Dublin, Feb. 01, 2024 (GLOBE NEWSWIRE) -- The "Global HVDC Transmission Market by Component (Converter Stations, Transmission Cables), Technology (CCC, VSC, LCC, HVDC, UHVDC), Project Type (point-to-point, back-to-back, multi-terminal), Application, Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The HVDC transmission market is projected to reach USD 14.9 billion by 2028 from USD 11.4 billion in 2023, at a CAGR of 5.4% during the 2023-2028 period. The increasing number of VSC-based HVDC projects, the growing number of renewable energy projects globally, surging demand for reliable power supplies, and supportive government initiatives for power transmission are the major factors driving the market growth globally. Furthermore, an increasing number of technological advancements related to HVDC transmission and the growing need for integration of power grids are expected to provide ample growth opportunities for market players.
The report segments the HVDC transmission market and forecasts its size based on component, project type, technology, application, and region. The report also provides a comprehensive review of drivers, restraints, opportunities, and challenges influencing market growth. The report also covers qualitative aspects in addition to the quantitative aspects of the market.
The major players in the HVDC transmission market are Hitachi (Japan), Siemens Energy (Germany), Mitsubishi Electric Corporation (Japan), General Electric (US), and Prysmian Group (Italy), among others. These companies focus on strategies such as collaborations, partnerships, acquisitions, and joint ventures to strengthen their position in the HVDC transmission market.
Infeed urban areas application to register the highest CAGR in the HVDC transmission market during the forecast period
HVDC transmission is highly suitable for transmitting electricity into densely populated urban areas where overhead transmission lines could cause significant obstructions. Despite being more expensive, underground transmission lines are extensively preferred in urban areas where it is difficult to have overhead transmission cables. Furthermore, in recent areas, underground cables have been used in various urban infrastructure development projects for aesthetic appeal. The growing number of urban development projects globally is expected to provide growth opportunities for market players in the HVDC transmission market.
Multi-terminal systems to register the highest CAGR during the forecast period
Multi-terminal systems are extensively used for connecting non-synchronous power systems and provide superior flexibility in electricity exchange between 2 or 3 converter stations. Multi-terminal systems are cost-effective and are highly suitable for transmitting power over longer distances. VSC-based technology is extensively used in multi-terminal HVDC systems as it consists of 2-level or multilevel converters that enable power reversal. The increasing need for integration of power grids is a major factor driving the market growth for multi-terminal systems.
Europe is expected to account for the second-largest market share during the forecast period
Significantly growing use of renewable energy and the subsequent increase in renewable energy projects in the region are the major factors driving the market growth in Europe. Furthermore, the growing number of HVDC projects being commissioned in countries such as the UK is expected to provide growth opportunities for market players. Moreover, the presence of established market players such as Siemens Energy (Germany) and Prysmian Group (Italy) is also expected to propel the market growth in the region.
Market Dynamics
- Drivers
- Integration of VSC Technology into HVDC Systems
- Rapid Transition Toward Renewable Energy
- Strong Focus of Governments and Utilities on Grid Modernization to Improve Power Reliability
- Government-Led Policies and Initiatives Promoting HVDC Transmission Technology
- Restraints
- High Initial Investment Requirements
- Availability of Substitute Technologies such as Distributed and Off-Grid Power Generation Systems
- Additional Costs Associated with Circuit Breakers
- Opportunities
- Constant Advances in Power Electronics and Adoption of Digital and Automation Technologies
- Electrification of Transportation Sector
- Growing Demand for Integrated Networks Across Long Distances
- Challenges
- Interoperability Issues due to Lack of Standardization
- Stringent Regulatory Landscape and Complexities Associated with Obtaining Permits for HVDC Projects
Key Technology Trends
- Related Technologies
- Flexible AC Transmission System (FACTS)
- Modular Multilevel Converters (MMCs)
- Upcoming Technologies
- Grid-Forming Inverters
- Ultra-High Voltage AC (UHVAC)
- Adjacent Technologies
- Energy Storage Systems
- Renewable Energy Integration
Case Studies
- HVDC Solution Powers Renewable Energy Integration from German North Sea Wind Farms
- Siemens Helped Alta Link Transition to Wind-based Energy with Advanced Technology and Expertise
- HVDC Solutions Empowered Scotland's Renewable Energy Transition
- NKT A/S Offered Power Transmission Solutions to Ensure Reliable Energy Exchange Between Denmark and Sweden
- Mitsubishi Electric Corporation Helped Swansea North Substation Upgrade to Higher Voltage System
Companies Profiled
- Alstom Grid (GE Grid Solutions)
- American Superconductor
- Baoding Tianwei Baobian Electric Co. Ltd.
- C-EPRI Electric Power Engineering Co. Ltd.
- CG Power & Industrial Solutions Ltd.
- EFACEC
- General Electric
- Hitachi, Ltd.
- Hyosung Heavy Industries
- LS Electric Co. Ltd.
- Mitsubishi Electric Corporation
- Nexans
- NKT A/S
- NR Electric Co. Ltd.
- Prysmian Group
- SGB Smit
- Siemens Energy
- Sieyuan Electric Co. Ltd.
- Sumitomo Electric Industries Ltd.
- Taihan
- TBEA Co. Ltd.
- Toshiba Corporation
- XJ Electric Co. Ltd.
- Zaporozhtransformator
- ZTT Group
Key Attributes
| Report Attribute | Details |
| No. of Pages | 233 |
| Forecast Period | 2023-2028 |
| Estimated Market Value (USD) in 2023 | $11.4 Billion |
| Forecasted Market Value (USD) by 2028 | $14.9 Billion |
| Compound Annual Growth Rate | 5.4% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/95mly6
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