Western Europe is poised to witness a surge in demand for HVDC transmission systems, particularly in the United Kingdom and Germany. The region is expected to experience compound annual growth rate of 8.1% through 2033 for HVDC transmission system. By 2033, the industry valuation is anticipated to reach US$ 4,824 million, up from the 2023 value of US$ 2,464 million.
| Attributes | Details |
|---|---|
| Industry Size of Western Europe in 2023 | US$ 2,464 million |
| Expected Industry Size of Western Europe by 2033 | US$ 4,824 million |
| Forecasted CAGR between 2023 to 2033 | 8.1% |
HVDC transmission systems are increasingly employed for bulk power transmission, grid interconnection, and supplying power to urban areas. Environmental impact can be minimized through the use of biodegradable insulating fluids and energy conservation. Research and development efforts remain centered on innovative HVDC technology, with a focus on cost reduction, voltage increase, and capacity enhancement.
Renewable energy sources and the growing demand for enhanced supply security are propelling the adoption of HVDC grid technology in the country. Offshore wind, solar photovoltaics, and grid expansion necessitate a smart energy infrastructure to balance their fluctuating supply.
Key Insights that Boost the Sales of HVDC Transmission System in Western Europe
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Technology such as VSC plays a crucial role in enhancing the performance and capabilities of HVDC systems. Voltage and frequency can be precisely controlled with VSC-based HVDC systems, providing greater flexibility and grid stability. Given the inherent variability of renewable energy sources, this capability is essential for their seamless integration. Hence, the segment is expected to hold an industry share of 61.6% in 2023.
| Western Europe HVDC Transmission Systems by Technology | Voltage Source Converters (VSC) Technology |
|---|---|
| Expected Revenue Share in 2023 | 61.6% |
Grid stability is significantly fortified by VSCs, especially when disturbances or fluctuations in power supply occur. Maintaining grid stability is facilitated by VSCs, which offer rapid reactive power response. In comparison to AC transmission, HVDC transmission generally experiences fewer electrical interferences. This efficiency is further augmented by VSC technology.
Wind and solar energy can be seamlessly integrated into the grid with VSC-HVDC systems. Given the intermittent and variable nature of these energy sources, transitioning them into the grid becomes smoother. In cases involving underground and underwater cables, VSC-HVDC is often preferred over traditional AC transmission for both practical and environmental considerations.
High Voltage Direct Current (HVDC) transmission systems, capable of transmitting over 2000 MW of power, typically incorporate advanced technology and devices. As a result, demand for this system is growing across Western Europe
| Western Europe HVDC Transmission Systems by Power Rating | Above 2000 MW |
|---|---|
| Expected Revenue Share in 2023 | 38.2% |
Power can be transmitted through densely populated areas and across bodies of water using submarine or underground cable systems. Additionally, apart from facilitating efficient power transmission, these cables are designed to withstand high voltages.
Principal Consultant
| Western Europe HVDC Transmission Systems | CAGR from 2023 to 2033 |
|---|---|
| United Kingdom | 6.6% |
| Germany | 8.0% |
| France | 6.1% |
According to the forecast, the HVDC transmission systems industry in Western Europe could experience significant growth, particularly in the United Kingdom, over the next few years. The industry in the United Kingdom is expected to achieve a CAGR of 6.6% during the forecast period.
A low-carbon economy is becoming increasingly important for the United Kingdom as the country's power generation mix undergoes changes. Additionally, the country has enacted several policies to propel it towards a low-carbon energy future.
Germany holds the prime share of HVDC transmission in the European region and boasts one of the fastest-growing industries. Government support could expedite industrialization, while economic growth could spur demand. The number of transmission infrastructure projects and investments is increasing in an effort to bolster economic growth. The industry is expected to experience a CAGR of 8.0% during the forecast period in this country.
Siemens Energy, for example, teamed up with Italy's FATA to supply four converter stations to Terna in support of the "Tyrrhenian Link" project, which connects mainland Italy, Sicily and Sardinia via a 970 km HVDC link. This project is going to result in a more stable island power grid, enabling the utilization of renewable energy and the closure of coal-fired power plants, leading to reduced CO2 emissions.
The development of smart cities and the requirement for submarine power transmission systems are driving an increase in demand. Investing in smart technologies and asset management is likely to further enhance demand in the future. As renewable energy facilities continue to be constructed and fossil fuels are phased out, the industry is expected to experience considerable growth.
With HVDC transmission, electricity can be conveyed more efficiently from remote renewable power plants, bypassing the HVAC system. This makes it an ideal choice for long-distance transmission. The integration of renewable energy and the necessity to bolster supply security are anticipated to drive advancements in HVDC grid technology.
Companies are looking to strengthen their industry position by focusing on new projects related to transmission and distribution. Leading players in the HVDC transmission industry are making significant investments in research and development. Industry participants are undertaking multiple strategic initiatives to broaden their footprint, including the launch of new products, mergers and acquisitions, and increased investments.
Recent Developments Observed in Western Europe HVDC Transmission System Business
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| Attributes | Details |
|---|---|
| Estimated Industry Size in 2023 | US$ 2,464 million |
| Projected Industry Valuation by 2033 | US$ 4,824 million |
| Value-based CAGR 2023 to 2033 | 8.1% |
| Historical Analysis of the HVDC Transmission System in Western Europe | 2018 to 2022 |
| Demand Forecast for HVDC Transmission System in Western Europe | 2023 to 2033 |
| Report Coverage | Industry Size, Industry Trends, Analysis of key factors influencing HVDC Transmission System in Western Europe Insights on Global Players and their Industry Strategy in Western Europe, Ecosystem Analysis of Local and Regional Western Europe Providers |
| Key Countries Analyzed While Studying Opportunites in HVDC Transmission System in Western Europe | Germany, Italy, France, United Kingdom, Spain, BENELUX, Nordic, Rest of Western Europe |
| Key Companies Profiled | ADM (Archer Daniels Midland Company); Cargill; DuPont; Kerry Group; Soyuzprodimport; Roquette Freres; Emsland Group; Kerry Ingredients; The Scoular Company; Aviom Foods |
The HVDC transmission system industry in Western Europe is valued at US$ 2,464 million.
The total value of the HVDC transmission system in Western Europe is likely to reach US$ 4,824 million by 2033.
The HVDC transmission system in Western Europe is projected to increase at an 8.1% CAGR from 2023 to 2033.
The VSC technology is widely used for HVDC transmission in Western Europe.
1. Executive Summary
1.1. Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
3.5. PESTLE and Porter’s Analysis
3.6. Regulatory Landscape
3.6.1. By Key Regions
3.6.2. By Key Countries
3.7. Regional Parent Market Outlook
4. Industry Analysis and Outlook 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) Projections, 2023 to 2033
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By System Component
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) Analysis By System Component, 2018 to 2022
5.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By System Component, 2023 to 2033
5.3.1. Solution
5.3.1.1. AC & DC Harmonic Filters
5.3.1.2. Converters
5.3.1.3. DC Lines
5.3.1.4. Circuit Breakers
5.3.1.5. Others
5.3.2. Services
5.4. Y-o-Y Growth Trend Analysis By System Component, 2018 to 2022
5.5. Absolute $ Opportunity Analysis By System Component, 2023 to 2033
6. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Technology
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) Analysis By Technology, 2018 to 2022
6.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Technology, 2023 to 2033
6.3.1. LCC
6.3.2. VSC
6.3.3. Others
6.4. Y-o-Y Growth Trend Analysis By Technology, 2018 to 2022
6.5. Absolute $ Opportunity Analysis By Technology, 2023 to 2033
7. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Deployment
7.1. Introduction / Key Findings
7.2. Historical Market Size Value (US$ Million) Analysis By Deployment, 2018 to 2022
7.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Deployment, 2023 to 2033
7.3.1. Overhead
7.3.2. Underground
7.3.3. Subsea
7.3.4. Combination
7.4. Y-o-Y Growth Trend Analysis By Deployment, 2018 to 2022
7.5. Absolute $ Opportunity Analysis By Deployment, 2023 to 2033
8. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Power Rating
8.1. Introduction / Key Findings
8.2. Historical Market Size Value (US$ Million) Analysis By Power Rating, 2018 to 2022
8.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Power Rating, 2023 to 2033
8.3.1. Below 1000 MW
8.3.2. 1000 to 2000 MW
8.3.3. 2000 MW & above
8.4. Y-o-Y Growth Trend Analysis By Power Rating, 2018 to 2022
8.5. Absolute $ Opportunity Analysis By Power Rating, 2023 to 2033
9. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Country
9.1. Introduction
9.2. Historical Market Size Value (US$ Million) Analysis By Country, 2018 to 2022
9.3. Current Market Size Value (US$ Million) Analysis and Forecast By Country, 2023 to 2033
9.3.1. UK
9.3.2. Germany
9.3.3. Italy
9.3.4. France
9.3.5. Spain
9.3.6. Rest of Western Europe
9.4. Market Attractiveness Analysis By Country
10. UK Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Region
10.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
10.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
10.2.1. By Region
10.2.1.1. England
10.2.1.2. Scotland
10.2.1.3. Wales
10.2.1.4. Northern Ireland
10.2.2. By System Component
10.2.3. By Technology
10.2.4. By Deployment
10.2.5. By Power Rating
10.3. Market Attractiveness Analysis
10.3.1. By Region
10.3.2. By System Component
10.3.3. By Technology
10.3.4. By Deployment
10.3.5. By Power Rating
10.4. Key Takeaways
11. Germany Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Region
11.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
11.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
11.2.1. By Region
11.2.1.1. North-east (Germany)
11.2.1.2. North-west (Germany)
11.2.1.3. Central (Germany)
11.2.1.4. South (Germany)
11.2.1.5. Other(Germany)
11.2.2. By System Component
11.2.3. By Technology
11.2.4. By Deployment
11.2.5. By Power Rating
11.3. Market Attractiveness Analysis
11.3.1. By Region
11.3.2. By System Component
11.3.3. By Technology
11.3.4. By Deployment
11.3.5. By Power Rating
11.4. Key Takeaways
12. Italy Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Region
12.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
12.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
12.2.1. By Region
12.2.1.1. North (Italy)
12.2.1.2. Central (Italy)
12.2.1.3. South (Italy)
12.2.1.4. Islands (Italy)
12.2.2. By System Component
12.2.3. By Technology
12.2.4. By Deployment
12.2.5. By Power Rating
12.3. Market Attractiveness Analysis
12.3.1. By Region
12.3.2. By System Component
12.3.3. By Technology
12.3.4. By Deployment
12.3.5. By Power Rating
12.4. Key Takeaways
13. France Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Region
13.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
13.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
13.2.1. By Region
13.2.1.1. Northern (France)
13.2.1.2. Central (France)
13.2.1.3. Southern (France)
13.2.1.4. Eastern (France)
13.2.2. By System Component
13.2.3. By Technology
13.2.4. By Deployment
13.2.5. By Power Rating
13.3. Market Attractiveness Analysis
13.3.1. By Region
13.3.2. By System Component
13.3.3. By Technology
13.3.4. By Deployment
13.3.5. By Power Rating
13.4. Key Takeaways
14. Spain Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Region
14.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
14.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
14.2.1. By Region
14.2.1.1. Basque Country
14.2.1.2. Andalusia
14.2.1.3. Extremadura
14.2.1.4. Catalonia
14.2.1.5. Valencia
14.2.1.6. Rest of Spain
14.2.2. By System Component
14.2.3. By Technology
14.2.4. By Deployment
14.2.5. By Power Rating
14.3. Market Attractiveness Analysis
14.3.1. By Region
14.3.2. By System Component
14.3.3. By Technology
14.3.4. By Deployment
14.3.5. By Power Rating
14.4. Key Takeaways
15. Rest of Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
15.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
15.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
15.2.1. By System Component
15.2.2. By Technology
15.2.3. By Deployment
15.2.4. By Power Rating
15.3. Market Attractiveness Analysis
15.3.1. By System Component
15.3.2. By Technology
15.3.3. By Deployment
15.3.4. By Power Rating
15.4. Key Takeaways
16. Market Structure Analysis
16.1. Competition Dashboard
16.2. Competition Benchmarking
16.3. Market Share Analysis of Top Players
16.3.1. By Regional
16.3.2. By System Component
16.3.3. By Technology
16.3.4. By Deployment
16.3.5. By Power Rating
17. Competition Analysis
17.1. Competition Deep Dive
17.1.1. ABB Ltd.
17.1.1.1. Overview
17.1.1.2. Product Portfolio
17.1.1.3. Profitability by Market Segments
17.1.1.4. Sales Footprint
17.1.1.5. Strategy Overview
17.1.1.5.1. Marketing Strategy
17.1.2. Siemens AG
17.1.2.1. Overview
17.1.2.2. Product Portfolio
17.1.2.3. Profitability by Market Segments
17.1.2.4. Sales Footprint
17.1.2.5. Strategy Overview
17.1.2.5.1. Marketing Strategy
17.1.3. Toshiba Corporation
17.1.3.1. Overview
17.1.3.2. Product Portfolio
17.1.3.3. Profitability by Market Segments
17.1.3.4. Sales Footprint
17.1.3.5. Strategy Overview
17.1.3.5.1. Marketing Strategy
17.1.4. General Electric Co.
17.1.4.1. Overview
17.1.4.2. Product Portfolio
17.1.4.3. Profitability by Market Segments
17.1.4.4. Sales Footprint
17.1.4.5. Strategy Overview
17.1.4.5.1. Marketing Strategy
17.1.5. Mitsubishi Electric Corporation
17.1.5.1. Overview
17.1.5.2. Product Portfolio
17.1.5.3. Profitability by Market Segments
17.1.5.4. Sales Footprint
17.1.5.5. Strategy Overview
17.1.5.5.1. Marketing Strategy
17.1.6. Prysmian SpA
17.1.6.1. Overview
17.1.6.2. Product Portfolio
17.1.6.3. Profitability by Market Segments
17.1.6.4. Sales Footprint
17.1.6.5. Strategy Overview
17.1.6.5.1. Marketing Strategy
17.1.7. TransGrid Solutions Inc.
17.1.7.1. Overview
17.1.7.2. Product Portfolio
17.1.7.3. Profitability by Market Segments
17.1.7.4. Sales Footprint
17.1.7.5. Strategy Overview
17.1.7.5.1. Marketing Strategy
17.1.8. Abengoa S.A.
17.1.8.1. Overview
17.1.8.2. Product Portfolio
17.1.8.3. Profitability by Market Segments
17.1.8.4. Sales Footprint
17.1.8.5. Strategy Overview
17.1.8.5.1. Marketing Strategy
17.1.9. ATCO LTD.
17.1.9.1. Overview
17.1.9.2. Product Portfolio
17.1.9.3. Profitability by Market Segments
17.1.9.4. Sales Footprint
17.1.9.5. Strategy Overview
17.1.9.5.1. Marketing Strategy
17.1.10. LS Industrial Systems Co., Ltd.
17.1.10.1. Overview
17.1.10.2. Product Portfolio
17.1.10.3. Profitability by Market Segments
17.1.10.4. Sales Footprint
17.1.10.5. Strategy Overview
17.1.10.5.1. Marketing Strategy
18. Assumptions & Acronyms Used
19. Research Methodology
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HVDC Transmission System Industry Analysis in Western Europe
