U.S. HVDC Transmission System Market  Analysis Report 2024: Market to Grow by a CAGR of 6.52 to 2032, Driven by Government Incentives, Popularity of Virtual Assistants, and Strategic Partnerships

Key Insights

The U.S. HVDC Transmission System Market size was valued at USD 1.27 USD Billion in 2023 and is projected to reach USD 1.98 USD Billion by 2032, exhibiting a CAGR of 6.52 % during the forecast period. HVDC Transmission System refers to a direct current transmission system that is in high voltage for the transmitting of electricity over large distances at small losses. This is particularly relevant for operation of offshore or submarine cables, asynchronous interconnection of power systems, and high-voltage bulk power transmission. HVDC systems come in two types, Line Commutated Converters (LCC) and Voltage Source Converters (VSC). LCC is preferable for obtaining high power transmission and long distances, while VSC is preferred for fluctuations in renewable energy resources. The advantages of HVDC include lower transmission losses, improved stability, as well as better control over the power this allows the connection of dissimilar power grids. Application of the multi-terminal HVDC has been receiving attention in the recent past in the integration and in the expansion of the offshore wind power facilities among other aspects of the market.

U.S. HVDC Transmission System Trends

• Growing demand for renewable energy sources
• Increasing need for grid modernization
• Expanding use of HVDC transmission technology in offshore wind projects

Driving Forces: What's Propelling the U.S. HVDC Transmission System Market

• Growing renewable energy generation
• Increasing demand for electricity
• Need for improved grid reliability and efficiency

Challenges and Restraints in U.S. HVDC Transmission System Market

• High cost of HVDC transmission systems
• Environmental concerns
• Regulatory hurdles

Emerging Trends in U.S. HVDC Transmission System

• Development of new HVDC technologies
• Use of HVDC for offshore wind projects
• Integration of HVDC systems with renewable energy sources

Growth Catalysts in U.S. HVDC Transmission System Industry

• Government incentives for renewable energy development
• Increasing investment in grid infrastructure
• Growing demand for reliable and efficient electricity transmission

Market Segmentation: U.S. HVDC Transmission System Analysis

Type

• High-Power Rating Projects
• Low-Power Rating Projects

Application

• Subsea
• Underground
• Overhead
• Mixed

Technology

• Line Commutated Converter (LCC)

Leading Players in the U.S. HVDC Transmission System Market

• ABB (U.S.)
• Siemens AG (U.S.)
• Hitachi Ltd. (U.S.)
• General Electric (U.S.)
• Toshiba Corporation (U.S.)
• NKT A/S (U.S.)
• Prysmian Group (U.S.)
• Nexans (U.S.)
• LS Electric (U.S.)
• Mitsubishi Electric Corporation (U.S.)

Significant developments in U.S. HVDC Transmission System Sector

• March 2023: LS Power declared that they preferred LS Power Grid California, LLC to construct, finance, function, and maintain two new projects to assist electric dependability in California, the Metcalf - San Jose B HVDC project and the Newark- Northern Receiving Station HVDC project. CAISO organized the Metcalf project and Newark project to strengthen the electrical grid in and throughout San Jose, improve reliability, and expand access to profitable, renewable electricity. 
• January 2023: Nexans and SuperGrid Institute conducted a transient overvoltage test on a 525kV DC cable system in line with the modern high voltage direct current recommendations. The DC cable system, offered and installed by Nexans, proficiently passed various sequences of damped oscillating voltage tests at both 350 Hz and 6 kHz utilizing SuperGrid Institutes’ high voltage testing provision.
• March 2021: GE Renewable Energy’s Grid Solutions and Sembcorp Marine won an agreement to supply Sofia with a modern HVDC transmission system. The HVDC transmission system produces Sofia’s second-largest contract. It will comprise the manufacture, design, installation, and commissioning of the onshore converter station and offshore converter platform comprising all ancillary equipment.

Comprehensive Coverage U.S. HVDC Transmission System Market Report

• Regional Analysis: The report offers comprehensive insights into the market dynamics of key regions, including North America, Europe, Asia-Pacific, South America, and the Middle East & Africa. It analyzes regional drivers, challenges, and growth opportunities.
• Technology Analysis: The report explores the latest technological advancements in HVDC transmission systems, such as advanced power electronics, flexible AC transmission systems (FACTS), and high-voltage direct current (HVDC) cables. It assesses their impact on system efficiency, reliability, and cost.
• SWOT Analysis: The report provides a detailed SWOT analysis, identifying the strengths, weaknesses, opportunities, and threats that influence the market. This analysis helps investors and stakeholders make informed decisions.
• Competitive Landscape: The report analyzes the competitive landscape by profiling key players in the U.S. HVDC transmission system market. It provides insights into their market share, product offerings, strategies, and financial performance.
• Pricing Analysis: The report examines pricing trends, cost drivers, and value drivers for HVDC transmission systems. It provides detailed analysis of the factors affecting pricing and helps stakeholders understand market dynamics.
• Future Outlook: The report offers a comprehensive future outlook for the U.S. HVDC transmission system market, forecasting growth projections, emerging trends, and investment opportunities. It helps stakeholders make informed decisions based on long-term market predictions.
• Regulatory and Environmental Analysis: The report analyzes the regulatory and environmental factors that impact the market, including government policies, environmental regulations, and industry standards. It provides insights into compliance requirements and their impact on market growth.