The global HVDC transmission systems market size reached US$
10.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$
17.7 Billion by 2028, exhibiting a growth rate (CAGR) of
9.11% during 2023-2028.
The high voltage direct current (HVDC) transmission system relies on direct current (DC) to transmit power in long distances. It comprises a converter, rectifier, inverter, electrodes, smoothing reactors, direct current (DC) lines, harmonic filters, reactive power supplies, and alternate current (AC) circuit breakers. It is widely used in modern power transmission due to its simple constructional feature and less complexity. It provides efficient and economical transmission of power while meeting the requirements of growing load demands. In addition, it assists in transmitting bulk power while reducing power losses. Apart from this, it helps transfer power through submarine cables without voltage fluctuations.
HVDC Transmission Systems Market Trends:
The growing utilization of HVDC transmission systems for bulk power transmission, interconnecting grids, and in-feed urban areas represents one of the key factors driving the market. Besides this, there is a rise in the demand for cable-based transmission compared to overhead transmission lines across the globe. This, along with the burgeoning electrical industry, is contributing to the growth of the market. Moreover, the increasing development of smart cities to use smart technologies for managing assets and resources is offering lucrative growth opportunities to industry investors. In addition, the growing demand for cost-effective solutions for long-distance power transmission is positively influencing the market. Apart from this, there is an increase in the demand for valves and circuit breakers to break the circuit and stop the current flow when the current exceeds a predetermined value without causing damage to the circuit. This, coupled with the expansion of submarine power transmission systems, is catalyzing the demand for HVDC transmission systems. Additionally, the escalating demand for renewable sources of energy to reduce greenhouse gas emissions and air pollution is bolstering the growth of the market.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global HVDC transmission systems market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on component, transmission type, technology, project type and application.
Breakup by Component:
- Converter Stations
- Transmission Medium (Cables)
Breakup by Transmission Type:
- Submarine HVDC Transmission System
- HVDC Overhead Transmission System
- HVDC Underground Transmission System
Breakup by Technology:
- Capacitor Commutated Converter (CCC)
- Voltage Source Converter (VSC)
- Line Commutated Converter (LCC)
Breakup by Project Type:
Breakup by Application:
- Bulk Power Transmission
- Interconnecting Grids
- Infeed Urban Areas
Breakup by Region:
- North America
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being 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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Key Questions Answered in This Report:
- How has the global HVDC transmission systems market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global HVDC transmission systems market?
- What are the key regional markets?
- What is the breakup of the market based on the component?
- What is the breakup of the market based on the transmission type?
- What is the breakup of the market based on the technology?
- What is the breakup of the market based on the project type?
- What is the breakup of the market based on the application?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global HVDC transmission systems market and who are the key players?
- What is the degree of competition in the industry?