高圧直流送電市場 – 2030年までの世界予測

HVDC Transmission Market - Global Forecast To 2030

高圧直流送電市場 - LCC、VSC、CCC、変換所、送電ケーブル、ポイントツーポイント送電、バックツーバックステーション、マルチターミナルシステム、大規模電力伝送および相互接続グリッド - 2030年までの世界予測
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

商品番号 : SMB-44235

出版社MarketsandMarkets
出版年月2025年8月
ページ数265
図表数296
価格タイプシングルユーザライセンス
価格USD 4,950
種別英文調査報告書

本レポートは、高圧直流送電(HVDC送電)市場を技術、コンポーネント、プロジェクトタイプ、アプリケーション、地域別にセグメント化し、市場規模を予測しています。また、市場成長に影響を与える推進要因、制約要因、機会、課題についても包括的に分析しています。本レポートは、市場の定量的側面に加えて、定性的な側面も網羅しています。

本レポートは、高圧直流送電(HVDC送電)市場全体および関連セグメントの収益に関する最も近い概算情報を提供し、市場リーダー企業および新規参入企業にとって役立ちます。また、本レポートは、ステークホルダーが競争環境を理解し、市場における地位を強化し、適切な市場参入戦略を策定するための洞察を深めるのに役立ちます。さらに、本レポートは、ステークホルダーが市場の動向を把握し、主要な市場牽引要因、制約要因、機会、課題に関する情報を提供するのにも役立ちます。

世界のHVDC送電市場は、2025年の156億2,000万米ドルから2030年には220億7,000万米ドルに達すると予測されており、予測期間中の年平均成長率(CAGR)は7.2%です。HVDC送電市場は、VSC(電圧源変換器)技術の統合、再生可能エネルギーへの急速な移行、そして電力の信頼性向上を目的とした送電網の近代化に対する政府と電力会社の強い注力によって、著しい成長を遂げています。さらに、HVDC送電を促進する政府主導の取り組みも、市場の採用をさらに加速させています。しかしながら、初期投資の要件が高額であることや、分散型およびオフグリッド発電システムなどの代替技術が利用可能であることから、市場は課題に直面しています。さらに、HVDCプロジェクトの複雑なライフサイクルは、実装の遅延やコストの増加につながる可能性があり、市場全体の拡大を若干抑制する可能性があります。

The global HVDC transmission market is estimated to be valued at USD 22.07 billion by 2030, up from USD 15.62 billion in 2025, at a CAGR of 7.2% during the forecast period. The HVDC transmission market is experiencing significant growth driven by the integration of VSC (voltage source converter) technology, rapid transition toward renewable energy, and strong government and utility focus on modernizing grids to improve power reliability. Additionally, government-led initiatives promoting HVDC transmission are further accelerating market adoption. However, the market faces challenges due to high initial investment requirements and the availability of substitute technologies such as distributed and off-grid power generation systems. Moreover, the complex lifecycles of HVDC projects can delay implementation and increase costs, slightly restraining overall market expansion.

高圧直流送電市場 - 2030年までの世界予測
hvdc-grid-market

“VSC technology is likely to register the fastest growth in the technology segment during the forecast period.”

Voltage source converter (VSC) technology is expected to grow fastest in the HVDC transmission market during the forecast period. VSC offers key advantages over traditional Line Commutated Converter (LCC) systems, such as a smaller footprint, modular design, black start capability, and reactive power support. These features make VSC systems particularly suitable for integrating renewable energy sources like offshore wind farms, solar power plants, and distributed energy systems into the grid. Additionally, VSC technology allows for connection to weak or passive grids, which is essential for remote and island-based energy deployments. As countries expand their renewable capacity and move toward decentralized power generation, the demand for flexible, space-efficient transmission solutions is surging. VSC-based HVDC systems also enable underground and subsea cable transmission, making them ideal for urban centers and environmentally sensitive zones. Moreover, technological advancements in modular multilevel converters (MMC) are further enhancing the scalability, reliability, and cost-effectiveness of VSC systems. Governments across Europe, Asia Pacific, and North America increasingly favor VSC for new grid modernization projects and cross-border interconnections. With growing emphasis on energy transition, VSC is poised to play a pivotal role in the next generation of HVDC infrastructure, driving its rapid adoption globally.

Circuit breakers are expected to register the fastest growth rate in the converter station segment during the forecast period.

Circuit breakers are projected to witness the fastest growth within the converter station segment of the HVDC transmission component market during the forecast period. In HVDC systems, circuit breakers play a critical role in protecting equipment by interrupting fault currents and isolating faulty sections, thereby ensuring system stability and reliability. The rising demand for reliable and flexible power transmission, driven by the integration of renewable energy sources such as offshore wind and large scale solar, has significantly increased the need for advanced HVDC protection solutions.

Recent technological advancements, including the development of hybrid HVDC circuit breakers, have addressed the challenges of interrupting direct current which is traditionally a more complex task compared to AC systems. These innovations enable faster fault clearance and minimize downtime, supporting the expansion of long distance high capacity HVDC projects. Furthermore, growing investments in intercontinental and cross border power links, as well as modernization of aging grid infrastructure, are boosting circuit breaker adoption. As utilities focus on operational safety and system efficiency, the circuit breaker segment is expected to maintain strong momentum, outpacing other converter station components in growth rate.

高圧直流送電市場 - 2030年までの世界予測 region
hvdc-grid-market-region

“Asia Pacific is projected to expand at the fastest growth rate during the forecast period.”

Asia Pacific is anticipated to register the fastest growth in the HVDC transmission market during the forecast period, driven by rapid industrialization, growing energy demand, and large-scale investments in renewable energy integration. Countries like China and India are leading the deployment of HVDC systems to address grid stability challenges, support long-distance electricity transmission, and connect remote renewable energy generation sites with consumption hubs. China, in particular, has become a global pioneer in ultra-high-voltage (UHV) DC transmission, with several cross-country projects that span thousands of kilometers and transport gigawatts of power. India also expands its HVDC infrastructure through green energy corridors and inter-regional power transfer initiatives. Southeast Asian nations such as Vietnam and Indonesia are gradually exploring HVDC to enhance grid reliability and meet rising energy needs in remote islands and rural areas. Government-led initiatives, favorable policy frameworks, and the involvement of regional players in HVDC component manufacturing are further accelerating adoption. Moreover, rising urbanization and electrification efforts, coupled with cross-border interconnection projects (e.g., China–Laos, India–Bangladesh), position the Asia Pacific as the fastest-growing market. The region’s focus on sustainable development and energy security makes HVDC a key enabler for its future power transmission landscape.

The break-up of the profile of primary participants in the HVDC transmission market-

  • By Company Type: Tier 1 – 50%, Tier 2 – 30%, Tier 3 – 20%
  • By Designation Type: C Level – 35%, Director Level – 30%, Others – 35%
  • By Region Type: Asia Pacific – 40%, Europe – 25%, North America – 20%, Rest of the World – 15%

Note: Other designations include sales, marketing, and product managers.

The three tiers of the companies are based on their total revenues as of 2024: Tier 1: >USD 1 billion, Tier 2: USD 500 million-1 billion, and Tier 3: USD 500 million

高圧直流送電市場 - 2030年までの世界予測 ecosystem
hvdc-grid-market-ecosystem

The major players in the HVDC transmission market with a significant global presence include Hitachi, Ltd. (Japan), Siemens Energy (Germany), Mitsubishi Electric Corporation (Japan), GE Vernova (US), Prysmian Group (Italy), and others.

Research Coverage

The report segments the HVDC transmission market and forecasts its size by technology, component, project type, application, and region. It also provides a comprehensive review of drivers, restraints, opportunities, and challenges influencing market growth. The report covers qualitative aspects in addition to quantitative aspects of the market.

Reasons to buy the report:

The report will help the market leaders/new entrants in this market with information on the closest approximate revenues for the overall HVDC transmission market and related segments. This report will help stakeholders understand the competitive landscape and gain more insights to strengthen their position in the market and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, opportunities, and challenges.

The report provides insights on the following pointers:

  • Analysis of key drivers (integration of VSC technology into HVDC systems, rapid transition toward renewable energy, strong focus of governments and utilities on grid modernization to improve power reliability, and government-led policies and initiatives promoting HVDC transmission technology), restraints (high initial investment requirements, availability of substitute technologies such as distributed and off-grid power generation systems, and complex project lifecycles), opportunities (constant advances in power electronics and adoption of digital and automation technologies, electrification of transportation sector, growing demand for integrated networks across long distances, and energy transition strategies in oil-rich economies), and challenges (interoperability issues due to lack of standardization, stringent regulatory landscape and complexities associated with obtaining permit for HVDC projects)
  • Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the HVDC transmission market.
  • Market Development: Comprehensive information about lucrative markets – the report analyses the HVDC transmission market across varied regions.
  • Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the HVDC transmission market.
  • Competitive Assessment: In-depth assessment of market shares, growth strategies, and product offerings of leading players, including include Hitachi, Ltd. (Japan), Siemens Energy (Germany), Mitsubishi Electric Corporation (Japan), GE Vernova (US), and Prysmian Group (Italy).。

Table of Contents

1               INTRODUCTION              26

1.1           STUDY OBJECTIVES       26

1.2           MARKET DEFINITION   26

1.3           STUDY SCOPE   27

1.3.1        MARKETS COVERED       27

1.3.2        INCLUSIONS AND EXCLUSIONS 28

1.3.3        YEARS CONSIDERED      29

1.4           CURRENCY CONSIDERED            29

1.5           UNIT CONSIDERED        29

1.6           LIMITATIONS    29

1.7           STAKEHOLDERS               30

1.8           SUMMARY OF CHANGES               30

2               RESEARCH METHODOLOGY       31

2.1           RESEARCH APPROACH  31

2.1.1        SECONDARY DATA          32

2.1.1.1    Major secondary sources     32

2.1.1.2    Key data from secondary sources       33

2.1.2        PRIMARY DATA 33

2.1.2.1    List of key primary interview participants        33

2.1.2.2    Breakdown of primaries      34

2.1.2.3    Key data from primary sources           34

2.1.2.4    Key industry insights           35

2.1.3        SECONDARY AND PRIMARY RESEARCH 35

2.2           MARKET SIZE ESTIMATION         36

2.2.1        BOTTOM-UP APPROACH              36

2.2.1.1    Approach to estimate market size using bottom-up analysis                 36

2.2.2        TOP-DOWN APPROACH                37

2.2.2.1    Approach to estimate market size using top-down analysis                 37

2.3           FACTOR ANALYSIS          38

2.3.1        DEMAND-SIDE ANALYSIS             38

2.3.2        SUPPLY-SIDE ANALYSIS                 39

2.4           GROWTH FORECAST      39

2.5           MARKET BREAKDOWN AND DATA TRIANGULATION                 40

2.6           RESEARCH ASSUMPTIONS           41

2.7           RISK ASSESSMENT           41

3               EXECUTIVE SUMMARY  42

4               PREMIUM INSIGHTS       47

4.1           ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN HVDC TRANSMISSION MARKET              47

4.2           HVDC TRANSMISSION MARKET, BY COMPONENT                 48

4.3           HVDC TRANSMISSION MARKET, BY TECHNOLOGY                 48

4.4           HVDC TRANSMISSION MARKET, BY PROJECT TYPE                 49

4.5           HVDC TRANSMISSION MARKET, BY APPLICATION                 49

4.6           ASIA PACIFIC: HVDC TRANSMISSION MARKET, BY COMPONENT AND COUNTRY, 2024         50

4.7           HVDC TRANSMISSION MARKET, BY COUNTRY   50

5               MARKET OVERVIEW       51

5.1           INTRODUCTION              51

5.2           MARKET DYNAMICS       51

5.2.1        DRIVERS               52

5.2.1.1    Integration of VSC technology into HVDC systems       52

5.2.1.2    Global shift toward renewable energy sources 52

5.2.1.3    Importance of grid modernization and reliable energy transmission          53

5.2.1.4    Government-led policies and initiatives to promote HVDC transmission technology      54

5.2.2        RESTRAINTS      55

5.2.2.1    High initial investment        55

5.2.2.2    Availability of substitute technologies               55

5.2.2.3    Complex project lifecycles  55

5.2.3        OPPORTUNITIES              56

5.2.3.1    Growing adoption of digital and automation technologies                 56

5.2.3.2    Electrification of transportation sector              57

5.2.3.3    Increasing demand for integrated networks across long distances                 58

5.2.3.4    Strategic shift from traditional fossil fuels to sustainable energy                 58

5.2.4        CHALLENGES    59

5.2.4.1    Interoperability issues due to lack of standardization     59

5.2.4.2    Complexities associated with obtaining necessary permits                 60

5.3           SUPPLY CHAIN ANALYSIS             61

5.4           ECOSYSTEM MAPPING  64

5.5           INVESTMENT AND FUNDING SCENARIO               64

5.6           TECHNOLOGY ANALYSIS             65

5.6.1        KEY TECHNOLOGIES     65

5.6.1.1    Modular multilevel converters (MMC)             65

5.6.1.2    Control & protection systems             66

5.6.2        COMPLEMENTARY TECHNOLOGIES       66

5.6.2.1    SCADA  66

5.6.2.2    HVDC grid control software               66

5.6.3        ADJACENT TECHNOLOGIES       67

5.6.3.1    Offshore energy hubs and interconnectors       67

5.6.3.2    Advanced grid planning and simulation tools  67

5.7           PRICING ANALYSIS          68

5.7.1        AVERAGE SELLING PRICE TREND OF COMPONENTS, BY KEY PLAYER,

2021–2024              68

5.7.2        AVERAGE SELLING PRICE TREND OF COMPONENTS, BY REGION, 2021–2024           69

5.8           PATENT ANALYSIS          70

5.9           PORTER’S FIVE FORCES ANALYSIS            72

5.9.1        THREAT OF NEW ENTRANTS      73

5.9.2        THREAT OF SUBSTITUTES          73

5.9.3        BARGAINING POWER OF SUPPLIERS       73

5.9.4        BARGAINING POWER OF BUYERS             74

5.9.5        INTENSITY OF COMPETITIVE RIVALRY 74

5.10         KEY STAKEHOLDERS AND BUYING CRITERIA     75

5.10.1      KEY STAKEHOLDERS IN BUYING PROCESS           75

5.10.2      BUYING CRITERIA           75

5.11         CASE STUDIES  76

5.11.1      ELECTRIFICATION OF STATOIL TROLL A PLATFORM WITH ABB HVDC LIGHT TECHNOLOGY DELIVERS LOWER EMISSIONS AND IMPROVED EFFICIENCY              76

5.11.2      HITACHI ENERGY HVDC LIGHT INTEGRATION STRENGTHENS NORDIC GRID RESILIENCE AND ENABLES EFFICIENT CROSS-BORDER RENEWABLE ENERGY EXCHANGE                 76

5.11.3      SCOTTISH HYDRO ELECTRIC TRANSMISSION AND CAITHNESS-MORAY HVDC COLLABORATED TO STRENGTHEN SCOTLAND’S POWER NETWORK AND ENABLE RELIABLE RENEWABLE ENERGY INTEGRATION     77

5.11.4      MITSUBISHI ELECTRIC CORPORATION ASISTS SWANSEA NORTH SUBSTATION UPGRADE TO HIGHER VOLTAGE SYSTEM           77

5.11.5      HITACHI ENERGY EMPOWERS CROSS-BORDER ENERGY FLOW WITH EAST WEST HVDC INTERCONNECTOR         78

5.12         TRADE ANALYSIS             78

5.12.1      IMPORT DATA  78

5.12.2      EXPORT DATA  79

5.13         TARIFF AND REGULATORY LANDSCAPE               80

5.13.1      TARIFF ANALYSIS             80

5.13.2      REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS             81

5.13.3      STANDARDS      82

5.13.3.1  Europe   82

5.13.3.2  Asia Pacific            82

5.13.3.3  North America      82

5.13.3.4  RoW        83

5.13.4      REGULATIONS  83

5.13.4.1  North America      83

5.13.4.2  Europe   83

5.13.4.3  Asia Pacific            83

5.13.4.4  RoW        84

5.14         TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS            84

5.15         KEY CONFERENCES AND EVENTS, 2025–2026        85

5.16         IMPACT OF AI/GEN AI ON HVDC TRANSMISSION MARKET               86

5.16.1      INTRODUCTION              86

5.17         IMPACT OF 2025 US TARIFF – HVDC TRANSMISSION MARKET               87

5.17.1      INTRODUCTION              87

5.17.1.1  Key tariff rates      88

5.17.2      PRICE IMPACT ANALYSIS             89

5.17.3      IMPACT ON COUNTRY/ REGION               89

5.17.3.1  US           89

5.17.3.2  Europe   89

5.17.3.3  Asia Pacific            90

5.17.4      IMPACT ON APPLICATIONS        90

6               POWER RATINGS IN HVDC TRANSMISSION         91

6.1           INTRODUCTION              91

6.2           BELOW 500 MW 91

6.3           501–999 MW         92

6.4           1,000–2,000 MW  92

6.5           ABOVE 2,000 MW               93

7               HVDC TRANSMISSION MARKET, BY PROJECT TYPE                 94

7.1           INTRODUCTION              95

7.2           POINT-TO-POINT TRANSMISSION           96

7.2.1        MONOPOLAR TRANSMISSION SYSTEMS                98

7.2.1.1    Suitability for remote area electrification and early-stage HVDC projects to support market growth     98

7.2.2        BIPOLAR TRANSMISSION SYSTEMS         99

7.2.2.1    Rising demand for bulk power transmission from remote renewable sources to fuel market growth          99

7.3           BACK-TO-BACK STATIONS          100

7.3.1        GROWING NEED FOR CROSS-BORDER ELECTRICITY TRADE BETWEEN ASYNCHRONOUS NETWORKS TO FOSTER MARKET GROWTH          100

7.4           MULTI-TERMINAL SYSTEMS       102

7.4.1        ABILITY TO AGGREGATE LARGE AMOUNTS OF RENEWABLE ENERGIES COST-EFFECTIVELY TO FUEL MARKET GROWTH             102

8               HVDC TRANSMISSION MARKET, BY APPLICATION                 105

8.1           INTRODUCTION              106

8.2           BULK POWER TRANSMISSION   107

8.2.1        OVERHEAD         108

8.2.1.1    Growing emphasis on enhancing inter-regional connectivity to boost demand        108

8.2.2        UNDERWATER & UNDERGROUND           109

8.2.2.1    Improved energy security with electricity trading to fuel market growth    109

8.3           INTERCONNECTING GRIDS        110

8.3.1        ONGOING ADVANCEMENTS IN VSC TECHNOLOGY TO DRIVE MARKET 110

8.4           INFEED URBAN AREAS  111

8.4.1        RISING ELECTRICITY DEMAND FROM DENSELY POPULATED URBAN AREAS TO BOOST DEMAND             111

9               HVDC TRANSMISSION MARKET, BY COMPONENT                 113

9.1           INTRODUCTION              114

9.2           CONVERTER STATIONS                115

9.2.1        VALVES 120

9.2.1.1    Thyristor valves    120

9.2.1.1.1 Ongoing advancements to enhance switching speed and efficiency to drive market    120

9.2.1.2    Insulated gate bipolar transistors (IGBTs)      121

9.2.1.2.1 Reduced maintenance requirements and enhanced grid reliability to foster market growth       121

9.2.2        TRANSFORMERS               121

9.2.2.1    Ability to optimize voltage levels to boost demand         121

9.2.3        HARMONIC FILTERS       121

9.2.3.1    AC filters                122

9.2.3.1.1 Increasing application to mitigate harmonic distortions to drive market    122

9.2.3.2    DC filters               122

9.2.3.2.1 Need to maintain efficiency and reliability of offshore wind projects and urban infeed applications to boost demand               122

9.2.4        CIRCUIT BREAKERS        122

9.2.4.1    Rising demand for secure and uninterrupted transmission of electrical power to augment market growth     122

9.2.5        REACTORS          123

9.2.5.1    Need to ensure seamless voltage fluctuations during AC-DC conversion to boost demand               123

9.2.6        SURGE ARRESTERS          123

9.2.6.1    Growing need to shield equipment from overvoltage conditions to drive market      123

9.3           TRANSMISSION CABLES                123

9.3.1        INCREASING APPLICATION FOR CROSS-BORDER INTERCONNECTIONS AND OFFSHORE WIND INTEGRATION TO FUEL MARKET GROWTH               123

9.4           OTHER COMPONENTS  128

10            HVDC TRANSMISSION MARKET, BY TECHNOLOGY                 132

10.1         INTRODUCTION              133

10.2         LINE COMMUTATED CONVERTER (LCC)              134

10.2.1      HVDC    136

10.2.1.1  Rising need to regulate transmission losses with cost-effective methods to drive market      136

10.2.2      UHVDC 136

10.2.2.1  Ability to enhance grid stability and support long-distance bulk power transfers to foster market growth           136

10.3         VOLTAGE SOURCE CONVERTER (VSC)  136

10.3.1      HVDC    138

10.3.1.1  Suitability for long-distance power transmissions to drive market                 138

10.3.2      UHVDC 138

10.3.2.1  Rising electricity trading with converter stations in different regions and countries to fuel market growth    138

10.4         CAPACITOR COMMUTATED CONVERTER (CCC)                 139

10.4.1      INCREASING NEED TO CONTROL CURRENT, OVERCURRENT, AND VOLTAGE TO DRIVE MARKET       139

11            HVDC TRANSMISSION MARKET, BY REGION       140

11.1         INTRODUCTION              141

11.2         NORTH AMERICA             142

11.2.1      NORTH AMERICA: MACROECONOMIC OUTLOOK                 144

11.2.2      US           145

11.2.2.1  Emphasis on developing renewable energy sources and grid modernization to drive market           145

11.2.3      CANADA               146

11.2.3.1  Commitment to reducing greenhouse gas emissions to boost demand  146

11.2.4      MEXICO                147

11.2.4.1  Abundance of wind and solar resources to offer lucrative growth opportunities         147

11.3         EUROPE               148

11.3.1      EUROPE: MACROECONOMIC OUTLOOK               151

11.3.2      UK          151

11.3.2.1  Increasing investments to boost HDVC transmission infrastructure to fuel market growth 151

11.3.3      GERMANY           152

11.3.3.1  Transition to low-carbon energy system to foster market growth                 152

11.3.4      FRANCE                154

11.3.4.1  Enhancement of grid connectivity and cross-border electricity exchange to drive market    154

11.3.5      ITALY    155

11.3.5.1  Increasing emphasis on supporting long-distance and high-capacity electricity transmission to propel market growth             155

11.3.6      SPAIN    156

11.3.6.1  Rising focus on modernizing network with high-capacity subsea interconnectors to fuel market growth              156

11.3.7      POLAND               156

11.3.7.1  Need to reduce dependency on coal-based generation to drive market    156

11.3.8      NORDICS             157

11.3.8.1  Growing demand for low-loss transmission over long distances to boost demand        157

11.3.9      REST OF EUROPE             158

11.4         ASIA PACIFIC     159

11.4.1      ASIA PACIFIC: MACROECONOMIC OUTLOOK     162

11.4.2      CHINA  162

11.4.2.1  Expanding renewable energy infrastructure to support market growth    162

11.4.3      JAPAN   164

11.4.3.1  Incorporation of offshore wind power into national energy strategies to drive market    164

11.4.4      SOUTH KOREA  165

11.4.4.1  Government-led initiatives to boost HDVC adoption to fuel market growth       165

11.4.5      INDIA    166

11.4.5.1  Rising focus on modernizing power transmission infrastructure to boost demand   166

11.4.6      AUSTRALIA         167

11.4.6.1  Promotion of clean energy resources to propel market growth                 167

11.4.7      INDONESIA        168

11.4.7.1  Strategies to enhance grid flexibility to support market growth                 168

11.4.8      MALAYSIA           169

11.4.8.1  Need to interconnect asynchronous grids and move large volumes of power with minimal losses to drive market  169

11.4.9      THAILAND          170

11.4.9.1  Growing emphasis on improving energy security to boost demand                 170

11.4.10   VIETNAM             171

11.4.10.1                 Increasing focus on enhancing national grid flexibility and resilience to support market growth           171

11.4.11   REST OF ASIA PACIFIC   172

11.5         ROW      173

11.5.1      ROW: MACROECONOMIC OUTLOOK      174

11.5.2      MIDDLE EAST   174

11.5.2.1  Bahrain  176

11.5.2.1.1                Growing focus on strengthening grid reliability and regional power exchange to drive market         176

11.5.2.2  Kuwait    176

11.5.2.2.1                Increasing need to optimize load balancing and ensure emergency energy supply to foster market growth          176

11.5.2.3  Oman     176

11.5.2.3.1                Growing cross-border connectivity and grid modernization to support market growth         176

11.5.2.4  Qatar      177

11.5.2.4.1                Rising focus on improving energy security and supporting integration of large-scale renewable sources to fuel market growth    177

11.5.2.5  Saudi Arabia          177

11.5.2.5.1                Emphasis on supporting regional power trade to boost demand  177

11.5.2.6  UAE        177

11.5.2.6.1                National objectives to decarbonize industrial operations to drive market      177

11.5.2.7  Rest of Middle East              178

11.5.3      AFRICA 178

11.5.3.1  South Africa           179

11.5.3.1.1                Emphasis on accommodating increasing share of renewables in energy mix to fuel market growth             179

11.5.3.2  Rest of Africa        180

11.5.4      SOUTH AMERICA             180

11.5.4.1  Growing emphasis on grid reliability to support market growth                 180

12            COMPETITIVE LANDSCAPE         182

12.1         INTRODUCTION              182

12.2         RIGHT TO WIN/KEY STRATEGIES ADOPTED BY KEY PLAYERS, 2020–2025         182

12.3         MARKET SHARE ANALYSIS, 2024                 183

12.4         REVENUE ANALYSIS, 2020–2024  185

12.5         COMPANY VALUATION AND FINANCIAL METRICS                 186

12.6         BRAND/PRODUCT COMPARISON             187

12.7         COMPANY EVALUATION MATRIX: KEY PLAYERS, 2024                 187

12.7.1      STARS   188

12.7.2      EMERGING LEADERS     188

12.7.3      PERVASIVE PLAYERS      188

12.7.4      PARTICIPANTS 188

12.7.5      COMPANY FOOTPRINT: KEY PLAYERS, 2024         190

12.7.5.1  Region footprint   191

12.7.5.2  Component footprint           192

12.7.5.3  Application footprint            193

12.7.5.4  Project type footprint           194

12.8         COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2024        195

12.8.1      PROGRESSIVE COMPANIES         195

12.8.2      RESPONSIVE COMPANIES            195

12.8.3      DYNAMIC COMPANIES  195

12.8.4      STARTING BLOCKS         195

12.8.5      COMPETITIVE BENCHMARKING               197

12.8.5.1  Detailed list of key startups/SMEs    197

12.8.5.2  Competitive benchmarking of key startups/SMEs          198

12.9         COMPETITIVE SCENARIO             200

12.9.1      PRODUCT LAUNCHES   200

12.9.2      DEALS  200

12.9.3      OTHER DEVELOPMENTS              201

13            COMPANY PROFILES      203

13.1         INTRODUCTION              203

13.2         KEY PLAYERS     203

13.2.1      HITACHI, LTD.  203

13.2.1.1  Business overview 203

13.2.1.2  Products/Solutions/Services offered 205

13.2.1.3  Recent developments           206

13.2.1.3.1                Deals      206

13.2.1.3.2                Other developments             207

13.2.1.4  MnM view              208

13.2.1.4.1                Key strengths/Right to win 208

13.2.1.4.2                Strategic choices   208

13.2.1.4.3                Weaknesses/Competitive threats       208

13.2.2      SIEMENS ENERGY            209

13.2.2.1  Business overview 209

13.2.2.2  Products/Solutions/Services offered 210

13.2.2.3  Recent developments           212

13.2.2.3.1                Deals      212

13.2.2.3.2                Other developments             213

13.2.2.4  MnM view              213

13.2.2.4.1                Key strengths/Right to win 213

13.2.2.4.2                Strategic choices   213

13.2.2.4.3                Weaknesses/Competitive threats       213

13.2.3      MITSUBISHI ELECTRIC CORPORATION 214

13.2.3.1  Business overview 214

13.2.3.2  Products/Solutions/Services offered 215

13.2.3.3  Recent developments           216

13.2.3.3.1                Deals      216

13.2.3.3.2                Other developments             217

13.2.3.4  MnM view              217

13.2.3.4.1                Key strengths/Right to win 217

13.2.3.4.2                Strategic choices   217

13.2.3.4.3                Weaknesses/Competitive threats       217

13.2.4      GE VERNOVA     218

13.2.4.1  Business overview 218

13.2.4.2  Products/Solutions/Services offered 219

13.2.4.3  Recent developments           220

13.2.4.3.1                Deals      220

13.2.4.3.2                Other developments             221

13.2.4.4  MnM view              221

13.2.4.4.1                Key strengths/Right to win 221

13.2.4.4.2                Strategic choices   222

13.2.4.4.3                Weaknesses/Competitive threats       222

13.2.5      PRYSMIAN GROUP           223

13.2.5.1  Business overview 223

13.2.5.2  Products/Solutions/Services offered 224

13.2.5.3  Recent developments           225

13.2.5.3.1                Product launches  225

13.2.5.3.2                Deals      226

13.2.5.3.3                Other developments             226

13.2.5.4  MnM view              227

13.2.5.4.1                Key strengths/ Right to win                227

13.2.5.4.2                Strategic choices   227

13.2.5.4.3                Weaknesses/Competitive threats       227

13.2.6      TOSHIBA CORPORATION             228

13.2.6.1  Business overview 228

13.2.6.2  Products/Solutions/Services offered 229

13.2.6.3  Recent developments           230

13.2.6.3.1                Deals      230

13.2.6.3.2                Other developments             230

13.2.7      NKT A/S                231

13.2.7.1  Business overview 231

13.2.7.2  Products/Solutions/Services offered 232

13.2.7.3  Recent developments           233

13.2.7.3.1                Deals      233

13.2.7.3.2                Other developments             234

13.2.8      NEXANS                236

13.2.8.1  Business overview 236

13.2.8.2  Products/Solutions/Services offered 237

13.2.8.3  Recent developments           238

13.2.8.3.1                Deals      238

13.2.8.3.2                Other developments             239

13.2.9      LS ELECTRIC CO., LTD. 240

13.2.9.1  Business overview 240

13.2.9.2  Products/Solutions/Services offered 241

13.2.9.3  Recent developments           242

13.2.9.3.1                Deals      242

13.2.9.3.2                Other developments             242

13.2.10   NR ELECTRIC CO., LTD.                 243

13.2.10.1                 Business overview 243

13.2.10.2                 Products/Solutions/Services offered 243

13.3         OTHER PLAYERS              245

13.3.1      SUMITOMO ELECTRIC INDUSTRIES, LTD.            245

13.3.2      ZAPOROZHTRANSFORMATOR  246

13.3.3      TRENCH GROUP               246

13.3.4      TAIHAN CABLE & SOLUTION CO., LTD. 247

13.3.5      AMERICAN SEMICONDUCTOR, INC.        248

13.3.6      ZTT        249

13.3.7      TBEA CO., LTD. 250

13.3.8      EFACEC                251

13.3.9      SIEYUAN ELECTRIC CO., LTD.    252

13.3.10   XJ ELECTRIC CO., LTD.  253

13.3.11   BTW       254

13.3.12   CG POWER & INDUSTRIAL SOLUTIONS LTD.      255

13.3.13   SGB SMIT             256

13.3.14   C-EPRI ELECTRIC POWER ENGINEERING CO., LTD.                 256

13.3.15   HYOSUNG HEAVY INDUSTRIES 257

14            APPENDIX           258

14.1         INSIGHTS FROM INDUSTRY EXPERTS     258

14.2         DISCUSSION GUIDE        258

14.3         KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL                261

14.4         CUSTOMIZATION OPTIONS        263

14.5         RELATED REPORTS         263

14.6         AUTHOR DETAILS           264

LIST OF TABLES

TABLE 1                HVDC TRANSMISSION MARKET: ROLE OF KEY PLAYERS IN HVDC TRANSMISSION ECOSYSTEM                63

TABLE 2                AVERAGE SELLING PRICE TREND OF COMPONENTS, BY KEY PLAYER,

2021–2024 (USD MILLION)            68

TABLE 3                AVERAGE SELLING PRICE TREND OF COMPONENTS, BY REGION,

2021–2024 (USD MILLION)            69

TABLE 4                LIST OF PATENTS IN HVDC TRANSMISSION MARKET, 2023–2025          71

TABLE 5                HVDC TRANSMISSION MARKET: PORTER’S FIVE FORCES ANALYSIS           72

TABLE 6                INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP APPLICATIONS (%)  75

TABLE 7                KEY BUYING CRITERIA, BY APPLICATION                 76

TABLE 8                IMPORT DATA FOR HS CODE 8504-COMPLIANT PRODUCTS, BY COUNTRY,

2020–2024 (USD MILLION)            79

TABLE 9                EXPORT DATA FOR HS CODE 8504-COMPLIANT PRODUCTS, BY COUNTRY,

2020–2024 (USD MILLION)            80

TABLE 10              MFN TARIFF FOR HS CODE 8504-COMPLIANT PRODUCTS EXPORTED

BY GERMANY, 2024          80

TABLE 11              NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS             81

TABLE 12              EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS                 81

TABLE 13              ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS                 81

TABLE 14              ROW: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS                 82

TABLE 15              HVDC TRANSMISSION MARKET: DETAILED LIST OF CONFERENCES AND EVENTS, 2025–2026          85

TABLE 16              US-ADJUSTED RECIPROCAL TARIFF RATES                 88

TABLE 17              HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2021–2024 (USD MILLION)                95

TABLE 18              HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2025–2030 (USD MILLION)                95

TABLE 19              POINT-TO-POINT TRANSMISSION: HVDC TRANSMISSION MARKET,

BY TECHNOLOGY, 2021–2024 (USD MILLION)     96

TABLE 20              POINT-TO-POINT TRANSMISSION: HVDC TRANSMISSION MARKET,

BY TECHNOLOGY, 2025–2030 (USD MILLION)     96

TABLE 21              POINT-TO-POINT TRANSMISSION: HVDC TRANSMISSION MARKET, BY APPLICATION, 2021–2024 (USD MILLION)            97

TABLE 22              POINT-TO-POINT TRANSMISSION: HVDC TRANSMISSION MARKET, BY APPLICATION, 2025–2030 (USD MILLION)            97

TABLE 23              POINT-TO-POINT TRANSMISSION: HVDC TRANSMISSION MARKET FOR BULK POWER TRANSMISSION, BY APPLICATION, 2021–2024 (USD MILLION)              97

TABLE 24              POINT-TO-POINT TRANSMISSION: HVDC TRANSMISSION MARKET FOR BULK POWER TRANSMISSION, BY APPLICATION, 2025–2030 (USD MILLION)              97

TABLE 25              HVDC TRANSMISSION MARKET, BY POINT-TO-POINT TRANSMISSION PROJECT TYPE, 2021–2024 (USD MILLION)            98

TABLE 26              HVDC TRANSMISSION MARKET, BY POINT-TO-POINT TRANSMISSION PROJECT TYPE, 2025–2030 (USD MILLION)            98

TABLE 27              POINT-TO-POINT TRANSMISSION: HVDC TRANSMISSION MARKET FOR MONOPOLAR TRANSMISSION SYSTEMS, BY TECHNOLOGY,

2021–2024 (USD MILLION)            99

TABLE 28              POINT-TO-POINT TRANSMISSION: HVDC TRANSMISSION MARKET FOR MONOPOLAR TRANSMISSION SYSTEMS, BY TECHNOLOGY,

2025–2030 (USD MILLION)            99

TABLE 29              POINT-TO-POINT TRANSMISSION: HVDC TRANSMISSION MARKET FOR BIPOLAR TRANSMISSION SYSTEMS, BY TECHNOLOGY, 2021–2024 (USD MILLION) 100

TABLE 30              POINT-TO-POINT TRANSMISSION: HVDC TRANSMISSION MARKET FOR BIPOLAR TRANSMISSION SYSTEMS, BY TECHNOLOGY, 2025–2030 (USD MILLION) 100

TABLE 31              BACK-TO-BACK STATIONS: HVDC TRANSMISSION MARKET, BY TECHNOLOGY, 2021–2024 (USD MILLION)            101

TABLE 32              BACK-TO-BACK STATIONS: HVDC TRANSMISSION MARKET, BY TECHNOLOGY, 2025–2030 (USD MILLION)            101

TABLE 33              BACK-TO-BACK STATIONS: HVDC TRANSMISSION MARKET, BY APPLICATION, 2021–2024 (USD MILLION)            101

TABLE 34              BACK-TO-BACK STATIONS: HVDC TRANSMISSION MARKET, BY APPLICATION, 2025–2030 (USD MILLION)            101

TABLE 35              BACK-TO-BACK STATIONS: HVDC TRANSMISSION MARKET FOR BULK POWER TRANSMISSION, BY APPLICATION, 2021–2024 (USD MILLION)              102

TABLE 36              BACK-TO-BACK STATIONS: HVDC TRANSMISSION MARKET FOR BULK POWER TRANSMISSION, BY APPLICATION, 2025–2030 (USD MILLION)              102

TABLE 37              MULTI-TERMINAL SYSTEMS: HVDC TRANSMISSION MARKET, BY TECHNOLOGY, 2021–2024 (USD MILLION)            103

TABLE 38              MULTI-TERMINAL SYSTEMS: HVDC TRANSMISSION MARKET, BY TECHNOLOGY, 2025–2030 (USD MILLION)            103

TABLE 39              MULTI-TERMINAL SYSTEMS: HVDC TRANSMISSION MARKET, BY APPLICATION, 2021–2024 (USD MILLION)            103

TABLE 40              MULTI-TERMINAL SYSTEMS: HVDC TRANSMISSION MARKET, BY APPLICATION, 2025–2030 (USD MILLION)            104

TABLE 41              MULTI-TERMINAL SYSTEMS: HVDC TRANSMISSION MARKET FOR BULK POWER TRANSMISSION, BY APPLICATION, 2021–2024 (USD MILLION)              104

TABLE 42              MULTI-TERMINAL SYSTEMS: HVDC TRANSMISSION MARKET FOR BULK POWER TRANSMISSION, BY APPLICATION, 2025–2030 (USD MILLION)              104

TABLE 43              HVDC TRANSMISSION MARKET, BY APPLICATION, 2021–2024 (USD MILLION)              106

TABLE 44              HVDC TRANSMISSION MARKET, BY APPLICATION, 2025–2030 (USD MILLION)              106

TABLE 45              BULK POWER TRANSMISSION: HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2021–2024 (USD MILLION)            107

TABLE 46              BULK POWER TRANSMISSION: HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2025–2030 (USD MILLION)            107

TABLE 47              HVDC TRANSMISSION MARKET, BY BULK POWER TRANSMISSION APPLICATION, 2021–2024 (USD MILLION)            108

TABLE 48              HVDC TRANSMISSION MARKET, BY BULK POWER TRANSMISSION APPLICATION, 2025–2030 (USD MILLION)            108

TABLE 49              OVERHEAD: BULK POWER HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2021–2024 (USD MILLION)            109

TABLE 50              OVERHEAD: BULK POWER HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2025–2030 (USD MILLION)            109

TABLE 51              UNDERWATER & UNDERGROUND: BULK POWER HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2021–2024 (USD MILLION)            110

TABLE 52              UNDERWATER & UNDERGROUND: BULK POWER HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2025–2030 (USD MILLION)            110

TABLE 53              INTERCONNECTING GRIDS: HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2021–2024 (USD MILLION)            111

TABLE 54              INTERCONNECTING GRIDS: HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2025–2030 (USD MILLION)            111

TABLE 55              INFEED URBAN AREAS: HVDC TRANSMISSION MARKET, BY PROJECT TYPE,

2021–2024 (USD MILLION)            112

TABLE 56              INFEED URBAN AREAS: HVDC TRANSMISSION MARKET, BY PROJECT TYPE,

2025–2030 (USD MILLION)            112

TABLE 57              HVDC TRANSMISSION MARKET, BY COMPONENT, 2021–2024 (USD MILLION)              114

TABLE 58              HVDC TRANSMISSION MARKET, BY COMPONENT, 2025–2030 (USD MILLION)              115

TABLE 59              CONVERTER STATIONS: HVDC TRANSMISSION MARKET, BY COMPONENT,

2021–2024 (USD MILLION)            115

TABLE 60              CONVERTER STATIONS: HVDC TRANSMISSION MARKET, BY COMPONENT,

2025–2030 (USD MILLION)            116

TABLE 61              CONVERTER STATIONS: HVDC TRANSMISSION MARKET, BY REGION,

2021–2024 (USD MILLION)            116

TABLE 62              CONVERTER STATIONS: HVDC TRANSMISSION MARKET, BY REGION,

2025–2030 (USD MILLION)            116

TABLE 63              CONVERTER STATIONS: HVDC TRANSMISSION MARKET IN NORTH AMERICA,

BY COUNTRY, 2021–2024 (USD MILLION)               117

TABLE 64              CONVERTER STATIONS: HVDC TRANSMISSION MARKET IN NORTH AMERICA,

BY COUNTRY, 2025–2030 (USD MILLION)               117

TABLE 65              CONVERTER STATIONS: HVDC TRANSMISSION MARKET IN EUROPE, BY COUNTRY, 2021–2024 (USD MILLION)                 117

TABLE 66              CONVERTER STATIONS: HVDC TRANSMISSION MARKET IN EUROPE, BY COUNTRY, 2025–2030 (USD MILLION)                 118

TABLE 67              CONVERTER STATIONS: HVDC TRANSMISSION MARKET IN ASIA PACIFIC,

BY COUNTRY, 2021–2024 (USD MILLION)               118

TABLE 68              CONVERTER STATIONS: HVDC TRANSMISSION MARKET IN ASIA PACIFIC,

BY COUNTRY, 2025–2030 (USD MILLION)               119

TABLE 69              CONVERTER STATIONS: HVDC TRANSMISSION MARKET IN ROW, BY REGION, 2021–2024 (USD MILLION)                 119

TABLE 70              CONVERTER STATIONS: HVDC TRANSMISSION MARKET IN ROW, BY REGION, 2025–2030 (USD MILLION)                 119

TABLE 71              VALVES: HVDC TRANSMISSION MARKET, BY TYPE, 2021–2024 (USD MILLION)                120

TABLE 72              VALVES: HVDC TRANSMISSION MARKET, BY TYPE, 2025–2030 (USD MILLION)                120

TABLE 73              TRANSMISSION CABLES: HVDC TRANSMISSION MARKET, BY REGION,

2021–2024 (USD MILLION)            124

TABLE 74              TRANSMISSION CABLES: HVDC TRANSMISSION MARKET, BY REGION,

2025–2030 (USD MILLION)            124

TABLE 75              TRANSMISSION CABLES: HVDC TRANSMISSION MARKET IN NORTH AMERICA,

BY COUNTRY, 2021–2024 (USD MILLION)               125

TABLE 76              TRANSMISSION CABLES: HVDC TRANSMISSION MARKET IN NORTH AMERICA,

BY COUNTRY, 2025–2030 (USD MILLION)               125

TABLE 77              TRANSMISSION CABLES: HVDC TRANSMISSION MARKET IN EUROPE, BY COUNTRY, 2021–2024 (USD MILLION)                 125

TABLE 78              TRANSMISSION CABLES: HVDC TRANSMISSION MARKET IN EUROPE, BY COUNTRY, 2025–2030 (USD MILLION)                 126

TABLE 79              TRANSMISSION CABLES: HVDC TRANSMISSION MARKET IN ASIA PACIFIC,

BY COUNTRY, 2021–2024 (USD MILLION)               126

TABLE 80              TRANSMISSION CABLES: HVDC TRANSMISSION MARKET IN ASIA PACIFIC,

BY COUNTRY, 2025–2030 (USD MILLION)               127

TABLE 81              TRANSMISSION CABLES: HVDC TRANSMISSION MARKET IN ROW, BY REGION, 2021–2024 (USD MILLION)                 127

TABLE 82              TRANSMISSION CABLES: HVDC TRANSMISSION MARKET IN ROW, BY REGION, 2025–2030 (USD MILLION)                 127

TABLE 83              OTHER COMPONENTS: HVDC TRANSMISSION MARKET, BY REGION,

2021–2024 (USD MILLION)            128

TABLE 84              OTHER COMPONENTS: HVDC TRANSMISSION MARKET, BY REGION,

2025–2030 (USD MILLION)            128

TABLE 85              OTHER COMPONENTS: HVDC TRANSMISSION MARKET IN NORTH AMERICA,

BY COUNTRY, 2021–2024 (USD MILLION)               129

TABLE 86              OTHER COMPONENTS: HVDC TRANSMISSION MARKET IN NORTH AMERICA,

BY COUNTRY, 2025–2030 (USD MILLION)               129

TABLE 87              OTHER COMPONENTS: HVDC TRANSMISSION MARKET IN EUROPE, BY COUNTRY, 2021–2024 (USD MILLION)                 129

TABLE 88              OTHER COMPONENTS: HVDC TRANSMISSION MARKET IN EUROPE, BY COUNTRY, 2025–2030 (USD MILLION)                 130

TABLE 89              OTHER COMPONENTS: HVDC TRANSMISSION MARKET IN ASIA PACIFIC,

BY COUNTRY, 2021–2024 (USD MILLION)               130

TABLE 90              OTHER COMPONENTS: HVDC TRANSMISSION MARKET IN ASIA PACIFIC,

BY COUNTRY, 2025–2030 (USD MILLION)               131

TABLE 91              OTHER COMPONENTS: HVDC TRANSMISSION MARKET IN ROW, BY REGION,

2021–2024 (USD MILLION)            131

TABLE 92              OTHER COMPONENTS: HVDC TRANSMISSION MARKET IN ROW, BY REGION,

2025–2030 (USD MILLION)            131

TABLE 93              HVDC TRANSMISSION MARKET, BY TECHNOLOGY, 2021–2024 (USD MILLION)            133

TABLE 94              HVDC TRANSMISSION MARKET, BY TECHNOLOGY, 2025–2030 (USD MILLION)            133

TABLE 95              HVDC TRANSMISSION MARKET, BY TECHNOLOGY, 2021–2024 (MW) 134

TABLE 96              TRANSMISSION MARKET, BY TECHNOLOGY, 2025–2030 (MW) 134

TABLE 97              LINE COMMUTATED CONVERTER (LCC): HVDC TRANSMISSION MARKET,

BY PROJECT TYPE, 2021–2024 (USD MILLION)     134

TABLE 98              LINE COMMUTATED CONVERTER (LCC): HVDC TRANSMISSION MARKET,

BY PROJECT TYPE, 2025–2030 (USD MILLION)     135

TABLE 99              LINE COMMUTATED CONVERTER (LCC): HVDC TRANSMISSION MARKET FOR

POINT-TO-POINT PROJECT TYPE, 2021–2024 (USD MILLION)                 135

TABLE 100            LINE COMMUTATED CONVERTER (LCC): HVDC TRANSMISSION MARKET FOR

POINT-TO-POINT PROJECT TYPE, 2025–2030 (USD MILLION)                 135

TABLE 101            HVDC TRANSMISSION MARKET, BY LINE COMMUTATED CONVERTER (LCC) TECHNOLOGY, 2021–2024 (USD MILLION) 135

TABLE 102            HVDC TRANSMISSION MARKET, BY LINE COMMUTATED CONVERTER (LCC) TECHNOLOGY TYPE, 2025–2030 (USD MILLION)       136

TABLE 103            VOLTAGE SOURCE CONVERTER (VSC): HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2021–2024 (USD MILLION)            137

TABLE 104            VOLTAGE SOURCE CONVERTER (VSC): HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2025–2030 (USD MILLION)            137

TABLE 105            VOLTAGE SOURCE CONVERTER (VSC): HVDC TRANSMISSION MARKET FOR POINT-TO-POINT TRANSMISSION PROJECT TYPE, 2021–2024 (USD MILLION)                 137

TABLE 106            VOLTAGE SOURCE CONVERTER (VSC): HVDC TRANSMISSION MARKET FOR POINT-TO-POINT TRANSMISSION PROJECT TYPE, 2025–2030 (USD MILLION)                 137

TABLE 107            HVDC TRANSMISSION MARKET, BY VOLTAGE SOURCE CONVERTER (VSC) TECHNOLOGY TYPE, 2021–2024 (USD MILLION) 138

TABLE 108            HVDC TRANSMISSION MARKET, BY VOLTAGE SOURCE CONVERTER (VSC) TECHNOLOGY TYPE, 2025–2030 (USD MILLION) 138

TABLE 109            CAPACITOR COMMUTATED CONVERTER (CCC): HVDC TRANSMISSION MARKET,

BY PROJECT TYPE, 2021–2024 (USD MILLION)     139

TABLE 110            CAPACITOR COMMUTATED CONVERTER (CCC): HVDC TRANSMISSION MARKET,

BY PROJECT TYPE, 2025–2030 (USD MILLION)     139

TABLE 111            HVDC TRANSMISSION MARKET, BY REGION, 2021–2024 (USD MILLION)            141

TABLE 112            HVDC TRANSMISSION MARKET, BY REGION, 2025–2030 (USD MILLION)            142

TABLE 113            NORTH AMERICA: HVDC TRANSMISSION MARKET, BY COMPONENT,

2021–2024 (USD MILLION)            143

TABLE 114            NORTH AMERICA: HVDC TRANSMISSION MARKET, BY COMPONENT,

2025–2030 (USD MILLION)            144

TABLE 115            NORTH AMERICA: HVDC TRANSMISSION MARKET, BY COUNTRY,

2021–2024 (USD MILLION)            144

TABLE 116            NORTH AMERICA: HVDC TRANSMISSION MARKET, BY COUNTRY,

2025–2030 (USD MILLION)            144

TABLE 117            US: HVDC TRANSMISSION MARKET, BY COMPONENT, 2021–2024 (USD MILLION)              146

TABLE 118            US: HVDC TRANSMISSION MARKET, BY COMPONENT, 2025–2030 (USD MILLION)              146

TABLE 119            CANADA: HVDC TRANSMISSION MARKET, BY COMPONENT,

2021–2024 (USD MILLION)            147

TABLE 120            CANADA: HVDC TRANSMISSION MARKET, BY COMPONENT,

2025–2030 (USD MILLION)            147

TABLE 121            MEXICO: HVDC TRANSMISSION MARKET, BY COMPONENT,

2021–2024 (USD MILLION)          148

TABLE 122            MEXICO: HVDC TRANSMISSION MARKET, BY COMPONENT,

2025–2030 (USD MILLION)            148

TABLE 123            EUROPE: HVDC TRANSMISSION MARKET, BY COMPONENT,

2021–2024 (USD MILLION)            150

TABLE 124            EUROPE: HVDC TRANSMISSION MARKET, BY COMPONENT,

2025–2030 (USD MILLION)            150

TABLE 125            EUROPE: HVDC TRANSMISSION MARKET, BY COUNTRY,

2021–2024 (USD MILLION)            150

TABLE 126            EUROPE: HVDC TRANSMISSION MARKET, BY COUNTRY,

2025–2030 (USD MILLION)            151

TABLE 127            UK: HVDC TRANSMISSION MARKET, BY COMPONENT, 2021–2024 (USD MILLION)              152

TABLE 128            UK: HVDC TRANSMISSION MARKET, BY COMPONENT, 2025–2030 (USD MILLION)              152

TABLE 129            GERMANY: HVDC TRANSMISSION MARKET, BY COMPONENT,

2021–2024 (USD MILLION)            153

TABLE 130            GERMANY: HVDC TRANSMISSION MARKET, BY COMPONENT,

2025–2030 (USD MILLION)            153

TABLE 131            FRANCE: HVDC TRANSMISSION MARKET, BY COMPONENT,

2021–2024 (USD MILLION)            154

TABLE 132            FRANCE: HVDC TRANSMISSION MARKET, BY COMPONENT,

2025–2030 (USD MILLION)            155

TABLE 133            ITALY: HVDC TRANSMISSION MARKET, BY COMPONENT,

2021–2024 (USD MILLION)            155

TABLE 134            ITALY: HVDC TRANSMISSION MARKET, BY COMPONENT,

2025–2030 (USD MILLION)            155

TABLE 135            SPAIN: HVDC TRANSMISSION MARKET, BY COMPONENT,

2021–2024 (USD MILLION)            156

TABLE 136            SPAIN: HVDC TRANSMISSION MARKET, BY COMPONENT,

2025–2030 (USD MILLION)            156

TABLE 137            POLAND: HVDC TRANSMISSION MARKET, BY COMPONENT,

2021–2024 (USD MILLION)            157

TABLE 138            POLAND: HVDC TRANSMISSION MARKET, BY COMPONENT,

2025–2030 (USD MILLION)            157

TABLE 139            NORDICS: HVDC TRANSMISSION MARKET, BY COMPONENT,

2021–2024 (USD MILLION)            158

TABLE 140            NORDICS: HVDC TRANSMISSION MARKET, BY COMPONENT,

2025–2030 (USD MILLION)            158

TABLE 141            REST OF EUROPE: HVDC TRANSMISSION MARKET, BY COMPONENT,

2021–2024 (USD MILLION)            158

TABLE 142            REST OF EUROPE: HVDC TRANSMISSION MARKET, BY COMPONENT,

2025–2030 (USD MILLION)            159

TABLE 143            ASIA PACIFIC: HVDC TRANSMISSION MARKET, BY COMPONENT,

2021–2024 (USD MILLION)            160

TABLE 144            ASIA PACIFIC: HVDC TRANSMISSION MARKET, BY COMPONENT,

2025–2030 (USD MILLION)            161

TABLE 145            ASIA PACIFIC: HVDC TRANSMISSION MARKET, BY COUNTRY,

2021–2024 (USD MILLION)            161

TABLE 146            ASIA PACIFIC: HVDC TRANSMISSION MARKET, BY COUNTRY,

2025–2030 (USD MILLION)            162

TABLE 147            CHINA: HVDC TRANSMISSION MARKET, BY COMPONENT,

2021–2024 (USD MILLION)            163

TABLE 148            CHINA: HVDC TRANSMISSION MARKET, BY COMPONENT,

2025–2030 (USD MILLION)          164

TABLE 149            JAPAN: HVDC TRANSMISSION MARKET, BY COMPONENT,

2021–2024 (USD MILLION)            164

TABLE 150            JAPAN: HVDC TRANSMISSION MARKET, BY COMPONENT,

2025–2030 (USD MILLION)            165

TABLE 151            SOUTH KOREA: HVDC TRANSMISSION MARKET, BY COMPONENT,

2021–2024 (USD MILLION)            165

TABLE 152            SOUTH KOREA: HVDC TRANSMISSION MARKET, BY COMPONENT,

2025–2030 (USD MILLION)            166

TABLE 153            INDIA: HVDC TRANSMISSION MARKET, BY COMPONENT,

2021–2024 (USD MILLION)            167

TABLE 154            INDIA: HVDC TRANSMISSION MARKET, BY COMPONENT,

2025–2030 (USD MILLION)            167

TABLE 155            AUSTRALIA: HVDC TRANSMISSION MARKET, BY COMPONENT,

2021–2024 (USD MILLION)            168

TABLE 156            AUSTRALIA: HVDC TRANSMISSION MARKET, BY COMPONENT,

2025–2030 (USD MILLION)            168

TABLE 157            INDONESIA: HVDC TRANSMISSION MARKET, BY COMPONENT,

2021–2024 (USD MILLION)            169

TABLE 158            INDONESIA: HVDC TRANSMISSION MARKET, BY COMPONENT,

2025–2030 (USD MILLION)            169

TABLE 159            MALAYSIA: HVDC TRANSMISSION MARKET, BY COMPONENT,

2021–2024 (USD MILLION)            170

TABLE 160            MALAYSIA: HVDC TRANSMISSION MARKET, BY COMPONENT,

2025–2030 (USD MILLION)            170

TABLE 161            THAILAND: HVDC TRANSMISSION MARKET, BY COMPONENT,

2021–2024 (USD MILLION)            170

TABLE 162            THAILAND: HVDC TRANSMISSION MARKET, BY COMPONENT,

2025–2030 (USD MILLION)            171

TABLE 163            VIETNAM: HVDC TRANSMISSION MARKET, BY COMPONENT,

2021–2024 (USD MILLION)            171

TABLE 164            VIETNAM: HVDC TRANSMISSION MARKET, BY COMPONENT,

2025–2030 (USD MILLION)            172

TABLE 165            REST OF ASIA PACIFIC: HVDC TRANSMISSION MARKET, BY COMPONENT,

2021–2024 (USD MILLION)            172

TABLE 166            REST OF ASIA PACIFIC: HVDC TRANSMISSION MARKET, BY COMPONENT,

2025–2030 (USD MILLION)            172

TABLE 167            ROW: HVDC TRANSMISSION MARKET, BY COMPONENT,

2021–2024 (USD MILLION)            173

TABLE 168            ROW: HVDC TRANSMISSION MARKET, BY COMPONENT,

2025–2030 (USD MILLION)            173

TABLE 169            ROW: HVDC TRANSMISSION MARKET, BY REGION, 2021–2024 (USD MILLION)          173

TABLE 170            ROW: HVDC TRANSMISSION MARKET, BY REGION, 2025–2030 (USD MILLION)          174

TABLE 171            MIDDLE EAST: HVDC TRANSMISSION MARKET, BY COUNTRY,

2021–2024, (USD MILLION)           175

TABLE 172            MIDDLE EAST: HVDC TRANSMISSION MARKET, BY COUNTRY,

2025–2030, (USD MILLION)           175

TABLE 173            MIDDLE EAST: HVDC TRANSMISSION MARKET, BY COMPONENT,

2021–2024 (USD MILLION)            175

TABLE 174            MIDDLE EAST: HVDC TRANSMISSION MARKET, BY COMPONENT,

2025–2030 (USD MILLION)            176

TABLE 175            AFRICA: HVDC TRANSMISSION MARKET, BY COUNTRY,

2021–2024, (USD MILLION)         178

TABLE 176            AFRICA: HVDC TRANSMISSION MARKET, BY COUNTRY,

2025–2030, (USD MILLION)           178

TABLE 177            AFRICA: HVDC TRANSMISSION MARKET, BY COMPONENT,

2021–2024 (USD MILLION)            179

TABLE 178            AFRICA: HVDC TRANSMISSION MARKET, BY COMPONENT,

2025–2030 (USD MILLION)            179

TABLE 179            SOUTH AMERICA: HVDC TRANSMISSION MARKET, BY COMPONENT,

2021–2024 (USD MILLION)            181

TABLE 180            SOUTH AMERICA: HVDC TRANSMISSION MARKET, BY COMPONENT,

2025–2030 (USD MILLION)            181

TABLE 181            OVERVIEW OF STRATEGIES ADOPTED BY KEY PLAYERS, 2020–2025         182

TABLE 182            HVDC TRANSMISSION MARKET: DEGREE OF COMPETITION, 2024       184

TABLE 183            REGION FOOTPRINT     191

TABLE 184            COMPONENT FOOTPRINT          192

TABLE 185            APPLICATION FOOTPRINT         193

TABLE 186            PROJECT TYPE FOOTPRINT        194

TABLE 187            HVDC TRANSMISSION MARKET: DETAILED LIST OF KEY STARTUPS/SMES              197

TABLE 188            STARTUPS/SMES FOOTPRINT, BY COMPONENT                 198

TABLE 189            STARTUPS/SMES FOOTPRINT, BY APPLICATION   198

TABLE 190            STARTUPS/SMES FOOTPRINT, BY PROJECT TYPE     199

TABLE 191            STARTUPS/SMES FOOTPRINT, BY REGION                 199

TABLE 192            HVDC TRANSMISSION MARKET: PRODUCT LAUNCHES, JANUARY 2022– JULY 2025    200

TABLE 193            HVDC TRANSMISSION MARKET: DEALS, JANUARY 2022– JULY 2025              200

TABLE 194            HVDC TRANSMISSION MARKET: OTHER DEVELOPMENTS,

JANUARY 2022– JULY 2025              201

TABLE 195            HITACHI, LTD.: COMPANY OVERVIEW   204

TABLE 196            HITACHI, LTD.: PRODUCTS/SOLUTIONS/SERVICES OFFERED    205

TABLE 197            HITACHI, LTD.: DEALS  206

TABLE 198            HITACHI, LTD.: OTHER DEVELOPMENTS                 207

TABLE 199            SIEMENS ENERGY: COMPANY OVERVIEW                 209

TABLE 200            SIEMENS ENERGY: PRODUCTS/SOLUTIONS/SERVICES OFFERED    210

TABLE 201            SIEMENS ENERGY: DEALS             212

TABLE 202            SIEMENS ENERGY: OTHER DEVELOPMENTS                 213

TABLE 203            MITSUBISHI ELECTRIC CORPORATION: COMPANY OVERVIEW   214

TABLE 204            MITSUBISHI ELECTRIC CORPORATION: PRODUCTS/SOLUTIONS/SERVICES OFFERED    215

TABLE 205            MITSUBISHI ELECTRIC CORPORATION: DEALS                 216

TABLE 206            MITSUBISHI ELECTRIC CORPORATION: OTHER DEVELOPMENTS              217

TABLE 207            GE VERNOVA: COMPANY OVERVIEW      218

TABLE 208            GE VERNOVA: PRODUCTS/SOLUTIONS/SERVICES OFFERED    219

TABLE 209            GE VERNOVA: DEALS     220

TABLE 210            GE VERNOVA: OTHER DEVELOPMENTS                 221

TABLE 211            PRYSMIAN GROUP: COMPANY OVERVIEW                 223

TABLE 212            PRYSMIAN GROUP: PRODUCTS/SOLUTIONS/SERVICES OFFERED    224

TABLE 213            PRYSMIAN GROUP: PRODUCT LAUNCHES                 225

TABLE 214            PRYSMIAN GROUP: DEALS           226

TABLE 215            PRYSMIAN GROUP: OTHER DEVELOPMENTS                 226

TABLE 216            TOSHIBA CORPORATION: COMPANY OVERVIEW          228

TABLE 217            TOSHIBA CORPORATION: PRODUCTS/SOLUTIONS/SERVICES OFFERED    229

TABLE 218            TOSHIBA CORPORATION: DEALS             230

TABLE 219            TOSHIBA CORPORATION: OTHER DEVELOPMENTS              230

TABLE 220            NKT A/S: COMPANY OVERVIEW                231

TABLE 221            NKT A/S: PRODUCTS/SOLUTIONS/SERVICES OFFERED             232

TABLE 222            NKT A/S: DEALS                233

TABLE 223            NKT A/S: OTHER DEVELOPMENTS          234

TABLE 224            NEXANS: COMPANY OVERVIEW 236

TABLE 225            NEXANS: PRODUCTS/SOLUTIONS/SERVICES OFFERED             237

TABLE 226            NEXANS: DEALS                238

TABLE 227            NEXANS: OTHER DEVELOPMENTS           239

TABLE 228            LS ELECTRIC CO., LTD.: COMPANY OVERVIEW                 240

TABLE 229            LS ELECTRIC CO., LTD.: PRODUCTS/SOLUTIONS/SERVICES OFFERED    241

TABLE 230            LS ELECTRIC CO., LTD.: DEALS 242

TABLE 231            LS ELECTRIC CO., LTD.: OTHER DEVELOPMENTS              242

TABLE 232            NR ELECTRIC CO., LTD.: COMPANY OVERVIEW                 243

TABLE 233            NR ELECTRIC CO., LTD.: PRODUCTS/SOLUTIONS/SERVICES OFFERED    243

LIST OF FIGURES

FIGURE 1              HVDC TRANSMISSION MARKET SEGMENTATION AND REGIONAL SCOPE              27

FIGURE 2              HVDC TRANSMISSION MARKET: RESEARCH DESIGN                31

FIGURE 3              BOTTOM-UP APPROACH              36

FIGURE 4              TOP-DOWN APPROACH                37

FIGURE 5              MARKET SIZE ESTIMATION: DEMAND-SIDE ANALYSIS            38

FIGURE 6              MARKET SIZE ESTIMATION: SUPPLY-SIDE ANALYSIS            39

FIGURE 7              DATA TRIANGULATION                40

FIGURE 8              HVDC TRANSMISSION MARKET, 2021–2030                 43

FIGURE 9              CONVERTER STATIONS SEGMENT TO DOMINATE MARKET IN 2025       43

FIGURE 10            POINT-TO-POINT SEGMENT TO CAPTURE LARGEST MARKET SHARE IN 2030             44

FIGURE 11            LINE COMMUTATED COVERTER (LCC) SEGMENT TO SECURE

LARGEST MARKET SHARE IN 2030             44

FIGURE 12            BULK POWER TRANSMISSION SEGMENT TO COMMAND LARGEST MARKET SHARE IN 2030    45

FIGURE 13            ASIA PACIFIC TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD       46

FIGURE 14            TRANSITION TOWARD RENEWABLE ENERGY SOURCES TO SUPPORT MARKET GROWTH          47

FIGURE 15            CONVERTER STATIONS SEGMENT TO CAPTURE LARGEST MARKET SHARE IN 2030             48

FIGURE 16            LINE COMMUTATED CONVERTER (LCC) SEGMENT TO DOMINATE MARKET IN 2030          48

FIGURE 17            POINT-TO-POINT SEGMENT TO SECURE LARGEST MARKET SHARE IN 2030             49

FIGURE 18            BULK POWER TRANSMISSION SEGMENT TO LEAD MARKET IN 2030   49

FIGURE 19            CONVERTER STATION AND CHINA HELD LARGEST SHARES OF HVDC TRANSMISSION MARKET IN ASIA PACIFIC IN 2024                 50

FIGURE 20            CHINA TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD         50

FIGURE 21            HVDC TRANSMISSION MARKET: MARKET DYNAMICS          51

FIGURE 22            ELECTRICITY CONSUMPTION, BY REGION, 2021–2024              53

FIGURE 23            IMPACT ANALYSIS OF DRIVERS ON HVDC TRANSMISSION MARKET              54

FIGURE 24            IMPACT ANALYSIS OF RESTRAINTS ON HVDC TRANSMISSION MARKET              56

FIGURE 25            IMPACT ANALYSIS OF OPPORTUNITIES ON HVDC TRANSMISSION MARKET 59

FIGURE 26            IMPACT ANALYSIS OF CHALLENGES ON HVDC TRANSMISSION MARKET              61

FIGURE 27            HVDC TRANSMISSION MARKET: SUPPLY CHAIN ANALYSIS            62

FIGURE 28            HVDC TRANSMISSION MARKET: ECOSYSTEM MAPPING             64

FIGURE 29            INVESTMENT AND FUNDING SCENARIO, 2021–2025        65

FIGURE 30            AVERAGE SELLING PRICE TREND OF COMPONENTS, BY KEY PLAYER, 2021–2024            68

FIGURE 31            AVERAGE SELLING PRICE TREND OF COMPONENTS, BY REGION, 2021–2024    69

FIGURE 32            NUMBER OF PATENTS GRANTED IN HVDC TRANSMISSION MARKET, 2015–2024         70

FIGURE 33            HVDC TRANSMISSION MARKET: PORTER’S FIVE FORCES ANALYSIS           72

FIGURE 34            INFLUENCE OF STAKEHOLDERS ON TOP APPLICATIONS 75

FIGURE 35            KEY BUYING CRITERIA FOR TOP APPLICATIONS                 75

FIGURE 36            IMPORT DATA FOR HS CODE 8504-COMPLIANT PRODUCTS, BY COUNTRY,

2020–2024              78

FIGURE 37            EXPORT DATA FOR HS CODE 8504-COMPLIANT PRODUCTS, BY COUNTRY,

2020–2024              79

FIGURE 38            TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS   84

FIGURE 39            IMPACT OF AI ON HVDC TRANSMISSION MARKET               86

FIGURE 40            POINT-TO-POINT SEGMENT TO CAPTURE LARGEST MARKET SHARE IN 2025             95

FIGURE 41            BULK POWER TRANSMISSION SEGMENT TO ACCOUNT FOR LARGEST MARKET SHARE IN 2030             106

FIGURE 42            CONVERTER STATIONS SEGMENT TO CAPTURE LARGEST MARKET SHARE IN 2030             114

FIGURE 43            LINE COMMUTATED CONVERTER (LCC) SEGMENT TO ACCOUNT FOR LARGEST SHARE OF HVDC TRANSMISSION MARKET FROM 2025 TO 2030      133

FIGURE 44            ASIA PACIFIC TO BE FASTEST-GROWING REGION DURING FORECAST PERIOD     141

FIGURE 45            NORTH AMERICA: HVDC TRANSMISSION MARKET SNAPSHOT       143

FIGURE 46            EUROPE: HVDC TRANSMISSION MARKET SNAPSHOT          149

FIGURE 47            ASIA PACIFIC: HVDC TRANSMISSION MARKET SNAPSHOT          160

FIGURE 48            HVDC TRANSMISSION MARKET: MARKET SHARE ANALYSIS, 2024   183

FIGURE 49            REVENUE ANALYSIS OF KEY PLAYERS IN HVDC TRANSMISSION

MARKET, 2020–2024          185

FIGURE 50            COMPANY VALUATION, 2025      186

FIGURE 51            FINANCIAL METRICS, 2025            186

FIGURE 52            BRAND/PRODUCT COMPARISON             187

FIGURE 53           COMPANY EVALUATION MATRIX: KEY PLAYERS, 2024        189

FIGURE 54            OVERALL COMPANY FOOTPRINT            190

FIGURE 55            COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2024   196

FIGURE 56            HITACHI, LTD.: COMPANY SNAPSHOT  204

FIGURE 57            SIEMENS ENERGY: COMPANY SNAPSHOT                 210

FIGURE 58            MITSUBISHI ELECTRIC CORPORATION: COMPANY SNAPSHOT   215

FIGURE 59            GE VERNOVA: COMPANY SNAPSHOT     219

FIGURE 60            PRYSMIAN GROUP: COMPANY SNAPSHOT                 224

FIGURE 61            NKT A/S: COMPANY SNAPSHOT                232

FIGURE 62            NEXANS: COMPANY SNAPSHOT                237

FIGURE 63            LS ELECTRIC CO., LTD.: COMPANY SNAPSHOT                 241