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PUBLISHER: Persistence Market Research | PRODUCT CODE: 1572937

PUBLISHER: Persistence Market Research | PRODUCT CODE: 1572937

North America High Voltage Direct Current (HVDC) Market by Product Type, End-Use, and Country-wise Insights: Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2024-2031

PUBLISHED: October 14, 2024

PAGES: 211 Pages

DELIVERY TIME: 2-5 business days

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Description

Persistence Market Research has recently released a comprehensive report on the North America High Voltage Direct Current (HVDC) market. The report offers a thorough assessment of crucial market dynamics, including drivers, trends, opportunities, and challenges, providing detailed insights into the market structure. This research publication presents exclusive data and statistics outlining the anticipated growth trajectory of the North America HVDC market from 2024 to 2031.

Key Insights:

North America HVDC Market Size (2024E): US$3.6 Bn
Projected Market Value (2031F): US$5.8 Bn
North America Market Growth Rate (CAGR 2024 to 2031):6.8%

HVDC Market - Report Scope:

High Voltage Direct Current (HVDC) technology is essential for efficient long-distance power transmission and is increasingly used to connect renewable energy sources to the grid. The North America HVDC market serves utilities, independent power producers, and industrial users, offering solutions like point-to-point transmission, multi-terminal DC systems, and back-to-back converters. Market growth is driven by the need for reliable electricity transmission, increasing investments in renewable energy, and advancements in HVDC technology, which improve efficiency and reduce transmission losses.

Market Growth Drivers:

The North America HVDC market is propelled by several key factors, including the rising demand for efficient power transmission solutions in response to growing electricity consumption and aging infrastructure. The shift towards renewable energy sources, particularly wind and solar power, necessitates the implementation of HVDC systems for optimal integration into existing grids. Moreover, governmental policies promoting renewable energy adoption and investment in grid modernization projects significantly contribute to market expansion. The increasing need for interconnection between regions to enhance grid reliability further fuels the growth of HVDC technology.

Market Restraints:

Despite promising growth prospects, the HVDC market faces challenges related to high initial investment costs, technical complexity, and regulatory hurdles. The installation and maintenance of HVDC systems require significant capital investment, which may deter some utility companies, especially in emerging markets. Additionally, the lack of standardized regulations and guidelines for HVDC implementation can pose challenges to market penetration and project execution. Addressing these economic and regulatory barriers will require collaboration between industry stakeholders and policymakers to facilitate smoother integration of HVDC technology into the energy infrastructure.

Market Opportunities:

The HVDC market presents significant growth opportunities driven by technological advancements, the transition to smart grids, and increasing investments in renewable energy infrastructure. The integration of digital technologies, such as advanced control systems and data analytics, can enhance the performance of HVDC systems and facilitate better management of power flows. Furthermore, the expansion of offshore wind farms and intercontinental HVDC projects represents a burgeoning area for market players to explore. Strategic partnerships, investments in R&D, and the development of cost-effective solutions are crucial to capitalize on emerging opportunities and sustain market leadership.

Key Questions Answered in the Report:

What are the primary factors driving the growth of the North America HVDC market?
Which HVDC technologies and applications are gaining traction across different sectors?
How are technological advancements reshaping the competitive landscape of the HVDC market?
Who are the key players contributing to the HVDC market, and what strategies are they employing to maintain market relevance?
What are the emerging trends and future prospects in the North America HVDC market?

Competitive Intelligence and Business Strategy:

Leading players in the North America HVDC market, including Siemens AG, ABB Ltd., and General Electric Company, focus on innovation, product differentiation, and strategic partnerships to gain a competitive edge. These companies invest in R&D to develop advanced HVDC solutions, such as voltage-source converters and modular multi-level converters, catering to diverse power transmission needs. Collaborations with utilities, governmental bodies, and research institutions facilitate market access and promote technology adoption. Additionally, emphasis on sustainability, grid reliability, and smart grid initiatives fosters market growth and enhances the overall efficiency of energy transmission systems.

Key Companies Profiled:

Siemens AG
ABB Ltd.
General Electric Company
Mitsubishi Electric Corporation
Hitachi Ltd.
Schneider Electric SE
Nexans S.A.
Pragma Industries
American Electric Power
TransGrid Solutions

North America HVDC Market Segmentation

By Transmission Type

Submarine HVDC Transmission System
HVDC Overhead Transmission System
HVDC Underground Transmission System

By Component

Converter Stations
Transmission Medium (Cables)
Misc.

By Application

Bulk Power Transmission
Interconnections
Offshore Wind Integration
Urban and Metropolitan Integration
Asynchronous Grid Interconnections

By Country

United States
Canada

Product Code: PMRREP34655

1. Executive Summary

1.1. North America High-Voltage Direct Current (HVDC) Market Snapshot, 2024-2031
1.2. Market Opportunity Assessment, 2024-2031, US$ Mn
1.3. Key Market Trends
1.4. Future Market Projections
1.5. Premium Market Insights
1.6. Industry Developments and Key Market Events
1.7. PMR Analysis and Recommendations

2. Market Overview

2.1. Market Scope and Definition
2.2. Market Dynamics
- 2.2.1. Drivers
- 2.2.2. Restraints
- 2.2.3. Opportunity
- 2.2.4. Challenges
- 2.2.5. Key Trends
2.3. High-Voltage Direct Current (HVDC) Market: Value Chain
- 2.3.1. List of Raw Material Supplier
- 2.3.2. List of Manufacturers
- 2.3.3. List of Distributors
- 2.3.4. List of Applications
- 2.3.5. Profitability Analysis
2.4. Forecast Factors - Relevance and Impact
2.5. Covid-19 Impact Assessment
2.6. PESTLE Analysis
2.7. Porter Five Force's Analysis
2.8. Geopolitical Tensions: Market Impact
2.9. Regulatory and Technology Landscape

3. Macro-Economic Factors

3.1. North America Sectorial Outlook
3.2. North America GDP Growth Outlook
3.3. North America Parent Market Overview
3.4. Other Macro Economic Factors

4. Price Trend Analysis, 2019-2031

4.1. Key Highlights
4.2. Key Factors Impacting Product Prices
4.3. Prices By Component/Transmission Type/Application
4.4. Regional Prices and Product Preferences

5. North America High-Voltage Direct Current (HVDC) Market Outlook: Historical (2019-2023) and Forecast (2024-2031)

5.1. Key Highlights
- 5.1.1. Market Size and Y-o-Y Growth
- 5.1.2. Absolute $ Opportunity
5.2. Market Size (US$ Mn) Analysis and Forecast
- 5.2.1. Historical Market Size Analysis, 2019-2023
- 5.2.2. Current Market Size Forecast, 2024-2031
5.3. North America High-Voltage Direct Current (HVDC) Market Outlook: Component
- 5.3.1. Introduction / Key Findings
- 5.3.2. Historical Market Size (US$ Mn) Analysis By Component, 2019-2023
- 5.3.3. Current Market Size (US$ Mn) Forecast By Component, 2024-2031
  - 5.3.3.1. Converter Stations
  - 5.3.3.2. Transmission Medium (Cables)
  - 5.3.3.3. Misc.
5.4. Market Attractiveness Analysis: Type
5.5. North America High-Voltage Direct Current (HVDC) Market Outlook: Transmission Type
- 5.5.1. Introduction / Key Findings
- 5.5.2. Historical Market Size (US$ Mn) Analysis By Transmission Type, 2019-2023
- 5.5.3. Current Market Size (US$ Mn) Forecast By Transmission Type, 2024-2031
  - 5.5.3.1. Submarine HVDC Transmission System
  - 5.5.3.2. HVDC Overhead Transmission System
  - 5.5.3.3. HVDC Underground Transmission System
5.6. Market Attractiveness Analysis: Transmission Type
5.7. North America High-Voltage Direct Current (HVDC) Market Outlook: Application
- 5.7.1. Introduction / Key Findings
- 5.7.2. Historical Market Size (US$ Mn) Analysis By Application, 2019-2023
- 5.7.3. Current Market Size (US$ Mn) Forecast By Application, 2024-2031
  - 5.7.3.1. Bulk Power Transmission
  - 5.7.3.2. Interconnections
  - 5.7.3.3. Offshore Wind Integration
  - 5.7.3.4. Urban and Metropolitan Integration
  - 5.7.3.5. Asynchronous Grid Interconnections
5.8. Market Attractiveness Analysis: Application

6. North America High-Voltage Direct Current (HVDC) Market Outlook: Country

6.1. Key Highlights
6.2. Historical Market Size (US$ Mn) Analysis By Region, 2019-2023
6.3. Current Market Size (US$ Mn) Forecast By Region, 2024-2031
- 6.3.1. United States
- 6.3.2. Canada
6.4. Market Attractiveness Analysis: Country

7. United Stats High-Voltage Direct Current (HVDC) Market Outlook: Historical (2019-2023) and Forecast (2024-2031)

7.1. Key Highlights
7.2. Pricing Analysis
7.3. Historical Market Size (US$ Mn) Analysis By Market, 2019-2023
- 7.3.1. By Component
- 7.3.2. By Transmission Type
- 7.3.3. By Application
7.4. Current Market Size (US$ Mn) Forecast By Component, 2024-2031
- 7.4.1. Converter Stations
- 7.4.2. Transmission Medium (Cables)
- 7.4.3. Misc.
7.5. Current Market Size (US$ Mn) Forecast By Transmission Type, 2024-2031
- 7.5.1. Submarine HVDC Transmission System
- 7.5.2. HVDC Overhead Transmission System
- 7.5.3. HVDC Underground Transmission System
7.6. Current Market Size (US$ Mn) Forecast By Application, 2024-2031
- 7.6.1. Bulk Power Transmission
- 7.6.2. Interconnections
- 7.6.3. Offshore Wind Integration
- 7.6.4. Urban and Metropolitan Integration
- 7.6.5. Asynchronous Grid Interconnections
7.7. Market Attractiveness Analysis

8. Canada High-Voltage Direct Current (HVDC) Market Outlook: Historical (2019-2023 ) and Forecast (2024-2031)

8.1. Key Highlights
8.2. Pricing Analysis
8.3. Historical Market Size (US$ Mn) Analysis By Market, 2019-2023
- 8.3.1. By Component
- 8.3.2. By Transmission Type
- 8.3.3. By Application
8.4. Current Market Size (US$ Mn)Forecast By Component, 2024-2031
- 8.4.1. Converter Stations
- 8.4.2. Transmission Medium (Cables)
- 8.4.3. Misc.
8.5. Current Market Size (US$ Mn)Forecast By Transmission Type, 2024-2031
- 8.5.1. Submarine HVDC Transmission System
- 8.5.2. HVDC Overhead Transmission System
- 8.5.3. HVDC Underground Transmission System
8.6. Current Market Size (US$ Mn)Forecast By Application, 2024-2031
- 8.6.1. Bulk Power Transmission
- 8.6.2. Interconnections
- 8.6.3. Offshore Wind Integration
- 8.6.4. Urban and Metropolitan Integration
- 8.6.5. Asynchronous Grid Interconnections
8.7. Market Attractiveness Analysis

9. Competition Landscape

9.1. Market Share Analysis, 2024
9.2. Market Structure
- 9.2.1. Competition Intensity Mapping By Market
- 9.2.2. Competition Dashboard
- 9.2.3. Apparent Production Capacity
9.3. Company Profiles (Details - Overview, Financials, Strategy, Recent Developments)
- 9.3.1. ABB Ltd.
  - 9.3.1.1. Overview
  - 9.3.1.2. Segments and Products
  - 9.3.1.3. Key Financials
  - 9.3.1.4. Market Developments
  - 9.3.1.5. Market Strategy
- 9.3.2. General Electric
  - 9.3.2.1. Overview
  - 9.3.2.2. Segments and Products
  - 9.3.2.3. Key Financials
  - 9.3.2.4. Market Developments
  - 9.3.2.5. Market Strategy
- 9.3.3. Siemens AG
  - 9.3.3.1. Overview
  - 9.3.3.2. Segments and Products
  - 9.3.3.3. Key Financials
  - 9.3.3.4. Market Developments
  - 9.3.3.5. Market Strategy
- 9.3.4. Alstom SA
  - 9.3.4.1. Overview
  - 9.3.4.2. Segments and Products
  - 9.3.4.3. Key Financials
  - 9.3.4.4. Market Developments
  - 9.3.4.5. Market Strategy
- 9.3.5. Electric SE
  - 9.3.5.1. Overview
  - 9.3.5.2. Segments and Products
  - 9.3.5.3. Key Financials
  - 9.3.5.4. Market Developments
  - 9.3.5.5. Market Strategy
- 9.3.6. Hitachi Energy
  - 9.3.6.1. Overview
  - 9.3.6.2. Segments and Products
  - 9.3.6.3. Key Financials
  - 9.3.6.4. Market Developments
  - 9.3.6.5. Market Strategy
- 9.3.7. Co Ltd
  - 9.3.7.1. Overview
  - 9.3.7.2. Segments and Products
  - 9.3.7.3. Key Financials
  - 9.3.7.4. Market Developments
  - 9.3.7.5. Market Strategy
- 9.3.8. Systems, Inc.
  - 9.3.8.1. Overview
  - 9.3.8.2. Segments and Products
  - 9.3.8.3. Key Financials
  - 9.3.8.4. Market Developments
  - 9.3.8.5. Market Strategy
- 9.3.9. A/S
  - 9.3.9.1. Overview
  - 9.3.9.2. Segments and Products
  - 9.3.9.3. Key Financials
  - 9.3.9.4. Market Developments
  - 9.3.9.5. Market Strategy
- 9.3.10. Prysmian SpA
  - 9.3.10.1. Overview
  - 9.3.10.2. Segments and Products
  - 9.3.10.3. Key Financials
  - 9.3.10.4. Market Developments
  - 9.3.10.5. Market Strategy
- 9.3.11. Toshiba Corporation
  - 9.3.11.1. Overview
  - 9.3.11.2. Segments and Products
  - 9.3.11.3. Key Financials
  - 9.3.11.4. Market Developments
  - 9.3.11.5. Market Strategy