The HVDC transmission market is estimated to be worth USD 11.4 billion in 2023 and is projected to reach USD 14.9 billion by 2028, at a CAGR of 5.4% during the forecast period. Shift towards renewable energy, increasing demand for VSC-based HVDC transmission projects, and supportive government policies and initiatives are the major factors driving the market growth.
HVDC Transmission companies include:
Hitachi (Japan),
Siemens Energy (Germany),
Mitsubishi Electric Corporation (Japan),
General Electric (US), and
Prysmian Group (Italy).
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These players have adopted various inorganic growth strategies such as partnerships, agreements, collaborations, acquisitions, and joint ventures to strengthen their position in the HVDC transmission market.
Hitachi is a leading provider of HVDC transmission solutions. The company's comprehensive product portfolio of HVDC solutions includes switchgear, DC filters, thyristors, and more. Hitachi leverages its extensive experience and expertise in various sectors, such as power systems, information technology, and social infrastructure. The company extensively focuses on inorganic growth strategies such as agreements and partnerships to strengthen its position in the market.
Siemens Energy boasts a comprehensive product portfolio of HVDC transmission components that include switchgear, circuit breakers, and transformers, among others. Along with a comprehensive portfolio of products, Siemens Energy also boasts a strong geographic footprint with operations and sales in Germany, the Americas, Asia Pacific, the Middle East, and Africa. The company focuses on investing extensively in research and development activities to develop advanced products. For instance, Siemens Energy invested 3.6%, 4.7%, and 3.7% of its revenue in 2020, 2021, and 2022 respectively, for research and development activities.
Furthermore, the company extensively focuses on collaborations to strengthen its position in the market.
Mitsubishi Electric Corporation is one of the leading players in the designing and manufacturing of HVDC transmission components. Mitsubishi Electric Corporation's strengths include a strong presence in the Asian market, presence in various industries and markets, and substantial investments in research and development (R&D) to deliver high-quality customized products and services. The company mainly focuses on inorganic growth strategies such as acquisitions and collaborations to capture a significant market share of the HVDC transmission market.
General Electric (GE) offers a wide range of HVDC Transmission components that include converters. General Electric has strengthened its position through the acquisition of Alstom's power and grid businesses, diversifying revenue streams and reducing risk. The company excels in research and development with a highly capable workforce. GE's global presence and extensive project experience enable it to deliver reliable and efficient HVDC solutions to a wide range of clients and applications globally.
Prysmian Group is a leading player in the cable and energy solutions industry. The company specializes in the design, manufacturing, and installation of a wide range of cables and systems used in various sectors, including energy and telecommunications. The company boasts a strong product portfolio of HVDC transmission cables and a strong geographic presence in Europe and North American markets. The company focuses on strategies such as acquisitions to capture a significant market share and strengthen its geographic presence.
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