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Europe High-Voltage Direct Current (HVDC) Transmission Systems Market Size Summary

The European high-voltage direct current (HVDC) transmission systems market is poised for substantial growth, driven by the increasing demand for efficient energy transmission solutions that support the transition to renewable energy sources. The market is expected to benefit from the expansion of utility-scale renewable energy plants and the shift away from fossil fuels, as HVDC systems are capable of transmitting electricity over long distances with minimal energy loss. However, the rise of distributed and off-grid power generation may pose challenges to market growth. The submarine HVDC transmission system is anticipated to dominate the market, fueled by the development of submarine power transmission systems and the significant wind potential in Europe's offshore regions. This segment's growth is further supported by projects such as the submarine HVDC transmission systems linking Sardinia and Sicily, and discussions between Greece and Egypt on a Mediterranean Sea link.

The United Kingdom is expected to experience notable growth in its HVDC transmission systems market, driven by a shift towards a low-carbon economy and increased integration of renewable energy sources. The country's policies and investments in offshore wind, solar photovoltaic, grid expansion, and energy storage projects underscore the need for advanced energy infrastructure. Significant projects, such as the submarine HVDC transmission system linking the UK and Germany, highlight the UK's commitment to enhancing its energy grid. The market is characterized by partial fragmentation, with key players like General Electric Company, Hitachi Energy Ltd, and Siemens Energy AG actively participating. Notable contracts, such as McDermott International's renewable energy project in Germany and the interconnector project between Poland and Lithuania, further illustrate the dynamic nature of the European HVDC market.