HVDC Transmission Market by LCC, VSC, CCC, Converter Stations, Transmission Cables, Point-to-Point Transmission, Back-to-Back Stations, Multi Terminal Systems, Bulk Power Transmission and Interconnecting Grids - Global Forecast to 2030

1 INTRODUCTION 26 1.1 STUDY OBJECTIVES 26 1.2 MARKET DEFINITION 26 1.3 STUDY SCOPE 27 1.3.1 MARKETS COVERED 27 1.3.2 INCLUSIONS AND EXCLUSIONS 28 1.3.3 YEARS CONSIDERED 29 1.4 CURRENCY CONSIDERED 29 1.5 UNIT CONSIDERED 29 1.6 LIMITATIONS 29 1.7 STAKEHOLDERS 30 1.8 SUMMARY OF CHANGES 30 2 RESEARCH METHODOLOGY 31 2.1 RESEARCH APPROACH 31 2.1.1 SECONDARY DATA 32 2.1.1.1 Major secondary sources 32 2.1.1.2 Key data from secondary sources 33 2.1.2 PRIMARY DATA 33 2.1.2.1 List of key primary interview participants 33 2.1.2.2 Breakdown of primaries 34 2.1.2.3 Key data from primary sources 34 2.1.2.4 Key industry insights 35 2.1.3 SECONDARY AND PRIMARY RESEARCH 35 2.2 MARKET SIZE ESTIMATION 36 2.2.1 BOTTOM-UP APPROACH 36 2.2.1.1 Approach to estimate market size using bottom-up analysis 36 2.2.2 TOP-DOWN APPROACH 37 2.2.2.1 Approach to estimate market size using top-down analysis 37 2.3 FACTOR ANALYSIS 38 2.3.1 DEMAND-SIDE ANALYSIS 38 2.3.2 SUPPLY-SIDE ANALYSIS 39 2.4 GROWTH FORECAST 39 2.5 MARKET BREAKDOWN AND DATA TRIANGULATION 40 2.6 RESEARCH ASSUMPTIONS 41 2.7 RISK ASSESSMENT 41 3 EXECUTIVE SUMMARY 42 4 PREMIUM INSIGHTS 47 4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN HVDC TRANSMISSION MARKET 47 4.2 HVDC TRANSMISSION MARKET, BY COMPONENT 48 4.3 HVDC TRANSMISSION MARKET, BY TECHNOLOGY 48 4.4 HVDC TRANSMISSION MARKET, BY PROJECT TYPE 49 4.5 HVDC TRANSMISSION MARKET, BY APPLICATION 49 4.6 ASIA PACIFIC: HVDC TRANSMISSION MARKET, BY COMPONENT AND COUNTRY, 2024 50 4.7 HVDC TRANSMISSION MARKET, BY COUNTRY 50 5 MARKET OVERVIEW 51 5.1 INTRODUCTION 51 5.2 MARKET DYNAMICS 51 5.2.1 DRIVERS 52 5.2.1.1 Integration of VSC technology into HVDC systems 52 5.2.1.2 Global shift toward renewable energy sources 52 5.2.1.3 Importance of grid modernization and reliable energy transmission 53 5.2.1.4 Government-led policies and initiatives to promote HVDC transmission technology 54 5.2.2 RESTRAINTS 55 5.2.2.1 High initial investment 55 5.2.2.2 Availability of substitute technologies 55 5.2.2.3 Complex project lifecycles 55 5.2.3 OPPORTUNITIES 56 5.2.3.1 Growing adoption of digital and automation technologies 56 5.2.3.2 Electrification of transportation sector 57 5.2.3.3 Increasing demand for integrated networks across long distances 58 5.2.3.4 Strategic shift from traditional fossil fuels to sustainable energy 58 5.2.4 CHALLENGES 59 5.2.4.1 Interoperability issues due to lack of standardization 59 5.2.4.2 Complexities associated with obtaining necessary permits 60 5.3 SUPPLY CHAIN ANALYSIS 61 5.4 ECOSYSTEM MAPPING 64 5.5 INVESTMENT AND FUNDING SCENARIO 64 5.6 TECHNOLOGY ANALYSIS 65 5.6.1 KEY TECHNOLOGIES 65 5.6.1.1 Modular multilevel converters (MMC) 65 5.6.1.2 Control & protection systems 66 5.6.2 COMPLEMENTARY TECHNOLOGIES 66 5.6.2.1 SCADA 66 5.6.2.2 HVDC grid control software 66   5.6.3 ADJACENT TECHNOLOGIES 67 5.6.3.1 Offshore energy hubs and interconnectors 67 5.6.3.2 Advanced grid planning and simulation tools 67 5.7 PRICING ANALYSIS 68 5.7.1 AVERAGE SELLING PRICE TREND OF COMPONENTS, BY KEY PLAYER, 2021–2024 68 5.7.2 AVERAGE SELLING PRICE TREND OF COMPONENTS, BY REGION, 2021–2024 69 5.8 PATENT ANALYSIS 70 5.9 PORTER'S FIVE FORCES ANALYSIS 72 5.9.1 THREAT OF NEW ENTRANTS 73 5.9.2 THREAT OF SUBSTITUTES 73 5.9.3 BARGAINING POWER OF SUPPLIERS 73 5.9.4 BARGAINING POWER OF BUYERS 74 5.9.5 INTENSITY OF COMPETITIVE RIVALRY 74 5.10 KEY STAKEHOLDERS AND BUYING CRITERIA 75 5.10.1 KEY STAKEHOLDERS IN BUYING PROCESS 75 5.10.2 BUYING CRITERIA 75 5.11 CASE STUDIES 76 5.11.1 ELECTRIFICATION OF STATOIL TROLL A PLATFORM WITH ABB HVDC LIGHT TECHNOLOGY DELIVERS LOWER EMISSIONS AND IMPROVED EFFICIENCY 76 5.11.2 HITACHI ENERGY HVDC LIGHT INTEGRATION STRENGTHENS NORDIC GRID RESILIENCE AND ENABLES EFFICIENT CROSS-BORDER RENEWABLE ENERGY EXCHANGE 76 5.11.3 SCOTTISH HYDRO ELECTRIC TRANSMISSION AND CAITHNESS-MORAY HVDC COLLABORATED TO STRENGTHEN SCOTLAND'S POWER NETWORK AND ENABLE RELIABLE RENEWABLE ENERGY INTEGRATION 77 5.11.4 MITSUBISHI ELECTRIC CORPORATION ASISTS SWANSEA NORTH SUBSTATION UPGRADE TO HIGHER VOLTAGE SYSTEM 77 5.11.5 HITACHI ENERGY EMPOWERS CROSS-BORDER ENERGY FLOW WITH EAST WEST HVDC INTERCONNECTOR 78 5.12 TRADE ANALYSIS 78 5.12.1 IMPORT DATA 78 5.12.2 EXPORT DATA 79 5.13 TARIFF AND REGULATORY LANDSCAPE 80 5.13.1 TARIFF ANALYSIS 80 5.13.2 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 81 5.13.3 STANDARDS 82 5.13.3.1 Europe 82 5.13.3.2 Asia Pacific 82 5.13.3.3 North America 82 5.13.3.4 RoW 83 5.13.4 REGULATIONS 83 5.13.4.1 North America 83 5.13.4.2 Europe 83 5.13.4.3 Asia Pacific 83 5.13.4.4 RoW 84 5.14 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 84 5.15 KEY CONFERENCES AND EVENTS, 2025–2026 85 5.16 IMPACT OF AI/GEN AI ON HVDC TRANSMISSION MARKET 86 5.16.1 INTRODUCTION 86 5.17 IMPACT OF 2025 US TARIFF – HVDC TRANSMISSION MARKET 87 5.17.1 INTRODUCTION 87 5.17.1.1 Key tariff rates 88 5.17.2 PRICE IMPACT ANALYSIS 89 5.17.3 IMPACT ON COUNTRY/ REGION 89 5.17.3.1 US 89 5.17.3.2 Europe 89 5.17.3.3 Asia Pacific 90 5.17.4 IMPACT ON APPLICATIONS 90 6 POWER RATINGS IN HVDC TRANSMISSION 91 6.1 INTRODUCTION 91 6.2 BELOW 500 MW 91 6.3 501–999 MW 92 6.4 1,000–2,000 MW 92 6.5 ABOVE 2,000 MW 93 7 HVDC TRANSMISSION MARKET, BY PROJECT TYPE 94 7.1 INTRODUCTION 95 7.2 POINT-TO-POINT TRANSMISSION 96 7.2.1 MONOPOLAR TRANSMISSION SYSTEMS 98 7.2.1.1 Suitability for remote area electrification and early-stage HVDC projects to support market growth 98 7.2.2 BIPOLAR TRANSMISSION SYSTEMS 99 7.2.2.1 Rising demand for bulk power transmission from remote renewable sources to fuel market growth 99 7.3 BACK-TO-BACK STATIONS 100 7.3.1 GROWING NEED FOR CROSS-BORDER ELECTRICITY TRADE BETWEEN ASYNCHRONOUS NETWORKS TO FOSTER MARKET GROWTH 100 7.4 MULTI-TERMINAL SYSTEMS 102 7.4.1 ABILITY TO AGGREGATE LARGE AMOUNTS OF RENEWABLE ENERGIES COST-EFFECTIVELY TO FUEL MARKET GROWTH 102   8 HVDC TRANSMISSION MARKET, BY APPLICATION 105 8.1 INTRODUCTION 106 8.2 BULK POWER TRANSMISSION 107 8.2.1 OVERHEAD 108 8.2.1.1 Growing emphasis on enhancing inter-regional connectivity to boost demand 108 8.2.2 UNDERWATER & UNDERGROUND 109 8.2.2.1 Improved energy security with electricity trading to fuel market growth 109 8.3 INTERCONNECTING GRIDS 110 8.3.1 ONGOING ADVANCEMENTS IN VSC TECHNOLOGY TO DRIVE MARKET 110 8.4 INFEED URBAN AREAS 111 8.4.1 RISING ELECTRICITY DEMAND FROM DENSELY POPULATED URBAN AREAS TO BOOST DEMAND 111 9 HVDC TRANSMISSION MARKET, BY COMPONENT 113 9.1 INTRODUCTION 114 9.2 CONVERTER STATIONS 115 9.2.1 VALVES 120 9.2.1.1 Thyristor valves 120 9.2.1.1.1 Ongoing advancements to enhance switching speed and efficiency to drive market 120 9.2.1.2 Insulated gate bipolar transistors (IGBTs) 121 9.2.1.2.1 Reduced maintenance requirements and enhanced grid reliability to foster market growth 121 9.2.2 TRANSFORMERS 121 9.2.2.1 Ability to optimize voltage levels to boost demand 121 9.2.3 HARMONIC FILTERS 121 9.2.3.1 AC filters 122 9.2.3.1.1 Increasing application to mitigate harmonic distortions to drive market 122 9.2.3.2 DC filters 122 9.2.3.2.1 Need to maintain efficiency and reliability of offshore wind projects and urban infeed applications to boost demand 122 9.2.4 CIRCUIT BREAKERS 122 9.2.4.1 Rising demand for secure and uninterrupted transmission of electrical power to augment market growth 122 9.2.5 REACTORS 123 9.2.5.1 Need to ensure seamless voltage fluctuations during AC-DC conversion to boost demand 123 9.2.6 SURGE ARRESTERS 123 9.2.6.1 Growing need to shield equipment from overvoltage conditions to drive market 123   9.3 TRANSMISSION CABLES 123 9.3.1 INCREASING APPLICATION FOR CROSS-BORDER INTERCONNECTIONS AND OFFSHORE WIND INTEGRATION TO FUEL MARKET GROWTH 123 9.4 OTHER COMPONENTS 128 10 HVDC TRANSMISSION MARKET, BY TECHNOLOGY 132 10.1 INTRODUCTION 133 10.2 LINE COMMUTATED CONVERTER (LCC) 134 10.2.1 HVDC 136 10.2.1.1 Rising need to regulate transmission losses with cost-effective methods to drive market 136 10.2.2 UHVDC 136 10.2.2.1 Ability to enhance grid stability and support long-distance bulk power transfers to foster market growth 136 10.3 VOLTAGE SOURCE CONVERTER (VSC) 136 10.3.1 HVDC 138 10.3.1.1 Suitability for long-distance power transmissions to drive market 138 10.3.2 UHVDC 138 10.3.2.1 Rising electricity trading with converter stations in different regions and countries to fuel market growth 138 10.4 CAPACITOR COMMUTATED CONVERTER (CCC) 139 10.4.1 INCREASING NEED TO CONTROL CURRENT, OVERCURRENT, AND VOLTAGE TO DRIVE MARKET 139 11 HVDC TRANSMISSION MARKET, BY REGION 140 11.1 INTRODUCTION 141 11.2 NORTH AMERICA 142 11.2.1 NORTH AMERICA: MACROECONOMIC OUTLOOK 144 11.2.2 US 145 11.2.2.1 Emphasis on developing renewable energy sources and grid modernization to drive market 145 11.2.3 CANADA 146 11.2.3.1 Commitment to reducing greenhouse gas emissions to boost demand 146 11.2.4 MEXICO 147 11.2.4.1 Abundance of wind and solar resources to offer lucrative growth opportunities 147 11.3 EUROPE 148 11.3.1 EUROPE: MACROECONOMIC OUTLOOK 151 11.3.2 UK 151 11.3.2.1 Increasing investments to boost HDVC transmission infrastructure to fuel market growth 151 11.3.3 GERMANY 152 11.3.3.1 Transition to low-carbon energy system to foster market growth 152   11.3.4 FRANCE 154 11.3.4.1 Enhancement of grid connectivity and cross-border electricity exchange to drive market 154 11.3.5 ITALY 155 11.3.5.1 Increasing emphasis on supporting long-distance and high-capacity electricity transmission to propel market growth 155 11.3.6 SPAIN 156 11.3.6.1 Rising focus on modernizing network with high-capacity subsea interconnectors to fuel market growth 156 11.3.7 POLAND 156 11.3.7.1 Need to reduce dependency on coal-based generation to drive market 156 11.3.8 NORDICS 157 11.3.8.1 Growing demand for low-loss transmission over long distances to boost demand 157 11.3.9 REST OF EUROPE 158 11.4 ASIA PACIFIC 159 11.4.1 ASIA PACIFIC: MACROECONOMIC OUTLOOK 162 11.4.2 CHINA 162 11.4.2.1 Expanding renewable energy infrastructure to support market growth 162 11.4.3 JAPAN 164 11.4.3.1 Incorporation of offshore wind power into national energy strategies to drive market 164 11.4.4 SOUTH KOREA 165 11.4.4.1 Government-led initiatives to boost HDVC adoption to fuel market growth 165 11.4.5 INDIA 166 11.4.5.1 Rising focus on modernizing power transmission infrastructure to boost demand 166 11.4.6 AUSTRALIA 167 11.4.6.1 Promotion of clean energy resources to propel market growth 167 11.4.7 INDONESIA 168 11.4.7.1 Strategies to enhance grid flexibility to support market growth 168 11.4.8 MALAYSIA 169 11.4.8.1 Need to interconnect asynchronous grids and move large volumes of power with minimal losses to drive market 169 11.4.9 THAILAND 170 11.4.9.1 Growing emphasis on improving energy security to boost demand 170 11.4.10 VIETNAM 171 11.4.10.1 Increasing focus on enhancing national grid flexibility and resilience to support market growth 171 11.4.11 REST OF ASIA PACIFIC 172   11.5 ROW 173 11.5.1 ROW: MACROECONOMIC OUTLOOK 174 11.5.2 MIDDLE EAST 174 11.5.2.1 Bahrain 176 11.5.2.1.1 Growing focus on strengthening grid reliability and regional power exchange to drive market 176 11.5.2.2 Kuwait 176 11.5.2.2.1 Increasing need to optimize load balancing and ensure emergency energy supply to foster market growth 176 11.5.2.3 Oman 176 11.5.2.3.1 Growing cross-border connectivity and grid modernization to support market growth 176 11.5.2.4 Qatar 177 11.5.2.4.1 Rising focus on improving energy security and supporting integration of large-scale renewable sources to fuel market growth 177 11.5.2.5 Saudi Arabia 177 11.5.2.5.1 Emphasis on supporting regional power trade to boost demand 177 11.5.2.6 UAE 177 11.5.2.6.1 National objectives to decarbonize industrial operations to drive market 177 11.5.2.7 Rest of Middle East 178 11.5.3 AFRICA 178 11.5.3.1 South Africa 179 11.5.3.1.1 Emphasis on accommodating increasing share of renewables in energy mix to fuel market growth 179 11.5.3.2 Rest of Africa 180 11.5.4 SOUTH AMERICA 180 11.5.4.1 Growing emphasis on grid reliability to support market growth 180 12 COMPETITIVE LANDSCAPE 182 12.1 INTRODUCTION 182 12.2 RIGHT TO WIN/KEY STRATEGIES ADOPTED BY KEY PLAYERS, 2020–2025 182 12.3 MARKET SHARE ANALYSIS, 2024 183 12.4 REVENUE ANALYSIS, 2020–2024 185 12.5 COMPANY VALUATION AND FINANCIAL METRICS 186 12.6 BRAND/PRODUCT COMPARISON 187 12.7 COMPANY EVALUATION MATRIX: KEY PLAYERS, 2024 187 12.7.1 STARS 188 12.7.2 EMERGING LEADERS 188 12.7.3 PERVASIVE PLAYERS 188 12.7.4 PARTICIPANTS 188   12.7.5 COMPANY FOOTPRINT: KEY PLAYERS, 2024 190 12.7.5.1 Region footprint 191 12.7.5.2 Component footprint 192 12.7.5.3 Application footprint 193 12.7.5.4 Project type footprint 194 12.8 COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2024 195 12.8.1 PROGRESSIVE COMPANIES 195 12.8.2 RESPONSIVE COMPANIES 195 12.8.3 DYNAMIC COMPANIES 195 12.8.4 STARTING BLOCKS 195 12.8.5 COMPETITIVE BENCHMARKING 197 12.8.5.1 Detailed list of key startups/SMEs 197 12.8.5.2 Competitive benchmarking of key startups/SMEs 198 12.9 COMPETITIVE SCENARIO 200 12.9.1 PRODUCT LAUNCHES 200 12.9.2 DEALS 200 12.9.3 OTHER DEVELOPMENTS 201 13 COMPANY PROFILES 203 13.1 INTRODUCTION 203 13.2 KEY PLAYERS 203 13.2.1 HITACHI, LTD. 203 13.2.1.1 Business overview 203 13.2.1.2 Products/Solutions/Services offered 205 13.2.1.3 Recent developments 206 13.2.1.3.1 Deals 206 13.2.1.3.2 Other developments 207 13.2.1.4 MnM view 208 13.2.1.4.1 Key strengths/Right to win 208 13.2.1.4.2 Strategic choices 208 13.2.1.4.3 Weaknesses/Competitive threats 208 13.2.2 SIEMENS ENERGY 209 13.2.2.1 Business overview 209 13.2.2.2 Products/Solutions/Services offered 210 13.2.2.3 Recent developments 212 13.2.2.3.1 Deals 212 13.2.2.3.2 Other developments 213 13.2.2.4 MnM view 213 13.2.2.4.1 Key strengths/Right to win 213 13.2.2.4.2 Strategic choices 213 13.2.2.4.3 Weaknesses/Competitive threats 213   13.2.3 MITSUBISHI ELECTRIC CORPORATION 214 13.2.3.1 Business overview 214 13.2.3.2 Products/Solutions/Services offered 215 13.2.3.3 Recent developments 216 13.2.3.3.1 Deals 216 13.2.3.3.2 Other developments 217 13.2.3.4 MnM view 217 13.2.3.4.1 Key strengths/Right to win 217 13.2.3.4.2 Strategic choices 217 13.2.3.4.3 Weaknesses/Competitive threats 217 13.2.4 GE VERNOVA 218 13.2.4.1 Business overview 218 13.2.4.2 Products/Solutions/Services offered 219 13.2.4.3 Recent developments 220 13.2.4.3.1 Deals 220 13.2.4.3.2 Other developments 221 13.2.4.4 MnM view 221 13.2.4.4.1 Key strengths/Right to win 221 13.2.4.4.2 Strategic choices 222 13.2.4.4.3 Weaknesses/Competitive threats 222 13.2.5 PRYSMIAN GROUP 223 13.2.5.1 Business overview 223 13.2.5.2 Products/Solutions/Services offered 224 13.2.5.3 Recent developments 225 13.2.5.3.1 Product launches 225 13.2.5.3.2 Deals 226 13.2.5.3.3 Other developments 226 13.2.5.4 MnM view 227 13.2.5.4.1 Key strengths/ Right to win 227 13.2.5.4.2 Strategic choices 227 13.2.5.4.3 Weaknesses/Competitive threats 227 13.2.6 TOSHIBA CORPORATION 228 13.2.6.1 Business overview 228 13.2.6.2 Products/Solutions/Services offered 229 13.2.6.3 Recent developments 230 13.2.6.3.1 Deals 230 13.2.6.3.2 Other developments 230 13.2.7 NKT A/S 231 13.2.7.1 Business overview 231 13.2.7.2 Products/Solutions/Services offered 232 13.2.7.3 Recent developments 233 13.2.7.3.1 Deals 233 13.2.7.3.2 Other developments 234 13.2.8 NEXANS 236 13.2.8.1 Business overview 236 13.2.8.2 Products/Solutions/Services offered 237 13.2.8.3 Recent developments 238 13.2.8.3.1 Deals 238 13.2.8.3.2 Other developments 239 13.2.9 LS ELECTRIC CO., LTD. 240 13.2.9.1 Business overview 240 13.2.9.2 Products/Solutions/Services offered 241 13.2.9.3 Recent developments 242 13.2.9.3.1 Deals 242 13.2.9.3.2 Other developments 242 13.2.10 NR ELECTRIC CO., LTD. 243 13.2.10.1 Business overview 243 13.2.10.2 Products/Solutions/Services offered 243 13.3 OTHER PLAYERS 245 13.3.1 SUMITOMO ELECTRIC INDUSTRIES, LTD. 245 13.3.2 ZAPOROZHTRANSFORMATOR 246 13.3.3 TRENCH GROUP 246 13.3.4 TAIHAN CABLE & SOLUTION CO., LTD. 247 13.3.5 AMERICAN SEMICONDUCTOR, INC. 248 13.3.6 ZTT 249 13.3.7 TBEA CO., LTD. 250 13.3.8 EFACEC 251 13.3.9 SIEYUAN ELECTRIC CO., LTD. 252 13.3.10 XJ ELECTRIC CO., LTD. 253 13.3.11 BTW 254 13.3.12 CG POWER & INDUSTRIAL SOLUTIONS LTD. 255 13.3.13 SGB SMIT 256 13.3.14 C-EPRI ELECTRIC POWER ENGINEERING CO., LTD. 256 13.3.15 HYOSUNG HEAVY INDUSTRIES 257 14 APPENDIX 258 14.1 INSIGHTS FROM INDUSTRY EXPERTS 258 14.2 DISCUSSION GUIDE 258 14.3 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 261 14.4 CUSTOMIZATION OPTIONS 263 14.5 RELATED REPORTS 263 14.6 AUTHOR DETAILS 264

TABLE 1 HVDC TRANSMISSION MARKET: ROLE OF KEY PLAYERS IN HVDC TRANSMISSION ECOSYSTEM 63 TABLE 2 AVERAGE SELLING PRICE TREND OF COMPONENTS, BY KEY PLAYER, 2021–2024 (USD MILLION) 68 TABLE 3 AVERAGE SELLING PRICE TREND OF COMPONENTS, BY REGION, 2021–2024 (USD MILLION) 69 TABLE 4 LIST OF PATENTS IN HVDC TRANSMISSION MARKET, 2023–2025 71 TABLE 5 HVDC TRANSMISSION MARKET: PORTER'S FIVE FORCES ANALYSIS 72 TABLE 6 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP APPLICATIONS (%) 75 TABLE 7 KEY BUYING CRITERIA, BY APPLICATION 76 TABLE 8 IMPORT DATA FOR HS CODE 8504-COMPLIANT PRODUCTS, BY COUNTRY, 2020–2024 (USD MILLION) 79 TABLE 9 EXPORT DATA FOR HS CODE 8504-COMPLIANT PRODUCTS, BY COUNTRY, 2020–2024 (USD MILLION) 80 TABLE 10 MFN TARIFF FOR HS CODE 8504-COMPLIANT PRODUCTS EXPORTED BY GERMANY, 2024 80 TABLE 11 NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 81 TABLE 12 EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 81 TABLE 13 ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 81 TABLE 14 ROW: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 82 TABLE 15 HVDC TRANSMISSION MARKET: DETAILED LIST OF CONFERENCES AND EVENTS, 2025–2026 85 TABLE 16 US-ADJUSTED RECIPROCAL TARIFF RATES 88 TABLE 17 HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2021–2024 (USD MILLION) 95 TABLE 18 HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2025–2030 (USD MILLION) 95 TABLE 19 POINT-TO-POINT TRANSMISSION: HVDC TRANSMISSION MARKET, BY TECHNOLOGY, 2021–2024 (USD MILLION) 96 TABLE 20 POINT-TO-POINT TRANSMISSION: HVDC TRANSMISSION MARKET, BY TECHNOLOGY, 2025–2030 (USD MILLION) 96 TABLE 21 POINT-TO-POINT TRANSMISSION: HVDC TRANSMISSION MARKET, BY APPLICATION, 2021–2024 (USD MILLION) 97 TABLE 22 POINT-TO-POINT TRANSMISSION: HVDC TRANSMISSION MARKET, BY APPLICATION, 2025–2030 (USD MILLION) 97 TABLE 23 POINT-TO-POINT TRANSMISSION: HVDC TRANSMISSION MARKET FOR BULK POWER TRANSMISSION, BY APPLICATION, 2021–2024 (USD MILLION) 97 TABLE 24 POINT-TO-POINT TRANSMISSION: HVDC TRANSMISSION MARKET FOR BULK POWER TRANSMISSION, BY APPLICATION, 2025–2030 (USD MILLION) 97 TABLE 25 HVDC TRANSMISSION MARKET, BY POINT-TO-POINT TRANSMISSION PROJECT TYPE, 2021–2024 (USD MILLION) 98 TABLE 26 HVDC TRANSMISSION MARKET, BY POINT-TO-POINT TRANSMISSION PROJECT TYPE, 2025–2030 (USD MILLION) 98 TABLE 27 POINT-TO-POINT TRANSMISSION: HVDC TRANSMISSION MARKET FOR MONOPOLAR TRANSMISSION SYSTEMS, BY TECHNOLOGY, 2021–2024 (USD MILLION) 99 TABLE 28 POINT-TO-POINT TRANSMISSION: HVDC TRANSMISSION MARKET FOR MONOPOLAR TRANSMISSION SYSTEMS, BY TECHNOLOGY, 2025–2030 (USD MILLION) 99 TABLE 29 POINT-TO-POINT TRANSMISSION: HVDC TRANSMISSION MARKET FOR BIPOLAR TRANSMISSION SYSTEMS, BY TECHNOLOGY, 2021–2024 (USD MILLION) 100 TABLE 30 POINT-TO-POINT TRANSMISSION: HVDC TRANSMISSION MARKET FOR BIPOLAR TRANSMISSION SYSTEMS, BY TECHNOLOGY, 2025–2030 (USD MILLION) 100 TABLE 31 BACK-TO-BACK STATIONS: HVDC TRANSMISSION MARKET, BY TECHNOLOGY, 2021–2024 (USD MILLION) 101 TABLE 32 BACK-TO-BACK STATIONS: HVDC TRANSMISSION MARKET, BY TECHNOLOGY, 2025–2030 (USD MILLION) 101 TABLE 33 BACK-TO-BACK STATIONS: HVDC TRANSMISSION MARKET, BY APPLICATION, 2021–2024 (USD MILLION) 101 TABLE 34 BACK-TO-BACK STATIONS: HVDC TRANSMISSION MARKET, BY APPLICATION, 2025–2030 (USD MILLION) 101 TABLE 35 BACK-TO-BACK STATIONS: HVDC TRANSMISSION MARKET FOR BULK POWER TRANSMISSION, BY APPLICATION, 2021–2024 (USD MILLION) 102 TABLE 36 BACK-TO-BACK STATIONS: HVDC TRANSMISSION MARKET FOR BULK POWER TRANSMISSION, BY APPLICATION, 2025–2030 (USD MILLION) 102 TABLE 37 MULTI-TERMINAL SYSTEMS: HVDC TRANSMISSION MARKET, BY TECHNOLOGY, 2021–2024 (USD MILLION) 103 TABLE 38 MULTI-TERMINAL SYSTEMS: HVDC TRANSMISSION MARKET, BY TECHNOLOGY, 2025–2030 (USD MILLION) 103 TABLE 39 MULTI-TERMINAL SYSTEMS: HVDC TRANSMISSION MARKET, BY APPLICATION, 2021–2024 (USD MILLION) 103 TABLE 40 MULTI-TERMINAL SYSTEMS: HVDC TRANSMISSION MARKET, BY APPLICATION, 2025–2030 (USD MILLION) 104 TABLE 41 MULTI-TERMINAL SYSTEMS: HVDC TRANSMISSION MARKET FOR BULK POWER TRANSMISSION, BY APPLICATION, 2021–2024 (USD MILLION) 104 TABLE 42 MULTI-TERMINAL SYSTEMS: HVDC TRANSMISSION MARKET FOR BULK POWER TRANSMISSION, BY APPLICATION, 2025–2030 (USD MILLION) 104 TABLE 43 HVDC TRANSMISSION MARKET, BY APPLICATION, 2021–2024 (USD MILLION) 106 TABLE 44 HVDC TRANSMISSION MARKET, BY APPLICATION, 2025–2030 (USD MILLION) 106 TABLE 45 BULK POWER TRANSMISSION: HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2021–2024 (USD MILLION) 107 TABLE 46 BULK POWER TRANSMISSION: HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2025–2030 (USD MILLION) 107 TABLE 47 HVDC TRANSMISSION MARKET, BY BULK POWER TRANSMISSION APPLICATION, 2021–2024 (USD MILLION) 108 TABLE 48 HVDC TRANSMISSION MARKET, BY BULK POWER TRANSMISSION APPLICATION, 2025–2030 (USD MILLION) 108 TABLE 49 OVERHEAD: BULK POWER HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2021–2024 (USD MILLION) 109 TABLE 50 OVERHEAD: BULK POWER HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2025–2030 (USD MILLION) 109 TABLE 51 UNDERWATER & UNDERGROUND: BULK POWER HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2021–2024 (USD MILLION) 110 TABLE 52 UNDERWATER & UNDERGROUND: BULK POWER HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2025–2030 (USD MILLION) 110 TABLE 53 INTERCONNECTING GRIDS: HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2021–2024 (USD MILLION) 111 TABLE 54 INTERCONNECTING GRIDS: HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2025–2030 (USD MILLION) 111 TABLE 55 INFEED URBAN AREAS: HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2021–2024 (USD MILLION) 112 TABLE 56 INFEED URBAN AREAS: HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2025–2030 (USD MILLION) 112 TABLE 57 HVDC TRANSMISSION MARKET, BY COMPONENT, 2021–2024 (USD MILLION) 114 TABLE 58 HVDC TRANSMISSION MARKET, BY COMPONENT, 2025–2030 (USD MILLION) 115 TABLE 59 CONVERTER STATIONS: HVDC TRANSMISSION MARKET, BY COMPONENT, 2021–2024 (USD MILLION) 115 TABLE 60 CONVERTER STATIONS: HVDC TRANSMISSION MARKET, BY COMPONENT, 2025–2030 (USD MILLION) 116 TABLE 61 CONVERTER STATIONS: HVDC TRANSMISSION MARKET, BY REGION, 2021–2024 (USD MILLION) 116 TABLE 62 CONVERTER STATIONS: HVDC TRANSMISSION MARKET, BY REGION, 2025–2030 (USD MILLION) 116 TABLE 63 CONVERTER STATIONS: HVDC TRANSMISSION MARKET IN NORTH AMERICA, BY COUNTRY, 2021–2024 (USD MILLION) 117 TABLE 64 CONVERTER STATIONS: HVDC TRANSMISSION MARKET IN NORTH AMERICA, BY COUNTRY, 2025–2030 (USD MILLION) 117 TABLE 65 CONVERTER STATIONS: HVDC TRANSMISSION MARKET IN EUROPE, BY COUNTRY, 2021–2024 (USD MILLION) 117 TABLE 66 CONVERTER STATIONS: HVDC TRANSMISSION MARKET IN EUROPE, BY COUNTRY, 2025–2030 (USD MILLION) 118 TABLE 67 CONVERTER STATIONS: HVDC TRANSMISSION MARKET IN ASIA PACIFIC, BY COUNTRY, 2021–2024 (USD MILLION) 118 TABLE 68 CONVERTER STATIONS: HVDC TRANSMISSION MARKET IN ASIA PACIFIC, BY COUNTRY, 2025–2030 (USD MILLION) 119 TABLE 69 CONVERTER STATIONS: HVDC TRANSMISSION MARKET IN ROW, BY REGION, 2021–2024 (USD MILLION) 119 TABLE 70 CONVERTER STATIONS: HVDC TRANSMISSION MARKET IN ROW, BY REGION, 2025–2030 (USD MILLION) 119 TABLE 71 VALVES: HVDC TRANSMISSION MARKET, BY TYPE, 2021–2024 (USD MILLION) 120 TABLE 72 VALVES: HVDC TRANSMISSION MARKET, BY TYPE, 2025–2030 (USD MILLION) 120 TABLE 73 TRANSMISSION CABLES: HVDC TRANSMISSION MARKET, BY REGION, 2021–2024 (USD MILLION) 124 TABLE 74 TRANSMISSION CABLES: HVDC TRANSMISSION MARKET, BY REGION, 2025–2030 (USD MILLION) 124 TABLE 75 TRANSMISSION CABLES: HVDC TRANSMISSION MARKET IN NORTH AMERICA, BY COUNTRY, 2021–2024 (USD MILLION) 125 TABLE 76 TRANSMISSION CABLES: HVDC TRANSMISSION MARKET IN NORTH AMERICA, BY COUNTRY, 2025–2030 (USD MILLION) 125 TABLE 77 TRANSMISSION CABLES: HVDC TRANSMISSION MARKET IN EUROPE, BY COUNTRY, 2021–2024 (USD MILLION) 125 TABLE 78 TRANSMISSION CABLES: HVDC TRANSMISSION MARKET IN EUROPE, BY COUNTRY, 2025–2030 (USD MILLION) 126 TABLE 79 TRANSMISSION CABLES: HVDC TRANSMISSION MARKET IN ASIA PACIFIC, BY COUNTRY, 2021–2024 (USD MILLION) 126 TABLE 80 TRANSMISSION CABLES: HVDC TRANSMISSION MARKET IN ASIA PACIFIC, BY COUNTRY, 2025–2030 (USD MILLION) 127 TABLE 81 TRANSMISSION CABLES: HVDC TRANSMISSION MARKET IN ROW, BY REGION, 2021–2024 (USD MILLION) 127 TABLE 82 TRANSMISSION CABLES: HVDC TRANSMISSION MARKET IN ROW, BY REGION, 2025–2030 (USD MILLION) 127 TABLE 83 OTHER COMPONENTS: HVDC TRANSMISSION MARKET, BY REGION, 2021–2024 (USD MILLION) 128 TABLE 84 OTHER COMPONENTS: HVDC TRANSMISSION MARKET, BY REGION, 2025–2030 (USD MILLION) 128 TABLE 85 OTHER COMPONENTS: HVDC TRANSMISSION MARKET IN NORTH AMERICA, BY COUNTRY, 2021–2024 (USD MILLION) 129 TABLE 86 OTHER COMPONENTS: HVDC TRANSMISSION MARKET IN NORTH AMERICA, BY COUNTRY, 2025–2030 (USD MILLION) 129 TABLE 87 OTHER COMPONENTS: HVDC TRANSMISSION MARKET IN EUROPE, BY COUNTRY, 2021–2024 (USD MILLION) 129 TABLE 88 OTHER COMPONENTS: HVDC TRANSMISSION MARKET IN EUROPE, BY COUNTRY, 2025–2030 (USD MILLION) 130 TABLE 89 OTHER COMPONENTS: HVDC TRANSMISSION MARKET IN ASIA PACIFIC, BY COUNTRY, 2021–2024 (USD MILLION) 130 TABLE 90 OTHER COMPONENTS: HVDC TRANSMISSION MARKET IN ASIA PACIFIC, BY COUNTRY, 2025–2030 (USD MILLION) 131 TABLE 91 OTHER COMPONENTS: HVDC TRANSMISSION MARKET IN ROW, BY REGION, 2021–2024 (USD MILLION) 131 TABLE 92 OTHER COMPONENTS: HVDC TRANSMISSION MARKET IN ROW, BY REGION, 2025–2030 (USD MILLION) 131 TABLE 93 HVDC TRANSMISSION MARKET, BY TECHNOLOGY, 2021–2024 (USD MILLION) 133 TABLE 94 HVDC TRANSMISSION MARKET, BY TECHNOLOGY, 2025–2030 (USD MILLION) 133 TABLE 95 HVDC TRANSMISSION MARKET, BY TECHNOLOGY, 2021–2024 (MW) 134 TABLE 96 TRANSMISSION MARKET, BY TECHNOLOGY, 2025–2030 (MW) 134 TABLE 97 LINE COMMUTATED CONVERTER (LCC): HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2021–2024 (USD MILLION) 134 TABLE 98 LINE COMMUTATED CONVERTER (LCC): HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2025–2030 (USD MILLION) 135 TABLE 99 LINE COMMUTATED CONVERTER (LCC): HVDC TRANSMISSION MARKET FOR POINT-TO-POINT PROJECT TYPE, 2021–2024 (USD MILLION) 135 TABLE 100 LINE COMMUTATED CONVERTER (LCC): HVDC TRANSMISSION MARKET FOR POINT-TO-POINT PROJECT TYPE, 2025–2030 (USD MILLION) 135 TABLE 101 HVDC TRANSMISSION MARKET, BY LINE COMMUTATED CONVERTER (LCC) TECHNOLOGY, 2021–2024 (USD MILLION) 135 TABLE 102 HVDC TRANSMISSION MARKET, BY LINE COMMUTATED CONVERTER (LCC) TECHNOLOGY TYPE, 2025–2030 (USD MILLION) 136 TABLE 103 VOLTAGE SOURCE CONVERTER (VSC): HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2021–2024 (USD MILLION) 137 TABLE 104 VOLTAGE SOURCE CONVERTER (VSC): HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2025–2030 (USD MILLION) 137 TABLE 105 VOLTAGE SOURCE CONVERTER (VSC): HVDC TRANSMISSION MARKET FOR POINT-TO-POINT TRANSMISSION PROJECT TYPE, 2021–2024 (USD MILLION) 137 TABLE 106 VOLTAGE SOURCE CONVERTER (VSC): HVDC TRANSMISSION MARKET FOR POINT-TO-POINT TRANSMISSION PROJECT TYPE, 2025–2030 (USD MILLION) 137 TABLE 107 HVDC TRANSMISSION MARKET, BY VOLTAGE SOURCE CONVERTER (VSC) TECHNOLOGY TYPE, 2021–2024 (USD MILLION) 138 TABLE 108 HVDC TRANSMISSION MARKET, BY VOLTAGE SOURCE CONVERTER (VSC) TECHNOLOGY TYPE, 2025–2030 (USD MILLION) 138 TABLE 109 CAPACITOR COMMUTATED CONVERTER (CCC): HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2021–2024 (USD MILLION) 139 TABLE 110 CAPACITOR COMMUTATED CONVERTER (CCC): HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2025–2030 (USD MILLION) 139 TABLE 111 HVDC TRANSMISSION MARKET, BY REGION, 2021–2024 (USD MILLION) 141 TABLE 112 HVDC TRANSMISSION MARKET, BY REGION, 2025–2030 (USD MILLION) 142 TABLE 113 NORTH AMERICA: HVDC TRANSMISSION MARKET, BY COMPONENT, 2021–2024 (USD MILLION) 143 TABLE 114 NORTH AMERICA: HVDC TRANSMISSION MARKET, BY COMPONENT, 2025–2030 (USD MILLION) 144 TABLE 115 NORTH AMERICA: HVDC TRANSMISSION MARKET, BY COUNTRY, 2021–2024 (USD MILLION) 144 TABLE 116 NORTH AMERICA: HVDC TRANSMISSION MARKET, BY COUNTRY, 2025–2030 (USD MILLION) 144 TABLE 117 US: HVDC TRANSMISSION MARKET, BY COMPONENT, 2021–2024 (USD MILLION) 146 TABLE 118 US: HVDC TRANSMISSION MARKET, BY COMPONENT, 2025–2030 (USD MILLION) 146 TABLE 119 CANADA: HVDC TRANSMISSION MARKET, BY COMPONENT, 2021–2024 (USD MILLION) 147 TABLE 120 CANADA: HVDC TRANSMISSION MARKET, BY COMPONENT, 2025–2030 (USD MILLION) 147 TABLE 121 MEXICO: HVDC TRANSMISSION MARKET, BY COMPONENT, 2021–2024 (USD MILLION) 148 TABLE 122 MEXICO: HVDC TRANSMISSION MARKET, BY COMPONENT, 2025–2030 (USD MILLION) 148 TABLE 123 EUROPE: HVDC TRANSMISSION MARKET, BY COMPONENT, 2021–2024 (USD MILLION) 150 TABLE 124 EUROPE: HVDC TRANSMISSION MARKET, BY COMPONENT, 2025–2030 (USD MILLION) 150 TABLE 125 EUROPE: HVDC TRANSMISSION MARKET, BY COUNTRY, 2021–2024 (USD MILLION) 150 TABLE 126 EUROPE: HVDC TRANSMISSION MARKET, BY COUNTRY, 2025–2030 (USD MILLION) 151 TABLE 127 UK: HVDC TRANSMISSION MARKET, BY COMPONENT, 2021–2024 (USD MILLION) 152 TABLE 128 UK: HVDC TRANSMISSION MARKET, BY COMPONENT, 2025–2030 (USD MILLION) 152 TABLE 129 GERMANY: HVDC TRANSMISSION MARKET, BY COMPONENT, 2021–2024 (USD MILLION) 153 TABLE 130 GERMANY: HVDC TRANSMISSION MARKET, BY COMPONENT, 2025–2030 (USD MILLION) 153 TABLE 131 FRANCE: HVDC TRANSMISSION MARKET, BY COMPONENT, 2021–2024 (USD MILLION) 154 TABLE 132 FRANCE: HVDC TRANSMISSION MARKET, BY COMPONENT, 2025–2030 (USD MILLION) 155 TABLE 133 ITALY: HVDC TRANSMISSION MARKET, BY COMPONENT, 2021–2024 (USD MILLION) 155 TABLE 134 ITALY: HVDC TRANSMISSION MARKET, BY COMPONENT, 2025–2030 (USD MILLION) 155 TABLE 135 SPAIN: HVDC TRANSMISSION MARKET, BY COMPONENT, 2021–2024 (USD MILLION) 156 TABLE 136 SPAIN: HVDC TRANSMISSION MARKET, BY COMPONENT, 2025–2030 (USD MILLION) 156 TABLE 137 POLAND: HVDC TRANSMISSION MARKET, BY COMPONENT, 2021–2024 (USD MILLION) 157 TABLE 138 POLAND: HVDC TRANSMISSION MARKET, BY COMPONENT, 2025–2030 (USD MILLION) 157 TABLE 139 NORDICS: HVDC TRANSMISSION MARKET, BY COMPONENT, 2021–2024 (USD MILLION) 158 TABLE 140 NORDICS: HVDC TRANSMISSION MARKET, BY COMPONENT, 2025–2030 (USD MILLION) 158 TABLE 141 REST OF EUROPE: HVDC TRANSMISSION MARKET, BY COMPONENT, 2021–2024 (USD MILLION) 158 TABLE 142 REST OF EUROPE: HVDC TRANSMISSION MARKET, BY COMPONENT, 2025–2030 (USD MILLION) 159 TABLE 143 ASIA PACIFIC: HVDC TRANSMISSION MARKET, BY COMPONENT, 2021–2024 (USD MILLION) 160 TABLE 144 ASIA PACIFIC: HVDC TRANSMISSION MARKET, BY COMPONENT, 2025–2030 (USD MILLION) 161 TABLE 145 ASIA PACIFIC: HVDC TRANSMISSION MARKET, BY COUNTRY, 2021–2024 (USD MILLION) 161 TABLE 146 ASIA PACIFIC: HVDC TRANSMISSION MARKET, BY COUNTRY, 2025–2030 (USD MILLION) 162 TABLE 147 CHINA: HVDC TRANSMISSION MARKET, BY COMPONENT, 2021–2024 (USD MILLION) 163 TABLE 148 CHINA: HVDC TRANSMISSION MARKET, BY COMPONENT, 2025–2030 (USD MILLION) 164 TABLE 149 JAPAN: HVDC TRANSMISSION MARKET, BY COMPONENT, 2021–2024 (USD MILLION) 164 TABLE 150 JAPAN: HVDC TRANSMISSION MARKET, BY COMPONENT, 2025–2030 (USD MILLION) 165 TABLE 151 SOUTH KOREA: HVDC TRANSMISSION MARKET, BY COMPONENT, 2021–2024 (USD MILLION) 165 TABLE 152 SOUTH KOREA: HVDC TRANSMISSION MARKET, BY COMPONENT, 2025–2030 (USD MILLION) 166 TABLE 153 INDIA: HVDC TRANSMISSION MARKET, BY COMPONENT, 2021–2024 (USD MILLION) 167 TABLE 154 INDIA: HVDC TRANSMISSION MARKET, BY COMPONENT, 2025–2030 (USD MILLION) 167 TABLE 155 AUSTRALIA: HVDC TRANSMISSION MARKET, BY COMPONENT, 2021–2024 (USD MILLION) 168 TABLE 156 AUSTRALIA: HVDC TRANSMISSION MARKET, BY COMPONENT, 2025–2030 (USD MILLION) 168 TABLE 157 INDONESIA: HVDC TRANSMISSION MARKET, BY COMPONENT, 2021–2024 (USD MILLION) 169 TABLE 158 INDONESIA: HVDC TRANSMISSION MARKET, BY COMPONENT, 2025–2030 (USD MILLION) 169 TABLE 159 MALAYSIA: HVDC TRANSMISSION MARKET, BY COMPONENT, 2021–2024 (USD MILLION) 170 TABLE 160 MALAYSIA: HVDC TRANSMISSION MARKET, BY COMPONENT, 2025–2030 (USD MILLION) 170 TABLE 161 THAILAND: HVDC TRANSMISSION MARKET, BY COMPONENT, 2021–2024 (USD MILLION) 170 TABLE 162 THAILAND: HVDC TRANSMISSION MARKET, BY COMPONENT, 2025–2030 (USD MILLION) 171 TABLE 163 VIETNAM: HVDC TRANSMISSION MARKET, BY COMPONENT, 2021–2024 (USD MILLION) 171 TABLE 164 VIETNAM: HVDC TRANSMISSION MARKET, BY COMPONENT, 2025–2030 (USD MILLION) 172 TABLE 165 REST OF ASIA PACIFIC: HVDC TRANSMISSION MARKET, BY COMPONENT, 2021–2024 (USD MILLION) 172 TABLE 166 REST OF ASIA PACIFIC: HVDC TRANSMISSION MARKET, BY COMPONENT, 2025–2030 (USD MILLION) 172 TABLE 167 ROW: HVDC TRANSMISSION MARKET, BY COMPONENT, 2021–2024 (USD MILLION) 173 TABLE 168 ROW: HVDC TRANSMISSION MARKET, BY COMPONENT, 2025–2030 (USD MILLION) 173 TABLE 169 ROW: HVDC TRANSMISSION MARKET, BY REGION, 2021–2024 (USD MILLION) 173 TABLE 170 ROW: HVDC TRANSMISSION MARKET, BY REGION, 2025–2030 (USD MILLION) 174 TABLE 171 MIDDLE EAST: HVDC TRANSMISSION MARKET, BY COUNTRY, 2021–2024, (USD MILLION) 175 TABLE 172 MIDDLE EAST: HVDC TRANSMISSION MARKET, BY COUNTRY, 2025–2030, (USD MILLION) 175 TABLE 173 MIDDLE EAST: HVDC TRANSMISSION MARKET, BY COMPONENT, 2021–2024 (USD MILLION) 175 TABLE 174 MIDDLE EAST: HVDC TRANSMISSION MARKET, BY COMPONENT, 2025–2030 (USD MILLION) 176 TABLE 175 AFRICA: HVDC TRANSMISSION MARKET, BY COUNTRY, 2021–2024, (USD MILLION) 178 TABLE 176 AFRICA: HVDC TRANSMISSION MARKET, BY COUNTRY, 2025–2030, (USD MILLION) 178 TABLE 177 AFRICA: HVDC TRANSMISSION MARKET, BY COMPONENT, 2021–2024 (USD MILLION) 179 TABLE 178 AFRICA: HVDC TRANSMISSION MARKET, BY COMPONENT, 2025–2030 (USD MILLION) 179 TABLE 179 SOUTH AMERICA: HVDC TRANSMISSION MARKET, BY COMPONENT, 2021–2024 (USD MILLION) 181 TABLE 180 SOUTH AMERICA: HVDC TRANSMISSION MARKET, BY COMPONENT, 2025–2030 (USD MILLION) 181 TABLE 181 OVERVIEW OF STRATEGIES ADOPTED BY KEY PLAYERS, 2020–2025 182 TABLE 182 HVDC TRANSMISSION MARKET: DEGREE OF COMPETITION, 2024 184 TABLE 183 REGION FOOTPRINT 191 TABLE 184 COMPONENT FOOTPRINT 192 TABLE 185 APPLICATION FOOTPRINT 193 TABLE 186 PROJECT TYPE FOOTPRINT 194 TABLE 187 HVDC TRANSMISSION MARKET: DETAILED LIST OF KEY STARTUPS/SMES 197 TABLE 188 STARTUPS/SMES FOOTPRINT, BY COMPONENT 198 TABLE 189 STARTUPS/SMES FOOTPRINT, BY APPLICATION 198 TABLE 190 STARTUPS/SMES FOOTPRINT, BY PROJECT TYPE 199 TABLE 191 STARTUPS/SMES FOOTPRINT, BY REGION 199 TABLE 192 HVDC TRANSMISSION MARKET: PRODUCT LAUNCHES, JANUARY 2022– JULY 2025 200 TABLE 193 HVDC TRANSMISSION MARKET: DEALS, JANUARY 2022– JULY 2025 200 TABLE 194 HVDC TRANSMISSION MARKET: OTHER DEVELOPMENTS, JANUARY 2022– JULY 2025 201 TABLE 195 HITACHI, LTD.: COMPANY OVERVIEW 204 TABLE 196 HITACHI, LTD.: PRODUCTS/SOLUTIONS/SERVICES OFFERED 205 TABLE 197 HITACHI, LTD.: DEALS 206 TABLE 198 HITACHI, LTD.: OTHER DEVELOPMENTS 207 TABLE 199 SIEMENS ENERGY: COMPANY OVERVIEW 209 TABLE 200 SIEMENS ENERGY: PRODUCTS/SOLUTIONS/SERVICES OFFERED 210 TABLE 201 SIEMENS ENERGY: DEALS 212 TABLE 202 SIEMENS ENERGY: OTHER DEVELOPMENTS 213 TABLE 203 MITSUBISHI ELECTRIC CORPORATION: COMPANY OVERVIEW 214 TABLE 204 MITSUBISHI ELECTRIC CORPORATION: PRODUCTS/SOLUTIONS/SERVICES OFFERED 215 TABLE 205 MITSUBISHI ELECTRIC CORPORATION: DEALS 216 TABLE 206 MITSUBISHI ELECTRIC CORPORATION: OTHER DEVELOPMENTS 217 TABLE 207 GE VERNOVA: COMPANY OVERVIEW 218 TABLE 208 GE VERNOVA: PRODUCTS/SOLUTIONS/SERVICES OFFERED 219 TABLE 209 GE VERNOVA: DEALS 220 TABLE 210 GE VERNOVA: OTHER DEVELOPMENTS 221 TABLE 211 PRYSMIAN GROUP: COMPANY OVERVIEW 223 TABLE 212 PRYSMIAN GROUP: PRODUCTS/SOLUTIONS/SERVICES OFFERED 224 TABLE 213 PRYSMIAN GROUP: PRODUCT LAUNCHES 225 TABLE 214 PRYSMIAN GROUP: DEALS 226 TABLE 215 PRYSMIAN GROUP: OTHER DEVELOPMENTS 226 TABLE 216 TOSHIBA CORPORATION: COMPANY OVERVIEW 228 TABLE 217 TOSHIBA CORPORATION: PRODUCTS/SOLUTIONS/SERVICES OFFERED 229 TABLE 218 TOSHIBA CORPORATION: DEALS 230 TABLE 219 TOSHIBA CORPORATION: OTHER DEVELOPMENTS 230 TABLE 220 NKT A/S: COMPANY OVERVIEW 231 TABLE 221 NKT A/S: PRODUCTS/SOLUTIONS/SERVICES OFFERED 232 TABLE 222 NKT A/S: DEALS 233 TABLE 223 NKT A/S: OTHER DEVELOPMENTS 234 TABLE 224 NEXANS: COMPANY OVERVIEW 236 TABLE 225 NEXANS: PRODUCTS/SOLUTIONS/SERVICES OFFERED 237 TABLE 226 NEXANS: DEALS 238 TABLE 227 NEXANS: OTHER DEVELOPMENTS 239 TABLE 228 LS ELECTRIC CO., LTD.: COMPANY OVERVIEW 240 TABLE 229 LS ELECTRIC CO., LTD.: PRODUCTS/SOLUTIONS/SERVICES OFFERED 241 TABLE 230 LS ELECTRIC CO., LTD.: DEALS 242 TABLE 231 LS ELECTRIC CO., LTD.: OTHER DEVELOPMENTS 242 TABLE 232 NR ELECTRIC CO., LTD.: COMPANY OVERVIEW 243 TABLE 233 NR ELECTRIC CO., LTD.: PRODUCTS/SOLUTIONS/SERVICES OFFERED 243 FIGURE 1 HVDC TRANSMISSION MARKET SEGMENTATION AND REGIONAL SCOPE 27 FIGURE 2 HVDC TRANSMISSION MARKET: RESEARCH DESIGN 31 FIGURE 3 BOTTOM-UP APPROACH 36 FIGURE 4 TOP-DOWN APPROACH 37 FIGURE 5 MARKET SIZE ESTIMATION: DEMAND-SIDE ANALYSIS 38 FIGURE 6 MARKET SIZE ESTIMATION: SUPPLY-SIDE ANALYSIS 39 FIGURE 7 DATA TRIANGULATION 40 FIGURE 8 HVDC TRANSMISSION MARKET, 2021–2030 43 FIGURE 9 CONVERTER STATIONS SEGMENT TO DOMINATE MARKET IN 2025 43 FIGURE 10 POINT-TO-POINT SEGMENT TO CAPTURE LARGEST MARKET SHARE IN 2030 44 FIGURE 11 LINE COMMUTATED COVERTER (LCC) SEGMENT TO SECURE LARGEST MARKET SHARE IN 2030 44 FIGURE 12 BULK POWER TRANSMISSION SEGMENT TO COMMAND LARGEST MARKET SHARE IN 2030 45 FIGURE 13 ASIA PACIFIC TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD 46 FIGURE 14 TRANSITION TOWARD RENEWABLE ENERGY SOURCES TO SUPPORT MARKET GROWTH 47 FIGURE 15 CONVERTER STATIONS SEGMENT TO CAPTURE LARGEST MARKET SHARE IN 2030 48 FIGURE 16 LINE COMMUTATED CONVERTER (LCC) SEGMENT TO DOMINATE MARKET IN 2030 48 FIGURE 17 POINT-TO-POINT SEGMENT TO SECURE LARGEST MARKET SHARE IN 2030 49 FIGURE 18 BULK POWER TRANSMISSION SEGMENT TO LEAD MARKET IN 2030 49 FIGURE 19 CONVERTER STATION AND CHINA HELD LARGEST SHARES OF HVDC TRANSMISSION MARKET IN ASIA PACIFIC IN 2024 50 FIGURE 20 CHINA TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD 50 FIGURE 21 HVDC TRANSMISSION MARKET: MARKET DYNAMICS 51 FIGURE 22 ELECTRICITY CONSUMPTION, BY REGION, 2021–2024 53 FIGURE 23 IMPACT ANALYSIS OF DRIVERS ON HVDC TRANSMISSION MARKET 54 FIGURE 24 IMPACT ANALYSIS OF RESTRAINTS ON HVDC TRANSMISSION MARKET 56 FIGURE 25 IMPACT ANALYSIS OF OPPORTUNITIES ON HVDC TRANSMISSION MARKET 59 FIGURE 26 IMPACT ANALYSIS OF CHALLENGES ON HVDC TRANSMISSION MARKET 61 FIGURE 27 HVDC TRANSMISSION MARKET: SUPPLY CHAIN ANALYSIS 62 FIGURE 28 HVDC TRANSMISSION MARKET: ECOSYSTEM MAPPING 64 FIGURE 29 INVESTMENT AND FUNDING SCENARIO, 2021–2025 65 FIGURE 30 AVERAGE SELLING PRICE TREND OF COMPONENTS, BY KEY PLAYER, 2021–2024 68 FIGURE 31 AVERAGE SELLING PRICE TREND OF COMPONENTS, BY REGION, 2021–2024 69 FIGURE 32 NUMBER OF PATENTS GRANTED IN HVDC TRANSMISSION MARKET, 2015–2024 70 FIGURE 33 HVDC TRANSMISSION MARKET: PORTER'S FIVE FORCES ANALYSIS 72 FIGURE 34 INFLUENCE OF STAKEHOLDERS ON TOP APPLICATIONS 75 FIGURE 35 KEY BUYING CRITERIA FOR TOP APPLICATIONS 75 FIGURE 36 IMPORT DATA FOR HS CODE 8504-COMPLIANT PRODUCTS, BY COUNTRY, 2020–2024 78 FIGURE 37 EXPORT DATA FOR HS CODE 8504-COMPLIANT PRODUCTS, BY COUNTRY, 2020–2024 79 FIGURE 38 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 84 FIGURE 39 IMPACT OF AI ON HVDC TRANSMISSION MARKET 86 FIGURE 40 POINT-TO-POINT SEGMENT TO CAPTURE LARGEST MARKET SHARE IN 2025 95 FIGURE 41 BULK POWER TRANSMISSION SEGMENT TO ACCOUNT FOR LARGEST MARKET SHARE IN 2030 106 FIGURE 42 CONVERTER STATIONS SEGMENT TO CAPTURE LARGEST MARKET SHARE IN 2030 114 FIGURE 43 LINE COMMUTATED CONVERTER (LCC) SEGMENT TO ACCOUNT FOR LARGEST SHARE OF HVDC TRANSMISSION MARKET FROM 2025 TO 2030 133 FIGURE 44 ASIA PACIFIC TO BE FASTEST-GROWING REGION DURING FORECAST PERIOD 141 FIGURE 45 NORTH AMERICA: HVDC TRANSMISSION MARKET SNAPSHOT 143 FIGURE 46 EUROPE: HVDC TRANSMISSION MARKET SNAPSHOT 149 FIGURE 47 ASIA PACIFIC: HVDC TRANSMISSION MARKET SNAPSHOT 160 FIGURE 48 HVDC TRANSMISSION MARKET: MARKET SHARE ANALYSIS, 2024 183 FIGURE 49 REVENUE ANALYSIS OF KEY PLAYERS IN HVDC TRANSMISSION MARKET, 2020–2024 185 FIGURE 50 COMPANY VALUATION, 2025 186 FIGURE 51 FINANCIAL METRICS, 2025 186 FIGURE 52 BRAND/PRODUCT COMPARISON 187 FIGURE 53 COMPANY EVALUATION MATRIX: KEY PLAYERS, 2024 189 FIGURE 54 OVERALL COMPANY FOOTPRINT 190 FIGURE 55 COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2024 196 FIGURE 56 HITACHI, LTD.: COMPANY SNAPSHOT 204 FIGURE 57 SIEMENS ENERGY: COMPANY SNAPSHOT 210 FIGURE 58 MITSUBISHI ELECTRIC CORPORATION: COMPANY SNAPSHOT 215 FIGURE 59 GE VERNOVA: COMPANY SNAPSHOT 219 FIGURE 60 PRYSMIAN GROUP: COMPANY SNAPSHOT 224 FIGURE 61 NKT A/S: COMPANY SNAPSHOT 232 FIGURE 62 NEXANS: COMPANY SNAPSHOT 237 FIGURE 63 LS ELECTRIC CO., LTD.: COMPANY SNAPSHOT 241