Press release
HVDC Transmission System Market to receive overwhelming hike in Revenues by 2031 | ABB Ltd., Siemens AG, Toshiba Corporation, General Electric Co.
HVDC Transmission System Market
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A high-voltage direct current (HVDC) transmission system is used to transmit electrical energy between two points using direct current, in contrast to the more common alternating current (AC) systems. HVDC allows power to be transmitted over long distances with minimal loss; however, it is also more expensive than AC transmission.
HVDC systems are used in a variety of applications, including interconnecting alternating current (AC) power grids, connecting offshore wind farms to the mainland grid, and providing power to remote locations.
Key Trends
The key trends in HVDC Transmission System technology are:
1. Increased use of voltage source converters (VSC): The trend is towards increased use of VSC-based HVDC transmission systems, as they offer many advantages over traditional line-commutated converters (LCC).
2. Increased use of underground and submarine cables: The use of underground and submarine cables for HVDC transmission is increasing, due to the many advantages they offer over overhead lines.
3. Increased use of high-voltage direct current (HVDC) in renewable energy integration: The use of HVDC transmission is growing in the renewable energy sector.
Key Drivers
There are many key drivers of the HVDC Transmission System market. Some of the key drivers are:
1. The increasing demand for electricity: With the increasing population and economic growth, the demand for electricity is also increasing. This is one of the key drivers of the HVDC Transmission System market.
2. The increasing need for energy efficiency: With the increasing awareness about the need for energy efficiency, the demand for HVDC Transmission Systems is also increasing.
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Market Segments
The HVDC transmission system market is segmented by component, deployment, and region. By component, the market is classified into solutions, and services. Based on deployment, it is bifurcated into overhead, underground, and others. Region-wise, the market is segmented into North America, Europe, Asia Pacific, and the Rest of the World.
Key Players
The global HVDC transmission system market includes players such as ABB Ltd., Siemens AG, Toshiba Corporation, General Electric Co., Prysmian SpA, Hitachi Ltd., TransGrid Solutions Inc., Abengoa S.A., Atco Electric Ltd, NKT A/S, and others.
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Reasons to buy HVDC Transmission System Market Report:
• Develop comprehensive understanding of market landscape - industry structure, value-chain, key players, trends, drivers, and challenges
• Drive revenue and market-entry strategy by gaining insights into which segments and geographies are largest and likely to grow fastest
• Formulate sales and marketing strategies by gaining understanding of competitors, their positioning, and strengths & weaknesses
• Develop business and M&A strategies through understanding of latest trends and emerging players in the market
• Refine your business plans by understanding impact of disruptions such as Covid-19 and Russia-Ukraine conflict on the market
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