HVDC Transmission Systems Market Report 2023, Size, Share And forecast Till 2028
IMARC Group has recently released a new research study “HVDC Transmission Systems Market : Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
What are the growth prospects of the HVDC Transmission Systems Industry ?
The global HVDC transmission systems market size reached US$ 10.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 17.7 Billion by 2028, exhibiting a growth rate (CAGR) of 9.11% during 2023-2028.
Covid-19 Impact:
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
What is HVDC Transmission Systems Market ?
A high-voltage direct current (HVDC) transmission system, also known as high-voltage DC, power superhighway, or electrical superhighway, is used to transmit elevated electricity in the form of direct current (DC) over a long range with underground cables, submarine cables, and overhead transmission lines.
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Some commonly known HVDC systems include monopolar, bipolar, homopolar, and back-to-back HVDC systems. They include a converter unit and transformer, earth electrodes or electrode lines, a rectifier, an inverter, smoothing reactors, a reactive power source, direct current (DC) switchgear, direct current (DC) lines, and filters.
They also provide several benefits, including efficient power transmission, minimized power losses, stability, flexibility in operation, and cost-effectiveness. As a result, HVDC transmission systems are extensively used in modern power transmission owing to their simple constructional characteristics and less complexity.
What are the major market drivers in the HVDC Transmission Systems Market:
The market is primarily driven by the escalating demand for electricity. This can be attributed to the rising urbanization, growing population, and increasing utilization of HVDC transmission systems for interconnecting grids and bulk power transmissions. In addition, the expanding electrical industry is contributing to the market growth. Moreover, there is a surging demand for circuit breakers and valves to break the circuit and cut off the current flow when it exceeds a predetermined value without any damage to the circuit, which acts as another significant growth-inducing factor.
Besides this, the widespread adoption of cost-effective solutions for long-distance power transmission is providing a thrust to market growth. Along with this, the increasing adoption of submarine power transmission systems is escalating the demand for HVDC transmission systems. Furthermore, the growing utilization of renewable sources of energy to minimize greenhouse gas emissions and air pollution is also creating a positive market outlook across the globe.
Who Are The Major Key Players in HVDC Transmission Systems Market?
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.
Report Segmentation:
The report has been segmented the market into following categories:
Breakup by Component:
o Converter Stations
o Transmission Medium (Cables)
Breakup by Transmission Type:
o Submarine HVDC Transmission System
o HVDC Overhead Transmission System
o HVDC Underground Transmission System
Breakup by Technology:
o Capacitor Commutated Converter (CCC)
o Voltage Source Converter (VSC)
o Line Commutated Converter (LCC)
Breakup by Project Type:
o Point-to-Point
o Back-to-Back
o Multi-terminal
Breakup by Application:
o Bulk Power Transmission
o Interconnecting Grids
o Infeed Urban Areas
By Geography:
•North America (United States, Canada)
•Europe (Germany, France, United Kingdom, Italy, Spain, Others)
•Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
•Latin America (Brazil, Mexico, Others)
•Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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