances, employing overhead transmission lines, submarine cables, or underground cables. Using HVDC transmission technology for power is more economical than traditional AC lines, improving stability, reliability, and capacity. HVDC transmission systems are suited to such demands to address the ability to transmit electricity securely and stably between power networks operating at different frequencies. This asynchronous interconnection capability is precious for integrating renewable energy sources into the grid, as renewables often generate power at varying frequencies. Additionally, HVDC transmission systems provide operators with instantaneous and precise control over power flow, enhancing flexibility and suitability for modern power grid management.

Key Stakeholders

  • HVDC Transmission Component Suppliers
  • Electricity/Power Generating Companies.
  • Electricity/Power Transmission Companies
  • Electricity/Power Distribution Companies
  • Power Grids Suppliers
  • Power Project Consultants
  • Government Procurement Organizations
  • Turnkey Solution Providers
  • Banks, Financial Institutions, Investors, and Venture Capitalists
  • Research Organizations
  • End Users

Report Objectives

  • To describe and forecast the high-voltage direct current (HVDC) transmission market by component, project type, technology, application, and region, in terms of value
  • To describe and forecast the high-voltage direct current (HVDC) transmission market by technology, in terms of volume
  • To forecast the market size for various segments across the main regions: North America, Europe, Asia Pacific, and the RoW
  • To provide industry-specific information regarding the major drivers, restraints, opportunities, and challenges influencing the growth of the HVDC transmission market
  • To study the complete value chain and related industry segments for the HVDC transmission market
  • To strategically analyze the micromarkets concerning individual growth trends, prospects, and contributions to the total market
  • To analyze trends/disruptions impacting customer business; pricing analysis; patents analysis; trade analysis (export and import scenario); tariff and regulatory landscape; Porter's five forces analysis; case studies; key stakeholders & buying criteria; technology analysis; ecosystem mapping; impact of artificial intelligence; impact of 2025 US tariff; and key conferences and events related to the HVDC transmission market.
  • To analyze opportunities in the market for various stakeholders by identifying the high-growth segments of the market
  • To strategically profile the key players and comprehensively analyze their market position regarding ranking and core competencies, along with detailing the competitive landscape for the market leaders
  • To analyze competitive developments, such as product launches/developments, expansions, acquisitions, partnerships, collaborations, agreements, and research and development (R&D) activities carried out by players in the HVDC transmission market

Available Customizations:

With the given market data, MarketsandMarkets offers customizations according to the specific requirements of companies. The following customization options are available for the report:

Country-wise Information

  • Country-wise breakdown for North America, Europe, Asia Pacific, and the Rest of the World

Company Information:

  • Detailed analysis and profiling of additional market players (up to five)

Key Questions Addressed by the Report

Who are the key players in the global HVDC transmission market?

Hitachi, Ltd. (Japan), Siemens Energy (Germany), Mitsubishi Electric Corporation (Japan), GE Vernova (US), and Prysmian Group (Italy) are the key players in the global HVDC transmission market.

Which region is expected to hold the largest market share and why?

Asia Pacific is projected to hold the largest HVDC transmission market share due to the rising electricity demand, renewable integration, and major investments in long-distance transmission.

What are the primary forces fueling growth and the significant opportunities within the HVDC transmission market?

The integration of VSC technology and the global shift toward renewable energy are likely to act as significant drivers, and opportunities include advancements in power electronics, transportation electrification, and long-distance interconnections.

What are the prominent strategies adopted by market players?

The key players have adopted product launches, acquisitions, collaborations, partnerships, investments, agreements, and expansions to strengthen their position in the HVDC transmission market.

What is the impact of Gen AI/AI on the HVDC transmission market on a scale of 1–10 (1 - least impactful and 10 - most impactful)?

 

The impact is as follows:


Integration of Renewable Energy Sources

9

Predictive Maintenance Systems

8

Autonomous Grid Control & Self-Healing Systems

7

Cybersecurity Threat Detection

6

 

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Growth opportunities and latent adjacency in HVDC Transmission Market

Giovanni

Apr, 2017

Can you provide information on projected and expected HVDC installations and their investors. .

Giovanni

Apr, 2017

I am looking for information on planed tenders in area of HVDC installations and modernisations..

Giovanni

Apr, 2017

I want market numbers and projections in the HVDC transmission in China and Asia. Thanks!.

Jorge

Aug, 2016

We want to understand the potential and current HVDC projects in South America region, especially in Colombia and Peru..

MD

Apr, 2021

Can you provide information on projected and expected HVDC installations and their investors..

ngoga

Apr, 2017

I am conducting a research on HVDC and looking forward more technical information in terms of different technologies and components used in HVDC transmission. .

Peter

Dec, 2018

Can I get information of major market drivers and challenges in the hvdc transmission? Thanks.

Boguslaw

Dec, 2015

I am looking for an information about existing HVDC installations all over the world and plans of their modernisations. .

Young-Hwan

Aug, 2019

As a senior power system researcher, I am investigating prospective R&D research topics to enhance power system reliability in germany including HVDC system and FACTS devices. .

ÁLVARO

Feb, 2019

we are trying to evaluate new market opportunities and the state-of-the-art technologies in the HVDC transmission in Europe. Can you provide this information?.

Yong

Jan, 2014

Hello. I want to purchase "Single User License". "Single User" means just allowed on one laptop? And, is this product printable? .

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