HVDC Transmission Systems Market to Display Impressive Growth of 8.9% CAGR from 2022 to 2028

The global HVDC Transmission Systems Market is expected to grow at an 8.9% CAGR from US$ 10.3 billion in 2022 to US$ 17.2 billion by 2028. The HVDC transmission framework request accounted for nearly 15% of the global power transmission market.

The approximately US$ 7.5 billion HVDC transmission systems market is expected to show signs of growth in 2019 and beyond. FMI has led organised market research on the global market for HVDC transmission systems. The report, titled 'HVDC Transmission Systems Market Global Industry Analysis 2013-2017 and Opportunity Assessment 2018-2028,' assesses the market and forecasts a promising future growth trajectory.

According to FMI's analysis, the global market for HVDC transmission systems will see significant interest from power transmission ventures. According to the report, growing interest in HVDC transmission systems in emerging economies is expected to drive the income development of the global HVDC transmission systems market in the near future.

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Expensive Installation Remains Longstanding Factor Limiting Rapid Growth of HVDC Transmission Systems Market

On the flip side, HVDC transmission systems require the installation of various components, such as converters, smoothing reactors, and harmonic filters, to reduce or absorb the harmonics that are produced during the transmission process. These components, which are costly, add to the already high cost of installation.

High installation cost of HVDC transmission systems is thus estimated to be a prime factor hampering the growth of the market over the forecast period. Moreover, HVDC transmission systems require expensive conversion stations and spare parts for maintenance, which is also expected to challenge the growth of the global HVDC transmission systems market during the forecast period.

North America & APEJ to Remain Key Markets for HVDC Transmission Systems Manufacturers

An in-depth analysis of the market suggests that the overall size of the global HVDC transmission systems market will grow at a substantial rate during the forecast period. Several optimistic variations are likely to contribute to the growth of the HVDC transmission systems market.

By region, North America is estimated to dominate the global HVDC transmission systems market throughout the forecast period. North America, followed by Asia Pacific excluding Japan (APEJ), is estimated to remain among the dominant regions. APEJ, followed by Japan, is expected to expand at a high CAGR over the forecast period.

By system component, the solution segment is estimated to dominate the HVDC transmission systems market with a value of US$ 5,278.8 Mn in 2018. Among the solution segments, the AC & DC harmonic filters segment is expected to create an incremental $ opportunity worth US$ 674.6 Mn during the forecast period. However, the services segment is estimated to expand at a significant CAGR in the global HVDC transmission systems market over the forecast period.

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By technology, the Voltage Source Converters (VSC) segment is expected to hold a dominant value share in the global HVDC transmission systems market. The segment is projected to expand with a high CAGR owing to the increasing applications of VSCs in wind farm grids for underground power transmission.

By deployment, subsea & underground cables are gaining popularity as these cables transmit lower losses than overhead cables. In value terms, the subsea segment is projected to create an incremental $ opportunity worth US$ 3,068.8 Mn in the global HVDC transmission systems market over the forecast period.

How Has COVID-19 Crisis Impacted The Sales Of HVDC Transmission Systems?

The global components of HVDC transmission systems are forecast to declining in the last one and half years owing to supply chain disruptions caused by the COVID-19 outbreak. There is government rules and municipal governments established strict restrictions, and all non-essential activity were halted. Because end users' activities were halted, this had a negative impact on the HVDC transmission systems industry.

The HVDC transmission systems market is expected to witness a rebound from the second to the third quarter of 2022. There is continuous development and implementation of new technology/solution such as AC & DC harmonic filters, DC lines and circuit breakers for improve transmission line efficiency, and allowing power to be transferred more quickly.

Competitive Landscape

The HVDC transmission system solution providers also focus on launching innovative solution and expanding its HVDC transmission system solution offerings to deliver enhanced technology as well as offer new and upgraded solutions in new markets. The business alliances strategy helps the company in product development, technological management, and in expanding its customer base.

In November 2018, ABB Ltd., a pioneering technology leader enabled the world's first high-voltage direct current (HVDC) grid in China.
In March 2021, Siemens Limited has announced that it has successfully commissioned India's first high-voltage direct current (HVDC) link featuring voltage-sourced converter (VSC) technology.

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Key Segments Covered

By System Component

Solutions
Services

By Technology

LCC
VSC
Others

By Deployment

Overhead
Underground
Subsea
Combination

By Power Rating

Below 1000 MWs
1001 to 2000 MWs
2001 MWs and above

By Region

North America
Latin America
Western Europe
Eastern Europe
APEJ
Japan
MEA

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 8-years.

This release was published on openPR.