According to the latest report by IMARC Group, titled "HVDC Transmission Systems Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028," the global HVDC transmission systems market reached a value of US$ 10.2 Billion in 2022. HVDC (High Voltage Direct Current) transmission systems are a type of electrical transmission system used to transmit large amounts of electrical power over long distances. They are an alternative to AC (Alternating Current) transmission systems and are often used to connect remote renewable energy sources to the grid or to interconnect different power systems. They use high voltage direct current to transmit power, rather than the alternating current used in traditional AC transmission systems. HVDC transmission systems have several advantages over traditional AC transmission systems as they can transmit power over longer distances with lower losses without being affected by reactive power and voltage instability. They are used in various applications, including connecting remote renewable energy sources to the grid, interconnecting power systems, and enhancing grid stability. HVDC transmission systems offer an efficient and reliable way to transmit large amounts of electrical power over long distances, making them an important technology for future energy transmission and distribution.
Global HVDC Transmission Systems Market Trends:
The global market is majorly driven by the increasing demand for efficient and reliable energy transmission over long distances. In line with this, the heavy investments in renewable energy and growing demand for electricity are significantly contributing to the market growth. Furthermore, the rising need to upgrade aging power infrastructure and interconnect power grids across the globe is positively influencing the market. Apart from this, the key players are investing in R&D to develop advanced HVDC transmission systems that offer improved efficiency, reliability, and flexibility. Various initiatives by governments across several countries to promote renewable energy are creating a positive outlook for the market. Moreover, the ability of these systems to transmit power over long distances and lower transmission losses as compared to traditional AC transmission systems are propelling its demand. Besides, the escalating demand for offshore wind energy projects and the emergence of advanced converter technologies such as VSC are bolstering the market. The growing demand for smart grids and energy storage systems and the increasing need for reducing greenhouse gas emissions is offering numerous opportunities for market expansion. The rapid adoption of electric vehicles and transportation systems and the rising demand for microgrids and distributed energy systems are driving the market further. Additionally, rapid digitalization and heavy investments in energy infrastructure projects by private and public sectors worldwide are projected to provide an impetus to the market. On account of the factors above, the market is anticipated to reach a value of US$ 17.7 Billion by 2028, exhibiting a CAGR of 9.11% during 2023-2028.
- On the basis of the component, the market has been categorized into converter stations and a transmission medium (cables).
- Based on the transmission type, the market has been classified into a submarine HVDC transmission system, HVDC overhead transmission system, and HVDC underground transmission system.
- Based on the technology, the market has been segmented into capacitor commutated converter (CCC), voltage source converter (VSC), and line commutated converter (LCC).
- Based on the project type, the market has been categorized into point-to-point, back-to-back, and multi-terminal.
- Based on the application, the market has been classified into bulk power transmission, interconnecting grids, and infeed urban areas.
- On the basis of the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with detailed profiles of the key players operating in the market. Some of the key players include ABB Ltd., General Electric Company, Hitachi Ltd., LS ELECTRIC Co. Ltd., Mitsubishi Electric Corporation, Nexans S.A., NKT A/S, NR Electric Co. Ltd., Prysmian Group, Siemens AG and Toshiba Corporation.
|Base Year of the Analysis
||Component, Transmission Type, Technology, Project Type, Application, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||ABB Ltd., General Electric Company, Hitachi Ltd., LS ELECTRIC Co. Ltd., Mitsubishi Electric Corporation, Nexans S.A., NKT A/S, NR Electric Co. Ltd., Prysmian Group, Siemens AG and Toshiba Corporation
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