The global HVDC transmission system market presents a promising outlook, with a market size of USD 10.26 billion in 2023 and a projected growth to USD 22.01 billion by 2032, representing a CAGR of 9.14%. This analysis highlights the crucial role of HVDC transmission in achieving a carbon-neutral energy future.
The technology offers efficient long-distance power transmission, facilitating the integration of renewable energy sources and grid connection, while also opening doors to explore sustainable solutions. While the COVID-19 pandemic impacted the market due to decreased electricity demand and supply chain disruptions, the increasing adoption of renewable energy and surging electricity demand are expected to be key drivers of future growth. As the pandemic subsides, governments and energy companies are likely to prioritize infrastructure investments, further propelling market growth.