Pune, India, June 13, 2023 (GLOBE NEWSWIRE) -- The Global HVDC Transmission System Market size was valued at USD 9.68 billion in 2022. It is projected to grow from USD 10.27 billion in 2023 to USD 18.05 billion by 2030 at a CAGR of 8.4% during the forecast period. The market is anticipated to inflate due to rising adoption of clean sources of energy in developing as well as underdeveloped countries. Fortune Business Insights™ stated this in a report titled, "Global HVDC Transmission System Market, 2023-2030."
Industry Development:
January 2023- To support TenneT's 2GW Program, International Services Company Petrofac, and TenneT have signed an agreement to ensure the timely completion of the first two Dutch converter stations for TenneT's offshore wind grid expansion, which will utilize HVDC technology.
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| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast Period 2023 to 2030 CAGR | 8.4% |
| 2030 Value Projection | USD 18.05 Billion |
| Base Year | 2022 |
| Market Size in 2022 | USD 9.68 Billion |
| Historical Data for | 2019-2021 |
| No. of Pages | 240 |
| Segments covered | HVDC Transmission System Market Size, Share & COVID-19 Impact Analysis, By Type (High-power Rating Projects and Low-power Rating Projects), By Technology (Line Commutated Converter (LCC) and Voltage Source Converters (VSC)), By Application (Subsea, Underground, Overhead, and Mixed) and Regional |
| Growth Drivers | Rising Need for Energy Demand Fosters Product Demand |
| Capability of Transmitting Large Amounts of Power over long distances to Fuel the Segment’s Growth |
Drivers and Restraints:
Rising Need for Energy Demand Fosters Product Demand
The increasing focus on power trading between countries has propelled the demand for HVDC transmission system market growth. Another reason that bolstered the demand for HVDC transmission system market is the rising need for energy demand in developing nations. Increasing number of installations in Europe, South America, and China is also expected to drive the market growth. With an increase in renewable energy capacity, growth in domestic power trading, and increasing demand for more reliable power supplies, have contributed significantly to the development of the market.
Meanwhile, the high costs linked with the setup of advanced technology could impede the market’s growth.
COVID-19 Impact:
Shutdown of Commercial and Industrial Projects Hampered the Product Demand
The considerable impact of the COVID-19 pandemic has had on the HVDC transmission system market. Decreased electricity demand due to the shutdown of commercial and industrial projects along with lockdown restrictions halted several developments, lowering the demand for HVDC transmission system market. Meanwhile, rising government initiatives to ensure energy demand could help the industry to bounce back.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/hvdc-transmission-system-market-107544
Report Coverage:
The report provides insights into the regional analysis covering different regions, contributing to the market's growth. The report includes qualitative and quantitative analysis of several factors, such as the key drivers and restraints that will impact the market. Adopting strategies by major players to introduce partnerships, collaboration, and new products will contribute to the market's growth.
Segmentation Analysis:
Increasing Spending on Efficient Power Transmission Spurs Low-power Rating Projects Segment
On the basis of application, the market is classified into high-power rating projects and Low-power rating projects. The low-power rating projects segment will dominate due to the increasing spending on efficient power transmission in remote areas.
Capability of Transmitting Large Amounts of Power over long distances to Fuel the Segment’s Growth
In terms of application, the market is fragmented into subsea, underground, overhead, and mixed. The overhead segment is expected to maintain its leadership due to the capability of transmitting large amounts of power over long distances.
Line Commutated Converter to Gain Traction due to its Applications
Based on technology, the market is Line Commutated Converter (LCC) and Voltage Source Converter (VSC). The LCC segment is expected to rule owing to its reliability, cost-effectiveness, and high efficiency.
Regional Insights:
Asia Pacific to Lead Owing to Strong Industrialization In the Region
Asia Pacific is expected to hold the majority part in the HVDC transmission system market share with strong robust growth and government-supportive policies to accelerate industrialization across the region.
North America is also expected to hold a prominent share in the market due to increasing demand for renewable energy sources, rising government initiatives to reduce carbon emissions, and increasing investments in the transmission infrastructure.
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Competitive Landscape:
Key Initiatives in Energy Sector by Prominent Players to bolster Product Demand
Key firms, such as NEXANS, Toshiba Energy Systems Solutions Corporation, Prysmian Group will probably invest in introducing new products and regulatory approvals with an aim to expand their product range.
A List of Key Manufacturers Operating in the Global Market:
- Hitachi Energy Ltd. (Switzerland)
- Siemens (Germany)
- NEXANS (France)
- Toshiba Energy Systems Solutions Corporation (Japan)
- CHINA XD GROUP (China)
- Mitsubishi Electric Corporation (Japan)
- General Electric (U.S.)
- Xu Ji Group Co. Ltd (China)
- NR Electric Co. Ltd. (China)
- Prysmian Group. (Italy)
- TBEA Co., Ltd. (China)
- NKT (Denmark)
HVDC Transmission System Market Segmentation:
By Type:
- High-power Rating Projects
- Low-power Rating Projects
By Technology:
- Line Commutated Converter (LCC)
- Voltage Source Converter (VSC)
By Application:
- Subsea
- Underground
- Overhead
- Mixed
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Table of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions & Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Emerging Trends – For Major Countries
4.2. Latest Technological Advancement
4.3. Insight on Regulatory Landscape
4.4. Porters Five Forces Analysis
4.5. Impact of COVID-19 on the HVDC Transmission System Market
5. Global HVDC Transmission System Market (USD Billion) Analysis, Insights, and Forecast, 2019-2030
5.1. Key Findings
5.2. Market Analysis, Insights, and Forecast – By Type
5.2.1. High-power Rating Projects
5.2.2. Low-power Rating Projects
5.3. Market Analysis, Insights, and Forecast – By Application
5.3.1. Subsea
5.3.2. Underground
5.3.3. Overhead
5.3.4. Mixed
5.4. Market Analysis, Insights, and Forecast – By Technology
5.4.1. Line Commutated Converter (LCC)
5.4.2. Voltage Source Converter (VSC)
5.5. Market Analysis, Insights, and Forecast – By Region
5.5.1. North America
5.5.2. Europe
5.5.3. Asia Pacific
5.5.4. Latin America
5.5.5. Middle East & Africa
Continued….
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