To 2023 HVDC market value of $ 11.52 billion
Market growth benefited from a number of factors, such as the integration of voltage source converter technology in the grid, which facilitated system security, liberalization of energy policies in Europe, and decommissioning of nuclear power plants and coal-fired power plants.
The Asia-Pacific region is increasingly adopting a bipolar configuration of point-to-point project types because of its reliability for carrying high power loads. Point-to-point project type is expected to be applied to future transmission and distribution systems. In addition, the point-to-point project type is used for situations where high power energy is required, or a lower load is used to separate the capacity between the two electrodes.
The demand for cost-effective solutions for long-distance transmission is the driving force behind the growth of the HVDC market. The Asia-Pacific region will be the world's fastest growing market due to the rapid deployment of the transmission network and the various incentives adopted by the government to integrate wind energy into the grid.
The main countries of the Asia-Pacific region include China, Japan, India, Australia and other regions. Thanks to the strong support of the Chinese and Indian governments for the development of HVDC transmission, the Asia-Pacific region accounted for the largest share of the global market in 2016.
The key participants in the global HVDC market include ABB (Switzerland), Siemens (Germany), General Electric (USA), Toshiba (Japan), Mitsubishi Electric (Japan), Nexans (France), Hitachi (Japan) (China), Sumitomo Electric (Japan), NARI Group CLP Power China (USA), American Superconducting Corporation (USA), Schneider Electric (France).