Press release
High Voltage Direct Current (HVDC) Transmission System Market Is Expected To See a growth of 10.6% CAGR by 2032
High Voltage Direct Current (HVDC) Transmission System Market
According to the report, the market will be worth US$ 10,380.2 Mn by the end of 2022. According to Future Market Insights, the market for HVDC transmission systems is expected to grow significantly over the next decade due to the rapidly expanding renewable energy industry as well as rising global energy consumption.
The market for high voltage direct current (HVDC) transmission systems is expected to grow significantly due to the rapid development of submarine power transmission systems around the world. Undersea electricity transmission is becoming more important as international power trading gains traction.
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The high voltage direct current transmission system in submarines enables electricity trading between nations divided by water bodies, which is a key growth factor as various countries want to profit from the excess electricity produced by using renewable energy sources.
Key Takeaways: High Voltage Direct Current (HVDC) Transmission System Market
By component, the services segment is set to dominate by exhibiting a CAGR of around 0% between 2022 & 2032.
By technology, the line commutated converters (LCC) segment is expected to grow at a CAGR of around 1% between 2022 & 2032.
By application, the renewable energy segment is projected to showcase significant growth at a CAGR of around 7% between 2022 & 2032.
By deployment, the subsea segment is set to remain at the forefront by witnessing a CAGR of around 9% between 2022 & 2032.
By power rating, the below 1000 MW segment is projected to showcase a steady growth rate at a CAGR of around 9% between 2022 & 2032.
By region, the Europe high voltage direct current (HVDC) transmission system market held the highest share of around 7% in 2021.
"In densely populated urban areas, where the density of necessary overhead wires could significantly obstruct the flow of electricity, HVDC systems are considered to be ideal. Underground power lines are being used more frequently in urban areas despite their expensive nature, which would further drive the demand for high voltage direct current (HVDC) transmission systems," says FMI analyst.
Demand for Submarine HVDC Transmission Systems to Grow by 2032
High voltage direct current (HVDC) transmission systems are a crucial piece of technology used for the development of power transmission networks. Across long subsea distances, HVDC transmission is the only solution available for the transfer of high power.
HVDC submarine transmission is primarily used to connect remote offshore platforms to main transmission grids and to connect countries or islands that are separated by water. Additionally, increasing number of offshore projects like offshore wind farms and offshore oil & gas upstream projects would also help in expanding the economic prospects for HVDC technology globally.
For instance, as of September 2021, Egypt and Greece are in discussions to connect their power networks by laying 2 Gigawatts (GW) of HVDC submarine interconnectors at the bottom of the Mediterranean Sea. On the back of these factors, the high voltage direct current (HVDC) transmission systems market is expected to grow at a significant rate during the forecast period (2022-2032).
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More Valuable Insights on High Voltage Direct Current (HVDC) Transmission System Market
Future Market Insight's report on the high voltage direct current (HVDC) transmission system industry research is segmented into five major sections by component (product (ac & dc harmonic filters, converters, dc lines, circuit breakers, others), services(repairs & maintenance, engineering & consulting), by technology (LCC (line commutated converters), VSC (voltage source converters), and others), by application (energy transmission & distribution, distributed energy resources (der), renewable energy), by deployment (overhead, underground, subsea, combination), by power rating (below 1000 MW, 1001 - 2000 MW, above 2000 MW)and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa), to help readers understand and evaluate lucrative opportunities in the high voltage direct current transmission system demand outlook.
Competitive Landscape
Key players in the high voltage direct current (HVDC) transmission system market are concentrating on various tactics to increase their research & development spending in order to update their technologies to meet the changing consumer demand. In order to meet the rising client demand, numerous organizations are also acquiring and forming partnerships with other businesses to establish their own high voltage direct current (HVDC) transmission system solutions.
For instance:
In October 2021, Hitachi ABB signed a contract to build an interconnection that allows Saudi Arabia and Egypt to interchange up to 3000 MW of power. With the help of this project, the 1350-kilometer-long connecting line will transfer electricity through overhead power lines and a subsea cable across the Red Sea.
In June 2021, for an underground transmission project in the U.S., Prysmian Group was hired to provide high-voltage DC cable systems. The SOO Green HVDC Link, which is a 2100 MW interregional transmission project connecting two of the biggest energy markets in the U.S., was a component of this deal.
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High Voltage Direct Current (HVDC) Transmission System Market Outlook by Category
By Component:
Products
AC & DC Harmonic Filters
Converters
DC Lines
Circuit Breakers
Others
Services
Repairs & Maintenance
Engineering & Consulting
By Technology:
Line Commutated Converters (LCC)
Voltage Source Converters (VSC)
Others
By Application:
Energy Transmission & Distribution
Distributed Energy Resources (DER)
Renewable Energy
By Deployment:
Overhead
Underground
Subsea
Combination
By Power Rating:
Below 1000 MW
1001 - 2000 MW
Above 2000 MW
By Region:
North America
Latin America
Europe
East Asia
South Asia & Pacific
The Middle East and Africa (MEA)
Future Market Insights,
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Website: https://www.futuremarketinsights.com
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 10-years.
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