中金 | 海外电力设备跟踪：电网互联+海风送出需求共振，高压直流输电建设加速

Core Viewpoint - The article highlights the increasing global demand for High Voltage Direct Current (HVDC) projects, particularly in Europe, driven by the need for grid interconnection and long-distance renewable energy transmission, which is expected to catalyze performance for related manufacturers [1][3]. Group 1: Market Dynamics - European countries are actively planning HVDC projects, with an estimated 100GW expected to be operational in the next decade, particularly in the UK, Germany, and Italy [3][17]. - The average annual production value of overseas HVDC converter systems is projected to exceed $10 billion from 2025 to 2030, with a CAGR of 21% [3][40]. - The supply side of the HVDC market is highly concentrated among local manufacturers, leading to high barriers to entry and extended delivery times for key components [3][42]. Group 2: Regional Insights - In the UK, there are currently 9 operational interconnectors with a total capacity of 9.8GW, and 4 additional projects are under construction, expected to be operational by 2030 [17]. - Italy's Terna plans to invest over €21 billion in its transmission network over the next decade, with significant HVDC projects planned to enhance interconnection capacity [18]. - Germany is positioned at the core of the European interconnected grid, with approximately 4.2GW of HVDC interconnectors and additional projects planned [18]. Group 3: Technological Advancements - HVDC technology is favored for large-scale, long-distance power transmission due to its higher reliability and efficiency, with energy losses 30-50% lower than High Voltage Alternating Current (HVAC) systems [6][7]. - The VSC-HVDC technology is increasingly adopted in Europe, providing flexibility and stability for offshore wind power integration [6][7]. Group 4: Emerging Markets - Emerging markets in Asia, Africa, and Latin America are beginning to explore HVDC projects, driven by energy transition needs and grid interconnection demands [35][36]. - The Middle East and North Africa region is witnessing significant planning for HVDC projects to address mismatches between energy resources and load centers [35][36]. Group 5: Key Players - The HVDC converter market is dominated by three major players: Hitachi Energy, Siemens Energy, and GE Vernova, which collectively hold over 90% of the market share [42][44]. - European cable manufacturers, including Prysmian, Nexans, and NKT, lead the HVDC cable market, while Asian companies are gradually entering the market [46].