High Voltage Direct Current (HVDC) Transmission Systems Market in UK Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The UK HVDC Transmission Systems Market is Segmented by Transmission Type (Submarine HVDC Transmission System, HVDC Overhead Transmission System, and HVDC Underground Transmission System) and Component (Converter Stations and Transmission Medium (Cables)). For each segment, the market sizing and forecasts have been done based on revenue (USD million).

UK HVDC Transmission Systems Market Size

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UK HVDC Transmission Systems Market Summary
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Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 7.37 %
Market Concentration High

Major Players

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*Disclaimer: Major Players sorted in no particular order

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UK HVDC Transmission Systems Market Analysis

The UK HVDC transmission systems market is expected to record a CAGR of approximately 7.37% during the forecast period (2022-2027).

The COVID-19 pandemic had a severe impact on the market, as several projects were delayed. However, the market has since rebounded and is expected to return to pre-pandemic levels during the forecast period.

  • Over the long term, the increasing demand for cost-effective solutions for long-distance renewable power transmission may drive the UK HVDC transmission systems market.
  • However, the growing demand for distributed and remote power plants that provide electricity in rural areas without the need for significant transmission and distribution infrastructure is expected to hinder the growth of the HVDC transmission systems market in the coming years.
  • Technological advancements in HVDC transmission systems are expected to help in mitigating operational issues with wind and solar-based electricity transmission systems, as the phase difference does not matter in the HVDC transmission line. However, conventional HVAC does not work on this principle, it requires transformers to match the phase generated from a different source. Hence, this factor is expected to provide a better opportunity for the growth of the HVDC transmission system market in the country.

UK HVDC Transmission Systems Market Trends

This section covers the major market trends shaping the UK HVDC Transmission Systems Market according to our research experts:

Submarine HVDC Transmission System to Grow at the Fastest Rate

  • Submarine electricity transmission is gaining importance because of the increasing focus on power trade between countries. The HVDC submarine power transmission system is considered a key technology for developing future power transmission networks.
  • It is also the only solution available for the transfer of high power across long subsea distances. For these reasons, HVDC lines are preferred for interconnecting offshore wind plants worldwide.
  • In 2021, according to the UK Department for Business, Energy and Industrial Strategy, the United Kingdom's transmission, distribution, and other losses in public electricity systems stood at 26.46 TWh, up by nearly 1.2% from 2020. As increasing amounts of renewable energy are integrated into the system, the requirement for HVDC transmission systems to reduce transmission losses during long-distance electricity transmission from utility-scale renewable farms is expected to drive the market during the forecast period.
  • In the HVDC transmission system, the submarine power cables can be less costly, especially on a long link where the cable's capacitance requires too much additional charging current.
  • In December 2022, the Xlinks Morocco-UK Power Project received a multi-million-pound investment from Conenergy. The project will export renewable energy generated in Morocco's Guelmim Oued Noun region through four 3,800-km HVDC subsea cables, the longest in the world.
  • Similarly, in July 2022, Hitachi announced that it has won a major order from Ørsted to provide two high-voltage direct current (HVDC) systems to transmit green electricity from the Hornsea 3 wind farm.
  • Factors such as the increasing number of offshore wind farms and interconnections between countries through submarine cables are expected to drive the demand for submarine transmission systems over the forecast period, which may, in turn, propel the market studied.
UK HVDC Transmission Systems Market :: Transmission, distribution, and other losses of the public electricity distribution system, United Kingdom 2017-2021

Increased Penetration of Renewable Energy to Drive the Market

  • The development of renewable energy is a trend in the current scenario. Most of the renewable installed capacity is located far away from the load centers. HVDC is essential for remote projects, as cable lengths of approximately 80 km or more usually require HVDC transmission technology.
  • As the HVDC lines are better suited for long-distance power transmission, power transmission companies are increasingly using HVDC over HVAC transmission lines to integrate renewable power capacity.
  • The cost of renewable power generation is continuously declining. The economics of renewables have improved dramatically, with the costs of wind and solar energy declining by 50% in just two years. The major reasons behind the declining generation costs are innovations in the manufacturing and installation of PV power generation, improvement in wind turbine materials and designs, intense competition, and economies of scale.
  • Due to lower costs, the renewable energy sector is becoming competitive and, in some cases, cheaper than conventional power plants.
  • According to IRENA, as of 2021, the United Kingdom is one of the world's largest offshore wind markets. In 2021, the total installed offshore wind capacity stood at 12.7 GW, with nearly 2.3 GW of added capacity. During 20217-2021, installed offshore capacity in the country recorded a CAGR of 16.11%. As the United Kingdom rapidly adds new offshore wind capacity, the demand for new HVDC lines to connect to offshore wind farms is expected to grow rapidly.
  • Therefore, owing to such factors, the growing renewable energy sector is expected to drive the HVDC transmission systems market during the forecast period.
UK HVDC Transmission Systems Market : Total offshore wind capacity, in MW, United Kingdom, 2017-2021

UK HVDC Transmission Systems Industry Overview

The UK HVDC transmission systems market is consolidated. Some of the major players include Siemens AG, Toshiba Corporation, General Electric Company, ABB Ltd, and Prysmian Group.

UK HVDC Transmission Systems Market Leaders

  1. Siemens AG

  2. Toshiba Corporation

  3. General Electric Company

  4. ABB Ltd

  5. Prysmian Group

*Disclaimer: Major Players sorted in no particular order

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UK HVDC Transmission Systems Market News

  • In October 2022, Vattenfall signed a contract with Siemens Energy and Aker Solutions AS to deliver grid connection infrastructure for the Norfolk Boreas Offshore Wind Farm off the British coast. It plans to deliver its first power in 2027, with a capacity of 1.4 GW.

UK HVDC Transmission Systems Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET OVERVIEW

    1. 4.1 Introduction

    2. 4.2 Market Size and Demand Forecast in USD billion, till 2027

    3. 4.3 Recent Trends and Developments

    4. 4.4 Government Policies and Regulations

    5. 4.5 Market Dynamics

      1. 4.5.1 Drivers

      2. 4.5.2 Restraints

    6. 4.6 Supply Chain Analysis

    7. 4.7 PESTLE Analysis

  5. 5. MARKET SEGMENTATION

    1. 5.1 Transmission Type

      1. 5.1.1 Submarine HVDC Transmission System

      2. 5.1.2 HVDC Overhead Transmission System

      3. 5.1.3 HVDC Underground Transmission System

    2. 5.2 Component

      1. 5.2.1 Converter Stations

      2. 5.2.2 Transmission Medium (Cables)

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Strategies Adopted by Leading Players

    3. 6.3 Company Profiles

      1. 6.3.1 ABB Ltd

      2. 6.3.2 Siemens AG

      3. 6.3.3 General Electric Company

      4. 6.3.4 Toshiba Corporation

      5. 6.3.5 Mitsubishi Electric Corporation

      6. 6.3.6 Prysmian Group

      7. 6.3.7 Schneider Electric SE

      8. 6.3.8 Alstom SA

      9. 6.3.9 Hitachi Ltd.

    4. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability
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UK HVDC Transmission Systems Industry Segmentation

High voltage direct current (HVDC) power systems use DC for the transmission of bulk power over long distances and interconnecting networks with different frequencies and characteristics. For long-distance power transmission, HVDC lines are less expensive with lower losses as compared to AC transmission. 

The UK high voltage direct current (HVDC) transmission systems market is segmented by transmission type (submarine HVDC transmission system, HVDC overhead transmission system, and HVDC underground transmission system) and component (converter stations and transmission medium (cables)). For each segment, the market sizing and forecasts have been done based on revenue (USD million).

Transmission Type
Submarine HVDC Transmission System
HVDC Overhead Transmission System
HVDC Underground Transmission System
Component
Converter Stations
Transmission Medium (Cables)
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UK HVDC Transmission Systems Market Research FAQs

The United Kingdom High-Voltage Direct Current (HVDC) Transmission Systems Market is projected to register a CAGR of 7.37% during the forecast period (2024-2029)

Siemens AG, Toshiba Corporation , General Electric Company , ABB Ltd and Prysmian Group are the major companies operating in the United Kingdom High-Voltage Direct Current (HVDC) Transmission Systems Market.

The report covers the United Kingdom High-Voltage Direct Current (HVDC) Transmission Systems Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the United Kingdom High-Voltage Direct Current (HVDC) Transmission Systems Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

HVDC Transmission Systems in UK Industry Report

Statistics for the 2024 HVDC Transmission Systems in UK market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. HVDC Transmission Systems in UK analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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High Voltage Direct Current (HVDC) Transmission Systems Market in UK Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)