PUBLISHER: The Business Research Company | PRODUCT CODE: 1923213
PUBLISHER: The Business Research Company | PRODUCT CODE: 1923213
A high-voltage direct current (HVDC) transmission system involves converting alternating current (AC) into direct current (DC) and transmitting it through high-voltage cables. It is used to draw power from offshore wind farms or locations where power must be delivered over great distances.
The primary types of high-voltage direct current (HVDC) transmission systems include monopolar, bipolar, homopolar, back-to-back, and multi-terminal. Monopolar HVDC refers to high-voltage transmission systems using direct current for sending electrical power over long distances. Various technologies involved include line-commutated converters (LCC), voltage-source converters (VSC), and capacitor-commutated converters (CCC). Capacity ranges from up to 400 KV, 401-800 KV, and above 800 KV, deployed in modes such as overhead, underground, subsea, and combination. These systems are used in applications such as interconnecting grids, infeed urban areas, connecting offshore wind, and others.
Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report's Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.
Tariffs are impacting the HVDC transmission market by increasing costs for semiconductor components, converters, and high voltage cables that are essential for system construction, resulting in higher project expenses and extended delivery timelines. Regions heavily dependent on imported converter valves, insulated cables, and control systems such as Asia Pacific and Europe face the strongest disruptions. Segments including VSC systems, subsea HVDC links, and high capacity cross border interconnections are particularly affected. However, tariffs are also encouraging domestic manufacturing growth, regional supply chain development, and innovation in cost optimized HVDC technologies.
The high voltage direct current (HVDC) transmission system market research report is one of a series of new reports from The Business Research Company that provides high voltage direct current (HVDC) transmission system market statistics, including high voltage direct current (HVDC) transmission system industry global market size, regional shares, competitors with a high voltage direct current (HVDC) transmission system market share, detailed high voltage direct current (HVDC) transmission system market segments, market trends and opportunities, and any further data you may need to thrive in the high voltage direct current (HVDC) transmission system industry. This high voltage direct current (HVDC) transmission system market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The high voltage direct current (hvdc) transmission system market size has grown strongly in recent years. It will grow from $12.74 billion in 2025 to $13.99 billion in 2026 at a compound annual growth rate (CAGR) of 9.8%. The growth in the historic period can be attributed to increase in offshore wind farm development, rising need for long distance bulk power transmission, expansion of cross border energy trade, early adoption of lcc hvdc systems, growth in urban energy demand.
The high voltage direct current (hvdc) transmission system market size is expected to see rapid growth in the next few years. It will grow to $20.76 billion in 2030 at a compound annual growth rate (CAGR) of 10.4%. The growth in the forecast period can be attributed to rising deployment of vsc hvdc systems, increasing investment in renewable energy grids, growth in multi terminal hvdc projects, rising modernization of transmission networks, increasing focus on reducing transmission losses. Major trends in the forecast period include expansion of hvdc infrastructure for renewable energy integration, increasing use of smart monitoring systems in hvdc networks, growth in hvdc deployments for long distance power transmission, advancements in high efficiency converter technologies, rising adoption of hvdc for cross border grid interconnections.
Increasing electricity demand is anticipated to drive the expansion of the high-voltage direct current (HVDC) transmission system market in the coming years. The growing demand for electricity refers to the heightened need for power by both households and industries. High-voltage direct current (HVDC) transmission systems are crucial in meeting this demand as they enable more efficient and stable electricity transmission. For example, in March 2024, the International Energy Agency, a France-based intergovernmental organization, projected that global electricity demand would increase at an average annual rate of 3.4% through 2026. Likewise, electricity consumption by data centers is expected to more than double, rising from approximately 460 terawatt-hours (TWh) in 2022 to over 1,000 TWh by 2026. Consequently, the surge in electricity demand is fueling the growth of the high-voltage direct current (HVDC) transmission system market.
Major companies in the HVDC transmission system market are focusing on strategic investments in research to reinforce their positions. A strategic investment is an allocation of resources made with the intention of achieving long-term goals aligned with an organization's overall strategy. In August 2023, the United States Department of Energy, a US-based Government department, and the Office of Electricity (OE) announced plans to finance research initiatives driving innovation and cost reduction in high-voltage direct current (HVDC) voltage source converter (VSC) transmission systems. This funding supports the DOE's HVDC COst Reduction (CORE) Initiative, aiming for a 35% reduction in HVDC system costs by 2035 to promote widespread adoption of this technology.
In February 2023, Mitsubishi Electric Corporation, a Japan-based manufacturer of electrical and electronic products, acquired Scibreak AB for an undisclosed amount. This strategic move strengthens Mitsubishi's global high-voltage direct current (HVDC) system business, utilizing Scibreak's direct current circuit breaker (DCCB) technology to lead market commercialization in the field. Scibreak AB, a Sweden-based developer of DCCB technologies for HVDC systems, complements Mitsubishi's objectives.
Major companies operating in the high voltage direct current (hvdc) transmission system market are Siemens AG, General Electric Company, Mitsubishi Electric Corporation, Schneider Electric SE, ABB Ltd, Prysmian S.p.A., TBEA Co., Ltd., Nexans SA, Toshiba Energy Systems & Solutions Corporation, China Electric Power Equipment and Technology Co., Ltd., ATCO Ltd., LS Electric Co. Ltd., Bharat Heavy Electricals Ltd., Jiangnan Group Limited, China XD Group, Hyosung Heavy Industries Corporation, XJ Electric Co., Ltd., Adani Transmission, NKT A/S, NR Electric Co. Ltd., Rongxin Power Electronic Co., Ltd., American Superconductor Corporation, Hitachi Energy, Furukawa Electric Co. Ltd., TransGrid Solutions Inc., C-EPRI Electric Power Engineering Co. Ltd., Alstom SA, TransWest Express LLC, CTC Global Corporation, VSC Technologies AG
Europe was the largest region in the global high voltage direct current (HVDC) transmission system market in 2025. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the high voltage direct current (hvdc) transmission system market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the high voltage direct current (hvdc) transmission system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The high voltage direct current (HVDC) transmission system market includes revenues earned by entities by providing engineering, design, installation, and maintenance services. The market value includes the value of related goods sold by the service provider or included within the service offering. The high voltage direct current (HVDC) transmission system market consists of sales of converters, transformers, circuit breakers, control systems, and cables. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
High Voltage Direct Current (HVDC) Transmission System Market Global Report 2026 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses high voltage direct current (hvdc) transmission system market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for high voltage direct current (hvdc) transmission system ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward, including technological disruption, regulatory shifts, and changing consumer preferences? The high voltage direct current (hvdc) transmission system market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, total addressable market (TAM), market attractiveness score (MAS), competitive landscape, market shares, company scoring matrix, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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