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High Voltage Direct Current (HVDC) Transmission System Market | Growth, Share, And Forecast To 2032
High Voltage Direct Current (HVDC) Transmission System Market Analysis
The Business Research Company's High Voltage Direct Current (HVDC) Transmission System Global Market Report 2023 identifies rising demand for electricity as the major driver for the high voltage direct current (HVDC) transmission system market's growth in the forecast period. 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.
The global high voltage direct current (HVDC) transmission system market size is expected to grow from $9.50 billion in 2022 to $10.64 billion in 2023 at a compound annual growth rate (CAGR) of 12%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global high voltage direct current (HVDC) transmission system market size is expected to reach $15.99 billion in 2027 at a CAGR of 10.7%.
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Major competitors in the high voltage direct current (HVDC) transmission system market are ATCO Ltd., General Electric Company, Hitachi Energy, LS Electric Co. Ltd., Mitsubishi Electric Corporation, Nexans SA.
A key trend in the high voltage direct current (HVDC) transmission system market includes strategic partnerships and collaborations. Key players operating in the HVDC transmission system market are focused on partnerships and collaborations to reinforce their position in the market. For instance, in November 2022, Hitachi Energy Ltd., a Switzerland-based manufacturer and developer of power transformers and substations, entered into a strategic collaboration with Equinor ASA. Through this collaboration, Hitachi aims to develop standardized base designs that will be applied to high-voltage direct current (DC) and alternating current (AC) transmission systems to connect offshore wind farms. Equinor ASA is a Norway-based company focusing on offshore operations and developing gas, wind, oil, and solar energy projects. Furthermore, in May 2023, Pattern Energy Group LP, a US-based developer, and operator of utility-scale wind and solar power facilities, entered into a partnership with Hitachi Energy Ltd. Through this partnership, Pattern Energy aims to harness and carry the SunZia Transmission Project's energy potential to areas with a high demand for renewable energy, and using Hitachi's HVDC technology will provide the power grids with more reliability and resilience. Hitachi Energy Ltd. is a Switzerland-based manufacturer and developer of power transformers and substations.
Read More On The Global High Voltage Direct Current (HVDC) Transmission System Market Report Here:
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The high voltage direct current (HVDC) transmission system market 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
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Europe was the largest region in the high voltage direct current (HVDC) transmission system market.
The Business Research Company's "Global High Voltage Direct Current (HVDC) Transmission System Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The High Voltage Direct Current (HVDC) Transmission System Market Include:
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 - Macro Economic Scenario
5. High Voltage Direct Current (HVDC) Transmission System Market Size And Growth
………..
26. Africa High Voltage Direct Current (HVDC) Transmission System Market
27. High Voltage Direct Current (HVDC) Transmission System Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The High Voltage Direct Current (HVDC) Transmission System Market
29. High Voltage Direct Current (HVDC) Transmission System Market Future Outlook and Potential Analysis
30. Appendix
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