HVDC Transmission Market Synopsis
The global HVDC transmission market is expected to grow from USD 11.4 billion in 2023 to USD 22 billion by 2032, at a CAGR of 8.60%. The growing number of VSC-based HVDC projects and the shift towards renewable energy adoption globally are the major factors driving the market growth.
Key Drivers
· Increasing demand for renewable energy integration
· Growing need for long-distance power transmission
· Increasing demand for reliable and efficient power supply
· Favorable government policies and initiatives for HVDC transmission
HVDC (High-Voltage Direct Current) transmission is a technology that is used to transmit electrical power over long distances using direct current (DC) rather than alternating current (AC). HVDC transmission is used to connect remote renewable energy sources to the power grid, as well as to transmit power between countries and continents.
The main advantage of HVDC transmission is that it is more efficient than AC transmission over long distances, as it reduces energy losses and enables power to be transmitted more efficiently. As for its impact due to COVID-19, the pandemic has had a mixed effect on the HVDC transmission market.
The economic slowdown caused by the pandemic has led to a decrease in demand for HVDC transmission systems, as governments and businesses reduce their spending on infrastructure projects.
Additionally, supply chain disruptions have caused difficulties for manufacturers, resulting in price hikes and reduced availability.
Key Players
· Siemens (Germany)
· Toshiba Corporation (Japan)
· ABB Group (Switzerland)
· Schneider Electric (France)
· Adani (India)
· Hitachi Energy (Japan)
· General Electric Co. (US)
· Mitsubishi Electric Corporation (Tokyo)
· Alstom (France)
· NKT A/S (Copenhagen)
· Nexans (France)
Regional Analysis
The Asia-Pacific region is expected to be the leading region in the HVDC transmission market, due to several factors, including the increasing demand for power transmission infrastructure, the growth of renewable energy sources, and the need to interconnect remote energy sources to the power grid.
Additionally, the region has a large and rapidly growing population, along with urbanization and industrialization, which is driving the demand for power and creating a need for improved power transmission infrastructure. Furthermore, the region has several developing countries, such as China and India, that are investing in HVDC transmission systems as part of their efforts to modernize their power infrastructure and improve access to electricity.
These factors are expected to continue to drive the growth of the HVDC transmission market in the Asia-Pacific region in the coming years.
Market Segmentation
The Global Monopolar HVDC Systems market size has been segmented into technology and application.
Based on the technology, the market has been segmented into LCC, VSC.
Based on the application, the market has been segmented into Underground, Asynchronous, and Offshore.
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