New York, US, May 03, 2023 (GLOBE NEWSWIRE) — According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “HVDC Transmission Market Research Report Information by Voltage Rating Type, Region, Configuration, Application, and Technology – Forecast Till 2030”, the global market for HVDC Transmission is predicted to bolter substantially during the assessment timeframe from 2022 to 2030 at a healthy growth rate of approximately 8.6%. The reports further project the market to attain a valuation of around USD 17,448.0 million by the end of 2030.
HVDC Transmission Market Overview:
High voltage direct current (HVDC) is used in long-distance and direct flow for power transmission. Given the direct current (DC), HVDC transmission asynchronously connects power grids in long-distance areas, removing various outage-causing issues. Moreover, HVDC transmission is more affordable for substantial distance power transmission and generates lower electrical misfortunes responsible for developing the HVDC transmission market in the near future. The global market for HVDC Transmission has recently displayed massive development. The main aspect causing a surge in the performance of the market is the escalating demand for electricity transmission. These systems’ designing and developing processes depend on three elements: the converter station at the transmission and receiving ends, the electrodes, and the transmission medium. The primary operation of HVDC system planning is to develop and select an HVDC scheme depending on the conclusions of power network development planning where the network needs are defined.
Competitive Analysis
The listing of the prominent leaders across the global HVDC transmission market includes players such as:
- Nexans (France)
- Siemens (Germany)
- Hitachi Energy (Japan)
- Toshiba Corporation (Japan)
- General Electric Co. (US)
- ABB Group (Switzerland)
- Mitsubishi Electric Corporation (Tokyo)
- Schneider Electric (France)
- Alstom (France)
- Adani (India)
- NKT A/S (Copenhagen)
- Among others.
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HVDC Transmission Market USP Covered
Market Drivers
The global HVDC Transmission market has recently displayed massive development. The main aspect causing a surge in the performance of the market is the growing demand for electricity transmission. Furthermore, the growing demand for VSC technology is also considered one of the crucial parameters supporting the expansion of the market. Moreover, the technology is known to have several benefits, which in turn is also likely to boost the market’s development over the coming years. In addition, the escalating demand for renewable energy sources globally is also anticipated to enhance the performance of HVDC transmission over the coming years.
Market Restraints
On the other hand, certain aspects may impede the market’s growth. The primary parameter restricting the market’s growth is the growing share of distributed and off-grid power generation. Furthermore, the stringent laws and regulations imposed by the governments are also anticipated to restrict the market’s development.
HVDC Transmission Market Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2030: USD 17,448.0 Million |
| CAGR during 2022-2030 | 8.6% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Opportunities | Rising demand for renewable energy sources globally |
| Key Market Drivers | Increasing demand for electricity transmission Growing demand for VSC technology |
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HVDC Transmission Market COVID-19 Impact
Global industrial activities and business operations experienced a major setback given to the rise of the global health crisis in the form of COVID-19. The pandemic affected public health across nearly 225 countries, along with all industrial operations. All these situations led to the imposition of full or partial lockdowns across most regions worldwide. Subsequently, the industry operations were halted, and some businesses shut down. Given the sudden fall in demand for construction activities during the pandemic and the halt of most industrial operations, the HVDC Transmission market experienced many sudden & unexpected issues throughout the pandemic. On the contrary, now that the majority of the globe is being rapidly vaccinated and industrial operations are returning to normal, the market is predicted to witness a considerable expansion and recovery in revenue generation over the assessment period.
HVDC Transmission Market Segment Analysis
Among all the technologies, the LCC AND VSC segments are anticipated to secure the top spots across the global market for HVDC Transmission over the assessment era. The LCC segment is predicted to showcase the maximum growth rate over the assessment period.
Among all the application areas, the underground segment is predicted to secure the top spot across the global market for HVDC Transmission over the assessment period. Underground cables are used for power applications where overhead lines are dangerous, difficult, or impracticable.
Among all the configuration types, the biploar segment is anticipated to secure the leading position across the global market for HVDC Transmission during the evaluation period.
Among all the voltage rating types, the 640 kV segment is anticipated to secure the top spot across the global market for HVDC Transmission over the coming years.
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HVDC Transmission Market Regional Analysis
The global market for HVDC Transmission is analyzed across five major geographies: South America, the APAC region, the Middle East & Africa, the European nations, and North America.
The research reports by MRFR suggest that the Asia-Pacific region is anticipated to hold the top position across the global market for HVDC Transmission over the review era. The main parameter supporting the development of the regional market is the expansion of power infrastructure across the region. The region has China as the leading growth contributor, given the massive investments in renewable energy and using the most up-to-date UHVDC technology for power transmission.
The North American regional market for HVDC Transmission is predicted to grow substantially over the coming years, given the plans to develop the offshore wind farm sector, low short circuit current, and cheap long-distance transmission costs.
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