HVDC Transmission Systems Market Forecast 2022-2027
The latest research study “HVDC Transmission Systems Market : Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that
The global HVDC transmission systems market size reached US$ 9.22 Billion . Looking forward, IMARC Group expects the market to reach a value of US$ 16.21 Billion by 2027 exhibiting a CAGR of 9.20% during 2022-2027.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Industry Definition and Application:
The high voltage direct current (HVDC) system depends on direct current (DC) to transmit power over long distances. It consists of a converter, rectifier, inverter, electrodes, smoothing reactors, direct current (DC) lines, harmonic filters, reactive power supplies, alternate current (AC) circuit breakers, etc.
HVDC transmission systems are widely utilized in modern power transmission owing to their simple constructional features and less complexity. They provide effective and economical transmission of power while meeting the needs of growing load demands. HVDC transmission systems aid in transmitting bulk power while reducing power losses. They also help in transferring power through submarine cables without voltage fluctuations.
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HVDC Transmission Systems Market Trends and Drivers:
The escalating utilization of HVDC systems for bulk power transmission, interconnecting grids, and in-feed urban areas is among the key factors augmenting the HVDC transmission systems market. Furthermore, the elevating demand for cable-based transmission compared to overhead transmission lines is also bolstering the global market.
Moreover, the growing electrical industry is acting as another significant growth-inducing factor. Additionally, the development of smart cities to use smart technologies for managing assets and resources is further catalyzing the market growth. Besides this, the rising demand for cost-effective solutions for long-distance power transmission is also driving the global market.
Apart from this, the expanding requirement for valves and circuit breakers to break the circuit and stop the current flow when the current exceeds a predetermined value without causing damage to the circuit is fueling the market growth. Furthermore, the inflating need for submarine power transmission systems is also propelling the global market. Moreover, the rising need for renewable sources of energy to reduce greenhouse gas emissions and air pollution levels is expected to positively influence the HVDC transmission systems market in the coming years.
The report has been segmented the market into following categories:
· Breakup by Component:
o Converter Stations
o Transmission Medium (Cables)
· Breakup by Transmission Type:
o Submarine HVDC Transmission System
o HVDC Overhead Transmission System
o HVDC Underground Transmission System
· Breakup by Technology:
o Capacitor Commutated Converter (CCC)
o Voltage Source Converter (VSC)
o Line Commutated Converter (LCC)
· Breakup by Project Type:
· Breakup by Application:
o Bulk Power Transmission
o Interconnecting Grids
o Infeed Urban Areas
· North America
o United States
o South Korea
o United Kingdom
· Latin America
· Middle East and Africa
List of Major Key Players:
The major players in the market are
ABB Ltd., General Electric Company, Hitachi Ltd., LS ELECTRIC Co. Ltd., Mitsubishi Electric Corporation, Nexans S.A., NKT A/S, NR Electric Co. Ltd., Prysmian Group, Siemens AG and Toshiba Corporation.
Key highlights of the report:
Market Performance (2016-2021)
Market Outlook (2022- 2027)
Porter’s Five Forces Analysis
Market Drivers and Success Factors
Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization
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