HVDC Transmission Market

HVDC Transmission Market by Component (Converter Stations, Transmission Cables), Technology (CCC, VSC, LCC, HVDC, UHVDC), Project Type (point-to-point, back-to-back, multi-terminal), Application, Region - Global Forecast to 2028

Report Code: SE 3052 Sep, 2023, by marketsandmarkets.com

The HVDC transmission market is projected to reach USD 14.9 billion by 2028 from USD 11.4 billion in 2023, at a CAGR of 5.4% from 2023 to 2028.

A growing number of VSC-based HVDC projects, increasing adoption of renewable energy globally, growing demand for reliable power supplies, and favorable government policies and initiatives for HVDC transmission are the major factors driving the market growth. Furthermore, the constantly increasing technological advancements related to converter station components and the growing need for electricity exchange globally with the help of seamless interconnection of power grids are also expected to boost the market growth during the forecast period.

HVDC Transmission Market

HVDC Transmission Market

HVDC Transmission Market Forecast to 2028

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HVDC Transmission Market Dynamics

Driver: Shift towards renewable energy

The global shift towards renewable energy sources, such as wind and solar power, is a significant driver for the growth of the HVDC transmission market. As countries and regions increasingly embrace clean energy solutions to reduce carbon emissions and combat climate change, there is a growing need to efficiently integrate renewable energy into existing power grids. HVDC transmission systems provide an optimal solution for this requirement. They enable the long-distance transmission of electricity from renewable energy sources to population centers and industrial hubs, minimizing energy loss during transmission. Additionally, HVDC technology supports grid stability, making it easier to manage the intermittent of renewable sources. As the world continues to transition towards greener energy, the demand for HVDC transmission systems is expected to rise, further driving market growth.

Restraint: Reduced demand due to distributed and off-grid power generation

Reduced demand for HVDC transmission systems can be attributed to the increasing adoption of distributed and off-grid power generation. These decentralized energy sources, such as rooftop solar panels and small-scale wind turbines, enable consumers to generate their electricity locally. As a result, there is less reliance on long-distance electricity transmission. Additionally, advancements in energy storage systems allow for better management of locally generated power, reducing the need for extensive grid infrastructure.

Opportunity: Technological advancements related to HVDC transmission

Technological advancements are extensively providing opportunities for market players within the HVDC transmission market. In recent years, there have been a significant number of technological advancements associated with converter technologies, grid management systems, efficiency gains, digitalization, and innovations in underwater HVDC transmission and circuit breaker technology. Converter technologies, particularly Voltage Source Converter (VSC) technology, have evolved significantly. VSC-based HVDC systems offer improved control, reliability, and efficiency, making them ideal for renewable energy integration and grid modernization. Furthermore, grid management systems have undergone significant advancements, offering real-time monitoring, predictive maintenance, and advanced fault detection. These enhancements boost grid reliability and system performance.

Challenge: Lack of standardization and interoperability

The lack of standardization and interoperability in HVDC transmission is a significant challenge that hampers its widespread adoption and operational efficiency. This issue arises from the absence of uniform technical standards and communication protocols across the industry, making it challenging to integrate HVDC systems and components from different manufacturers seamlessly. A primary consequence of this lack of standardization is compatibility issues and communication breakdowns between non-standardized HVDC components. As HVDC systems are complex and involve various components like converters, transformers, and control systems, the absence of standardization complicates their integration into a cohesive system.

HVDC Transmission Market Ecosystem

The prominent players in the HVDC transmission market are Hitachi (Japan), Siemens Energy (Germany), Mitsubishi Electric Corporation (Japan), General Electric (US), and Prysmian Group (Italy). These companies use inorganic growth strategies to expand themselves globally by providing advanced components related to HVDC transmission. 

HVDC Transmission Market by Ecosystem

Converter stations to dominate the HVDC transmission market during the forecast period.

The growing electricity demand globally and the subsequent increase in the need to transmit power has led to increased adoption of HVDC transmission as it facilitates transmission with lower losses over longer distances. The growing number of VSC-based HVDC transmission projects globally has driven the demand for insulated-gate bipolar transistor (IGBT) valves and circuit breakers used in converter stations. Furthermore, the growing need for improved and efficient power transmission and connection of asynchronous grids is expected to create a surge in demand for HVDC converter stations.

Point-to-point projects to lead the HVDC transmission market during the forecast period.

Point-to-point transmissions are generally used if high power is needed to be transmitted between two converter stations. Point-to-point transmission is highly suitable for transmitting power over long distances, and in recent years, there has been a significant increase in the adoption of bipolar configurations in point-to-point transmissions in the Asia Pacific due to their reliability in carrying high power loads. Furthermore, the increasing focus of European countries on using renewable energy and the subsequent need for efficient energy transmission would further drive the market growth for point-to-point transmissions.

Asia Pacific held the largest share of the HVDC transmission market in 2022.

Asia Pacific accounted for the largest share of the HVDC transmission market in 2022. An increasing number of HVDC transmission projects in countries such as China and India, a favorable regulatory environment for the development and sales of HVDC components, and an increasing number of rural electrification projects in the region are some of the major factors driving the market growth in the Asia Pacific. Moreover, the constantly increasing population, rapid urbanization, and the subsequently increasing demand for electricity in the region are also major factors driving the market growth. Furthermore, the presence of established market players in the region, such as Hitachi (Japan) and Mitsubishi Electric Corporation (Japan), is also expected to provide increased opportunities for the adoption of HVDC transmission in the region.

HVDC Transmission Market by Region

HVDC Transmission Market by Region

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Top HVDC Transmission Companies - Key Market Players

The major players in the HVDC transmission companies include Hitachi (Japan), Siemens Energy (Germany), Mitsubishi Electric Corporation (Japan), General Electric (US), and Prysmian Group (Italy). These companies have used inorganic growth strategies such as agreements, collaborations, acquisitions, partnerships, and joint ventures to strengthen their position in the market.

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Scope of the Report

Report Metric

Details

Estimated Market Size

11.4 billion

Projected Market Size

14.9 billion

Growth Rate

5.4%

Market size available for years

2019–2028

Base year considered

2022

Forecast period

2023–2028

Forecast units

Value (USD Million/Billion)

Segments Covered

By Component, Project Type, Technology, Application, and Region

Geographies covered

Americas, Europe, Asia Pacific, and Rest of the World (RoW)

Companies covered

The major players in the HVDC transmission market are Hitachi (Japan), Siemens Energy (Germany), Mitsubishi Electric Corporation (Japan), General Electric (US), Prysmian Group (Italy), Toshiba Corporation (Japan), NKT A/S (Denmark), Nexans (France), LS Electric Co., Ltd. (South Korea), and NR Electric Co., Ltd. (China).

HVDC Transmission Market Highlights

The study segments the HVDC transmission market based on component, project type, technology, application, and region at the regional and global level.

Segment

Subsegment

By Component

  • Converter Stations
  • Transmission Cables
  • Others

By Project Type

  • Point-to-point
  • Back-to-back
  • Multi-terminal

By Technology

  • Capacitor Commutated Converter (CCC)
  • Voltage Source Converter (VSC)
  • Line Commutated Converter (LCC)

By Application

  • Bulk Power Transmission
  • Interconnecting Grids
  • Infeed Urban Areas

By Region

  • Americas
    • North America
    • South America
  • Europe
    • UK
    • Germany
    • France
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • Rest of Asia Pacific
  • Rest of the World (RoW)
    • Middle East
    • Africa

Recent Developments

  • In March 2023, Hitachi (Japan) secured a contract to upgrade the Al Fadhili converter station in Saudi Arabia. The station, established in 2009, plays a crucial role in connecting the power grids of multiple Middle Eastern countries. 
  • In March 2023, Siemens Energy (Germany), in partnership with Italy's FATA (Danieli group) (Italy), secured a contract from Terna (Italy) to supply four converter stations for the "Tyrrhenian Link" project, a 970 km long HVDC power link connecting mainland Italy, Sicily, and Sardinia. This project facilitates flexible electricity exchange between these regions, enhances renewable energy utilization grid stability, and supports the phasing out of coal-fired power plants on the islands to reduce CO2 emissions.
  • In February 2023, Mitsubishi Electric Corporation (Japan) acquired Scibreak AB (Sweden), a Swedish company specializing in direct current circuit breakers (DCCBs). This move aims to enhance their joint efforts in developing DCCB technologies for high-voltage direct current (HVDC) systems, aligning with the global expansion of renewable energy sources.
  • In July 2022, General Electric (GE) (US) and KAPES (Dubai), a KEPCO-GE joint venture, secured a contract to enhance South Korea's electric grid with a 500-MW high voltage direct current (HVDC) link. The Shin-buying project, situated in Incheon near Seoul, aims to alleviate grid overload and strengthen the overall grid system.
  • In June 2021, Siemens Energy (Germany) and Mitsubishi Electric Corporation (Japan) signed an MoU to explore the development of high-voltage switching solutions using clean air insulation to replace greenhouse gases. They will focus on a 245-kV circuit breaker as an initial step towards climate-neutral high-voltage switching solutions.

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TABLE OF CONTENTS
 
1 INTRODUCTION (Page No. - 30)
    1.1 STUDY OBJECTIVES 
    1.2 MARKET DEFINITION 
           1.2.1 INCLUSIONS AND EXCLUSIONS, BY COMPANY
           1.2.2 INCLUSIONS AND EXCLUSIONS, BY COMPONENT
           1.2.3 INCLUSIONS AND EXCLUSIONS, BY PROJECT TYPE
           1.2.4 INCLUSIONS AND EXCLUSIONS, BY TECHNOLOGY
           1.2.5 INCLUSIONS AND EXCLUSIONS, BY APPLICATION LEVEL
           1.2.6 INCLUSIONS AND EXCLUSIONS, BY REGION
    1.3 STUDY SCOPE 
           FIGURE 1 HVDC TRANSMISSION MARKET SEGMENTATION
    1.4 CURRENCY CONSIDERED 
    1.5 UNITS CONSIDERED 
    1.6 LIMITATIONS 
    1.7 STAKEHOLDERS 
    1.8 SUMMARY OF CHANGES 
    1.9 IMPACT OF RECESSION 
 
2 RESEARCH METHODOLOGY (Page No. - 36)
    2.1 RESEARCH APPROACH 
           FIGURE 2 HVDC TRANSMISSION MARKET: RESEARCH DESIGN
           2.1.1 SECONDARY DATA
                    2.1.1.1 Major secondary sources
                    2.1.1.2 Key data from secondary sources
           2.1.2 PRIMARY DATA
                    2.1.2.1 Primary interviews with experts
                    2.1.2.2 List of key primary interview participants
                    2.1.2.3 Breakdown of primaries
                    2.1.2.4 Key data from primary sources
           2.1.3 SECONDARY AND PRIMARY RESEARCH
                    2.1.3.1 Key industry insights
    2.2 MARKET SIZE ESTIMATION 
           2.2.1 BOTTOM-UP APPROACH
                    2.2.1.1 Approach to capture market share by bottom-up analysis
                               FIGURE 3 BOTTOM-UP APPROACH
           2.2.2 TOP-DOWN APPROACH
                    2.2.2.1 Approach to capture market share by top-down analysis
                               FIGURE 4 TOP-DOWN APPROACH
    2.3 FACTOR ANALYSIS 
           2.3.1 DEMAND-SIDE ANALYSIS
                    FIGURE 5 MARKET SIZE ESTIMATION: DEMAND-SIDE ANALYSIS
           2.3.2 SUPPLY-SIDE ANALYSIS
                    FIGURE 6 MARKET SIZE ESTIMATION: SUPPLY-SIDE ANALYSIS
           2.3.3 GROWTH FORECAST ASSUMPTIONS
                    TABLE 1 MARKET GROWTH ASSUMPTIONS
    2.4 APPROACH TO UNDERSTAND RECESSION IMPACT ON HVDC TRANSMISSION MARKET 
    2.5 MARKET BREAKDOWN AND DATA TRIANGULATION 
           FIGURE 7 DATA TRIANGULATION
    2.6 RESEARCH ASSUMPTIONS 
    2.7 RISK ASSESSMENT 
           TABLE 2 HVDC TRANSMISSION MARKET: RISK ASSESSMENT
 
3 EXECUTIVE SUMMARY (Page No. - 48)
    FIGURE 8 HVDC TRANSMISSION MARKET, 2019–2028
    FIGURE 9 CONVERTER STATIONS SEGMENT TO DOMINATE MARKET DURING FORECAST PERIOD
    FIGURE 10 POINT-TO-POINT SEGMENT TO CAPTURE LARGEST MARKET SHARE DURING FORECAST PERIOD
    FIGURE 11 LCC-BASED SEGMENT TO ACCOUNT FOR LARGEST SHARE OF MARKET DURING FORECAST PERIOD
    FIGURE 12 BULK POWER TRANSMISSION SEGMENT TO COMMAND LARGEST SHARE OF MARKET DURING FORECAST PERIOD
    FIGURE 13 ASIA PACIFIC TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD
 
4 PREMIUM INSIGHTS (Page No. - 53)
    4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN HVDC TRANSMISSION MARKET 
           FIGURE 14 INCREASING DEMAND FOR VOLTAGE SOURCE CONVERTER (VSC)-BASED TRANSMISSION TO DRIVE MARKET
    4.2 HVDC TRANSMISSION MARKET, BY COMPONENT 
           FIGURE 15 CONVERTER STATIONS SEGMENT TO DOMINATE MARKET DURING FORECAST PERIOD
    4.3 HVDC TRANSMISSION MARKET, BY TECHNOLOGY 
           FIGURE 16 LCC-BASED SEGMENT TO CAPTURE LARGEST SHARE OF MARKET IN 2028
    4.4 HVDC TRANSMISSION MARKET, BY PROJECT TYPE 
           FIGURE 17 POINT-TO-POINT SEGMENT TO CAPTURE LARGEST SHARE OF MARKET IN 2023
    4.5 MARKET, BY APPLICATION 
           FIGURE 18 BULK POWER TRANSMISSION TO LEAD MARKET FROM 2023 TO 2028
    4.6 AMERICAS: MARKET, BY PROJECT TYPE AND COUNTRY, 2022 
           FIGURE 19 POINT-TO-POINT AND US HELD LARGEST SHARES OF MARKET IN AMERICAS IN 2022
 
5 MARKET OVERVIEW (Page No. - 56)
    5.1 INTRODUCTION 
    5.2 MARKET DYNAMICS 
           FIGURE 20 HVDC TRANSMISSION MARKET: MARKET DYNAMICS
           5.2.1 DRIVERS
                    5.2.1.1 Integration of VSC technology into HVDC systems
                    5.2.1.2 Rapid transition toward renewable energy
                    5.2.1.3 Strong focus of governments and utilities on grid modernization to improve power reliability
                               FIGURE 21 ELECTRICITY CONSUMPTION, BY REGION, 2020–2023 (TERAWATT-HOUR)
                    5.2.1.4 Government-led policies and initiatives promoting HVDC transmission technology
                               FIGURE 22 IMPACT ANALYSIS OF DRIVERS ON HVDC TRANSMISSION MARKET
           5.2.2 RESTRAINTS
                    5.2.2.1 High initial investment requirements
                    5.2.2.2 Availability of substitute technologies such as distributed and off-grid power generation systems
                    5.2.2.3 Additional costs associated with circuit breakers
                               FIGURE 23 IMPACT ANALYSIS OF RESTRAINTS ON HVDC TRANSMISSION MARKET
           5.2.3 OPPORTUNITIES
                    5.2.3.1 Constant advances in power electronics and adoption of digital and automation technologies
                    5.2.3.2 Electrification of transportation sector
                    5.2.3.3 Growing demand for integrated networks across long distances
                               FIGURE 24 IMPACT ANALYSIS OF OPPORTUNITIES ON HVDC TRANSMISSION MARKET
           5.2.4 CHALLENGES
                    5.2.4.1 Interoperability issues due to lack of standardization
                    5.2.4.2 Stringent regulatory landscape and complexities associated with obtaining permits for HVDC projects
                               FIGURE 25 IMPACT ANALYSIS OF CHALLENGES ON HVDC TRANSMISSION MARKET
    5.3 VALUE CHAIN ANALYSIS 
           FIGURE 26 HVDC TRANSMISSION MARKET: VALUE CHAIN ANALYSIS
           TABLE 3 MARKET: ROLE OF KEY PLAYERS IN ECOSYSTEM
    5.4 ECOSYSTEM MAPPING 
           FIGURE 27 HVDC TRANSMISSION MARKET: ECOSYSTEM
    5.5 KEY TECHNOLOGY TRENDS 
           5.5.1 RELATED TECHNOLOGIES
                    5.5.1.1 Flexible AC transmission system (FACTS)
                    5.5.1.2 Modular multilevel converters (MMCs)
           5.5.2 UPCOMING TECHNOLOGIES
                    5.5.2.1 Grid-forming inverters
                    5.5.2.2 Ultra-high voltage AC (UHVAC)
           5.5.3 ADJACENT TECHNOLOGIES
                    5.5.3.1 Energy storage systems
                    5.5.3.2 Renewable energy integration
    5.6 PRICING ANALYSIS 
           5.6.1 INDICATIVE PRICING ANALYSIS OF HVDC TRANSMISSION COMPONENTS
                    TABLE 4 INDICATIVE PRICING LEVELS OF HVDC TRANSMISSION SOLUTIONS
    5.7 PATENT ANALYSIS 
           TABLE 5 PATENTS FILED DURING 2012–2022
           FIGURE 28 NUMBER OF PATENTS GRANTED FOR HVDC TRANSMISSION
           FIGURE 29 TOP 10 COMPANIES WITH HIGHEST NUMBER OF PATENT APPLICATIONS DURING 2012–2022
           TABLE 6 TOP 20 PATENT OWNERS DURING 2012–2022
           TABLE 7 KEY PATENTS RELATED TO HVDC TRANSMISSION
    5.8 PORTER’S FIVE FORCES ANALYSIS 
           FIGURE 30 HVDC TRANSMISSION MARKET: PORTER’S FIVE FORCES ANALYSIS, 2022
           FIGURE 31 IMPACT OF PORTER’S FIVE FORCES ON MARKET, 2022
           TABLE 8 HVDC TRANSMISSION MARKET: PORTER’S FIVE FORCES ANALYSIS (2022)
           5.8.1 THREAT OF NEW ENTRANTS
           5.8.2 THREAT OF SUBSTITUTES
           5.8.3 BARGAINING POWER OF SUPPLIERS
           5.8.4 BARGAINING POWER OF BUYERS
           5.8.5 INTENSITY OF COMPETITIVE RIVALRY
    5.9 KEY STAKEHOLDERS AND BUYING CRITERIA 
           5.9.1 KEY STAKEHOLDERS IN BUYING PROCESS
                    FIGURE 32 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR HVDC TRANSMISSION
                    TABLE 9 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR HVDC TRANSMISSION MARKET (%)
           5.9.2 BUYING CRITERIA
                    FIGURE 33 KEY BUYING CRITERIA FOR TOP 3 APPLICATIONS OF HVDC TRANSMISSION
                    TABLE 10 KEY BUYING CRITERIA FOR HVDC TRANSMISSION, BY APPLICATION
    5.10 CASE STUDIES 
           TABLE 11 HVDC SOLUTION POWERS RENEWABLE ENERGY INTEGRATION FROM GERMAN NORTH SEA WIND FARMS
           TABLE 12 SIEMENS HELPED ALTA LINK TRANSITION TO WIND-BASED ENERGY WITH ADVANCED TECHNOLOGY AND EXPERTISE
           TABLE 13 HVDC SOLUTIONS EMPOWERED SCOTLAND'S RENEWABLE ENERGY TRANSITION
           TABLE 14 NKT A/S OFFERED POWER TRANSMISSION SOLUTIONS TO ENSURE RELIABLE ENERGY EXCHANGE BETWEEN DENMARK AND SWEDEN
           TABLE 15 MITSUBISHI ELECTRIC CORPORATION HELPED SWANSEA NORTH SUBSTATION UPGRADE TO HIGHER VOLTAGE SYSTEM
    5.11 TRADE DATA 
           TABLE 16 EXPORT DATA FOR PRODUCTS COVERED UNDER HS CODE 8504, 2018–2022 (USD MILLION)
           FIGURE 34 EXPORT VALUES FOR PRODUCTS COVERED UNDER HS CODE 8504, 2018–2022
           TABLE 17 IMPORT DATA FOR PRODUCTS COVERED UNDER HS CODE 8504, 2018–2022 (USD MILLION)
           FIGURE 35 IMPORT VALUES FOR PRODUCTS COVERED UNDER HS CODE 8504, 2018–2022
    5.12 TARIFFS AND REGULATORY LANDSCAPE 
           5.12.1 TARIFFS
                    TABLE 18 MFN TARIFFS FOR HS CODE 8504-COMPLIANT PRODUCTS EXPORTED BY GERMANY
           5.12.2 STANDARDS
                    5.12.2.1 Europe
                    5.12.2.2 Asia Pacific
                    5.12.2.3 North America
           5.12.3 REGULATIONS
                    5.12.3.1 North America
                    5.12.3.2 Europe
                    5.12.3.3 Asia Pacific
    5.13 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 
           FIGURE 36 REVENUE SHIFTS AND NEW REVENUE POCKETS FOR PLAYERS IN HVDC TRANSMISSION MARKET
    5.14 KEY CONFERENCES AND EVENTS, 2022–2023 
           TABLE 19 HVDC TRANSMISSION MARKET: DETAILED LIST OF CONFERENCES AND EVENTS
 
6 HVDC TRANSMISSION MARKET, BY POWER RATING (Page No. - 87)
    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 COMPONENT (Page No. - 90)
    7.1 INTRODUCTION 
           TABLE 20 MARKET, BY COMPONENT, 2019–2022 (USD MILLION)
           FIGURE 37 CONVERTER STATIONS SEGMENT TO DOMINATE MARKET DURING FORECAST PERIOD
           TABLE 21 MARKET, BY COMPONENT, 2023–2028 (USD MILLION)
    7.2 CONVERTER STATIONS 
           TABLE 22 CONVERTER STATIONS: MARKET, BY COMPONENT, 2019–2022 (USD MILLION)
           FIGURE 38 CIRCUIT BREAKERS TO DOMINATE CONVERTER STATIONS MARKET DURING FORECAST PERIOD
           TABLE 23 CONVERTER STATIONS: MARKET, BY COMPONENT, 2023–2028 (USD MILLION)
           7.2.1 VALVES
                    TABLE 24 VALVES: MARKET, BY TYPE, 2019–2022 (USD MILLION)
                    FIGURE 39 THYRISTORS SEGMENT TO COMMAND LARGER SHARE OF VALVES MARKET DURING FORECAST PERIOD
                    TABLE 25 VALVES: MARKET, BY TYPE, 2023–2028 (USD MILLION)
                    7.2.1.1 Thyristor valves
                               7.2.1.1.1 Increasing adoption of thyristor valves in modern HVDC projects to drive market
                    7.2.1.2 Insulated gate bipolar transistors (IGBTs)
                               7.2.1.2.1 Rising demand for IGBT-based converter stations in long-distance power transmission to boost market growth
           7.2.2 TRANSFORMERS
                    7.2.2.1 Ability to optimize voltage conversion to induce demand for transformers
           7.2.3 HARMONIC FILTERS
                    7.2.3.1 AC filter
                               7.2.3.1.1 Increasing adoption of AC filters in electrical systems to mitigate harmonic distortion to drive segmental growth
                    7.2.3.2 DC filter
                               7.2.3.2.1 Increasing emphasis on ensuring high-quality power transmission to fuel adoption of DC filters
           7.2.4 CIRCUIT BREAKERS
                    7.2.4.1 Rising demand for safety and reliability in electrical systems to accelerate adoption of circuit breakers
           7.2.5 REACTORS
                    7.2.5.1 Need to optimize power flow and voltage stability within systems to drive adoption of reactors
           7.2.6 SURGE ARRESTERS
                    7.2.6.1 Increasing adoption of surge arresters to protect HVDC equipment from voltage surges to drive market
    7.3 TRANSMISSION CABLES 
           7.3.1 RISING DEMAND FOR LONG-DISTANCE POWER TRANSFER TO ACCELERATE ADOPTION OF TRANSMISSION CABLES
    7.4 OTHERS 
 
8 HVDC TRANSMISSION MARKET, BY PROJECT TYPE (Page No. - 99)
    8.1 INTRODUCTION 
           FIGURE 40 POINT-TO-POINT SEGMENT TO CAPTURE LARGEST SHARE OF HVDC TRANSMISSION MARKET DURING FORECAST PERIOD
           TABLE 26 MARKET, BY PROJECT TYPE, 2019–2022 (USD MILLION)
           TABLE 27 MARKET, BY PROJECT TYPE, 2023–2028 (USD MILLION)
    8.2 POINT-TO-POINT TRANSMISSION 
           8.2.1 INCREASING LONG-DISTANCE ELECTRICITY TRANSFER TO FUEL DEPLOYMENT OF POINT-TO-POINT TRANSMISSION SYSTEMS
                    TABLE 28 POINT-TO-POINT: MARKET, BY TECHNOLOGY, 2019–2022 (USD MILLION)
                    TABLE 29 POINT-TO-POINT: MARKET, BY TECHNOLOGY, 2023–2028 (USD MILLION)
                    TABLE 30 POINT-TO-POINT: MARKET, BY APPLICATION, 2019–2022 (USD MILLION)
                    FIGURE 41 BULK POWER TRANSMISSION SEGMENT TO DOMINATE POINT-TO-POINT HVDC TRANSMISSION MARKET DURING FORECAST PERIOD
                    TABLE 31 POINT-TO-POINT: MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
                    TABLE 32 BULK POWER TRANSMISSION: MARKET FOR POINT-TO-POINT, BY APPLICATION, 2019–2022 (USD MILLION)
                    TABLE 33 BULK POWER TRANSMISSION: MARKET FOR POINT-TO-POINT, BY APPLICATION, 2023–2028 (USD MILLION)
                    TABLE 34 POINT-TO-POINT: MARKET, BY REGION, 2019–2022 (USD MILLION)
                    TABLE 35 POINT-TO-POINT: MARKET, BY REGION, 2023–2028 (USD MILLION)
                    TABLE 36 POINT-TO-POINT: MARKET, BY CONFIGURATION, 2019–2022 (USD MILLION)
                    TABLE 37 POINT-TO-POINT: MARKET, BY CONFIGURATION, 2023–2028 (USD MILLION)
           8.2.2 MONOPOLAR TRANSMISSION SYSTEMS
                    8.2.2.1 Economic feasibility of monopolar HVDC transmission systems to drive segmental growth
                               TABLE 38 POINT-TO-POINT: HVDC TRANSMISSION MARKET FOR MONOPOLAR TRANSMISSION SYSTEMS, BY TECHNOLOGY, 2019–2022 (USD MILLION)
                               TABLE 39 POINT-TO-POINT: MARKET FOR MONOPOLAR TRANSMISSION SYSTEMS, BY TECHNOLOGY, 2023–2028 (USD MILLION)
                               TABLE 40 POINT-TO-POINT: MARKET FOR MONOPOLAR TRANSMISSION SYSTEMS, BY APPLICATION, 2019–2022 (USD MILLION)
                               TABLE 41 POINT-TO-POINT: MARKET FOR MONOPOLAR TRANSMISSION SYSTEMS, BY APPLICATION, 2023–2028 (USD MILLION)
                               TABLE 42 MONOPOLAR TRANSMISSION SYSTEMS: MARKET FOR BULK POWER TRANSMISSION, BY APPLICATION, 2019–2022 (USD MILLION)
                               TABLE 43 MONOPOLAR TRANSMISSION SYSTEMS: MARKET FOR BULK POWER TRANSMISSION, BY APPLICATION, 2023–2028 (USD MILLION)
                               TABLE 44 POINT-TO-POINT: MARKET FOR MONOPOLAR, BY REGION, 2019–2022 (USD MILLION)
                               TABLE 45 POINT-TO-POINT: MARKET FOR MONOPOLAR, BY REGION, 2023–2028 (USD MILLION)
           8.2.3 BIPOLAR TRANSMISSION SYSTEMS
                    8.2.3.1 Increasing focus on improving grid flexibility and resilience to boost demand for bipolar transmission systems
                               TABLE 46 POINT-TO-POINT: MARKET FOR BIPOLAR TRANSMISSION SYSTEMS, BY TECHNOLOGY, 2019–2022 (USD MILLION)
                               TABLE 47 POINT-TO-POINT: MARKET FOR BIPOLAR TRANSMISSION SYSTEMS, BY TECHNOLOGY, 2023–2028 (USD MILLION)
                               TABLE 48 POINT-TO-POINT: MARKET FOR BIPOLAR TRANSMISSION SYSTEMS, BY APPLICATION, 2019–2022 (USD MILLION)
                               TABLE 49 POINT-TO-POINT: MARKET FOR BIPOLAR TRANSMISSION SYSTEMS, BY APPLICATION, 2023–2028 (USD MILLION)
                               TABLE 50 BIPOLAR TRANSMISSION SYSTEMS: MARKET FOR BULK POWER TRANSMISSION, BY APPLICATION, 2019–2022 (USD MILLION)
                               TABLE 51 BIPOLAR TRANSMISSION SYSTEMS: HVDC TRANSMISSION MARKET FOR BULK POWER TRANSMISSION, BY APPLICATION, 2023–2028 (USD MILLION)
                               TABLE 52 POINT-TO-POINT: MARKET FOR BIPOLAR, BY REGION, 2019–2022 (USD MILLION)
                               TABLE 53 POINT-TO-POINT: MARKET FOR BIPOLAR, BY REGION, 2023–2028 (USD MILLION)
    8.3 BACK-TO-BACK STATIONS 
           8.3.1 ADOPTION OF BACK-TO-BACK STATIONS TO FACILITATE POWER TRANSMISSION BETWEEN CONVERTERS TO DRIVE SEGMENT
                    TABLE 54 BACK-TO-BACK: HVDC TRANSMISSION MARKET, BY TECHNOLOGY, 2019–2022 (USD MILLION)
                    TABLE 55 BACK-TO-BACK: MARKET, BY TECHNOLOGY, 2023–2028 (USD MILLION)
                    TABLE 56 BACK-TO-BACK: MARKET, BY APPLICATION, 2019–2022 (USD MILLION)
                    TABLE 57 BACK-TO-BACK: MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
                    TABLE 58 BACK-TO-BACK: MARKET FOR BULK POWER TRANSMISSION, BY APPLICATION, 2019–2022 (USD MILLION)
                    TABLE 59 BACK-TO-BACK: MARKET FOR BULK POWER TRANSMISSION, BY APPLICATION, 2023–2028 (USD MILLION)
                    TABLE 60 BACK-TO-BACK: MARKET, BY REGION, 2019–2022 (USD MILLION)
                    TABLE 61 BACK-TO-BACK: MARKET, BY REGION, 2023–2028 (USD MILLION)
    8.4 MULTI-TERMINAL SYSTEMS 
           8.4.1 INCREASING REQUIREMENT FOR RELIABILITY DURING FORCED OUTAGES TO DRIVE DEMAND FOR MULTI-TERMINAL SYSTEMS
                    TABLE 62 MULTI-TERMINAL: HVDC TRANSMISSION MARKET, BY TECHNOLOGY, 2019–2022 (USD MILLION)
                    TABLE 63 MULTI-TERMINAL: MARKET, BY TECHNOLOGY, 2023–2028 (USD MILLION)
                    TABLE 64 MULTI-TERMINAL: MARKET, BY APPLICATION, 2019–2022 (USD MILLION)
                    FIGURE 42 BULK POWER TRANSMISSION SEGMENT TO LEAD MULTI-TERMINAL HVDC TRANSMISSION MARKET DURING FORECAST PERIOD
                    TABLE 65 MULTI-TERMINAL: MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
                    TABLE 66 MULTI-TERMINAL: MARKET FOR BULK POWER TRANSMISSION, BY APPLICATION, 2019–2022 (USD MILLION)
                    TABLE 67 MULTI-TERMINAL: MARKET FOR BULK POWER TRANSMISSION, BY APPLICATION, 2023–2028 (USD MILLION)
                    TABLE 68 MULTI-TERMINAL: MARKET, BY REGION, 2019–2022 (USD MILLION)
                    TABLE 69 MULTI-TERMINAL: MARKET, BY REGION, 2023–2028 (USD MILLION)
 
9 HVDC TRANSMISSION MARKET, BY TECHNOLOGY (Page No. - 115)
    9.1 INTRODUCTION 
           FIGURE 43 LCC-BASED SEGMENT TO ACCOUNT FOR LARGEST SHARE OF HVDC TRANSMISSION MARKET FROM 2023 TO 2028
           TABLE 70 MARKET, BY TECHNOLOGY, 2019–2022 (USD MILLION)
           TABLE 71 MARKET, BY TECHNOLOGY, 2023–2028 (USD MILLION)
    9.2 LINE COMMUTATED CONVERTER (LCC) 
           TABLE 72 LCC: MARKET, BY PROJECT TYPE, 2019–2022 (USD MILLION)
           FIGURE 44 POINT-TO-POINT PROJECTS TO DOMINATE LCC HVDC TRANSMISSION MARKET DURING FORECAST PERIOD
           TABLE 73 LCC: MARKET, BY PROJECT TYPE, 2023–2028 (USD MILLION)
           TABLE 74 LCC: MARKET FOR POINT-TO-POINT PROJECTS, BY CONFIGURATION, 2019–2022 (USD MILLION)
           TABLE 75 LCC: MARKET FOR POINT-TO-POINT PROJECTS, BY CONFIGURATION, 2023–2028 (USD MILLION)
           TABLE 76 LCC: MARKET, BY TYPE, 2019–2022 (USD MILLION)
           TABLE 77 LCC: MARKET, BY TYPE, 2023–2028 (USD MILLION)
           9.2.1 LCC HIGH-VOLTAGE DIRECT CURRENT (HVDC)
                    9.2.1.1 Increasing demand for electricity to drive adoption of LCC HVDC systems
           9.2.2 LCC ULTRA HIGH-VOLTAGE DIRECT CURRENT (UHVDC)
                    9.2.2.1 Increasing electricity trade between various countries to increase demand for LLC UHVDC systems
    9.3 VOLTAGE SOURCE CONVERTER (VSC) 
           TABLE 78 VSC: HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2019–2022 (USD MILLION)
           FIGURE 45 MULTI-TERMINAL SEGMENT TO REGISTER HIGHEST CAGR IN VSC MARKET DURING FORECAST PERIOD
           TABLE 79 VSC: MARKET, BY PROJECT TYPE, 2023–2028 (USD MILLION)
           TABLE 80 VSC: MARKET FOR POINT-TO-POINT PROJECTS, BY CONFIGURATION, 2019–2022 (USD MILLION)
           TABLE 81 VSC: MARKET FOR POINT-TO-POINT PROJECTS, BY CONFIGURATION, 2023–2028 (USD MILLION)
           TABLE 82 VSC: MARKET, BY TYPE, 2019–2022 (USD MILLION)
           TABLE 83 VSC: MARKET, BY TYPE, 2023–2028 (USD MILLION)
           9.3.1 VSC HVDC
                    9.3.1.1 Technological advancements in VSC HVDC transmission to create growth opportunities for market players
           9.3.2 VSC UHVDC
                    9.3.2.1 Increasing number of VSC UHVDC projects to drive market growth
    9.4 CAPACITOR COMMUTATED CONVERTER (CCC) 
           9.4.1 INCREASING ADOPTION OF CCC TECHNOLOGY FOR BACK-TO-BACK HVDC TRANSMISSION TO DRIVE SEGMENTAL GROWTH
                    TABLE 84 CCC: HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2019–2022 (USD MILLION)
                    TABLE 85 CCC: MARKET, BY PROJECT TYPE, 2023–2028 (USD MILLION)
 
10 HVDC TRANSMISSION MARKET, BY APPLICATION (Page No. - 123)
     10.1 INTRODUCTION 
             FIGURE 46 BULK POWER TRANSMISSION SEGMENT TO AMASS LARGEST SHARE OF MARKET DURING 2023–2028
             TABLE 86 MARKET, BY APPLICATION, 2019–2022 (USD MILLION)
             TABLE 87 MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
     10.2 BULK POWER TRANSMISSION 
             TABLE 88 BULK POWER TRANSMISSION: MARKET, BY PROJECT TYPE, 2019–2022 (USD MILLION)
             FIGURE 47 POINT-TO-POINT PROJECT TYPE TO DOMINATE BULK POWER MARKET DURING FORECAST PERIOD
             TABLE 89 BULK POWER TRANSMISSION: MARKET, BY PROJECT TYPE, 2023–2028 (USD MILLION)
             TABLE 90 BULK POWER TRANSMISSION: MARKET FOR POINT-TO-POINT PROJECTS, BY CONFIGURATION, 2019–2022 (USD MILLION)
             TABLE 91 BULK POWER TRANSMISSION: MARKET FOR POINT-TO-POINT PROJECTS, BY CONFIGURATION, 2023–2028 (USD MILLION)
             TABLE 92 BULK POWER TRANSMISSION: MARKET, BY APPLICATION, 2019–2022 (USD MILLION)
             TABLE 93 BULK POWER TRANSMISSION: MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
             10.2.1 OVERHEAD
                        10.2.1.1 Focus on minimizing power loss to fuel demand for overhead transmission
                                     TABLE 94 OVERHEAD: BULK POWER MARKET, BY PROJECT TYPE, 2019–2022 (USD MILLION)
                                     TABLE 95 OVERHEAD: BULK POWER MARKET, BY PROJECT TYPE, 2023–2028 (USD MILLION)
             10.2.2 UNDERWATER & UNDERGROUND
                        10.2.2.1 Increasing cross-border electricity trade to propel demand for underwater and underground transmission
                                     TABLE 96 UNDERWATER & UNDERGROUND: BULK POWER MARKET, BY PROJECT TYPE, 2019–2022 (USD MILLION)
                                     TABLE 97 UNDERWATER & UNDERGROUND: BULK POWER MARKET, BY PROJECT TYPE, 2023–2028 (USD MILLION)
     10.3 INTERCONNECTING GRIDS 
             10.3.1 GROWING INTERCONNECTION OF POWER GRIDS TO CREATE DEMAND FOR HVDC TRANSMISSION
                        TABLE 98 INTERCONNECTING GRIDS: MARKET, BY PROJECT TYPE, 2019–2022 (USD MILLION)
                        TABLE 99 INTERCONNECTING GRIDS: MARKET, BY PROJECT TYPE, 2023–2028 (USD MILLION)
                        TABLE 100 INTERCONNECTING GRIDS: MARKET FOR POINT-TO-POINT PROJECTS, BY CONFIGURATION, 2019–2022 (USD MILLION)
                        TABLE 101 INTERCONNECTING GRIDS: MARKET FOR POINT-TO-POINT PROJECTS, BY CONFIGURATION, 2023–2028 (USD MILLION)
     10.4 INFEED URBAN AREAS 
             10.4.1 RISING ELECTRICITY DEMAND FROM DENSELY POPULATED URBAN AREAS TO FUEL REQUIREMENT FOR HVDC TRANSMISSION
                        TABLE 102 INFEED URBAN AREAS: MARKET, BY PROJECT TYPE, 2019–2022 (USD MILLION)
                        FIGURE 48 POINT-TO-POINT PROJECTS TO LEAD MARKET FOR INFEED URBAN AREAS DURING FORECAST PERIOD
                        TABLE 103 INFEED URBAN AREAS: MARKET, BY PROJECT TYPE, 2023–2028 (USD MILLION)
                        TABLE 104 INFEED URBAN AREAS: MARKET FOR POINT-TO-POINT PROJECTS, BY CONFIGURATION, 2019–2022 (USD MILLION)
                        TABLE 105 INFEED URBAN AREAS: MARKET FOR POINT-TO-POINT PROJECTS, BY CONFIGURATION, 2023–2028 (USD MILLION)
 
11 HVDC TRANSMISSION MARKET, BY REGION (Page No. - 132)
     11.1 INTRODUCTION 
             FIGURE 49 CHINA TO BE FASTEST-GROWING COUNTRY-LEVEL MARKET DURING FORECAST PERIOD
             TABLE 106 HVDC TRANSMISSION MARKET, BY REGION, 2019–2022 (USD MILLION)
             TABLE 107 MARKET, BY REGION, 2023–2028 (USD MILLION)
     11.2 AMERICAS 
             FIGURE 50 AMERICAS: MARKET SNAPSHOT
             TABLE 108 AMERICAS: MARKET, BY PROJECT TYPE, 2019–2022 (USD MILLION)
             TABLE 109 AMERICAS: MARKET, BY PROJECT TYPE, 2023–2028 (USD MILLION)
             TABLE 110 AMERICAS: POINT-TO-POINT: MARKET, BY CONFIGURATION, 2019–2022 (USD MILLION)
             TABLE 111 AMERICAS: POINT-TO-POINT: MARKET, BY CONFIGURATION, 2023–2028 (USD MILLION)
             TABLE 112 AMERICAS: MARKET, BY REGION, 2019–2022 (USD MILLION)
             TABLE 113 AMERICAS: MARKET, BY REGION, 2023–2028 (USD MILLION)
             11.2.1 AMERICAS: RECESSION IMPACT
             11.2.2 NORTH AMERICA
                        TABLE 114 NORTH AMERICA: MARKET, BY COUNTRY, 2019–2022 (USD MILLION)
                        TABLE 115 NORTH AMERICA: MARKET, BY COUNTRY, 2023–2028 (USD MILLION)
                        11.2.2.1 US
                                     11.2.2.1.1 Increasing renewable energy production to boost adoption of HVDC systems
                        11.2.2.2 Canada
                                     11.2.2.2.1 Government-led initiatives to enhance power transmission infrastructure to drive market
                        11.2.2.3 Mexico
                                     11.2.2.3.1 Government initiatives promoting renewable energy integration to stimulate demand for HVDC transmission
             11.2.3 SOUTH AMERICA
                        TABLE 116 SOUTH AMERICA: HVDC TRANSMISSION MARKET, BY COUNTRY, 2019–2022 (USD MILLION)
                        TABLE 117 SOUTH AMERICA: MARKET, BY COUNTRY, 2023–2028 (USD MILLION)
                        11.2.3.1 Brazil
                                     11.2.3.1.1 Government initiatives to modernize grid infrastructure to drive market
                        11.2.3.2 Rest of South America
     11.3 EUROPE 
             FIGURE 51 EUROPE: HVDC TRANSMISSION MARKET SNAPSHOT
             TABLE 118 EUROPE: MARKET, BY PROJECT TYPE, 2019–2022 (USD MILLION)
             TABLE 119 EUROPE: MARKET, BY PROJECT TYPE, 2023–2028 (USD MILLION
             TABLE 120 EUROPE: POINT-TO-POINT: MARKET, BY CONFIGURATION, 2019–2022 (USD MILLION)
             TABLE 121 EUROPE: POINT-TO-POINT: MARKET, BY CONFIGURATION, 2023–2028 (USD MILLION)
             TABLE 122 EUROPE: MARKET, BY COUNTRY, 2019–2022 (USD MILLION)
             TABLE 123 EUROPE: MARKET, BY COUNTRY, 2023–2028 (USD MILLION)
             11.3.1 EUROPE: RECESSION IMPACT
             11.3.2 UK
                        11.3.2.1 Focus on improving transmission and distribution network to foster market growth
             11.3.3 GERMANY
                        11.3.3.1 Implementation of policies promoting low-carbon future to drive market
             11.3.4 RUSSIA
                        11.3.4.1 Transition to cleaner energy to support adoption of HVDC technology
             11.3.5 FRANCE
                        11.3.5.1 Growing focus on decarbonization to drive adoption of HVDC transmission
             11.3.6 REST OF EUROPE
     11.4 ASIA PACIFIC 
             FIGURE 52 ASIA PACIFIC: HVDC TRANSMISSION MARKET SNAPSHOT
             TABLE 124 ASIA PACIFIC: MARKET, BY PROJECT TYPE, 2019–2022 (USD MILLION)
             TABLE 125 ASIA PACIFIC: MARKET, BY PROJECT TYPE, 2023–2028 (USD MILLION
             TABLE 126 ASIA PACIFIC: MARKET FOR POINT-TO-POINT, BY CONFIGURATION, 2019–2022 (USD MILLION)
             TABLE 127 ASIA PACIFIC: MARKET FOR POINT-TO-POINT, BY CONFIGURATION 2023–2028 (USD MILLION)
             TABLE 128 ASIA PACIFIC: MARKET, BY REGION, 2019–2022 (USD MILLION)
             TABLE 129 ASIA PACIFIC: MARKET, BY COUNTRY, 2023–2028 (USD MILLION)
             11.4.1 ASIA PACIFIC: RECESSION IMPACT
             11.4.2 CHINA
                        11.4.2.1 Substantial investments in ultra-high-voltage (UHV) projects to foster market growth
             11.4.3 JAPAN
                        11.4.3.1 Surging electricity demand to drive market
             11.4.4 INDIA
                        11.4.4.1 Government-led initiatives to strengthen energy security to drive market
             11.4.5 AUSTRALIA
                        11.4.5.1 Strategic investments in modernizing grid infrastructure to drive demand for HVDC transmission
             11.4.6 REST OF ASIA PACIFIC
     11.5 REST OF THE WORLD (ROW) 
             TABLE 130 ROW: HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2019–2022 (USD MILLION)
             TABLE 131 ROW: MARKET, BY PROJECT TYPE, 2023–2028 (USD MILLION
             TABLE 132 ROW: MARKET FOR POINT-TO-POINT, BY CONFIGURATION, 2019–2022 (USD MILLION)
             TABLE 133 ROW: MARKET FOR POINT-TO-POINT, BY CONFIGURATION, 2023–2028 (USD MILLION)
             TABLE 134 ROW: MARKET, BY REGION, 2019–2022 (USD MILLION)
             TABLE 135 ROW: MARKET, BY REGION, 2023–2028 (USD MILLION)
             11.5.1 MIDDLE EAST & AFRICA: RECESSION IMPACT
             11.5.2 MIDDLE EAST
                        11.5.2.1 Emerging transformative projects in Abu Dabi to drive demand for HVDC technology
             11.5.3 AFRICA
                        11.5.3.1 Investments in modernization of energy infrastructure to drive market
 
12 COMPETITIVE LANDSCAPE (Page No. - 157)
     12.1 INTRODUCTION 
     12.2 STRATEGIES ADOPTED BY KEY PLAYERS 
             TABLE 136 OVERVIEW OF STRATEGIES ADOPTED BY KEY PLAYERS
             TABLE 137 KEY GROWTH STRATEGIES ADOPTED BY COMPANIES DURING 2019–2022
             12.2.1 ORGANIC/INORGANIC GROWTH STRATEGIES
             12.2.2 PRODUCT PORTFOLIO
             12.2.3 GEOGRAPHIC PRESENCE
             12.2.4 MANUFACTURING AND DISTRIBUTION FOOTPRINT
     12.3 MARKET SHARE ANALYSIS, 2022 
             TABLE 138 MARKET SHARE ANALYSIS OF TOP 5 PLAYERS IN HVDC TRANSMISSION MARKET, 2022
     12.4 REVENUE ANALYSIS, 2018–2022 
             FIGURE 53 REVENUE ANALYSIS OF MAJOR COMPANIES IN MARKET, 2018–2022 (USD BILLION)
     12.5 EVALUATION MATRIX FOR MAJOR PLAYERS, 2022 
             12.5.1 STARS
             12.5.2 EMERGING LEADERS
             12.5.3 PERVASIVE PLAYERS
             12.5.4 PARTICIPANTS
                        FIGURE 54 HVDC TRANSMISSION MARKET: EVALUATION MATRIX FOR MAJOR PLAYERS, 2022
     12.6 EVALUATION MATRIX FOR STARTUPS/SMALL AND MEDIUM-SIZED ENTERPRISES (SMES), 2022 
             12.6.1 COMPETITIVE BENCHMARKING
                        TABLE 139 HVDC TRANSMISSION MARKET: DETAILED LIST OF KEY STARTUPS/SMES
                        TABLE 140 STARTUPS/SMES FOOTPRINT, BY COMPONENT
                        TABLE 141 STARTUPS/SMES FOOTPRINT, BY APPLICATION
                        TABLE 142 STARTUPS/SMES FOOTPRINT, BY REGION
             12.6.2 PROGRESSIVE COMPANIES
             12.6.3 RESPONSIVE COMPANIES
             12.6.4 DYNAMIC COMPANIES
             12.6.5 STARTING BLOCKS
                        FIGURE 55 HVDC TRANSMISSION MARKET: EVALUATION MATRIX FOR STARTUPS/SMES, 2022
     12.7 COMPANY FOOTPRINT 
             TABLE 143 OVERALL COMPANY FOOTPRINT
             TABLE 144 COMPANY COMPONENT FOOTPRINT
             TABLE 145 COMPANY APPLICATION FOOTPRINT
             TABLE 146 COMPANY REGION FOOTPRINT
     12.8 COMPETITIVE SCENARIOS AND TRENDS 
             12.8.1 DEALS
                        TABLE 147 HVDC TRANSMISSION MARKET: DEALS, 2019–2023
 
13 COMPANY PROFILES (Page No. - 179)
(Business Overview, Products/Solutions/Services Offered, Recent Developments, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats))*  
     13.1 INTRODUCTION 
     13.2 KEY PLAYERS 
             13.2.1 HITACHI, LTD.
                        TABLE 148 HITACHI, LTD.: COMPANY OVERVIEW
                        FIGURE 56 HITACHI, LTD.: COMPANY SNAPSHOT
                        TABLE 149 HITACHI, LTD.: DEALS
             13.2.2 SIEMENS ENERGY
                        TABLE 150 SIEMENS ENERGY: COMPANY OVERVIEW
                        FIGURE 57 SIEMENS ENERGY: COMPANY SNAPSHOT
                        TABLE 151 SIEMENS ENERGY: DEALS
             13.2.3 MITSUBISHI ELECTRIC CORPORATION
                        TABLE 152 MITSUBISHI ELECTRIC CORPORATION: COMPANY OVERVIEW
                        FIGURE 58 MITSUBISHI ELECTRIC CORPORATION: COMPANY SNAPSHOT
                        TABLE 153 MITSUBISHI ELECTRIC CORPORATION: DEALS
             13.2.4 GENERAL ELECTRIC
                        TABLE 154 GENERAL ELECTRIC: COMPANY OVERVIEW
                        FIGURE 59 GENERAL ELECTRIC: COMPANY SNAPSHOT
                        TABLE 155 GENERAL ELECTRIC: DEALS
             13.2.5 PRYSMIAN GROUP
                        TABLE 156 PRYSMIAN GROUP: COMPANY OVERVIEW
                        FIGURE 60 PRYSMIAN GROUP: COMPANY SNAPSHOT
                        TABLE 157 PRYSMIAN GROUP: DEALS
             13.2.6 TOSHIBA CORPORATION
                        TABLE 158 TOSHIBA CORPORATION: COMPANY OVERVIEW
                        FIGURE 61 TOSHIBA CORPORATION: COMPANY SNAPSHOT
                        TABLE 159 TOSHIBA CORPORATION: DEALS
             13.2.7 NKT A/S
                        TABLE 160 NKT A/S: COMPANY OVERVIEW
                        FIGURE 62 NKT A/S: COMPANY SNAPSHOT
                        TABLE 161 NKT A/S: DEALS
             13.2.8 NEXANS
                        TABLE 162 NEXANS: COMPANY OVERVIEW
                        FIGURE 63 NEXANS: COMPANY SNAPSHOT
                        TABLE 163 NEXANS: DEALS
             13.2.9 LS ELECTRIC CO., LTD.
                        TABLE 164 LS ELECTRIC CO., LTD.: COMPANY OVERVIEW
                        FIGURE 64 LS ELECTRIC CO., LTD.: COMPANY SNAPSHOT
             13.2.10 NR ELECTRIC CO., LTD.
                        TABLE 165 NR ELECTRIC CO., LTD.: COMPANY OVERVIEW
     13.3 OTHER PLAYERS 
             13.3.1 SUMITOMO ELECTRIC INDUSTRIES, LTD.
             13.3.2 ZAPOROZHTRANSFORMATOR
             13.3.3 ALSTOM GRID (GE GRID SOLUTIONS)
             13.3.4 TAIHAN
             13.3.5 AMERICAN SUPERCONDUCTOR
             13.3.6 ZTT GROUP
             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 BAODING TIANWEI BAOBIAN ELECTRIC CO., LTD.
             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
*Details on Business Overview, Products/Solutions/Services Offered, Recent Developments, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats) might not be captured in case of unlisted companies.  
 
14 APPENDIX (Page No. - 233)
     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 
 

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 validation of these findings, assumptions, and sizing with the help of primary research with industry experts across the value chain has been the next step. Both top-down and bottom-up approaches have been used to estimate the market size. Post which the market breakdown and data triangulation have been adopted to estimate the market sizes of segments and sub-segments.

Secondary Research

In the secondary research process, various secondary sources have been referred to for identifying and collecting 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.

Primary Research

In primary research, various primary sources from both supply and demand sides have been interviewed to obtain the qualitative and quantitative insights required for this report. Primary sources from the supply side include experts such as CEOs, vice presidents, marketing directors, manufacturers, technology and innovation directors, end users, and related executives from multiple key companies and organizations operating in the HVDC transmission ecosystem.

HVDC Transmission Market Size, and Share

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 have been used, along with data triangulation methods, 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:

  • Identifying stakeholders in the HVDC transmission market that influence the entire market, along with participants across the value chain.
  • Analyzing major manufacturers of HVDC transmission components and studying their product portfolios.
  • Analyzing trends related to the adoption of HVDC transmission systems.
  • Tracking the recent and upcoming developments in the market that include investments, R&D activities, collaborations, acquisitions, agreements, 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 transmission.
  • 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 operation managers, and finally with the domain experts at MarketsandMarkets

Market Size Estimation Methodology-Bottom-up Approach

HVDC Transmission Market Size, and Bottom-up Approach

Market Size Estimation Methodology-Top-down Approach

HVDC Transmission Market Size, and Top-down  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

HVDC transmission systems serve as an efficient method for delivering power over extended distances, employing overhead transmission lines, underwater cables, or underground cables. Utilizing HVDC transmission technology for power transmission proves to be a more economical alternative compared to traditional AC transmission lines, contributing to enhanced stability, reliability, and transmission capacity. HVDC transmission systems are well-suited to address this demand by offering the ability to transmit electricity securely and stably between power networks operating at different frequencies. This asynchronous interconnection capability is especially valuable 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, further enhancing their flexibility and suitability for modern power grid management.

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
  • Research organizations
  • End users

The main objectives of this study are as follows:

  • To define, describe, and forecast the HVDC transmission market by component, project type, technology, application, and region, in terms of value.
  • To forecast the market size for various segments with respect to four main regions, namely, the Americas, Europe, Asia Pacific, and the Rest of the World.
  • To provide detailed 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 micro markets with respect to individual growth trends, prospects, and contributions to the total market
  • To analyze trends and disruptions; pricing trends; patents and innovations; trade data (export and import data); regulatory environment; Porter's five forces analysis; case studies; key stakeholders & buying criteria; technology trends; the market ecosystem; 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 in terms of ranking and core competencies, along with detailing the competitive landscape for the market leaders.
  • To analyze competitive developments such as acquisitions, partnerships, collaborations, agreements, joint ventures, 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:

  • Analysis for additional countries (up to five)

Company Information:

  • Detailed analysis and profiling of additional market players (up to five)
Custom Market Research Services

We will customize the research for you, in case the report listed above does not meet with your exact requirements. Our custom research will comprehensively cover the business information you require to help you arrive at strategic and profitable business decisions.

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Report Code
SE 3052
Published ON
Sep, 2023
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