Press release
High Voltage Direct Current (HVDC) Transmission System Global Market Report 2024 - By Share, Size, Trends, Growth, Forecast To 2033
High Voltage Direct Current (HVDC) Transmission System
The Business Research Company offers in-depth market insights through High Voltage Direct Current HVDC Transmission System Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The high voltage direct current (HVDC) transmission system market size has grown rapidly in recent years. It will grow from $10.64 billion in 2023 to $11.89 billion in 2024 at a compound annual growth rate (CAGR) of 11.7%. The growth in the historic period can be attributed to long-distance power transmission, integration of renewable energy, interconnection of power grids, overcoming transmission constraints, enhanced grid reliability.
The high voltage direct current (HVDC) transmission system market size is expected to see rapid growth in the next few years. It will grow to $17.73 billion in 2028 at a compound annual growth rate (CAGR) of 10.5%. The growth in the forecast period can be attributed to renewable energy integration, smart grid development, electrification of transportation, continued cross-border grid interconnections, focus on grid resilience and reliability. Major trends in the forecast period include digitalization and control systems, advancements in HVDC technology, energy storage integration, grid interconnection and cross-border transmission, electrification of transportation.
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Market Segmentation:
The high voltage direct current (HVDC) transmission system market covered in this report 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
Major Driver - Elevated Electricity Demand Fuels Growth In High-Voltage Direct Current Transmission Systems Market
Rising demand for electricity is expected to propel the growth of the high-voltage direct current (HVDC) transmission system market going forward. 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. For instance, in February 2022, according to the report published by the International Energy Agency (IEA), a France-based inter-governmental organization that collects and distributes authoritative energy data, the global economic recovery is expected to drive an increase in worldwide electricity demand of close to 5% in 2021 and 4% in 2022. Furthermore, in April 2023, according to Energy Information Administration, a US-based government agency responsible for energy, the total US electricity consumption increased by 2.6% to reach 4.05 trillion kWh in 2022. Therefore, the rise in demand for electricity is driving the growth of the high-voltage direct current (HVDC) transmission system market.
Competitive Landscape:
Major companies operating in the high voltage direct current (HVDC) transmission system market report are Siemens AG, General Electric Company, Mitsubishi Electric Corporation, Schneider Electric SE, ABB Ltd, Prysmian S.p.A., TBEA Co., Ltd., Nexans SA, Toshiba Energy Systems & Solutions Corporation, China Electric Power Equipment and Technology Co., Ltd., ATCO Ltd., LS Electric Co. Ltd., Bharat Heavy Electricals Ltd., Jiangnan Group Limited, China XD Group, Hyosung Heavy Industries Corporation, XJ Electric Co., Ltd., Adani Transmission, NKT A/S, NR Electric Co. Ltd., Rongxin Power Electronic Co., Ltd., American Superconductor Corporation, Hitachi Energy, Furukawa Electric Co. Ltd., TransGrid Solutions Inc., C-EPRI Electric Power Engineering Co. Ltd., Alstom SA, TransWest Express LLC, CTC Global Corporation, VSC Technologies AG
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Top Trend - Investments In Research Propel Key Players In Advancing HVDC Transmission Systems
Major companies operating in the HVDC transmission system market are focusing on strategic investments for research of HVDC to reinforce their position in the market. A strategic investment is an allocation of resources made with the intention of achieving long-term goals that align with an organization's overall strategy. For instance, in August 2023, United States Department of Energy, a US-based Government department, and Office of Electricity (OE) are set to finance research initiatives aimed at driving innovation and cost reduction in high-voltage direct current (HVDC) voltage source converter (VSC) transmission systems. HVDC systems, known for their efficiency over long distances with minimal power losses, are targeted for cost-effective improvements to facilitate the integration of renewable energy sources into both onshore and offshore grids. This funding marks the inaugural step in supporting the DOE's HVDC Cost Reduction (CORE) Initiative, aiming for a 35% reduction in HVDC system costs by 2035 to promote widespread adoption of this technology.
The Table Of Content For The Market Report 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
…..
27. High Voltage Direct Current HVDC Transmission System Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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