HVDC Transmission Market
The global HVDC transmission industry is experiencing robust growth, driven by the increasing demand for efficient and reliable electricity transmission over long distances. HVDC technology offers significant advantages over traditional AC transmission systems, including reduced transmission losses, increased grid stability, and the ability to integrate large-scale renewable energy sources. As countries around the world transition to cleaner energy sources and modernize their grid infrastructure, HVDC transmission is becoming a critical component of the global energy landscape.
The growth of the HVDC transmission market is supported by government policies and initiatives aimed at reducing carbon emissions and enhancing energy security. Countries in Europe, Asia, and North America are leading the adoption of HVDC technology, with significant investments in cross-border interconnections and long-distance transmission projects. The market is also benefiting from technological advancements, such as the development of UHVDC (Ultra High Voltage Direct Current) systems, which allow for even greater transmission capacities and longer distances.
Major players in the HVDC transmission market, including Siemens Energy, ABB, GE Grid Solutions, and Hitachi ABB Power Grids, are driving innovation in the industry. These companies are focused on developing advanced HVDC solutions that improve efficiency, reliability, and flexibility. The market is also witnessing increased collaboration between governments, utilities, and technology providers to accelerate the deployment of HVDC projects.
As the world continues to transition to a low-carbon energy system, the HVDC transmission market is expected to play a pivotal role in enabling the integration of renewable energy, enhancing grid resilience, and facilitating cross-border electricity trade. The market is poised for continued growth, with opportunities emerging in both developed and developing regions as countries invest in their energy infrastructure and pursue ambitious climate goals.
The global HVDC transmission market will touch USD 22 billion at a 7.45% CAGR by 2032, states the latest Market Research Future (MRFR) report.
Drivers
Delivery of Bulk Power to Boost Market Growth
The capability of delivering bulk power in long-distance transmission sans much transmission losses will boost market growth over the forecast period.
Opportunities
Strict Government Regulations to offer Robust Opportunities
The stringent government regulations about electricity transmission will offer robust opportunities for the market over the forecast period.
Restraints
Short Circuits to act as Market Restraint
Short circuits in AC power system will act as market restraint over the forecast period. Besides, the complexity related to multi-terminal systems may also impede market growth.
Challenges
High Installation and Implementation Costs to act as Market Challenge
The high installation and implementation costs, standardization of HVDC systems, and low rate of adoption of HVDC technology may act as market challenge over the forecast period.
Market Segmentation
The global HVDC transmission market is bifurcated based on voltage rating, configuration, application, and technology.
By technology, the VSC segment will lead the market over the forecast period.
By application, the offshore segment will dominate the market in the forecast period.
By configuration, the HVDC transmission market is segmented into monopolar, bipolar, back-to-back, and multi terminal.
By voltage rating, the 640-800 kV will spearhead the market over the forecast period.
COVID-19 Analysis
Supply chain disruptions, economic situations, fluctuations in demand share, as well as long-term & immediate effect of the COVID-19 pandemic possessed a negative effect on the HVDC transmission market growth. The pandemic has slowed down economic activity and pushed the economy into a steep recession. With the roots being in China, the supply chains in the world are facing shutdown and unprecedented disruption. Besides, the initial setback, the industry is likely to return to normalcy during the forecast period and continue growing much beyond also.
Regional Analysis
APAC to Domineer HVDC Transmission Market
The APAC region will domineer the HVDC transmission market over the forecast period. The development of power infrastructure, China making huge investments in renewable energy, implementation of latest UHVDC technology for power transmission, growing population, increasing power consumption, aging infrastructure, increased urbanization, construction of smart cities in emerging economies, growing industrialization, and increasing establishment of power plants are fuelling the global HVDC transmission market growth in this region.
Key Players
Eminent industry players profiled in the global HVDC transmission market report include Seimens AG (Germany), Hitachi (Japan), ABB (Switzerland), Schneider Electric (France), Toshiba (Japan), Alstom (France), General Electric (U.S.), and DATC (U.S). Mitsubishi (Japan), NKT Holdings (Denmark), Adani (India), Nexans (France), Prysmian Group (Italy), and C-EPRI Electric Power Engineering Co., Ltd (China) are among others.
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