UK - High Voltage Direct Current (HVDC) Transmission Systems Market by Component and Type - Forecast and Analysis 2023-2027

Published: Aug 2023 Pages: 136 SKU: IRTNTR72290

UK - High Voltage Direct Current (HVDC) Transmission Systems Market Analysis Report 2023-2027:

The UK - High Voltage Direct Current (HVDC) Transmission Systems Market size is estimated to grow at a CAGR of 8.03% between 2022 and 2027. The market size is forecast to increase by USD 363.9 million. The growth of the market depends on several factors, such as optimal solutions for long-distance transmission, increased renewable power generation, and increased demand for power.

This report extensively covers market segmentation by component (converter stations and transmission medium) and type (subsea transmission, underground transmission, and overhead transmission). It also includes an in-depth analysis of drivers, trends, and challenges. 

What will be the Size of the UK High Voltage Direct Current (HVDC) Transmission Systems Market During the Forecast Period?

UK High Voltage Direct Current (HVDC) Transmission Systems Market Forecast 2023-2027

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UK High Voltage Direct Current (HVDC) Transmission Systems Market Dynamics

Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.    

Driver- Increased demand for power

One of the main factors which fuel the demand for HVDC transmission systems in UK is the increasing demand for power leading to demand for T&D networks. Factors such as the increasing population and rapid urbanization and industrialization are fuelling the increasing consumption of power.

Moreover, power is mainly used for cooling, lighting, and running appliances and equipment in the residential sector. Furthermore, the transportation industry is significantly contributing to global power consumption as it has grown tremendously in both developed and developing nations. Hence, such factors are positively impacting the UK - high voltage direct current transmission systems market growth. Thus, it is expected to drive the UK high voltage direct current (HVDC) transmission systems market growth during the forecast period.

Trends - Evolution of smart grids

The emergence of smart grids has offered a tremendous opportunity for utility sectors that provide a reliable and steady power supply to their end-users. There is an increase in the implementation of smart grids due to the increasing need for the detection and reaction to local changes in power consumption.

Moreover, the main advantage of these smart grids is that it allows the efficient delivery of sustainable, secure, and economical electricity supply with the help of transmission lines. Additionally, it also offers real-time price information to consumers when connected to wireless sensor networks. Thus, such benefits are positively impacting the UK - HVDC transmission systems market. Hence, such factors are expected to drive the UK high voltage direct current (HVDC) transmission systems market growth during the forecast period.

Challenge - Limited power ratings for IGBTs and issues with circuit breakers

There has been a continuous improvement in HVDC technology and improvements are made to minimize the number of components required for HVDC substation deployment and operational issues. For instance, semiconductors or hybrid semiconductors are crucial elements in HVDC technology for switching operations.

Moreover, one of the main issues regarding the HVDC technology is switching operations in the HVDC circuit breaker. The circuit breakers require high switching capabilities or the circuit breaker gets damaged, resulting in an electricity supply breakdown. However, the maximum voltage generated must be low in the breaker to adapt to the insulation system's coordinates. Thus the limited power of the insulated-gate bipolar transistor (IGBT) is restricting the switching capabilities of circuit breakers which is negatively impacting the UK - high voltage direct current (HVDC) transmission systems market. Hence, such factors are expected to hinder UK high voltage direct current (HVDC) transmission systems market growth during the forecast period.

UK High Voltage Direct Current (HVDC) Transmission Systems Market Segmentation by Component and Type

Component Segment Analysis: 

The converter stations segment is estimated to witness significant growth during the forecast period.  Several factors such as an increase in power consumption, growing renewable energy production, growing regional and cross-border grid integration, and connection of asynchronous grids are significantly fuelling the growth of the converter stations segment in the global UK high voltage direct current (HVDC) transmission systems market. The main functionality of this segment is that convert electricity from alternative current (AC) to direct current (DC) and vice versa, but it increases the overall cost.

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The converter stations segment was the largest segment and was valued at USD 390.52 million in 2017.  However, it s a better option than an AC system in terms of overall cost such as the line cost and the line losses, and the higher efficiency of HVDC converter stations. Thus the numerous advantages offered by the HVDC converter station over an AC system have made it the best technology for the transportation of power over long distances in the UK, which, in turn, has increased the investments in HVDC converter stations. Hence, such benefits are expected to fuel the growth of this segment which in turn will drive the UK high voltage direct current (HVDC) transmission systems market growth during the forecast period.

Type Segment Analysis:

Based on type, the segment is classified into subsea transmission, underground transmission, and overhead transmission. The main purpose of the subsea transmission segment is to interconnect offshore wind farms and the onshore power grid. One of the main factors which is significantly fuelling the growth of this segment is the increasing demand for r renewable energy in the UK, which in turn is driving the subsea transmission systems. For instance, in the UK, a 450-mile subsea cable that connects UK and Norway has been enabled in October 2021 to share renewable energy. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the UK high voltage direct current (HVDC) transmission systems market growth during the forecast period.

Who are the Major UK High Voltage Direct Current (HVDC) Transmission Systems Market Companies?

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

ABB Ltd: The company offers high voltage direct current transmission system solutions namely HVDC Light technology

We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:

Aker Solutions ASA, ALSTOM SA, Aquind Ltd., Balfour Beatty Plc, EirGrid Plc, General Electric Co., Hitachi Ltd., Mitsubishi Electric Corp., National Grid Plc, Nexans SA, NR Electric Co. Ltd., Prysmian Spa, Rochling SE and Co. KG, Rongxin Power Ltd., Roxtec International AB, Siemens AG, Sumitomo Electric Industries Ltd., Tele Fonika Kable SA, and Toshiba Corp. 

Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.  

Segment Overview

The UK high voltage direct current (HVDC) transmission systems market report forecasts market growth by revenue and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. 

  • Component Outlook (USD Million, 2017 - 2027)
    • Converter stations
    • Transmission medium
  • Type Outlook (USD Million, 2017 - 2027)
    • Subsea transmission
    • Underground transmission
    • Overhead transmission

UK High Voltage Direct Current (HVDC) Transmission Systems Market Scope

Report Coverage

Details

Page number

136

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 8.03%

Market growth 2023-2027

USD 363.9 million

Market structure

Fragmented

YoY growth 2022-2023(%)

7.28

Competitive landscape

 Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks

Key companies profiled

ABB Ltd., Aker Solutions ASA, ALSTOM SA, Aquind Ltd., Balfour Beatty Plc, EirGrid Plc, General Electric Co., Hitachi Ltd., Mitsubishi Electric Corp., National Grid Plc, Nexans SA, NR Electric Co. Ltd., Prysmian Spa, Rochling SE and Co. KG, Rongxin Power Ltd., Roxtec International AB, Siemens AG, Sumitomo Electric Industries Ltd., Tele Fonika Kable SA, and Toshiba Corp.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this UK High Voltage Direct Current (HVDC) Transmission Systems Market Research Report?

  • CAGR of the market during the forecast period
  • Detailed information on factors that will drive the growth of the UK high voltage direct current (HVDC) transmission systems market  between 2023 and 2027
  • Precise estimation of the UK high voltage direct current (HVDC) transmission systems market size and its contribution to the market in focus on the parent market
  • Accurate predictions about upcoming trends and changes in consumer behavior
  • Growth of the market across the UK
  • A thorough analysis of the market’s competitive landscape and detailed information about companies
  • Comprehensive analysis of factors that will challenge the growth of the high voltage direct current (HVDC) transmission systems market companies in UK

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1 Executive Summary

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Country Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market Segmentation by Component
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by Type
    • Exhibit 06: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 07: Parent market
    • Exhibit 08: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 09: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 10: Market segments
  • 3.3 Market size 2022
    • 3.4 Market outlook: Forecast for 2022-2027
      • Exhibit 11: Chart on UK - Market size and forecast 2022-2027 ($ million)
      • Exhibit 12: Data Table on UK - Market size and forecast 2022-2027 ($ million)
      • Exhibit 13: Chart on UK: Year-over-year growth 2022-2027 (%)
      • Exhibit 14: Data Table on UK: Year-over-year growth 2022-2027 (%)

    4 Historic Market Size

    • 4.1 High voltage direct current (HVDC) transmission systems market in UK 2017 - 2021
      • Exhibit 15: Historic Market Size – Data Table on high voltage direct current (hvdc) transmission systems market in UK 2017 - 2021 ($ million)
    • 4.2 Component Segment Analysis 2017 - 2021
      • Exhibit 16: Historic Market Size – Component Segment 2017 - 2021 ($ million)
    • 4.3 Type Segment Analysis 2017 - 2021
      • Exhibit 17: Historic Market Size – Type Segment 2017 - 2021 ($ million)

    5 Five Forces Analysis

    • 5.1 Five forces summary
      • Exhibit 18: Five forces analysis - Comparison between 2022 and 2027
    • 5.2 Bargaining power of buyers
      • Exhibit 19: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027
    • 5.3 Bargaining power of suppliers
      • Exhibit 20: Bargaining power of suppliers – Impact of key factors in 2022 and 2027
    • 5.4 Threat of new entrants
      • Exhibit 21: Threat of new entrants – Impact of key factors in 2022 and 2027
    • 5.5 Threat of substitutes
      • Exhibit 22: Threat of substitutes – Impact of key factors in 2022 and 2027
    • 5.6 Threat of rivalry
      • Exhibit 23: Threat of rivalry – Impact of key factors in 2022 and 2027
    • 5.7 Market condition
      • Exhibit 24: Chart on Market condition - Five forces 2022 and 2027

    6 Market Segmentation by Component

    • 6.1 Market segments
      • Exhibit 25: Chart on Component - Market share 2022-2027 (%)
      • Exhibit 26: Data Table on Component - Market share 2022-2027 (%)
    • 6.2 Comparison by Component
      • Exhibit 27: Chart on Comparison by Component
      • Exhibit 28: Data Table on Comparison by Component
    • 6.3 Converter stations - Market size and forecast 2022-2027
      • Exhibit 29: Chart on Converter stations - Market size and forecast 2022-2027 ($ million)
      • Exhibit 30: Data Table on Converter stations - Market size and forecast 2022-2027 ($ million)
      • Exhibit 31: Chart on Converter stations - Year-over-year growth 2022-2027 (%)
      • Exhibit 32: Data Table on Converter stations - Year-over-year growth 2022-2027 (%)
    • 6.4 Transmission medium - Market size and forecast 2022-2027
      • Exhibit 33: Chart on Transmission medium - Market size and forecast 2022-2027 ($ million)
      • Exhibit 34: Data Table on Transmission medium - Market size and forecast 2022-2027 ($ million)
      • Exhibit 35: Chart on Transmission medium - Year-over-year growth 2022-2027 (%)
      • Exhibit 36: Data Table on Transmission medium - Year-over-year growth 2022-2027 (%)
    • 6.5 Market opportunity by Component
      • Exhibit 37: Market opportunity by Component ($ million)
      • Exhibit 38: Data Table on Market opportunity by Component ($ million)

    7 Market Segmentation by Type

    • 7.1 Market segments
      • Exhibit 39: Chart on Type - Market share 2022-2027 (%)
      • Exhibit 40: Data Table on Type - Market share 2022-2027 (%)
    • 7.2 Comparison by Type
      • Exhibit 41: Chart on Comparison by Type
      • Exhibit 42: Data Table on Comparison by Type
    • 7.3 Subsea transmission - Market size and forecast 2022-2027
      • Exhibit 43: Chart on Subsea transmission - Market size and forecast 2022-2027 ($ million)
      • Exhibit 44: Data Table on Subsea transmission - Market size and forecast 2022-2027 ($ million)
      • Exhibit 45: Chart on Subsea transmission - Year-over-year growth 2022-2027 (%)
      • Exhibit 46: Data Table on Subsea transmission - Year-over-year growth 2022-2027 (%)
    • 7.4 Underground transmission - Market size and forecast 2022-2027
      • Exhibit 47: Chart on Underground transmission - Market size and forecast 2022-2027 ($ million)
      • Exhibit 48: Data Table on Underground transmission - Market size and forecast 2022-2027 ($ million)
      • Exhibit 49: Chart on Underground transmission - Year-over-year growth 2022-2027 (%)
      • Exhibit 50: Data Table on Underground transmission - Year-over-year growth 2022-2027 (%)
    • 7.5 Overhead transmission - Market size and forecast 2022-2027
      • Exhibit 51: Chart on Overhead transmission - Market size and forecast 2022-2027 ($ million)
      • Exhibit 52: Data Table on Overhead transmission - Market size and forecast 2022-2027 ($ million)
      • Exhibit 53: Chart on Overhead transmission - Year-over-year growth 2022-2027 (%)
      • Exhibit 54: Data Table on Overhead transmission - Year-over-year growth 2022-2027 (%)
    • 7.6 Market opportunity by Type
      • Exhibit 55: Market opportunity by Type ($ million)
      • Exhibit 56: Data Table on Market opportunity by Type ($ million)

    8 Customer Landscape

    • 8.1 Customer landscape overview
      • Exhibit 57: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

    9 Drivers, Challenges, and Trends

    • 9.1 Market drivers
      • 9.2 Market challenges
        • 9.3 Impact of drivers and challenges
          • Exhibit 58: Impact of drivers and challenges in 2022 and 2027
        • 9.4 Market trends

          10 Vendor Landscape

          • 10.1 Overview
            • 10.2 Vendor landscape
              • Exhibit 59: Overview on Criticality of inputs and Factors of differentiation
            • 10.3 Landscape disruption
              • Exhibit 60: Overview on factors of disruption
            • 10.4 Industry risks
              • Exhibit 61: Impact of key risks on business

            11 Vendor Analysis

            • 11.1 Vendors covered
              • Exhibit 62: Vendors covered
            • 11.2 Market positioning of vendors
              • Exhibit 63: Matrix on vendor position and classification
            • 11.3 ABB Ltd.
              • Exhibit 64: ABB Ltd. - Overview
              • Exhibit 65: ABB Ltd. - Business segments
              • Exhibit 66: ABB Ltd. - Key offerings
              • Exhibit 67: ABB Ltd. - Segment focus
            • 11.4 Aquind Ltd.
              • Exhibit 68: Aquind Ltd. - Overview
              • Exhibit 69: Aquind Ltd. - Product / Service
              • Exhibit 70: Aquind Ltd. - Key offerings
            • 11.5 EirGrid Plc
              • Exhibit 71: EirGrid Plc - Overview
              • Exhibit 72: EirGrid Plc - Product / Service
              • Exhibit 73: EirGrid Plc - Key offerings
            • 11.6 General Electric Co.
              • Exhibit 74: General Electric Co. - Overview
              • Exhibit 75: General Electric Co. - Business segments
              • Exhibit 76: General Electric Co. - Key news
              • Exhibit 77: General Electric Co. - Key offerings
              • Exhibit 78: General Electric Co. - Segment focus
            • 11.7 Hitachi Ltd.
              • Exhibit 79: Hitachi Ltd. - Overview
              • Exhibit 80: Hitachi Ltd. - Business segments
              • Exhibit 81: Hitachi Ltd. - Key news
              • Exhibit 82: Hitachi Ltd. - Key offerings
              • Exhibit 83: Hitachi Ltd. - Segment focus
            • 11.8 Mitsubishi Electric Corp.
              • Exhibit 84: Mitsubishi Electric Corp. - Overview
              • Exhibit 85: Mitsubishi Electric Corp. - Business segments
              • Exhibit 86: Mitsubishi Electric Corp. - Key news
              • Exhibit 87: Mitsubishi Electric Corp. - Key offerings
              • Exhibit 88: Mitsubishi Electric Corp. - Segment focus
            • 11.9 National Grid Plc
              • Exhibit 89: National Grid Plc - Overview
              • Exhibit 90: National Grid Plc - Business segments
              • Exhibit 91: National Grid Plc - Key news
              • Exhibit 92: National Grid Plc - Key offerings
              • Exhibit 93: National Grid Plc - Segment focus
            • 11.10 NR Electric Co. Ltd.
              • Exhibit 94: NR Electric Co. Ltd. - Overview
              • Exhibit 95: NR Electric Co. Ltd. - Product / Service
              • Exhibit 96: NR Electric Co. Ltd. - Key offerings
            • 11.11 Prysmian Spa
              • Exhibit 97: Prysmian Spa - Overview
              • Exhibit 98: Prysmian Spa - Business segments
              • Exhibit 99: Prysmian Spa - Key offerings
              • Exhibit 100: Prysmian Spa - Segment focus
            • 11.12 Rochling SE and Co. KG
              • Exhibit 101: Rochling SE and Co. KG - Overview
              • Exhibit 102: Rochling SE and Co. KG - Business segments
              • Exhibit 103: Rochling SE and Co. KG - Key offerings
              • Exhibit 104: Rochling SE and Co. KG - Segment focus
            • 11.13 Rongxin Power Ltd.
              • Exhibit 105: Rongxin Power Ltd. - Overview
              • Exhibit 106: Rongxin Power Ltd. - Product / Service
              • Exhibit 107: Rongxin Power Ltd. - Key offerings
            • 11.14 Roxtec International AB
              • Exhibit 108: Roxtec International AB - Overview
              • Exhibit 109: Roxtec International AB - Product / Service
              • Exhibit 110: Roxtec International AB - Key offerings
            • 11.15 Siemens AG
              • Exhibit 111: Siemens AG - Overview
              • Exhibit 112: Siemens AG - Business segments
              • Exhibit 113: Siemens AG - Key news
              • Exhibit 114: Siemens AG - Key offerings
              • Exhibit 115: Siemens AG - Segment focus
            • 11.16 Sumitomo Electric Industries Ltd.
              • Exhibit 116: Sumitomo Electric Industries Ltd. - Overview
              • Exhibit 117: Sumitomo Electric Industries Ltd. - Business segments
              • Exhibit 118: Sumitomo Electric Industries Ltd. - Key offerings
              • Exhibit 119: Sumitomo Electric Industries Ltd. - Segment focus
            • 11.17 Toshiba Corp.
              • Exhibit 120: Toshiba Corp. - Overview
              • Exhibit 121: Toshiba Corp. - Business segments
              • Exhibit 122: Toshiba Corp. - Key news
              • Exhibit 123: Toshiba Corp. - Key offerings
              • Exhibit 124: Toshiba Corp. - Segment focus

            12 Appendix

            • 12.1 Scope of the report
              • 12.2 Inclusions and exclusions checklist
                • Exhibit 125: Inclusions checklist
                • Exhibit 126: Exclusions checklist
              • 12.3 Currency conversion rates for US$
                • Exhibit 127: Currency conversion rates for US$
              • 12.4 Research methodology
                • Exhibit 128: Research methodology
                • Exhibit 129: Validation techniques employed for market sizing
                • Exhibit 130: Information sources
              • 12.5 List of abbreviations
                • Exhibit 131: List of abbreviations

              Research Framework

              Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

              INFORMATION SOURCES

              Primary sources

              • Manufacturers and suppliers
              • Channel partners
              • Industry experts
              • Strategic decision makers

              Secondary sources

              • Industry journals and periodicals
              • Government data
              • Financial reports of key industry players
              • Historical data
              • Press releases

              DATA ANALYSIS

              Data Synthesis

              • Collation of data
              • Estimation of key figures
              • Analysis of derived insights

              Data Validation

              • Triangulation with data models
              • Reference against proprietary databases
              • Corroboration with industry experts

              REPORT WRITING

              Qualitative

              • Market drivers
              • Market challenges
              • Market trends
              • Five forces analysis

              Quantitative

              • Market size and forecast
              • Market segmentation
              • Geographical insights
              • Competitive landscape

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              Key Questions Answered

              • What are the key global market and the regional market share?
              • What are the revenue-generating key market segments?
              • What are the key factors driving and challenging this market’s growth?
              • Who are the key market vendors and their growth strategies?
              • What are the latest trends influencing the growth of this market?
              • What are the variables influencing the market growth in the primary regions?
              • What are the factors influencing the growth of the parent market?

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