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HVDC Transmission System Market Size & Share, By Type (High-power Rating Projects and Low-power Rating Projects), Technology (Line Commutated Converter (LCC) and Voltage Source Converters (VSC)), Application (Subsea, Underground, Overhead, Mixed), Regional Forecast, 2023 – 2030

Report ID: FBI 1580

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Published Date: Sep-2023

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Format : PDF, Excel

Market Outlook:

HVDC Transmission System Market size surpassed USD 9.19 Billion in 2022 and is poised to reach USD 19.85 Billion, growing at over 9.66% CAGR between 2023 and 2030. The market is driven by factors such as increasing demand for efficient power transmission, rising investments in smart grid infrastructure, and the growing focus on renewable energy integration into the grid. The market valuation of the HVDC transmission system is expected to reach a substantial figure in the near future.

Base Year Value (2022)

USD 9.19 Billion

18-23 x.x %
24-33 x.x %

CAGR (2023-2030)

9.66%

18-23 x.x %
24-33 x.x %

Forecast Year Value (2030)

USD 19.85 Billion

18-23 x.x %
24-33 x.x %
Hvdc Transmission System Market

Historical Data Period

2018-2021

Hvdc Transmission System Market

Largest Region

North America

Hvdc Transmission System Market

Forecast Period

2023-2030

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Market Dynamics:

Growth Drivers & Opportunities:

1. Increasing Demand for Efficient Power Transmission: The demand for efficient power transmission systems is on the rise due to the growing need for long-distance power transmission capabilities with minimal losses. HVDC transmission systems offer advantages such as lower transmission losses, enhanced grid stability, and improved power quality, making them the preferred choice for long-distance power transmission projects, thereby driving market growth.

2. Rising Investments in Smart Grid Infrastructure: With the increasing emphasis on smart grid infrastructure, which enables better integration of renewable energy sources and improves overall grid efficiency, the demand for HVDC transmission systems has witnessed substantial growth. HVDC technology plays a crucial role in enabling the integration of renewable energy sources by providing efficient transmission and grid interconnection solutions, creating significant growth opportunities in the market.

 

Industry Restraints & Challenges:

1. High Initial Investment Costs: The implementation of HVDC transmission systems requires significant upfront investment, which acts as a restraint to market growth. The high capital expenditure required for the installation, operation, and maintenance of HVDC infrastructure can pose challenges for market players, especially in developing economies with limited financial resources.

Report Scope

Report CoverageDetails
Segments CoveredType, Technology, Application
Regions Covered• North America (United States, Canada, Mexico)  
• Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe)  
Asia Pacific (China, Japan, South Korea, Singapore, India, Australia, Rest of APAC)  
• Latin America (Argentina, Brazil, Rest of South America)  
• Middle East & Africa (GCC, South Africa, Rest of MEA)
Company ProfiledHitachi Energy., Siemens, NEXANS, Toshiba Energy Systems Solutions, CHINA XD GROUP, Mitsubishi Electric , General Electric, Xu Ji Group Co., NR Electric Co., Prysmian Group., TBEA, NKT

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2. Limited Technological Expertise: The complex nature of HVDC transmission systems requires specialized technical knowledge and expertise for installation, operation, and maintenance. The limited availability of skilled professionals with adequate expertise in HVDC technology can pose challenges for market growth, leading to operational inefficiencies and increased costs.

Despite the challenges, the HVDC transmission system market is expected to grow at a steady pace, driven by the growing awareness about the benefits of HVDC technology in ensuring efficient power transmission, facilitating renewable energy integration, and enhancing grid stability. Continuous advancements in HVDC technology and increased investments in grid modernization initiatives are expected to provide significant growth opportunities in the coming years.

Report Coverage & Deliverables

Historical Statistics Growth Forecasts Latest Trends & Innovations Market Segmentation Regional Opportunities Competitive Landscape
Hvdc Transmission System Market
Hvdc Transmission System Market

Regional Forecast:

The global HVDC Transmission System market is segmented into North America, Asia Pacific, and Europe.

North America

The North America region is expected to witness significant growth in the HVDC Transmission System market due to the increasing demand for electricity and the integration of renewable energy sources in the region.

Asia Pacific

The Asia Pacific region is projected to dominate the market during the forecast period, attributed to the booming industrial sector, rising population, and growing investment in the transmission infrastructure.

Europe

Europe is also anticipated to witness substantial growth due to the increasing investments in renewable energy projects and the need for long-distance power transmission.

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Segmentation Analysis:

1. Component Segment:

- Converters: This sub-segment plays a crucial role in the HVDC Transmission System as it converts AC power to DC power and vice versa. The converters enable efficient long-distance power transmission and are becoming increasingly popular due to their benefits such as lower transmission losses and improved grid stability.

2. Technology Segment:

- Line Commutated Converters (LCC): LCC is a widely used technology in HVDC Transmission Systems, especially for long-distance transmission. This technology utilizes thyristor valves to control the power flow and offers better reliability, higher efficiency, and lower cost compared to other technologies.

3. Application Segment:

- Power Transmission: HVDC Transmission Systems are extensively used in power transmission applications to transfer bulk power over long distances. These systems are capable of transmitting high voltage power efficiently, reducing transmission losses, and supporting the integration of renewable energy sources into the grid.

4. End-Use Segment:

- Utilities: The utility sector is a major end-user of HVDC Transmission Systems, primarily for interconnecting regional power grids, transmitting power from large-scale power plants, and improving grid stability. The increasing demand for clean and reliable energy drives the adoption of HVDC Transmission Systems in the utility sector.

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Competitive Landscape:

The competitive landscape of the HVDC Transmission System market comprises various key players, including:

1. ABB Ltd.

2. Siemens AG

3. General Electric Company

4. Toshiba Corporation

5. Mitsubishi Electric Corporation

6. Hitachi Ltd.

These market players focus on strategic collaborations, product innovations, and mergers & acquisitions to strengthen their market presence and expand their customer base. They also invest significantly in research and development activities to develop advanced HVDC Transmission Systems with improved efficiency, reliability, and cost-effectiveness.

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HVDC Transmission System Market Size & Share, By T...

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