The High Voltage Direct Current (HVDC) Transmission System Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s High Voltage Direct Current (HVDC) Transmission System Global Market Report 2024, 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.
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.
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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
Major companies operating in the HVDC transmission system market are focusing on strategic investments for research of HVDC to reinforce their position in the market. A strategic investment is an allocation of resources made with the intention of achieving long-term goals that align with an organization’s overall strategy. For instance, in August 2023, United States Department of Energy, a US-based Government department, and Office of Electricity (OE) are set to finance research initiatives aimed at driving innovation and cost reduction in high-voltage direct current (HVDC) voltage source converter (VSC) transmission systems. HVDC systems, known for their efficiency over long distances with minimal power losses, are targeted for cost-effective improvements to facilitate the integration of renewable energy sources into both onshore and offshore grids. This funding marks the inaugural step in supporting the DOE’s HVDC Cost Reduction (CORE) Initiative, aiming for a 35% reduction in HVDC system costs by 2035 to promote widespread adoption of this technology.
The high voltage direct current (hvdc) transmission system market report table of contents includes:
1. Executive Summary
2.High Voltage Direct Current (HVDC) Transmission System Market Characteristics
3.High Voltage Direct Current (HVDC) Transmission System Market Trends And Strategies
4.High Voltage Direct Current (HVDC) Transmission System Market analysis
5.High Voltage Direct Current (HVDC) Transmission System Market Size And Growth
6.High Voltage Direct Current (HVDC) Transmission System Segmentation
7.High Voltage Direct Current (HVDC) Transmission System Regional And Country Analysis
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27.High Voltage Direct Current (HVDC) Transmission System Competitive Landscape And Company Profiles
28. High Voltage Direct Current (HVDC) Transmission System Key Mergers And Acquisitions
29. High Voltage Direct Current (HVDC) Transmission System Future Outlook and Potential Analysis
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