Australia High Voltage Direct Current Transmission System Market Size, Share, and COVID-19 Impact Analysis, By Transmission Type (Submarine HVDC Transmission System, HVDC Underground Transmission System, and HVDC Overhead Transmission System), By Component (Converter Stations and Transmission Medium (Cables)), and Australia High Voltage Direct Current Transmission System Market Insights, Industry Trend, Forecasts to 2033

Australia High Voltage Direct Current Transmission System Market Insights Forecasts to 2033

• The Australia High Voltage Direct Current Transmission System Market Size Was Estimated at USD 1.57 Billion in 2023.
• The Market Size is Growing at a CAGR of 7.74% from 2023 to 2033
• The Australia High Voltage Direct Current Transmission System Market Size is Expected to Reach USD 3.31 Billion by 2033

The Australia High Voltage Direct Current Transmission System Market Size is Expected to reach USD 3.31 billion by 2033, Growing at a CAGR of 7.74% from 2023 to 2033.

Market Overview

The market for high voltage direct current (HVDC) transmission systems in Australia is the industry devoted to the development, implementation, and maintenance of HVDC systems for long-distance electrical transmission, particularly for enhancing grid stability and incorporating renewable energy sources. The Australian HVDC transmission system market is expected to be driven by several important reasons over the forecast period, including the growing deployment of offshore wind farms, cheap long-distance transmission costs, controllability, and low short circuit current. In addition, the offshore oil and gas industry and the development of offshore wind power technology are expected to generate significant market opportunities. Furthermore, the government intends to integrate additional renewable energy sources to make use of its excess energy resources. super-grid connectivity, such as the Australian-Asian (Power) Grid (AAG) Project, which connects Australia to Asian grids.  Thus, it is anticipated that in the upcoming years, there will be an increased demand for HVDC transmission networks.

Report Coverage

This research report categorizes the market for the Australia high voltage direct current transmission system market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Australia high voltage direct current transmission system market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the Australia high voltage direct current transmission system market.

Driving Factors

The market for high voltage direct current (HVDC) transmission systems in Australia is expanding significantly due to the necessity for effective long-distance power transmission and the growing integration of renewable energy. Additionally. The Australian high voltage direct current transmission system market is growing because the HVDC system reduces transmission losses and enhances grid performance and stability, which will assist Australia's transition to a sustainable energy future. In addition, the development of voltage source converter (VSC) technology in HVDC systems has made power transmission more dependable and adaptable, which has greatly accelerated market expansion.

Restraining Factors

Australia's high voltage direct current transmission system market's expansion is anticipated to be hampered by high installation costs and substantial losses for shorter transmission distances.

Market Segmentation

The Australian high voltage direct current transmission system market share is classified into transmission type and component.

• The submarine HVDC segment accounted for a significant market share in 2023 and is expected to grow at a significant CAGR during the forecast period.

Based on the transmission type, the Australia high voltage direct current transmission system market is divided into submarine HVDC transmission system, HVDC underground transmission system, and HVDC overhead transmission system. Among these, the submarine HVDC segment accounted for a significant market share in 2023 and is expected to grow at a significant CAGR during the forecast period. This segment is growing due to the growing emphasis on international power trade has led to an increase in the importance of submarine electricity transmission. In addition, the development of future power transmission networks depends on the HVDC underwater power transmission technology.

• The converter station segment accounted for the largest share in 2023 and is expected to grow at a significant CAGR during the forecast period.

Based on the component, the Australian high voltage direct current transmission system market is categorized into converter stations and transmission medium (cables). Among these, the converter station segment accounted for the largest share in 2023 and is expected to grow at a significant CAGR during the forecast period. This segment is expanding due to converter stations being essential in HVDC systems, converting AC to DC and vice versa, ensuring energy efficiency, grid stability, and seamless integration of renewable energy sources.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the Australia high voltage direct current transmission system market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• ABB Ltd
• General Electric Company
• Siemens AG
• Prysmian SpA
• Toshiba Corporation
• Doble Engineering Co.
• Mitsubishi Electric Corporation
• Schneider Electric SE
• LS Industrial Systems Co. Ltd
• Cisco Systems Inc.
• NKT A/S
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Development

• In May 2024, Hitachi Energy declared that the Marinus Link project, which would link Tasmania and mainland Australia and support the country achieve its Net Zero objectives, would make use of its HVDC technology.

Market Segment

This study forecasts revenue at Australia, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Australia high voltage direct current transmission system market based on the below-mentioned segments:

Australia High Voltage Direct Current Transmission System Market, By Transmission Type

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

Australia High Voltage Direct Current Transmission System Market, By Component

• Converter Stations
• Transmission Medium (Cables)