Leading companies in HVDC. The global HVDC market is around $10bn per annum in 2021, growing at 7-11% per annum, with the goal of inter-connecting large renewables projects and stabilizing larger grids for the energy transition.
Numbers vary by project, but it might typically cost cโฌ100-600 M to connect a large and remote renewables project to the grid or run a typical HVDC inter-connection line, including underground HVDC cabling that weighs 35kg/meter, plus associated, switchgear, power electronics, ancillary equipment and EPCI.
This data-file reviews the market leaders in HVDC, based on 5,500 patents filed over the past decade. A dozen companies stand out, with c$40bn of combined revenues from power transmission projects, equipment and materials.
In other words, the space is relatively concentrated across this small group of companies, although the companies are themselves relatively un-concentrated, with just c30% of the average one’s revenues coming from power transmission.
There are clear leaders in overall HVDC, in power cables and in input chemicals, in our view.
Recent Commentary: To read more about leading companies in HVDC, please see our article here. Our outlook on HVDC transmission is constructive, with costs and energy penalties that are materially lower than batteries or hydrogen (note here).