United Kingdom HVDC Transmission Systems Market Insights Forecasts to 2033

• The Market is growing at a CAGR of 7.35% from 2023 to 2033
• The UK HVDC Transmission Systems Market Size is Expected to Hold a Significant Share by 2033

The U.K. HVDC Transmission Systems Market is Anticipated to Hold a Significant Share by 2033, growing at a CAGR of 7.35% from 2023 to 2033.   

Market Overview

HVDC (High Voltage Direct Current) plays a crucial role in a carbon-free energy system. It is very effective in the transmission of large amounts of power over extensive distances, as well as in the incorporation of renewable energy, linking grids, and providing new sustainable power transmission options. Another benefit of the HVDC system is to prevent the need for high currents in order to maximize the capacity of underwater power cables. HVDC allows for the transmission of power between asynchronous AC grids and has the ability to supply electricity to major cities. An HVDC system receives electrical energy from the AC grid through a transformer, changes it to DC at a converter station, and sends it to a destination using overhead or underground cables. At the point of reception, it undergoes a conversion to AC with the use of a different converter. The market growth is being driven by an increasing number of VSC-based HVDC projects, rising acceptance of renewable energy, increasing need for dependable power sources, and advantageous government policies and initiatives for HVDC transmission. Additionally, the market growth is expected to be driven by the continuous technological advancements in converter station components and the increasing demand for electricity exchange through seamless interconnection of power grids.

Report Coverage

This research report categorizes the market for the U.K. HVDC transmission systems market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the UK HVDC transmission systems 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 UK HVDC transmission systems market.

Driving Factors

The growing need for power in the UK is a key factor driving the demand for HVDC transmission systems, as well as the need for T&D networks. The rising population, along with rapid urbanization and industrialization, are driving the growing demand for electricity. Additionally, electricity is primarily utilized for cooling, illumination, and operating appliances and machinery in residential areas. Additionally, the transportation sector is playing a major role in increasing energy usage due to its considerable growth in the country. Therefore, these factors are having a positive influence on the growth of the UK market for high voltage direct current transmission systems. Therefore, it is anticipated that the UK high voltage direct current (HVDC) transmission systems market will experience an increase in growth in the upcoming time period.

Restraining Factors

The expensive nature of HVDC transmission systems over short distances may impede market expansion. The cost of a device is determined by various factors such as the level of power transferred, the type of transmission medium, environmental factors, and the cost of converter stations and related equipment.

Market Segmentation

The United Kingdom HVDC transmission systems market share is classified into technology and application.  

• The line commutated converter (LCC) segment is expected to hold the largest market share through the forecast period.   

The U.K. HVDC transmission systems market is segmented by technology into line commutated converter (LCC) and voltage source converters (VSC). Among these, the line commutated converter (LCC) segment is expected to hold the largest market share through the forecast period. Because of its top performance, dependability, and affordability. LCCs are the favored option for transporting large amounts of power across extensive distances. The LCC technology, with its years of use, is a dependable choice due to its advanced nature.   

• The overhead segment dominates the market with the largest market share over the predicted period.

The UK HVDC transmission systems market is segmented by application into subsea, underground, overhead, and mixed. Among these, the overhead segment dominates the market with the largest market share over the predicted period. Overhead application is when electricity is transmitted over long distances using overhead transmission lines. This means of transmission is becoming more popular because it is less expensive to install than underground cables, making it a more economical choice for long-distance transmission. Additionally, aboveground wires can carry more power, enabling the transfer of larger quantities of electricity across longer distances.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the United Kingdom HVDC transmission systems 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
• Siemens AG
• General Electric Company
• Toshiba Corporation
• Mitsubishi Electric Corporation
• Prysmian Group
• Schneider Electric SE
• Alstom SA
• Hitachi Ltd.
• Others

Key Target Audience

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

Recent Developments

• In October 2022, Vattenfall inked a deal with Siemens Energy and Aker Solutions AS to provide grid connection infrastructure for the Norfolk Boreas Offshore Wind Farm located off the coast of Britain. It aims to provide its initial electricity in 2027, boasting a 1.4 GW capacity.

Market Segment

This study forecasts revenue at United Kingdom, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the United Kingdom HVDC Transmission Systems Market based on the below-mentioned segments:

United Kingdom HVDC Transmission Systems Market, By Technology

• Line Commutated Converter (LCC)
• Voltage Source Converters (VSC)

United Kingdom HVDC Transmission Systems Market, By Application

• Subsea
• Underground
• Overhead
• Mixed