New York, US, Aug. 25, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “HVDC Transmission Market Analysis by Technology Type, Application Type, Configuration Type, and Voltage Rating Type- Forecast 2030” valuation is poised to reach USD 17,448.0 Billion by 2030, registering a 8.6% CAGR throughout the forecast period (2022–2030).
HVDC Transmission Market Overview
The other element driving the expansion of the worldwide HVDC transmission market is the growing demand for cable-based transmission as opposed to transmission via overhead lines. Because overhead transmission wires are not insulated, there is a substantial risk to public safety. The use of cable-based transmission lines is growing, which is encouraging the growth of the HVDC transmission market. Cable-based transmission lines need insulation so that live cables do not in fact touch the earth & become shorted.
HVDC Transmission Market Report Scope:
| Report Metric | Details |
| Market Size by 2030 | USD 17,448.0 Billion |
| CAGR 2022 to 2030 | 8.6% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
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Drivers
Rising Installation of Offshore Wind Power Generation Projects to Boost Market Growth
The market for HVDC transmission systems is expected to grow as the offshore wind power generation project is increasingly installed. Offshore wind energy makes it possible to create large amounts of power, which can then be distributed to areas where there is a strong demand for electricity.
Rising Share of Distributed Power Generation to act as Market Restraint
The rising share of distributed & off-grid power generation may act as a market restraint over the forecast period.
Short Circuits in AC Power System to act as Market Challenge
Short circuits in the AC power system and complexity related to multi-terminal systems may act as market challenges over the forecast period.
HVDC Transmission Market Segments
The global HVDC transmission market is bifurcated based on voltage rating type, configuration type, application type, and technology type.
By technology type, LCC will lead the market over the forecast period.
By application type, underground will dominate the market over the forecast period.
By configuration type, bipolar will spearhead the market over the forecast period.
By voltage rating type, 640 kV will have the lions share in the market over the forecast period.
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HVDC Transmission Market Regional Analysis
APAC to Steer HVDC Transmission Market
The Asia-Pacific will domineer the market. There are many prospects for market participants as a result of the expansion of the electricity infrastructure in this area. China is investing largely in the renewable energy and transmitting power utilizing cutting-edge UHVDC technology. For instance, China is constructing two of the largest and most potent HVDC power transmission motorways in the world, each with a minimum capacity of 3,000 MW. These elements are anticipated to drive the Asia-Pacific HVDC market throughout the coming years. The Asia-Pacific HVDC transmission market is currently expanding exponentially in terms of power demand. There are several prospects for market participants as a result of the expansion of the electricity infrastructure in this area. China is making major investments in renewable energy sources and using the most recent UHVDC technology for power transmission. Due to significant investment in renewable energy sources, particularly in China, Japan, and India, the trend is likely to continue in the assessment period.
North America to Have Favorable Growth in HVDC Transmission Market
The offshore wind farm sector's development plans, low long-distance transmission costs, low short circuit currents, and controllability are contributing to the prediction that the HVDC transmission systems market in this region will expand throughout the projection period. The US held the utmost market share in North America during the forecast period as a result of the increase of offshore wind installations and renewable power generation. The study also examines each nation in North America, including Canada, the US, and Mexico, individually. The convenience of controlling the active power connections, the potential for bulk power transfer, and decreased power transmission loss are the market's primary drivers. Demand for cost-effective long-distance power transmission solutions is also expanding (through HVAC). Due to the region's advanced electrical transmission systems, North America is anticipated to have a moderate proportion of the market in the assessment period. In the near future, the market in this area is probably going to grow at a strong rate.
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Europe to Have Admirable Growth in HVDC Transmission Market
During the anticipated period, Europe is anticipated to account for a significant portion of the worldwide HVDC transmission systems market. Due to the surge in government plans to fulfill the 2031 climate and energy framework, this region is investing in the renewable energy sources. Over the coming years, it is anticipated that the balance of energy sources used to generate electricity in Europe will shift significantly in favor of renewables as nations like Germany, Belgium, Spain, and France move closer to a low-carbon economy. A number of regulations that promote the transition to low-carbon energy systems are also in place throughout the region, including national renewable energy action plans and the EU's renewable energy directive.
COVID-19 Analysis
Numerous global markets had been considerably impacted by COVID-19. The market experienced similar problems in the early stages of the pandemic as a result of issues such a shortage of qualified workers, border closures, trade restrictions, and supply chain disruptions. Power transmission truly is a crucial component of the power industry, and as energy is a necessary good, the relevant countries quickly classified it as one of their "essential services."
Although the market's operation has not been adversely affected, the pandemic saw a sharp fall in demand for electrification. The HVDC market had suffered as a result. However, a number of HVDC stations were built in 2020, and these are what are anticipated to fuel growth in the upcoming years.
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HVDC Transmission Market Competitive Analysis
Dominant Key Players on HVDC Transmission Market Covered are:
- 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)
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