The North America HVDC Transmission Market would witness market growth of 5.1% CAGR during the forecast period (2023-2030).
The HVDC transmission market is driven by the increasing demand for VSC technology. Usually, HVDC technology is generally used to transmit electricity over extended distances. In addition, the rising demand for high-voltage direct current transmission is primarily attributable to the increasing global demand for electricity. Increasing power demand is driving the need for an efficient and dependable transmission infrastructure, and HVDC transmission systems are being considered a solution. HVDC technology enables the development of international power lines between adjacent nations or regions.
Continuous advancements in HVDC technology, including voltage-source converters (VSC-HVDC) and line-commutated converters (LCC-HVDC), drive the market's development. VSC-HVDC systems are gaining popularity due to their improved controllability and performance. Prominent companies involved in the HVDC transmission market include ABB, Siemens, General Electric (GE), Hitachi ABB Power Grids, and Toshiba. These companies provide various HVDC solutions and services. Government support and policies to enhance grid infrastructure, promote renewable energy, and improve energy efficiency play a vital role in the growth of the HVDC transmission market.
North America has been witnessing a significant increase in renewable energy generation, particularly from sources such as wind and solar. HVDC transmission is essential for efficiently transporting renewable energy to urban and load centres from remote areas with abundant resources. Projects like the Plains & Eastern Clean Line and the Champlain Hudson Power Express in the United States are examples of HVDC lines aimed at integrating renewable energy. North America's neighbouring countries, such as the United States, Canada, and Mexico, are increasingly interconnected through HVDC transmission lines. These factors will propel the growth of the market.
The US market dominated the North America HVDC Transmission Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $3,111.9 million by 2030. The Canada market is experiencing a CAGR of 7.5% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 6.5% during (2023 - 2030).
Based on Project Type, the market is segmented into Point-to-point (Monopolar Transmission Systems, and Bipolar Transmission Systems), Back-to-back, and Multi-terminal. Based on Technology, the market is segmented into Line Commutated Converter (LCC), Capacitor Commutated Converter (CCC), and Voltage Source Converter (VSC). Based on Application, the market is segmented into Bulk Power Transmission, Interconnecting Grids, and Infeed Urban Areas. Based on Component, the market is segmented into Converter Stations, Transmission Cables, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The HVDC Transmission Market is Predict to reach $16.5 Billion by 2030, at a CAGR of 5.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Hitachi, Ltd., Mitsubishi Electric Corporation, Siemens Energy AG, General Electric Company, Prysmian Group, Toshiba Corporation, NKT Photonics A/S (NKT A/S), Nexans S.A., LS ELECTRIC CO., Ltd, and NR Electric Co., Ltd. (NARI Technology Development Limited Co.)
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