High Voltage Direct Current Power Supply Market Size, Share & Trends Analysis Report By Voltage (1,000-4000 V, >4,000 V), By Application (Oil & Gas, Industrial), By Region (Europe, Asia Pacific), And Segment Forecast, 2023 - 2030

Report Overview

The global high voltage direct current power supply market was valued at USD 3.30 billion in 2022 and is anticipated to exhibit a compound annual growth rate (CAGR) of 7.9% from 2023 to 2030. This growth can be attributed to exceptional features including the control mechanism’s low power requirement and the growing demand for affordable, small vacuum components. With the extra feed-in modules created by the rise in grid development requirements, the complications in designing electric systems also increase. As a result, there is a higher chance of partial or entire shortages, which occur when energy intake exceeds grid design specifications. A High Voltage Direct Current (HVDC) power source may immediately change the outgoing orientation by flipping a switch or sending a remote-control signal, preventing power outages in these systems, which are also expected to drive industry growth. 

The global industry has been severely affected by the COVID-19 pandemic. Semiconductor and electronics production facilities were delayed as a result of the global recession and a workforce shortage. Due to the pandemic-induced travel bans and facility closures, which had kept employees away from their jobs, manufacturing utilization experienced a significant and sustained drop. As a result, the industry for HVDC power supplies grew slowly in 2020.

By the end of 2022, the market started recovering on account of technological advancements. Key companies are undertaking strategies to hasten market expansion over the predicted period. Moreover, increased power consumption and electric grid establishment will support the industry's growth. Utilizing energy resources effectively is necessary, given the rapid industrialization and growing demand for electricity. As a result, there has been a trend of using clean and emission-free energy sources, such as the transmission of electricity using HVDC systems. In addition, new projects for the HVDC power supply transmission of renewable energy are being approved globally. Industrial, household, and commercial power consumption have all increased.

Since it promotes long-distance transmission and lowers energy costs, the HVDC power supply system has gained popularity. To increase power transmitting limits, existing power transmission lines that employ AC systems are currently being changed to DC systems. Utilizing HVDC power supply systems can aid in limiting the amount of fault current that enters the system. In the near future, the industry is anticipated to experience significant growth due to rising energy consumption as well as the expansion of the renewable energy industry. However, the complexity of constructing and running a multi-terminal HVDC power supply system may hamper the overall industry growth. Furthermore, the rising need to integrate expensive filter units to solve the issues caused by reactiveness power usage is expected to further hinder the market growth.

Application Insights

On the basis of applications, the global industry has been further divided into the oil & gas industry, telecommunication, medical, industrial, and other sectors. The industrial application segment dominated the industry in 2022 and accounted for the largest share of more than 54.75 % of the overall revenue. The industrial segment is projected to expand further at the fastest growth rate retaining its leading position throughout the forecast period. This can be attributed to a rise in the demand for HVDC power supply in related activities like equipment manufacturing.

Rapid industrialization, particularly in emerging nations like China and India, along with government plans to build higher voltage direct current converter infrastructure may instigate the demand for HVDC within the industrial application segment. In addition, the advantages of HVDC power supply, such as dependable longer-distance current transmission with a minimum loss, will support the growth of this segment. The widespread usage and demand for extensive & high-speed internet and landline services are also likely to support the growth of n this segment.

Voltage Insights

On the basis of voltage types, the global industry has been further segmented into less than 1,000 V, 1,000 to 4,000 V, and more than 4,000 V categories. The more than 4,000 V segment dominated the industry in 2022 and accounted for the maximum share of more than 57.90% of the overall revenue. This segment is anticipated to expand further at the fastest growth rate retaining its dominant position throughout the forecast period. This is mainly due to the expansion of the telecommunications sector, which employs this voltage range to efficiently provide enough power to desired places.

Moreover, an increase in the demand for offshore infrastructure, such as oil and gas platforms, is another major factor driving the growth of this segment. In addition, the advantages of this voltage range, such as lower costs compared to devices with more than 4,000V and the capacity to transmit power over medium to long distances, are anticipated to further drive the segment growth. The 1000 to 4000 V segment is also estimated to witness significant growth during the forecast period.

Regional Insights

The Europe region dominated the global industry in 2022 and accounted for the maximum share of more than 31.60% of global revenue. The region will remain dominant throughout the forecast period due to the presence of government rules promoting the use of renewable energy sources and energy efficiency. In addition, new laws designed to establish an efficient energy supply in light of the rising electricity demand will support the region’s growth. Asia Pacific, on the other hand, is anticipated to register the highest growth rate from 2023 to 2030. Increasing population and rapid industrialization are estimated to be the key factors driving electricity consumption.

This, in turn, is propelling the market growth in the Asia Pacific region. The nation’s residential, commercial, and industrial sectors have recently consumed the most electricity. For instance, a significant portion of China’s West-to-East power transmission project started operating in July 2022. China’s West-to-East power transmission project aims to strike a balance between the supply and demand of electricity in a number of different ways. It moves excess electricity from Western regions with abundant energy supplies to Eastern regions that need a lot of electricity to stimulate economic development.

Key Companies & Market Share Insights

The leading manufacturers focus on implementation configurations not supported by the standard product line provided by industry competitors. Businesses place great importance on the creation of a department for customer service to help with personalized requirements that can be altered, rearranged, outfitted with supplementary output, or certified for usage at high temperatures. Manufacturers place a strong emphasis on vertical integration to shorten lead times, expedite product delivery, control costs, and uphold quality standards. Businesses in this sector develop and improve their operations through product advancement and regional expansion strategies. Some of the prominent players in the global high voltage direct current power supply market include:

• ABB Ltd.

• AHV

• Excelitas Technologies Corp.

• General Electric

• American Power Design

• Nikken Sekkei Ltd.

• Applied Kilovolts (Exelis)

• Glassman Europe Ltd.

• Hamamatsu

• Siemens AG

• Toshiba Corp.

• XP Power (EMCO high voltage)

High Voltage Direct Current Power Supply Market Report Scope

Global High Voltage Direct Current Power Supply Market Segmentation

The report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global high voltage direct current power supply market report based on voltage, application, and region:

• Voltage Outlook (Revenue, USD Million, 2018 - 2030)

  • <1000V

  • 1000-4000V

  • >4000V

• Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Telecommunication

  • Medical

  • Industrial

  • Oil & Gas

  • Others

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Rest of Europe

  • Asia Pacific

    • China

    • India

    • Japan

    • Rest of Asia Pacific

  • Latin America

    • Brazil

    • Mexico

    • Rest of Latin America

  • Middle East & Africa