1	INTRODUCTION	30
1.1	STUDY OBJECTIVES	30
1.2	MARKET DEFINITION	30
1.2.1	INCLUSIONS AND EXCLUSIONS, BY COMPANY	31
1.2.2	INCLUSIONS AND EXCLUSIONS, BY COMPONENT	31
1.2.3	INCLUSIONS AND EXCLUSIONS, BY PROJECT TYPE	31
1.2.4	INCLUSIONS AND EXCLUSIONS, BY TECHNOLOGY	31
1.2.5	INCLUSIONS AND EXCLUSIONS, BY APPLICATION LEVEL	31
1.2.6	INCLUSIONS AND EXCLUSIONS, BY REGION	32
1.3	STUDY SCOPE	32
FIGURE 1	HVDC TRANSMISSION MARKET SEGMENTATION	32
1.4	CURRENCY CONSIDERED	34
1.5	UNITS CONSIDERED	34
1.6	LIMITATIONS	34
1.7	STAKEHOLDERS	34
1.8	SUMMARY OF CHANGES	35
1.9	IMPACT OF RECESSION	35
2	RESEARCH METHODOLOGY	36
2.1	RESEARCH APPROACH	36
FIGURE 2	HVDC TRANSMISSION MARKET: RESEARCH DESIGN	36
2.1.1	SECONDARY DATA	37
2.1.1.1	Major secondary sources	37
2.1.1.2	Key data from secondary sources	38
2.1.2	PRIMARY DATA	38
2.1.2.1	Primary interviews with experts	38
2.1.2.2	List of key primary interview participants	38
2.1.2.3	Breakdown of primaries	39
2.1.2.4	Key data from primary sources	39
2.1.3	SECONDARY AND PRIMARY RESEARCH	40
2.1.3.1	Key industry insights	41
2.2	MARKET SIZE ESTIMATION	41
2.2.1	BOTTOM-UP APPROACH	41
2.2.1.1	Approach to capture market share by bottom-up analysis	41
FIGURE 3	BOTTOM-UP APPROACH	42
2.2.2	TOP-DOWN APPROACH	42
2.2.2.1	Approach to capture market share by top-down analysis	42
FIGURE 4	TOP-DOWN APPROACH	43
 
2.3	FACTOR ANALYSIS	43
2.3.1	DEMAND-SIDE ANALYSIS	43
FIGURE 5	MARKET SIZE ESTIMATION: DEMAND-SIDE ANALYSIS	43
2.3.2	SUPPLY-SIDE ANALYSIS	44
FIGURE 6	MARKET SIZE ESTIMATION: SUPPLY-SIDE ANALYSIS	44
2.3.3	GROWTH FORECAST ASSUMPTIONS	45
TABLE 1	MARKET GROWTH ASSUMPTIONS	45
2.4	APPROACH TO UNDERSTAND RECESSION IMPACT ON HVDC TRANSMISSION MARKET	45
2.5	MARKET BREAKDOWN AND DATA TRIANGULATION	46
FIGURE 7	DATA TRIANGULATION	46
2.6	RESEARCH ASSUMPTIONS	47
2.7	RISK ASSESSMENT	47
TABLE 2	HVDC TRANSMISSION MARKET: RISK ASSESSMENT	47
3	EXECUTIVE SUMMARY	48
FIGURE 8	HVDC TRANSMISSION MARKET, 2019–2028	49
FIGURE 9	CONVERTER STATIONS SEGMENT TO DOMINATE HVDC TRANSMISSION MARKET DURING FORECAST PERIOD	49
FIGURE 10	POINT-TO-POINT SEGMENT TO CAPTURE LARGEST MARKET SHARE DURING FORECAST PERIOD	50
FIGURE 11	LCC-BASED SEGMENT TO ACCOUNT FOR LARGEST SHARE OF HVDC TRANSMISSION MARKET DURING FORECAST PERIOD	50
FIGURE 12	BULK POWER TRANSMISSION SEGMENT TO COMMAND LARGEST SHARE OF HVDC TRANSMISSION MARKET DURING FORECAST PERIOD	51
FIGURE 13	ASIA PACIFIC TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD	52
4	PREMIUM INSIGHTS	53
4.1	ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN HVDC TRANSMISSION MARKET	53
FIGURE 14	INCREASING DEMAND FOR VOLTAGE SOURCE CONVERTER (VSC)-BASED TRANSMISSION TO DRIVE MARKET	53
4.2	HVDC TRANSMISSION MARKET, BY COMPONENT	53
FIGURE 15	CONVERTER STATIONS SEGMENT TO DOMINATE HVDC TRANSMISSION MARKET DURING FORECAST PERIOD	53
4.3	HVDC TRANSMISSION MARKET, BY TECHNOLOGY	54
FIGURE 16	LCC-BASED SEGMENT TO CAPTURE LARGEST SHARE OF HVDC TRANSMISSION MARKET IN 2028	54
4.4	HVDC TRANSMISSION MARKET, BY PROJECT TYPE	54
FIGURE 17	POINT-TO-POINT SEGMENT TO CAPTURE LARGEST SHARE OF HVDC TRANSMISSION MARKET IN 2023	54
4.5	HVDC TRANSMISSION MARKET, BY APPLICATION	55
FIGURE 18	BULK POWER TRANSMISSION TO LEAD HVDC TRANSMISSION MARKET FROM 2023 TO 2028	55
4.6	AMERICAS: HVDC TRANSMISSION MARKET, BY PROJECT TYPE AND COUNTRY, 2022	55
FIGURE 19	POINT-TO-POINT AND US HELD LARGEST SHARES OF HVDC TRANSMISSION MARKET IN AMERICAS IN 2022	55
5	MARKET OVERVIEW	56
5.1	INTRODUCTION	56
5.2	MARKET DYNAMICS	56
FIGURE 20	HVDC TRANSMISSION MARKET: MARKET DYNAMICS	56
5.2.1	DRIVERS	57
5.2.1.1	Integration of VSC technology into HVDC systems	57
5.2.1.2	Rapid transition toward renewable energy	57
5.2.1.3	Strong focus of governments and utilities on grid modernization to improve power reliability	58
FIGURE 21	ELECTRICITY CONSUMPTION, BY REGION, 2020–2023 (TERAWATT-HOUR)	58
5.2.1.4	Government-led policies and initiatives promoting HVDC transmission technology	58
FIGURE 22	IMPACT ANALYSIS OF DRIVERS ON HVDC TRANSMISSION MARKET	59
5.2.2	RESTRAINTS	59
5.2.2.1	High initial investment requirements	59
5.2.2.2	Availability of substitute technologies such as distributed and off-grid power generation systems	60
5.2.2.3	Additional costs associated with circuit breakers	60
FIGURE 23	IMPACT ANALYSIS OF RESTRAINTS ON HVDC TRANSMISSION MARKET	61
5.2.3	OPPORTUNITIES	61
5.2.3.1	Constant advances in power electronics and adoption of digital and automation technologies	61
5.2.3.2	Electrification of transportation sector	62
5.2.3.3	Growing demand for integrated networks across long distances	62
FIGURE 24	IMPACT ANALYSIS OF OPPORTUNITIES ON HVDC TRANSMISSION MARKET	63
5.2.4	CHALLENGES	63
5.2.4.1	Interoperability issues due to lack of standardization	63
5.2.4.2	Stringent regulatory landscape and complexities associated with obtaining permits for HVDC projects	64
FIGURE 25	IMPACT ANALYSIS OF CHALLENGES ON HVDC TRANSMISSION MARKET	64
5.3	VALUE CHAIN ANALYSIS	65
FIGURE 26	HVDC TRANSMISSION MARKET: VALUE CHAIN ANALYSIS	65
TABLE 3	HVDC TRANSMISSION MARKET: ROLE OF KEY PLAYERS IN ECOSYSTEM	66
5.4	ECOSYSTEM MAPPING	67
FIGURE 27	HVDC TRANSMISSION MARKET: ECOSYSTEM	67
5.5	KEY TECHNOLOGY TRENDS	68
5.5.1	RELATED TECHNOLOGIES	68
5.5.1.1	Flexible AC transmission system (FACTS)	68
5.5.1.2	Modular multilevel converters (MMCs)	68
5.5.2	UPCOMING TECHNOLOGIES	68
5.5.2.1	Grid-forming inverters	68
5.5.2.2	Ultra-high voltage AC (UHVAC)	69
 
5.5.3	ADJACENT TECHNOLOGIES	69
5.5.3.1	Energy storage systems	69
5.5.3.2	Renewable energy integration	69
5.6	PRICING ANALYSIS	70
5.6.1	INDICATIVE PRICING ANALYSIS OF HVDC TRANSMISSION COMPONENTS	70
TABLE 4	INDICATIVE PRICING LEVELS OF HVDC TRANSMISSION SOLUTIONS	70
5.7	PATENT ANALYSIS	71
TABLE 5	PATENTS FILED DURING 2012–2022	71
FIGURE 28	NUMBER OF PATENTS GRANTED FOR HVDC TRANSMISSION	71
FIGURE 29	TOP 10 COMPANIES WITH HIGHEST NUMBER OF PATENT APPLICATIONS DURING 2012–2022	71
TABLE 6	TOP 20 PATENT OWNERS DURING 2012–2022	72
TABLE 7	KEY PATENTS RELATED TO HVDC TRANSMISSION	73
5.8	PORTER’S FIVE FORCES ANALYSIS	74
FIGURE 30	HVDC TRANSMISSION MARKET: PORTER’S FIVE FORCES ANALYSIS, 2022	74
FIGURE 31	IMPACT OF PORTER’S FIVE FORCES ON HVDC TRANSMISSION MARKET, 2022	75
TABLE 8	HVDC TRANSMISSION MARKET: PORTER’S FIVE FORCES ANALYSIS (2022)	75
5.8.1	THREAT OF NEW ENTRANTS	75
5.8.2	THREAT OF SUBSTITUTES	75
5.8.3	BARGAINING POWER OF SUPPLIERS	76
5.8.4	BARGAINING POWER OF BUYERS	76
5.8.5	INTENSITY OF COMPETITIVE RIVALRY	76
5.9	KEY STAKEHOLDERS AND BUYING CRITERIA	77
5.9.1	KEY STAKEHOLDERS IN BUYING PROCESS	77
FIGURE 32	INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR HVDC TRANSMISSION	77
TABLE 9	INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR HVDC  TRANSMISSION MARKET (%)	77
5.9.2	BUYING CRITERIA	77
FIGURE 33	KEY BUYING CRITERIA FOR TOP 3 APPLICATIONS OF HVDC TRANSMISSION	77
TABLE 10	KEY BUYING CRITERIA FOR HVDC TRANSMISSION, BY APPLICATION	78
5.10	CASE STUDIES	78
TABLE 11	HVDC SOLUTION POWERS RENEWABLE ENERGY INTEGRATION FROM GERMAN NORTH SEA WIND FARMS	78
TABLE 12	SIEMENS HELPED ALTA LINK TRANSITION TO WIND-BASED ENERGY WITH ADVANCED TECHNOLOGY AND EXPERTISE	79
TABLE 13	HVDC SOLUTIONS EMPOWERED SCOTLAND’S RENEWABLE ENERGY TRANSITION	79
TABLE 14	NKT A/S OFFERED POWER TRANSMISSION SOLUTIONS TO ENSURE RELIABLE ENERGY EXCHANGE BETWEEN DENMARK AND SWEDEN	80
TABLE 15	MITSUBISHI ELECTRIC CORPORATION HELPED SWANSEA NORTH SUBSTATION UPGRADE TO HIGHER VOLTAGE SYSTEM	80
 
5.11	TRADE DATA	81
TABLE 16	EXPORT DATA FOR PRODUCTS COVERED UNDER HS CODE 8504,  2018–2022 (USD MILLION)	81
FIGURE 34	EXPORT VALUES FOR PRODUCTS COVERED UNDER HS CODE 8504, 2018–2022	81
TABLE 17	IMPORT DATA FOR PRODUCTS COVERED UNDER HS CODE 8504,  2018–2022 (USD MILLION)	82
FIGURE 35	IMPORT VALUES FOR PRODUCTS COVERED UNDER HS CODE 8504, 2018–2022	82
5.12	TARIFFS AND REGULATORY LANDSCAPE	83
5.12.1	TARIFFS	83
TABLE 18	MFN TARIFFS FOR HS CODE 8504-COMPLIANT PRODUCTS EXPORTED BY GERMANY	83
5.12.2	STANDARDS	83
5.12.2.1	Europe	83
5.12.2.2	Asia Pacific	84
5.12.2.3	North America	84
5.12.3	REGULATIONS	84
5.12.3.1	North America	84
5.12.3.2	Europe	84
5.12.3.3	Asia Pacific	84
5.13	TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS	85
FIGURE 36	REVENUE SHIFTS AND NEW REVENUE POCKETS FOR PLAYERS IN HVDC TRANSMISSION MARKET	85
5.14	KEY CONFERENCES AND EVENTS, 2022–2023	86
TABLE 19	HVDC TRANSMISSION MARKET: DETAILED LIST OF CONFERENCES AND EVENTS	86
6	HVDC TRANSMISSION MARKET, BY POWER RATING	87
6.1	INTRODUCTION	87
6.2	BELOW 500 MW	87
6.3	501–999 MW	88
6.4	1,000–2,000 MW	88
6.5	ABOVE 2,000 MW	89
7	HVDC TRANSMISSION MARKET, BY COMPONENT	90
7.1	INTRODUCTION	91
TABLE 20	HVDC TRANSMISSION MARKET, BY COMPONENT, 2019–2022 (USD MILLION)	91
FIGURE 37	CONVERTER STATIONS SEGMENT TO DOMINATE MARKET DURING FORECAST PERIOD	91
TABLE 21	HVDC TRANSMISSION MARKET, BY COMPONENT, 2023–2028 (USD MILLION)	92
 
7.2	CONVERTER STATIONS	92
TABLE 22	CONVERTER STATIONS: HVDC TRANSMISSION MARKET, BY COMPONENT,  2019–2022 (USD MILLION)	93
FIGURE 38	CIRCUIT BREAKERS TO DOMINATE CONVERTER STATIONS MARKET DURING FORECAST PERIOD	93
TABLE 23	CONVERTER STATIONS: HVDC TRANSMISSION MARKET, BY COMPONENT,  2023–2028 (USD MILLION)	94
7.2.1	VALVES	94
TABLE 24	VALVES: HVDC TRANSMISSION MARKET, BY TYPE, 2019–2022 (USD MILLION)	94
FIGURE 39	THYRISTORS SEGMENT TO COMMAND LARGER SHARE OF VALVES MARKET DURING FORECAST PERIOD	95
TABLE 25	VALVES: HVDC TRANSMISSION MARKET, BY TYPE, 2023–2028 (USD MILLION)	95
7.2.1.1	Thyristor valves	95
7.2.1.1.1	Increasing adoption of thyristor valves in modern HVDC projects to drive market	95
7.2.1.2	Insulated gate bipolar transistors (IGBTs)	96
7.2.1.2.1	Rising demand for IGBT-based converter stations in long-distance power transmission to boost market growth	96
7.2.2	TRANSFORMERS	96
7.2.2.1	Ability to optimize voltage conversion to induce demand for transformers	96
7.2.3	HARMONIC FILTERS	96
7.2.3.1	AC filter	96
7.2.3.1.1	Increasing adoption of AC filters in electrical systems to mitigate harmonic distortion to drive segmental growth	96
7.2.3.2	DC filter	97
7.2.3.2.1	Increasing emphasis on ensuring high-quality power transmission to fuel adoption of DC filters	97
7.2.4	CIRCUIT BREAKERS	97
7.2.4.1	Rising demand for safety and reliability in electrical systems to accelerate adoption of circuit breakers	97
7.2.5	REACTORS	97
7.2.5.1	Need to optimize power flow and voltage stability within systems to drive adoption of reactors	97
7.2.6	SURGE ARRESTERS	97
7.2.6.1	Increasing adoption of surge arresters to protect HVDC equipment from voltage surges to drive market	97
7.3	TRANSMISSION CABLES	98
7.3.1	RISING DEMAND FOR LONG-DISTANCE POWER TRANSFER TO ACCELERATE ADOPTION OF TRANSMISSION CABLES	98
7.4	OTHERS	98
 
8	HVDC TRANSMISSION MARKET, BY PROJECT TYPE	99
8.1	INTRODUCTION	100
FIGURE 40	POINT-TO-POINT SEGMENT TO CAPTURE LARGEST SHARE OF HVDC TRANSMISSION MARKET DURING FORECAST PERIOD	100
TABLE 26	HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2019–2022 (USD MILLION)	100
TABLE 27	HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2023–2028 (USD MILLION)	101
8.2	POINT-TO-POINT TRANSMISSION	101
8.2.1	INCREASING LONG-DISTANCE ELECTRICITY TRANSFER TO FUEL DEPLOYMENT OF POINT-TO-POINT TRANSMISSION SYSTEMS	101
TABLE 28	POINT-TO-POINT: HVDC TRANSMISSION MARKET, BY TECHNOLOGY,  2019–2022 (USD MILLION)	101
TABLE 29	POINT-TO-POINT: HVDC TRANSMISSION MARKET, BY TECHNOLOGY,  2023–2028 (USD MILLION)	102
TABLE 30	POINT-TO-POINT: HVDC TRANSMISSION MARKET, BY APPLICATION,  2019–2022 (USD MILLION)	102
FIGURE 41	BULK POWER TRANSMISSION SEGMENT TO DOMINATE POINT-TO-POINT HVDC TRANSMISSION MARKET DURING FORECAST PERIOD	102
TABLE 31	POINT-TO-POINT: HVDC TRANSMISSION MARKET, BY APPLICATION,  2023–2028 (USD MILLION)	103
TABLE 32	BULK POWER TRANSMISSION: HVDC TRANSMISSION MARKET FOR POINT-TO-POINT,  BY APPLICATION, 2019–2022 (USD MILLION)	103
TABLE 33	BULK POWER TRANSMISSION: HVDC TRANSMISSION MARKET FOR POINT-TO-POINT,  BY APPLICATION, 2023–2028 (USD MILLION)	103
TABLE 34	POINT-TO-POINT: HVDC TRANSMISSION MARKET, BY REGION,  2019–2022 (USD MILLION)	103
TABLE 35	POINT-TO-POINT: HVDC TRANSMISSION MARKET, BY REGION, 2023–2028 (USD MILLION)	104
TABLE 36	POINT-TO-POINT: HVDC TRANSMISSION MARKET, BY CONFIGURATION,  2019–2022 (USD MILLION)	104
TABLE 37	POINT-TO-POINT: HVDC TRANSMISSION MARKET, BY CONFIGURATION,  2023–2028 (USD MILLION)	104
8.2.2	MONOPOLAR TRANSMISSION SYSTEMS	104
8.2.2.1	Economic feasibility of monopolar HVDC transmission systems to drive segmental growth	104
TABLE 38	POINT-TO-POINT: HVDC TRANSMISSION MARKET FOR MONOPOLAR TRANSMISSION SYSTEMS, BY TECHNOLOGY, 2019–2022 (USD MILLION)	105
TABLE 39	POINT-TO-POINT: HVDC TRANSMISSION MARKET FOR MONOPOLAR TRANSMISSION SYSTEMS, BY TECHNOLOGY, 2023–2028 (USD MILLION)	105
TABLE 40	POINT-TO-POINT: HVDC TRANSMISSION MARKET FOR MONOPOLAR TRANSMISSION SYSTEMS, BY APPLICATION, 2019–2022 (USD MILLION)	105
TABLE 41	POINT-TO-POINT: HVDC TRANSMISSION MARKET FOR MONOPOLAR TRANSMISSION SYSTEMS, BY APPLICATION, 2023–2028 (USD MILLION)	106
TABLE 42	MONOPOLAR TRANSMISSION SYSTEMS: HVDC TRANSMISSION MARKET FOR BULK POWER TRANSMISSION, BY APPLICATION, 2019–2022 (USD MILLION)	106
TABLE 43	MONOPOLAR TRANSMISSION SYSTEMS: HVDC TRANSMISSION MARKET FOR BULK POWER TRANSMISSION, BY APPLICATION, 2023–2028 (USD MILLION)	106
TABLE 44	POINT-TO-POINT: HVDC TRANSMISSION MARKET FOR MONOPOLAR, BY REGION,  2019–2022 (USD MILLION)	106
TABLE 45	POINT-TO-POINT: HVDC TRANSMISSION MARKET FOR MONOPOLAR, BY REGION,  2023–2028 (USD MILLION)	107
8.2.3	BIPOLAR TRANSMISSION SYSTEMS	107
8.2.3.1	Increasing focus on improving grid flexibility and resilience to boost demand for bipolar transmission systems	107
TABLE 46	POINT-TO-POINT: HVDC TRANSMISSION MARKET FOR BIPOLAR TRANSMISSION SYSTEMS, BY TECHNOLOGY, 2019–2022 (USD MILLION)	107
TABLE 47	POINT-TO-POINT: HVDC TRANSMISSION MARKET FOR BIPOLAR TRANSMISSION SYSTEMS, BY TECHNOLOGY, 2023–2028 (USD MILLION)	107
TABLE 48	POINT-TO-POINT: HVDC TRANSMISSION MARKET FOR BIPOLAR TRANSMISSION SYSTEMS, BY APPLICATION, 2019–2022 (USD MILLION)	108
TABLE 49	POINT-TO-POINT: HVDC TRANSMISSION MARKET FOR BIPOLAR TRANSMISSION SYSTEMS, BY APPLICATION, 2023–2028 (USD MILLION)	108
TABLE 50	BIPOLAR TRANSMISSION SYSTEMS: HVDC TRANSMISSION MARKET FOR BULK POWER TRANSMISSION, BY APPLICATION, 2019–2022 (USD MILLION)	108
TABLE 51	BIPOLAR TRANSMISSION SYSTEMS: HVDC TRANSMISSION MARKET FOR BULK POWER TRANSMISSION, BY APPLICATION, 2023–2028 (USD MILLION)	108
TABLE 52	POINT-TO-POINT: HVDC TRANSMISSION MARKET FOR BIPOLAR, BY REGION,  2019–2022 (USD MILLION)	109
TABLE 53	POINT-TO-POINT: HVDC TRANSMISSION MARKET FOR BIPOLAR, BY REGION,  2023–2028 (USD MILLION)	109
8.3	BACK-TO-BACK STATIONS	109
8.3.1	ADOPTION OF BACK-TO-BACK STATIONS TO FACILITATE POWER TRANSMISSION BETWEEN CONVERTERS TO DRIVE SEGMENT	109
TABLE 54	BACK-TO-BACK: HVDC TRANSMISSION MARKET, BY TECHNOLOGY,  2019–2022 (USD MILLION)	110
TABLE 55	BACK-TO-BACK: HVDC TRANSMISSION MARKET, BY TECHNOLOGY,  2023–2028 (USD MILLION)	110
TABLE 56	BACK-TO-BACK: HVDC TRANSMISSION MARKET, BY APPLICATION,  2019–2022 (USD MILLION)	110
TABLE 57	BACK-TO-BACK: HVDC TRANSMISSION MARKET, BY APPLICATION,  2023–2028 (USD MILLION)	110
TABLE 58	BACK-TO-BACK: HVDC TRANSMISSION MARKET FOR BULK POWER TRANSMISSION,  BY APPLICATION, 2019–2022 (USD MILLION)	111
TABLE 59	BACK-TO-BACK: HVDC TRANSMISSION MARKET FOR BULK POWER TRANSMISSION,  BY APPLICATION, 2023–2028 (USD MILLION)	111
TABLE 60	BACK-TO-BACK: HVDC TRANSMISSION MARKET, BY REGION, 2019–2022 (USD MILLION)	111
TABLE 61	BACK-TO-BACK: HVDC TRANSMISSION MARKET, BY REGION, 2023–2028 (USD MILLION)	111
8.4	MULTI-TERMINAL SYSTEMS	112
8.4.1	INCREASING REQUIREMENT FOR RELIABILITY DURING FORCED OUTAGES TO DRIVE DEMAND FOR MULTI-TERMINAL SYSTEMS	112
TABLE 62	MULTI-TERMINAL: HVDC TRANSMISSION MARKET, BY TECHNOLOGY,  2019–2022 (USD MILLION)	112
TABLE 63	MULTI-TERMINAL: HVDC TRANSMISSION MARKET, BY TECHNOLOGY,  2023–2028 (USD MILLION)	112
TABLE 64	MULTI-TERMINAL: HVDC TRANSMISSION MARKET, BY APPLICATION,  2019–2022 (USD MILLION)	113
FIGURE 42	BULK POWER TRANSMISSION SEGMENT TO LEAD MULTI-TERMINAL HVDC TRANSMISSION MARKET DURING FORECAST PERIOD	113
TABLE 65	MULTI-TERMINAL: HVDC TRANSMISSION MARKET, BY APPLICATION,  2023–2028 (USD MILLION)	113
TABLE 66	MULTI-TERMINAL: HVDC TRANSMISSION MARKET FOR BULK POWER TRANSMISSION,  BY APPLICATION, 2019–2022 (USD MILLION)	114
TABLE 67	MULTI-TERMINAL: HVDC TRANSMISSION MARKET FOR BULK POWER TRANSMISSION,  BY APPLICATION, 2023–2028 (USD MILLION)	114
TABLE 68	MULTI-TERMINAL: HVDC TRANSMISSION MARKET, BY REGION,  2019–2022 (USD MILLION)	114
TABLE 69	MULTI-TERMINAL: HVDC TRANSMISSION MARKET, BY REGION,  2023–2028 (USD MILLION)	114
9	HVDC TRANSMISSION MARKET, BY TECHNOLOGY	115
9.1	INTRODUCTION	116
FIGURE 43	LCC-BASED SEGMENT TO ACCOUNT FOR LARGEST SHARE OF HVDC TRANSMISSION MARKET FROM 2023 TO 2028	116
TABLE 70	HVDC TRANSMISSION MARKET, BY TECHNOLOGY, 2019–2022 (USD MILLION)	116
TABLE 71	HVDC TRANSMISSION MARKET, BY TECHNOLOGY, 2023–2028 (USD MILLION)	116
9.2	LINE COMMUTATED CONVERTER (LCC)	117
TABLE 72	LCC: HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2019–2022 (USD MILLION)	117
FIGURE 44	POINT-TO-POINT PROJECTS TO DOMINATE LCC HVDC TRANSMISSION MARKET DURING FORECAST PERIOD	117
TABLE 73	LCC: HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2023–2028 (USD MILLION)	118
TABLE 74	LCC: HVDC TRANSMISSION MARKET FOR POINT-TO-POINT PROJECTS,  BY CONFIGURATION, 2019–2022 (USD MILLION)	118
TABLE 75	LCC: HVDC TRANSMISSION MARKET FOR POINT-TO-POINT PROJECTS,  BY CONFIGURATION, 2023–2028 (USD MILLION)	118
TABLE 76	LCC: HVDC TRANSMISSION MARKET, BY TYPE, 2019–2022 (USD MILLION)	118
TABLE 77	LCC: HVDC TRANSMISSION MARKET, BY TYPE, 2023–2028 (USD MILLION)	119
9.2.1	LCC HIGH-VOLTAGE DIRECT CURRENT (HVDC)	119
9.2.1.1	Increasing demand for electricity to drive adoption of LCC HVDC systems	119
9.2.2	LCC ULTRA HIGH-VOLTAGE DIRECT CURRENT (UHVDC)	119
9.2.2.1	Increasing electricity trade between various countries to increase demand for LLC UHVDC systems	119
9.3	VOLTAGE SOURCE CONVERTER (VSC)	119
TABLE 78	VSC: HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2019–2022 (USD MILLION)	120
FIGURE 45	MULTI-TERMINAL SEGMENT TO REGISTER HIGHEST CAGR IN VSC HVDC TRANSMISSION MARKET DURING FORECAST PERIOD	120
TABLE 79	VSC: HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2023–2028 (USD MILLION)	120
TABLE 80	VSC: HVDC TRANSMISSION MARKET FOR POINT-TO-POINT PROJECTS,  BY CONFIGURATION, 2019–2022 (USD MILLION)	121
TABLE 81	VSC: HVDC TRANSMISSION MARKET FOR POINT-TO-POINT PROJECTS,  BY CONFIGURATION, 2023–2028 (USD MILLION)	121
TABLE 82	VSC: HVDC TRANSMISSION MARKET, BY TYPE, 2019–2022 (USD MILLION)	121
TABLE 83	VSC: HVDC TRANSMISSION MARKET, BY TYPE, 2023–2028 (USD MILLION)	121
9.3.1	VSC HVDC	121
9.3.1.1	Technological advancements in VSC HVDC transmission to create growth opportunities for market players	121
9.3.2	VSC UHVDC	122
9.3.2.1	Increasing number of VSC UHVDC projects to drive market growth	122
9.4	CAPACITOR COMMUTATED CONVERTER (CCC)	122
9.4.1	INCREASING ADOPTION OF CCC TECHNOLOGY FOR BACK-TO-BACK HVDC TRANSMISSION TO DRIVE SEGMENTAL GROWTH	122
TABLE 84	CCC: HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2019–2022 (USD MILLION)	122
TABLE 85	CCC: HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2023–2028 (USD MILLION)	122
10	HVDC TRANSMISSION MARKET, BY APPLICATION	123
10.1	INTRODUCTION	124
FIGURE 46	BULK POWER TRANSMISSION SEGMENT TO AMASS LARGEST SHARE OF HVDC TRANSMISSION MARKET DURING 2023–2028	124
TABLE 86	HVDC TRANSMISSION MARKET, BY APPLICATION, 2019–2022 (USD MILLION)	124
TABLE 87	HVDC TRANSMISSION MARKET, BY APPLICATION, 2023–2028 (USD MILLION)	124
10.2	BULK POWER TRANSMISSION	125
TABLE 88	BULK POWER TRANSMISSION: HVDC TRANSMISSION MARKET, BY PROJECT TYPE,  2019–2022 (USD MILLION)	125
FIGURE 47	POINT-TO-POINT PROJECT TYPE TO DOMINATE BULK POWER HVDC TRANSMISSION MARKET DURING FORECAST PERIOD	125
TABLE 89	BULK POWER TRANSMISSION: HVDC TRANSMISSION MARKET, BY PROJECT TYPE,  2023–2028 (USD MILLION)	126
TABLE 90	BULK POWER TRANSMISSION: HVDC TRANSMISSION MARKET FOR POINT-TO-POINT PROJECTS, BY CONFIGURATION, 2019–2022 (USD MILLION)	126
TABLE 91	BULK POWER TRANSMISSION: HVDC TRANSMISSION MARKET FOR POINT-TO-POINT PROJECTS, BY CONFIGURATION, 2023–2028 (USD MILLION)	126
TABLE 92	BULK POWER TRANSMISSION: HVDC TRANSMISSION MARKET, BY APPLICATION,  2019–2022 (USD MILLION)	126
TABLE 93	BULK POWER TRANSMISSION: HVDC TRANSMISSION MARKET, BY APPLICATION,  2023–2028 (USD MILLION)	127
 
10.2.1	OVERHEAD	127
10.2.1.1	Focus on minimizing power loss to fuel demand for overhead transmission	127
TABLE 94	OVERHEAD: BULK POWER HVDC TRANSMISSION MARKET, BY PROJECT TYPE,  2019–2022 (USD MILLION)	127
TABLE 95	OVERHEAD: BULK POWER HVDC TRANSMISSION MARKET, BY PROJECT TYPE,  2023–2028 (USD MILLION)	127
10.2.2	UNDERWATER & UNDERGROUND	128
10.2.2.1	Increasing cross-border electricity trade to propel demand for underwater and underground transmission	128
TABLE 96	UNDERWATER & UNDERGROUND: BULK POWER HVDC TRANSMISSION MARKET,  BY PROJECT TYPE, 2019–2022 (USD MILLION)	128
TABLE 97	UNDERWATER & UNDERGROUND: BULK POWER HVDC TRANSMISSION MARKET,  BY PROJECT TYPE, 2023–2028 (USD MILLION)	128
10.3	INTERCONNECTING GRIDS	128
10.3.1	GROWING INTERCONNECTION OF POWER GRIDS TO CREATE DEMAND FOR HVDC TRANSMISSION	128
TABLE 98	INTERCONNECTING GRIDS: HVDC TRANSMISSION MARKET, BY PROJECT TYPE,  2019–2022 (USD MILLION)	129
TABLE 99	INTERCONNECTING GRIDS: HVDC TRANSMISSION MARKET, BY PROJECT TYPE,  2023–2028 (USD MILLION)	129
TABLE 100	INTERCONNECTING GRIDS: HVDC TRANSMISSION MARKET FOR POINT-TO-POINT PROJECTS, BY CONFIGURATION, 2019–2022 (USD MILLION)	129
TABLE 101	INTERCONNECTING GRIDS: HVDC TRANSMISSION MARKET FOR POINT-TO-POINT PROJECTS, BY CONFIGURATION, 2023–2028 (USD MILLION)	129
10.4	INFEED URBAN AREAS	130
10.4.1	RISING ELECTRICITY DEMAND FROM DENSELY POPULATED URBAN AREAS TO FUEL REQUIREMENT FOR HVDC TRANSMISSION	130
TABLE 102	INFEED URBAN AREAS: HVDC TRANSMISSION MARKET, BY PROJECT TYPE,  2019–2022 (USD MILLION)	130
FIGURE 48	POINT-TO-POINT PROJECTS TO LEAD HVDC TRANSMISSION MARKET FOR INFEED URBAN AREAS DURING FORECAST PERIOD	130
TABLE 103	INFEED URBAN AREAS: HVDC TRANSMISSION MARKET, BY PROJECT TYPE,  2023–2028 (USD MILLION)	131
TABLE 104	INFEED URBAN AREAS: HVDC TRANSMISSION MARKET FOR POINT-TO-POINT PROJECTS, BY CONFIGURATION, 2019–2022 (USD MILLION)	131
TABLE 105	INFEED URBAN AREAS: HVDC TRANSMISSION MARKET FOR POINT-TO-POINT PROJECTS, BY CONFIGURATION, 2023–2028 (USD MILLION)	131
11	HVDC TRANSMISSION MARKET, BY REGION	132
11.1	INTRODUCTION	133
FIGURE 49	CHINA TO BE FASTEST-GROWING COUNTRY-LEVEL MARKET DURING FORECAST PERIOD	133
TABLE 106	HVDC TRANSMISSION MARKET, BY REGION, 2019–2022 (USD MILLION)	134
TABLE 107	HVDC TRANSMISSION MARKET, BY REGION, 2023–2028 (USD MILLION)	134
 
11.2	AMERICAS	134
FIGURE 50	AMERICAS: HVDC TRANSMISSION MARKET SNAPSHOT	135
TABLE 108	AMERICAS: HVDC TRANSMISSION MARKET, BY PROJECT TYPE,  2019–2022 (USD MILLION)	136
TABLE 109	AMERICAS: HVDC TRANSMISSION MARKET, BY PROJECT TYPE,  2023–2028 (USD MILLION)	136
TABLE 110	AMERICAS: POINT-TO-POINT: HVDC TRANSMISSION MARKET, BY CONFIGURATION, 2019–2022 (USD MILLION)	136
TABLE 111	AMERICAS: POINT-TO-POINT: HVDC TRANSMISSION MARKET, BY CONFIGURATION,  2023–2028 (USD MILLION)	136
TABLE 112	AMERICAS: HVDC TRANSMISSION MARKET, BY REGION, 2019–2022 (USD MILLION)	137
TABLE 113	AMERICAS: HVDC TRANSMISSION MARKET, BY REGION, 2023–2028 (USD MILLION)	137
11.2.1	AMERICAS: RECESSION IMPACT	137
11.2.2	NORTH AMERICA	138
TABLE 114	NORTH AMERICA: HVDC TRANSMISSION MARKET, BY COUNTRY,  2019–2022 (USD MILLION)	138
TABLE 115	NORTH AMERICA: HVDC TRANSMISSION MARKET, BY COUNTRY,  2023–2028 (USD MILLION)	139
11.2.2.1	US	139
11.2.2.1.1	Increasing renewable energy production to boost adoption of HVDC systems	139
11.2.2.2	Canada	140
11.2.2.2.1	Government-led initiatives to enhance power transmission infrastructure to drive market	140
11.2.2.3	Mexico	140
11.2.2.3.1	Government initiatives promoting renewable energy integration to stimulate demand for HVDC transmission	140
11.2.3	SOUTH AMERICA	141
TABLE 116	SOUTH AMERICA: HVDC TRANSMISSION MARKET, BY COUNTRY,  2019–2022 (USD MILLION)	141
TABLE 117	SOUTH AMERICA: HVDC TRANSMISSION MARKET, BY COUNTRY,  2023–2028 (USD MILLION)	141
11.2.3.1	Brazil	142
11.2.3.1.1	Government initiatives to modernize grid infrastructure to drive market	142
11.2.3.2	Rest of South America	142
11.3	EUROPE	142
FIGURE 51	EUROPE: HVDC TRANSMISSION MARKET SNAPSHOT	143
TABLE 118	EUROPE: HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2019–2022 (USD MILLION)	144
TABLE 119	EUROPE: HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2023–2028 (USD MILLION	144
TABLE 120	EUROPE: POINT-TO-POINT: HVDC TRANSMISSION MARKET, BY CONFIGURATION,  2019–2022 (USD MILLION)	144
TABLE 121	EUROPE: POINT-TO-POINT: HVDC TRANSMISSION MARKET, BY CONFIGURATION,  2023–2028 (USD MILLION)	144
TABLE 122	EUROPE: HVDC TRANSMISSION MARKET, BY COUNTRY, 2019–2022 (USD MILLION)	145
TABLE 123	EUROPE: HVDC TRANSMISSION MARKET, BY COUNTRY, 2023–2028 (USD MILLION)	145
11.3.1	EUROPE: RECESSION IMPACT	145
11.3.2	UK	146
11.3.2.1	Focus on improving transmission and distribution network to foster market growth	146
11.3.3	GERMANY	146
11.3.3.1	Implementation of policies promoting low-carbon future to drive market	146
11.3.4	RUSSIA	147
11.3.4.1	Transition to cleaner energy to support adoption of HVDC technology	147
11.3.5	FRANCE	147
11.3.5.1	Growing focus on decarbonization to drive adoption of HVDC transmission	147
11.3.6	REST OF EUROPE	148
11.4	ASIA PACIFIC	148
FIGURE 52	ASIA PACIFIC: HVDC TRANSMISSION MARKET SNAPSHOT	149
TABLE 124	ASIA PACIFIC: HVDC TRANSMISSION MARKET, BY PROJECT TYPE,  2019–2022 (USD MILLION)	149
TABLE 125	ASIA PACIFIC: HVDC TRANSMISSION MARKET, BY PROJECT TYPE,  2023–2028 (USD MILLION	150
TABLE 126	ASIA PACIFIC: HVDC TRANSMISSION MARKET FOR POINT-TO-POINT, BY CONFIGURATION,  2019–2022 (USD MILLION)	150
TABLE 127	ASIA PACIFIC: HVDC TRANSMISSION MARKET FOR POINT-TO-POINT, BY CONFIGURATION 2023–2028 (USD MILLION)	150
TABLE 128	ASIA PACIFIC: HVDC TRANSMISSION MARKET, BY REGION, 2019–2022 (USD MILLION)	150
TABLE 129	ASIA PACIFIC: HVDC TRANSMISSION MARKET, BY COUNTRY, 2023–2028 (USD MILLION)	151
11.4.1	ASIA PACIFIC: RECESSION IMPACT	151
11.4.2	CHINA	151
11.4.2.1	Substantial investments in ultra-high-voltage (UHV) projects to foster market growth	151
11.4.3	JAPAN	152
11.4.3.1	Surging electricity demand to drive market	152
11.4.4	INDIA	152
11.4.4.1	Government-led initiatives to strengthen energy security to drive market	152
11.4.5	AUSTRALIA	153
11.4.5.1	Strategic investments in modernizing grid infrastructure to drive demand for HVDC transmission	153
11.4.6	REST OF ASIA PACIFIC	153
 
11.5	REST OF THE WORLD (ROW)	154
TABLE 130	ROW: HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2019–2022 (USD MILLION)	154
TABLE 131	ROW: HVDC TRANSMISSION MARKET, BY PROJECT TYPE, 2023–2028 (USD MILLION	154
TABLE 132	ROW: HVDC TRANSMISSION MARKET FOR POINT-TO-POINT, BY CONFIGURATION,  2019–2022 (USD MILLION)	154
TABLE 133	ROW: HVDC TRANSMISSION MARKET FOR POINT-TO-POINT, BY CONFIGURATION,  2023–2028 (USD MILLION)	155
TABLE 134	ROW: HVDC TRANSMISSION MARKET, BY REGION, 2019–2022 (USD MILLION)	155
TABLE 135	ROW: HVDC TRANSMISSION MARKET, BY REGION, 2023–2028 (USD MILLION)	155
11.5.1	MIDDLE EAST & AFRICA: RECESSION IMPACT	155
11.5.2	MIDDLE EAST	156
11.5.2.1	Emerging transformative projects in Abu Dabi to drive demand for HVDC technology	156
11.5.3	AFRICA	156
11.5.3.1	Investments in modernization of energy infrastructure to drive market	156
12	COMPETITIVE LANDSCAPE	157
12.1	INTRODUCTION	157
12.2	STRATEGIES ADOPTED BY KEY PLAYERS	157
TABLE 136	OVERVIEW OF STRATEGIES ADOPTED BY KEY PLAYERS	157
TABLE 137	KEY GROWTH STRATEGIES ADOPTED BY COMPANIES DURING 2019–2022	158
12.2.1	ORGANIC/INORGANIC GROWTH STRATEGIES	158
12.2.2	PRODUCT PORTFOLIO	158
12.2.3	GEOGRAPHIC PRESENCE	158
12.2.4	MANUFACTURING AND DISTRIBUTION FOOTPRINT	159
12.3	MARKET SHARE ANALYSIS, 2022	159
TABLE 138	MARKET SHARE ANALYSIS OF TOP 5 PLAYERS IN HVDC TRANSMISSION MARKET, 2022	159
12.4	REVENUE ANALYSIS, 2018–2022	160
FIGURE 53	REVENUE ANALYSIS OF MAJOR COMPANIES IN HVDC TRANSMISSION MARKET, 2018–2022 (USD BILLION)	160
12.5	EVALUATION MATRIX FOR MAJOR PLAYERS, 2022	161
12.5.1	STARS	161
12.5.2	EMERGING LEADERS	161
12.5.3	PERVASIVE PLAYERS	161
12.5.4	PARTICIPANTS	161
FIGURE 54	HVDC TRANSMISSION MARKET: EVALUATION MATRIX FOR MAJOR PLAYERS, 2022	162
 
12.6	EVALUATION MATRIX FOR STARTUPS/SMALL AND MEDIUM-SIZED ENTERPRISES (SMES), 2022	163
12.6.1	COMPETITIVE BENCHMARKING	163
TABLE 139	HVDC TRANSMISSION MARKET: DETAILED LIST OF KEY STARTUPS/SMES	163
TABLE 140	STARTUPS/SMES FOOTPRINT, BY COMPONENT	164
TABLE 141	STARTUPS/SMES FOOTPRINT, BY APPLICATION	164
TABLE 142	STARTUPS/SMES FOOTPRINT, BY REGION	165
12.6.2	PROGRESSIVE COMPANIES	165
12.6.3	RESPONSIVE COMPANIES	165
12.6.4	DYNAMIC COMPANIES	165
12.6.5	STARTING BLOCKS	165
FIGURE 55	HVDC TRANSMISSION MARKET: EVALUATION MATRIX
FOR  STARTUPS/SMES, 2022	166
12.7	COMPANY FOOTPRINT	167
TABLE 143	OVERALL COMPANY FOOTPRINT	167
TABLE 144	COMPANY COMPONENT FOOTPRINT	168
TABLE 145	COMPANY APPLICATION FOOTPRINT	169
TABLE 146	COMPANY REGION FOOTPRINT	170
12.8	COMPETITIVE SCENARIOS AND TRENDS	171
12.8.1	DEALS	171
TABLE 147	HVDC TRANSMISSION MARKET: DEALS, 2019–2023	171
13	COMPANY PROFILES	179
(Business Overview, Products/Solutions/Services Offered, Recent Developments, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats))*
13.1	INTRODUCTION	179
13.2	KEY PLAYERS	180
13.2.1	HITACHI, LTD.	180
TABLE 148	HITACHI, LTD.: COMPANY OVERVIEW	180
FIGURE 56	HITACHI, LTD.: COMPANY SNAPSHOT	181
TABLE 149	HITACHI, LTD.: DEALS	183
13.2.2	SIEMENS ENERGY	185
TABLE 150	SIEMENS ENERGY: COMPANY OVERVIEW	185
FIGURE 57	SIEMENS ENERGY: COMPANY SNAPSHOT	186
TABLE 151	SIEMENS ENERGY: DEALS	189
13.2.3	MITSUBISHI ELECTRIC CORPORATION	192
TABLE 152	MITSUBISHI ELECTRIC CORPORATION: COMPANY OVERVIEW	192
FIGURE 58	MITSUBISHI ELECTRIC CORPORATION: COMPANY SNAPSHOT	193
TABLE 153	MITSUBISHI ELECTRIC CORPORATION: DEALS	194
13.2.4	GENERAL ELECTRIC	196
TABLE 154	GENERAL ELECTRIC: COMPANY OVERVIEW	196
FIGURE 59	GENERAL ELECTRIC: COMPANY SNAPSHOT	197
TABLE 155	GENERAL ELECTRIC: DEALS	198
13.2.5	PRYSMIAN GROUP	200
TABLE 156	PRYSMIAN GROUP: COMPANY OVERVIEW	200
FIGURE 60	PRYSMIAN GROUP: COMPANY SNAPSHOT	201
TABLE 157	PRYSMIAN GROUP: DEALS	202
13.2.6	TOSHIBA CORPORATION	204
TABLE 158	TOSHIBA CORPORATION: COMPANY OVERVIEW	204
FIGURE 61	TOSHIBA CORPORATION: COMPANY SNAPSHOT	205
TABLE 159	TOSHIBA CORPORATION: DEALS	207
13.2.7	NKT A/S	209
TABLE 160	NKT A/S: COMPANY OVERVIEW	209
FIGURE 62	NKT A/S: COMPANY SNAPSHOT	210
TABLE 161	NKT A/S: DEALS	211
13.2.8	NEXANS	213
TABLE 162	NEXANS: COMPANY OVERVIEW	213
FIGURE 63	NEXANS: COMPANY SNAPSHOT	214
TABLE 163	NEXANS: DEALS	215
13.2.9	LS ELECTRIC CO., LTD.	217
TABLE 164	LS ELECTRIC CO., LTD.: COMPANY OVERVIEW	217
FIGURE 64	LS ELECTRIC CO., LTD.: COMPANY SNAPSHOT	218
13.2.10	NR ELECTRIC CO., LTD.	220
TABLE 165	NR ELECTRIC CO., LTD.: COMPANY OVERVIEW	220
13.3	OTHER PLAYERS	222
13.3.1	SUMITOMO ELECTRIC INDUSTRIES, LTD.	222
13.3.2	ZAPOROZHTRANSFORMATOR	222
13.3.3	ALSTOM GRID (GE GRID SOLUTIONS)	223
13.3.4	TAIHAN	223
13.3.5	AMERICAN SUPERCONDUCTOR	224
13.3.6	ZTT GROUP	224
13.3.7	TBEA CO., LTD.	225
13.3.8	EFACEC	226
13.3.9	SIEYUAN ELECTRIC CO., LTD.	227
13.3.10	XJ ELECTRIC CO., LTD.	228
13.3.11	BAODING TIANWEI BAOBIAN ELECTRIC CO., LTD.	229
13.3.12	CG POWER & INDUSTRIAL SOLUTIONS LTD.	230
13.3.13	SGB SMIT	231
13.3.14	C-EPRI ELECTRIC POWER ENGINEERING CO., LTD.	231
13.3.15	HYOSUNG HEAVY INDUSTRIES	232
*Details on Business Overview, Products/Solutions/Services Offered, Recent Developments, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats) might not be captured in case of unlisted companies.
 
14	APPENDIX	233
14.1	INSIGHTS FROM INDUSTRY EXPERTS	233
14.2	DISCUSSION GUIDE	234
14.3	KNOWLEDGESTORE: MARKETSANDMARKETS’  SUBSCRIPTION PORTAL	237
14.4	CUSTOMIZATION OPTIONS	239
14.5	RELATED REPORTS	239
14.6	AUTHOR DETAILS	240
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