HVDC Transmission System Market Size, Share, Growth Analysis, By Component Type(Converters, DC Lines, Filters, Others (including Ground Electrodes), By Power Rating(Below 500 MW, 501 MW to 999 MW, 1000 MW to 2000 MW, Above 2000 MW), By Application(Interconnecting Grids, Bulk Power Transmission, Offshore Power Transmission, Integration of Renewable Energy), By Region - Industry Forecast 2024-2031

Global HVDC Transmission System Market size was valued at USD 10.27 billion in 2022 and is poised to grow from USD 11.13 billion in 2023 to USD 21.22 billion by 2031, growing at a CAGR of 8.4% in the forecast period (2024-2031).

In latest years, The international High Voltage Direct Current (HVDC) Transmission System marketplace has witnessed big increase in latest years, pushed through numerous key elements. HVDC generation performs a crucial role in effectively transmitting large quantities of strength over long distances, offering decrease transmission losses as compared to conventional alternating cutting-edge (AC) systems. The increasing integration of renewable strength sources, which includes wind and sun strength, has driven the demand for HVDC transmission systems. These structures are effective in transporting electricity from remote renewable power web sites to population facilities.

Governments and utilities worldwide are making an investment in the interconnection of power grids to decorate strength safety and reliability. HVDC structures facilitate the green transfer of power between grids working at extraordinary frequencies and voltages. Ongoing advancements in HVDC technology, inclusive of voltage source converters (VSC) and line-commutated converters (LCC), make a contribution to stepped forward device overall performance, more suitable manage competencies, and extended performance.