IMARC Group, a leading market research company, has recently releases report titled “HVDC Transmission Systems Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global hvdc transmission systems market growth, share, size and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How Big is the HVDC Transmission Systems Market?
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.
What is HVDC Transmission Systems?
High voltage direct current (HVDC) transmission system depends on direct current (DC) to transfer power over long distances. It comprises a rectifier, inverter, electrodes, smoothing reactors, converter, direct current (DC) lines, harmonic filters, reactive power supplies, and alternate current (AC) circuit breakers. HVDC transmission system is widely used in modern power communication due to its simple constructional feature and less complexity. It provides efficient and economical power transmission while fulfilling the requirements of growing load demands. In addition, HVDC transmission assists in transmitting bulk energy while reducing power losses. As a result, this system transfers electric current through submarine cables without voltage fluctuations.
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What are the growth prospects and trends in the hvdc transmission systems industry?
The extensive utilization of HVDC devices for interconnecting grids, bulk power transfer, and in-feed urban areas is among the primary factors driving the HVDC transmission systems market. Besides this, the expanding electrical industry and the development of smart technologies for managing assets and resources are further augmenting the market growth.
Moreover, the escalating demand for cable-based transmission compared to overhead lines and cost-effective solutions for long-distance power dispatch across the globe is also catalyzing the global market. Apart from this, the elevating requirement for valves and circuit breakers to break the course and stop the current flow when it exceeds a predetermined value without inducing wear to the circuit is acting as another significant growth-inducing factor.
Additionally, the inflating usage of these instruments, owing to the growing submarine power communication techniques, is also stimulating the market growth. Furthermore, the rising need for renewable energy sources to minimize greenhouse gas emissions and air pollution is expected to bolster the HVDC transmission systems market in the coming years.
What is included in market segmentation?
The report has segmented the market into the following categories:
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
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
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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