Overview and Scope
A high-voltage direct current (HVDC) transmission system refers to a system that involves converting alternating current (AC) into direct current (DC) and transmitting it through high-voltage cables. It is used to draw power from offshore wind farms or locations where power must be delivered over great distances.
Sizing and Forecast
The high voltage direct current (HVDC) transmission system market size has grown rapidly in recent years. It will grow from $10.64 billion in 2023 to $11.89 billion in 2024 at a compound annual growth rate (CAGR) of 11.7%. The growth in the historic period can be attributed to long-distance power transmission, integration of renewable energy, interconnection of power grids, overcoming transmission constraints, enhanced grid reliability.
The high voltage direct current (HVDC) transmission system market size is expected to see rapid growth in the next few years. It will grow to $17.73 billion in 2028 at a compound annual growth rate (CAGR) of 10.5%. The growth in the forecast period can be attributed to renewable energy integration, smart grid development, electrification of transportation, continued cross-border grid interconnections, focus on grid resilience and reliability. Major trends in the forecast period include digitalization and control systems, advancements in HVDC technology, energy storage integration, grid interconnection and cross-border transmission, electrification of transportation.
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Segmentation & Regional Insights
The high voltage direct current (HVDC) transmission system market covered in this report is segmented –
1) By Type: Monopolar, Bipolar, Homopolar, Back To Back, Multi-Terminal
2) By Technology: Line-Commutated Converters (LCC), Voltage-Source Converters (VSC), Capacitor Commutated Converters (CCC)
3) By Capacity: Upto 400 kV, 401-800 kV, 800 kV Above
4) By Deployment: Overhead, Underground, Subsea, Combination
5) By Application: Interconnecting Grids, Infeed Urban Areas, Connecting Offshore Wind, Other Applications
Europe was the largest region in the global high voltage direct current (HVDC) transmission system market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the high voltage direct current (hvdc) transmission system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
Rising demand for electricity is expected to propel the growth of the high-voltage direct current (HVDC) transmission system market going forward. The rise in demand for electricity refers to the increase in the requirement for electricity by households and industries. High-voltage direct current (HVDC) transmission systems play a major role in fulfilling the demand for electricity as they provide more efficient and stable transmission of electricity. For instance, in February 2022, according to the report published by the International Energy Agency (IEA), a France-based inter-governmental organization that collects and distributes authoritative energy data, the global economic recovery is expected to drive an increase in worldwide electricity demand of close to 5% in 2021 and 4% in 2022. Furthermore, in April 2023, according to Energy Information Administration, a US-based government agency responsible for energy, the total US electricity consumption increased by 2.6% to reach 4.05 trillion kWh in 2022. Therefore, the rise in demand for electricity is driving the growth of the high-voltage direct current (HVDC) transmission system market.
Key Industry Players
Major companies operating in the high voltage direct current (HVDC) transmission system market report are Siemens AG, General Electric Company, Mitsubishi Electric Corporation, Schneider Electric SE, ABB Ltd, Prysmian S.p.A., TBEA Co., Ltd., Nexans SA, Toshiba Energy Systems & Solutions Corporation, China Electric Power Equipment and Technology Co., Ltd., ATCO Ltd., LS Electric Co. Ltd., Bharat Heavy Electricals Ltd., Jiangnan Group Limited, China XD Group, Hyosung Heavy Industries Corporation, XJ Electric Co., Ltd., Adani Transmission, NKT A/S, NR Electric Co. Ltd., Rongxin Power Electronic Co., Ltd., American Superconductor Corporation, Hitachi Energy, Furukawa Electric Co. Ltd., TransGrid Solutions Inc., C-EPRI Electric Power Engineering Co. Ltd., Alstom SA, TransWest Express LLC, CTC Global Corporation, VSC Technologies AG
The high voltage direct current (hvdc) transmission system market report table of contents includes:
- Executive Summary
- High Voltage Direct Current (HVDC) Transmission System Market Characteristics
- High Voltage Direct Current (HVDC) Transmission System Market Trends And Strategies
- High Voltage Direct Current (HVDC) Transmission System Market – Macro Economic Scenario
- Global High Voltage Direct Current (HVDC) Transmission System Market Size and Growth
- High Voltage Direct Current (HVDC) Transmission System Market Segmentation
- High Voltage Direct Current (HVDC) Transmission System Market Regional And Country Analysis
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- Key Mergers And Acquisitions In The High Voltage Direct Current (HVDC) Transmission System Market
- High Voltage Direct Current (HVDC) Transmission System Market Future Outlook and Potential Analysis
- Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global High Voltage Direct Current (HVDC) Transmission System Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global High Voltage Direct Current (HVDC) Transmission System Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global High Voltage Direct Current (HVDC) Transmission System Market, Segmentation By Capacity, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
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Table 76: Siemens AG Financial Performance
Table 77: General Electric Company Financial Performance
Table 78: Mitsubishi Electric Corporation Financial Performance
Table 79: Schneider Electric SE Financial Performance
Table 80: ABB Ltd Financial Performance
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