New York, United States , Sept. 04, 2024 (GLOBE NEWSWIRE) — The Global HVDC Transmission Market Size is to Grow from USD 10.24 Billion in 2023 to USD 24.64 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 9.18% during the projected period.
Based on HVDC links, the HVDC transmission is classified into monopolar link, bipolar link, and homopolar link. Among these, the bipolar link category held the largest market share over the forecast period. One of the biggest benefits of the bipolar connection is its ability to operate in monopolar mode in the event that one of the conductors fails due to the ground return system. Consequently, half of the system can continue to generate electricity. These connections are widely used in HVDC systems. Two monopolar circuits with opposite polarities operating at the same voltage level make up a bipolar HVDC link. Bipolar arrangements are ideal for high-power transmissions of 1500–2000 MW because they provide redundancy in the event that one monopole fails.Based on technology, the HVDC transmission is classified into line commutated converter, and voltage source converter. Among these, the voltage source converter technology held the biggest market share throughout the forecast period. Voltage source converters are self-commutated converters used to connect HVDC systems. They use components suitable for high-power electronic applications, such as IGBTs. They are not dependent on an AC system to generate different current voltages. This allows for independent quick control of both reactive and active power as well as black start capability. For example, the Pugalur Thrissur 2000 MW HVDC System is a testament to PGCIL’s commitment to staying at the forefront of technological innovation in the power business. This system’s technology, a voltage source converter, transfers electricity across long distances in a steady and highly efficient manner, enhancing the stability of the grid as a whole.A growing number of HVDC transmission projects in countries like China and India, a favorable regulatory framework for the development and sale of HVDC components, and an increase in rural electrification initiatives all point to the region’s growing popularity. With the developments in materials science and production techniques, Asia Pacific subterranean high-voltage cables are transitioning into a new generation that is more robust, cost-effective, and efficient. For example, power losses are reduced and less insulation is required in the production of cables when high-temperature superconducting materials are employed. Regional governments are also passing laws and regulations to promote the use of underground high-voltage cables rather than overhead lines in order to boost efficiency and improve electricity production.This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global HVDC transmission market based on the below-mentioned segments: 
(GlobeNewsWire)