Press release
High Voltage Direct Current (HVDC) Transmission System Market Analysis by Global Leading Players till 2031
The global high voltage direct current (HVDC) transmission system market was valued at US$ 16.96 Bn in 2021
It is estimated to grow at a CAGR of 7.1% from 2022 to 2031
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The global high voltage direct current (HVDC) transmission system market is expected to reach US$ 33.54 Bn by the end of 2031
Analysts' Viewpoint on High Voltage Direct Current (HVDC) Transmission System Market Scenario
An increase in the power consumption and installation of grids is boosting the high voltage direct current (HVDC) transmission system market. Rapid industrialization and high demand for electricity require efficient utilization of the resources of energy. This has resulted in a shift toward the adoption of clean and emission-free energy resources such as electricity transmission through high voltage direct current transmission system. Additionally, new projects are being sanctioned globally for HVDC transmission of renewable energy. There has been increase in industrial, residential and commercial power consumption. High voltage direct current (HVDC) transmission system has gained popularity as it helps increases long-distance transmission and reduces energy cost. Existing power transmission lines that use AC systems for the transmission of power are currently being converted into DC systems to increase power transmitting limits. Usage of HVDC can help reduce the fault current to flow into the system.
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Global High Voltage Direct Current (HVDC) Transmission System Market Introduction
The high voltage direct current (HVDC) transmission system uses direct current for the transmission of power over long distances. The HVDC transmission system provides efficient and economic transmission of power even to very long distances that cater to the growing load demands. The HVDC transmission system primarily consists of converter stations where AC power is converted into DC at the transmission end, while at the receiving end DC power is inverted into AC using an inverter station.
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Increase in Global Demand for Electricity to Boost Global High Voltage Direct Current (HVDC) Transmission System Market
Industrialization and urbanization have been increasing significantly across the globe for the last few years. This has boosted the global demand for electricity. The world consumed over 3,930 terawatt per hour of electricity in 2021.
Demand for electricity has increased in China owing to steady economic growth and rise in industrial demand. In 2021, China consumed 8,310 TWh of electricity, a 4% increment from the previous year. Demand for electricity has also increased in other countries of Asia Pacific such as India, South Korea, Japan, and Indonesia. Consumption of electricity in the U.S. stood at 3,930 TWh in 2021. Consumption of electricity was high in Canada, Brazil, and Russia in 2021, owing to the high economic growth and rise in industrial demand for electricity.
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Analysis of Key Players in Global High Voltage Direct Current (HVDC) Transmission System Market
The global high voltage direct current (HVDC) transmission system market comprises several small and large-scale service providers that control a majority of market share. Most of the key vendors in high voltage direct current (HVDC) transmission system market are adopting new technologies and strategies with comprehensive research and development, primarily to develop and prioritize sustainable power maintenance service. Expansion of product portfolios and mergers and acquisitions are prominent strategies adopted by key players. ABB, General Eectric, Siemens AG, Eaton, Mitsubishi Electric Corporation, Toshiba Energy Systems & Solutions, Corporation, TransGrid Solutions, PRYSMIAN GROUP, Hitachi, Ltd., ATCO LTD, LSIS Co, Ltd., LSIS Co. Ltd. NKT A/S, NEXANS, BHEL are the prominent entities operating in the market.
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