The HVDC market is increasing at high growth and has become an essential part of many transmission grids. The HVDC transmission market is projected to reach USD$ 12 billion by 2025 from USD$ 6 billion in 2018.

More than 200 HVDC projects are progressing around the world, and many are planned. In numerous countries such as China, India and Brazil implemented ultra high voltage direct current (UHVDC) transmission projects at 800kv to cope with the increased loads.

The growing demand for voltage source controller (VSC) technology is shifting towards renewable energy. The supportive government policies and initiatives for HVDC transmission are likely to underpin growth further in the coming years.

HVDC is considered the best solution for long-distance transmission of bulk power. They become the leading technology for long transmission line due to the increase in production in offshore electricity which is generated by using solar and wind energy.

The major use of HVDC power cable is in the marine application, where they are used to connect the offshore installation to the mainland grid.

The Marine application is considered the dominant segment for HVAC transmission power system based on growth in the renewable energy industry. The wind energy will be the leading driver compared to the solar as it will drive the HVDC transmission market due to its high voltage. The HVDC power cables with low transmission losses are used to directly transfer the energy to the grid or the floating production storage and offloading facilities (FPSCOs).