1 Global HVDC Circuit Breaker Market Size (Revenue) and CAGR (2024-2033)
Global HVDC Circuit Breaker market generated revenue of USD 825.56 Million in 2024 with a CAGR of 4.26% during 2024 to 2033.
The HVDC Circuit Breaker market is currently experiencing significant growth due to several factors. One of the primary drivers is the increasing demand for renewable energy sources, such as wind and solar power. HVDC (High Voltage Direct Current) systems are essential for the efficient transmission of electricity over long distances, particularly from remote renewable energy sites to urban centers. As a result, the need for reliable and efficient HVDC circuit breakers is growing.
Technological advancements are also playing a crucial role in the market’s expansion. Innovations in materials and design have led to the development of more efficient and robust circuit breakers that can handle higher voltages and currents. This has made them more attractive for use in various applications, including power transmission, industrial processes, and electric vehicles.
Moreover, government policies and regulations supporting the adoption of renewable energy and the modernization of power grids are further boosting the market. Many countries are investing heavily in upgrading their power infrastructure to accommodate the increasing demand for electricity and to reduce carbon emissions. This has created a favorable environment for the growth of the HVDC Circuit Breaker market.
Figure Global HVDC Circuit Breaker Market Size (M USD) Outlook (2024-2033)
2 HVDC Circuit Breaker SWOT Analysis
Table SWOT Analysis
SWOT | Description |
Strength | Technical Progress Multi-terminal HVDC systems are emerging to integrate bulk renewable energy, e.g., wind offshore, over long distances, or in a next stage could also be used for DC overlay grids. Such a system requires HVDC circuit breakers. With the continuous development of market demand, the technology of HVDC Circuit Breaker products has been continuously developed. From mechanical circuit breaker with passive resolution circuit to mechanical breaker with active current injection. The development of high-power devices such as integrated gate thyristors provides more choices for the topology of solid-state DC circuit breakers. ABB Power Grids’ Hybrid HVDC breaker removes a significant technical challenge in the development of HVDC grids, which has been a limitation for high voltage DC technology expansion. It permits the transmission system to maintain power flow if there is a fault on one of the lines; the breaker isolates the fault by breaking the direct current, even if extremely high-power levels are required. ABB Power Grids Hybrid HVDC breaker reaches new level in testing by EU-funded Program. Development of HVDC Transmission In the field of transmission, in order to adapt to the new energy pattern, multi-terminal DC transmission system and HVDC grid technology based on conventional HVDC and flexible HVDC will become the future development trend. Multi-terminal DC transmission has realized multi-power supply and multi-drop power reception, which is a more flexible and fast transmission mode. It also has great advantages in the future urban intelligent distribution network and microgrid, and is of great significance to the construction and development of the future power grid. In the field of distribution, driven by modern power electronics technology and distributed generation, high-voltage DC distribution network has great development prospects. On the one hand, all the common distributed power sources can generate DC or change into DC after rectification. If these power sources are connected to DC distribution network, the commutation link will be greatly saved. On the other hand, at present, many loads use DC power supply, which can be directly supplied to these loads in high-voltage DC distribution network without rectifier, thus reducing costs and losses. Compared with AC distribution network, DC distribution network has many technical and economic advantages because of its low line cost, low transmission loss and high-power supply reliability. The market demand of HVDC Circuit Breaker as high voltage DC protection equipment is increasing. |
Weakness | Problems in product design HVDC Circuit Breaker is a switching device that interrupts the abnormal direct current flow in the circuit. When the system fails, the mechanical contacts of circuit breakers are pulled apart, thus breaking their circuits. In the high voltage DC circuit breaker, because the current flowing is unidirectional and there is no zero current, it is difficult for the circuit breaker to break. The main application of HVDC breaker is to interrupt the high voltage DC current in the network. AC circuit breaker can easily interrupt arc when the natural current in AC wave is zero. For DC circuit breakers, the problem is more complicated because the DC waveform has no natural current zero. Forced arc interruption will produce high transient recovery voltage and re-arc, without interruption of arc and ultimate destruction of breaker contacts. In the design of high voltage DC circuit breaker, different problems need to be faced, including creating artificial current zero, preventing re-arc and consuming stored energy. The research on the theory and topology of HVDC Circuit Breaker has been carried out for a long time, but a series of problems such as DC arc extinguishing, series voltage sharing of power electronic devices and energy absorption have yet to be solved. With the rapid development of HVDC transmission network, there is an increasingly urgent demand for HVDC circuit breakers. It poses certain challenges to the reserve of manufacturing technology and the manufacturing level of products. Intense market competition For most industries the intensity of competitive rivalry is the major determinant of the competitiveness of the industry. Having an understanding of industry rivals is vital to successfully market a product. Positioning pertains to how the public perceives a product and distinguishes it from competitors. A business must be aware of its competitors marketing strategy and pricing and also be reactive to any changes made. In the global HVDC Circuit Breaker market, Hitachi ABB, Mitsubishi, Alstom and other enterprises have launched fierce market share competition in the market. In addition, in recent years, HVDC transmission grid has great application potential in the fields of new energy and transmission and distribution, as well as in future urban distribution networks, attracting more participants to enter the market. HVDC Circuit Breaker market is facing fierce market competition. |
Opportunities | Downstream market demand continues to rise High-voltage direct current (HVDC) is a high-power long-distance direct current transmission, which takes advantage of the advantages of stable direct current, such as no inductive reactance, no capacitive reactance and no synchronization problem. The transmission process is DC. Commonly used in submarine cable transmission, communication between asynchronous AC systems, etc. Regions including the United States, China and European countries are increasingly relying on HVDC connections for conventional and renewable power transmission. HVDC Circuit Breaker is a key element in the construction of onshore and offshore super power grids. The advantages of HVDC promote the wider application of HVDC in various countries and promote the development of HVDC Circuit Breaker market. Service quality and brand building. Good service is a necessary condition for improving user satisfaction and increasing user loyalty. Based on the premise of the user’s vital interests, providing good pre-sales, sales, and after-sales services will bring a good reputation to the enterprise and establish a high-quality brand image. Bring more users and improve business benefits. There are relatively few company providing HVDC Circuit Breaker products in that global market, so each company should actively improve product quality, establish brand advantages and strive for more market share. |
Threat | Affected by fluctuations in raw material prices With the influence of COVID-19 epidemic in various industries and the strict blockade and restriction measures of governments around the world, the market of HVDC circuit breaker has also been impacted to a certain extent. Due to the continuous blockade, the production and operation of factories in most countries are restricted, affecting all participants in the global value chain, including suppliers of raw materials for HVDC circuit breaker. Due to the interruption of supply chain, many manufacturers of contact terminal, insulating materials, electronic devices imported from abroad are increasing the cost of raw materials. Affected by market supply and demand, raw material prices fluctuate constantly, and raw material costs account for a large part of production costs. Fluctuations in the prices of raw materials will directly affect the profits of enterprises. Risk of macroeconomic fluctuation Market prosperity directly affects product demand. Recently, Sino-US trade frictions have intensified, uncertainties in global economic development have increased, and trade protectionism has been strengthened, posing new challenges to the international division of labor and resource allocation pattern of the HVDC circuit breaker industry chain. In addition, as the high-voltage DC circuit breaker industry is mainly a large multinational enterprise, the export of products is affected by the change of international exchange rate. If the local currency appreciates, it will directly lead to a decline in the price competitiveness of the company’s export products, which is not conducive to expanding foreign markets, and will directly increase the exchange losses of the company, thus affecting the company’s performance. |
3 Global HVDC Circuit Breaker Market by Type in 2024
The HVDC Circuit Breaker market in 2024 was characterized by two primary product types: Voltage Source Converter-based High Voltage Direct Current (VSC-HVDC) and Current Source Converter-based High Voltage Direct Current (CSC-HVDC).
VSC-HVDC Circuit Breakers
In 2024, the VSC-HVDC segment accounted for a significant portion of the market, with a revenue of 502.08 million USD. This represented approximately 60.82% of the total HVDC Circuit Breaker market value. The dominance of VSC-HVDC can be attributed to its versatility and the increasing demand for renewable energy integration. The ability of VSC-HVDC systems to operate without the need for synchronous grids and their capacity to provide reactive power support make them an attractive choice for modern power systems.
CSC-HVDC Circuit Breakers
In 2024, the CSC-HVDC segment had a revenue of 323.49 million USD, comprising about 39.18% of the total market. While CSC-HVDC systems have been widely used in traditional power transmission applications, their market share is gradually being challenged by the growing adoption of VSC-HVDC technology.
In conclusion, the HVDC Circuit Breaker market in 2024 was dominated by VSC-HVDC circuit breakers, both in terms of market share and growth potential. The increasing demand for renewable energy integration and the need for more adaptable power systems have propelled VSC-HVDC technology to the forefront of the market, while CSC-HVDC continues to serve its traditional applications with reliability and efficiency.
Table Global HVDC Circuit Breaker Market Size and Share by Type in 2024
Type | Market Size (M USD) | Market Share |
|---|---|---|
VSC-HVDC | 502.08 | 60.82% |
CSC-HVDC | 323.49 | 39.18% |
Total | 825.56 | 100.00% |
4 Global HVDC Circuit Breaker Market by Application in 2024
The HVDC Circuit Breaker market in 2024 was driven by two primary applications: Transmission & Distribution and Renewable Energy.
Transmission & Distribution: In 2024, the T&D application accounted for a significant portion of the HVDC Circuit Breaker market, with a revenue of 473.44 million USD. This represented approximately 57.35% of the total market value. The dominance of T&D can be attributed to the ongoing expansion of power grids worldwide, driven by increasing energy demands and the need for more reliable and efficient power infrastructure. HVDC systems offer several benefits in T&D applications, including the ability to interconnect asynchronous grids, reduce line losses, and provide better control over power flow.
Renewable Energy: In 2024, the Renewable Energy application had a revenue of 352.13 million USD, comprising about 42.65% of the total market. The growth of this application is closely tied to the rapid expansion of renewable energy capacity worldwide. HVDC Circuit Breakers are particularly useful in connecting offshore wind farms to the mainland grid, where they can handle the high power levels and provide the necessary control and stability to integrate the intermittent renewable energy into the grid.
In conclusion, the HVDC Circuit Breaker market in 2024 was dominated by the Transmission & Distribution application in terms of market share, while the Renewable Energy application showed significant growth potential. Both applications are crucial for the development of modern power systems, with T&D ensuring efficient power delivery and Renewable Energy facilitating the transition to cleaner energy sources. The market dynamics reflect the evolving needs of the global power industry, driven by technological advancements and environmental concerns.
Table Global HVDC Circuit Breaker Market Size and Share by Application in 2024
Application | Market Size (M USD) | Market Share |
|---|---|---|
Transmission & Distribution | 473.44 | 57.35% |
Renewable | 352.13 | 42.65% |
Total | 825.56 | 100.00% |
5 Global HVDC Circuit Breaker Market by Region in 2024
The HVDC Circuit Breaker market in 2024 was characterized by significant regional differences in terms of market size and growth dynamics. The major regions analyzed include North America, Europe, Asia-Pacific, Middle East and Africa, and South America. Each region contributed uniquely to the overall market, reflecting varying levels of industrial development, energy demands, and technological advancements.
North America
In 2024, the North American HVDC Circuit Breaker market generated a revenue of 233.18 million USD, accounting for approximately 28.25% of the total global market. The region’s market was driven by the increasing need for efficient power transmission systems to support the growing energy demands of its industrial and residential sectors. The United States, in particular, played a significant role, with major investments in power infrastructure and a focus on integrating renewable energy sources into the grid. The region’s robust industrial base and technological prowess also facilitated the adoption of advanced HVDC technologies.
Europe
Europe emerged as the largest regional market for HVDC Circuit Breakers in 2024, with a revenue of 301.26 million USD, representing 36.49% of the global market. The region’s strong commitment to renewable energy integration and the need for efficient power transmission across its diverse geography were key drivers. Countries like Germany, the UK, and France led the way, with significant investments in offshore wind farms and interconnectors to enhance grid stability and reliability. Europe’s focus on reducing carbon emissions and achieving energy security further propelled the demand for HVDC Circuit Breakers.
Asia-Pacific
The Asia-Pacific region also played a crucial role in the HVDC Circuit Breaker market, generating a revenue of 240.78 million USD in 2024, which constituted 29.17% of the global market. Rapid industrialization and urbanization in countries like China and India drove the need for robust power transmission infrastructure. The region’s growing energy demands, coupled with the increasing adoption of renewable energy sources, created a substantial market for HVDC technologies. Asia-Pacific’s dynamic economic growth and expanding power sector contributed significantly to the overall market expansion.
Middle East and Africa
The Middle East and Africa region contributed 33.90 million USD to the global HVDC Circuit Breaker market in 2024, representing 4.11% of the total revenue. While the market share was relatively smaller compared to other regions, it showed promising growth potential. The region’s energy demands were driven by population growth and industrial development, particularly in countries like Saudi Arabia and the United Arab Emirates. Investments in power infrastructure and the integration of renewable energy sources, such as solar power, fueled the demand for HVDC Circuit Breakers.
South America
South America had a revenue of 16.44 million USD in 2024, accounting for 1.99% of the global HVDC Circuit Breaker market. The region’s market was influenced by its diverse energy landscape and the need for efficient power transmission across its vast geography. Brazil, as the leading economy in the region, played a significant role in driving the market, with investments in power infrastructure and renewable energy projects. However, the region’s growth was somewhat constrained by economic and logistical challenges.
While Europe was the largest market by revenue, the Asia-Pacific region showed the fastest growth rate in 2024. The region’s rapid industrialization, urbanization, and expanding power sector created significant opportunities for HVDC Circuit Breakers. The increasing adoption of renewable energy sources and the need for robust power transmission infrastructure to support the growing energy demands in countries like China and India were key drivers of the region’s growth.
Table Global HVDC Circuit Breaker Market Size, Region Wise in 2024
Region | Market Size (M USD) | Market Share |
|---|---|---|
North America | 233.18 | 28.25% |
Europe | 301.26 | 36.49% |
Asia-Pacific | 240.78 | 29.17% |
Middle East and Africa | 33.90 | 4.11% |
South America | 16.44 | 1.99% |
Total | 825.56 | 100.00% |
Figure Global HVDC Circuit Breaker Revenue Market Share by Region in 2024
6 Global HVDC Circuit Breaker Market Top 3 Players
Company Introduction and Business Overview: Hitachi ABB is a leading global provider of power and automation technologies, with a strong focus on enabling utility and industrial customers to improve performance while minimizing environmental impact. The company was formed through the merger of ABB’s power grid business with Hitachi, combining their expertise in power systems and technology innovation. Hitachi ABB operates worldwide, offering a comprehensive range of products and solutions for various power applications.
Products Offered: Hitachi ABB offers a range of HVDC Circuit Breakers, including hybrid and mechanical breakers. Their hybrid HVDC breaker combines mechanical and solid-state technologies, providing fast response times and high reliability. The company’s products are designed to facilitate the integration of renewable energy sources, enhance grid stability, and support efficient power transmission.
Revenue in 2021: In 2021, Hitachi ABB generated a revenue of 342.78 million USD from its HVDC Circuit Breaker business. This revenue reflects the company’s strong market position and the growing demand for its innovative products in various regions.
Company Introduction and Business Overview: Mitsubishi Electric Corporation is a leading Japanese company engaged in the comprehensive electric business. The company operates in several business segments, including Heavy Electrical Systems, where it provides turbine generators, large video display devices, and elevators. Mitsubishi Electric is known for its commitment to innovation and quality, offering a wide range of products and solutions for various industries.
Products Offered: Mitsubishi offers 160kV mechanical HVDC circuit breakers, which are designed for high-speed fault current interruption. These breakers are suitable for applications involving offshore wind farms and long-distance power transmission. Mitsubishi’s products are known for their low conduction losses, cost-effectiveness, and compact design.
Revenue in 2021: In 2021, Mitsubishi achieved a revenue of 155.36 million USD from its HVDC Circuit Breaker business. This revenue highlights the company’s strong presence in the market and its ability to meet the growing demand for reliable and efficient HVDC solutions.
STATE GRID Corporation of China
Company Introduction and Business Overview: STATE GRID Corporation of China is the world’s largest utility company, supplying power to over 1.1 billion people across China and operating energy networks in several countries. The company is committed to advancing power grid technology and integrating renewable energy sources to enhance grid stability and efficiency. STATE GRID plays a significant role in shaping the global power industry through its extensive operations and technological innovations.
Products Offered: STATE GRID Corporation of China has developed the world’s first engineering DC circuit breaker, which can break fault current within 3 milliseconds. This innovative product is designed to overcome the limitations of traditional HVDC breakers and enable the formation of large-scale direct current networks. The company’s products are crucial for enhancing the reliability and efficiency of power transmission systems.
Revenue in 2021: In 2021, STATE GRID Corporation of China generated a revenue of 140.54 million USD from its HVDC Circuit Breaker business. This revenue underscores the company’s significant contributions to the market and its ongoing efforts to advance power grid technology.
Table Global HVDC Circuit Breaker Revenue of Top3 Players in 2021
Company | Revenue (M USD) |
Hitachi ABB | 342.78 |
Mitsubishi | 155.36 |
STATE GRID Corporation of China | 140.54 |