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HVDC Transmission Market worth $14.9 billion by 2028 - Exclusive Report by MarketsandMarkets

Finanznachrichten News

CHICAGO, Oct. 3, 2023 /PRNewswire/ -- The HVDC Transmission Market is expected 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 according to a new report by MarketsandMarkets. The increasing number of VSC-based HVDC projects, growing adoption of renewable energy globally, surging demand for reliable power supplies, and favorable government policies and initiatives for HVDC transmission are the major factors driving the market growth. Furthermore, constantly increasing technological advancements related to converter station components such as valves, circuit breakers, and reactors, among others, are also fueling the market growth for HVDC transmission. Moreover, the growing need for integration of power grids globally for seamless electricity exchange is expected to provide growth opportunities for market players.

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Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1225

Browse in-depth TOC on "HVDC Transmission Market"

165 - Tables
64 - Figures
240 - Pages

HVDC Transmission Market Report Scope:

Report Coverage

Details

Market Revenue in 2028

$14.9 billion

Estimated Value by 2023

$11.4 billion

Growth Rate

Poised to grow at a CAGR of 5.4%

Market Size Available for

2019-2028

Forecast Period

2023-2028

Forecast Units

Value (USD Million/Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

By Component, Project Type, Technology, Application, and Region

Geographies Covered

North America, Europe, Asia Pacific, and Rest of World

Key Market Challenge

Lack of standardization and interoperability

Key Market Opportunity

Technological advancements related to HVDC transmission

Key Market Drivers

Shift towards renewable energy

Bulk power transmission to lead the HVDC transmission market during the forecast period.

HVDC systems are preferred over conventional AC lines for transmitting bulk power across long distances due to advantages such as lower power loss and the ability to control transmission accurately with respect to power level as well as direction. Moreover, the growing global population and increasing residential and commercial developments are expected to create a surge in demand for electricity, thereby driving the market growth for HVDC systems in urban areas.

LCC-based transmission to account for the largest share of the HVDC transmission market from 2023 to 2028.

In LCC, power transmission is done through thyristor valves. Commutation can be defined as the transfer of direct current (DC) from one thyristor valve to another valve in the same row. Commutation is carried out by a synchronous voltage source (AC system voltage) in LCC. An LCC station is ideal for high-power, long-distance transmissions as it reduces power losses in an HVDC transmission system. The growing need to transmit electricity over longer distances with lower losses is a major factor driving the market growth for LCC technology.

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Asia Pacific is expected to register the highest CAGR during the forecast period.

In Asia Pacific, China is the major market for HVDC transmission industry due to the constantly growing demand for power in the country. Some other factors driving the growth of the market in this region include an increase in power consumption patterns and initiatives for low carbon emission. High power quality reliability and stability of power transmission are the major requirements of the power industry in the region, which are driving the growth of the HVDC transmission market in this region. Asia Pacific is expected to register the highest CAGR during the forecast period. Growing developments in power transmission networks and various initiatives taken by countries to integrate wind energy in power grids to ensure clean energy generation are some of the major factors contributing to the market growth.

The key players profiled in the HVDC transmission companies include Hitachi (Japan), Siemens Energy (Germany), Mitsubishi Electric Corporation (Japan), General Electric (US), Prysmian Group (Italy), Toshiba Corporation (Japan), NKT A/S (Denmark), Nexans (France), LS Electric Co., Ltd. (South Korea), and NR Electric Co., Ltd. (China). These companies not only boast a comprehensive product portfolio related to HVDC transmission but also a strong geographic presence. These companies have mainly used inorganic growth strategies such as collaborations, partnerships, agreements, acquisitions, and joint ventures to strengthen their position in the HVDC transmission market.

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Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting

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Substation Automation Market by Offering (Hardware, Software, Services), Type (Transmission, Distribution), Installation Type, End-use Industry, Component, Communication, and Region

About MarketsandMarkets

MarketsandMarkets has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets.com or follow us on Twitter, LinkedIn and Facebook.

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