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High Voltage Direct Current (HVDC) Transmission System Global Market Analysis, Trends, Growth, Research And Forecast 2033
High Voltage Direct Current (HVDC) Transmission System Global Market
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.
Market Overview -
A high-voltage direct current (HVDC) transmission system refers to a system that involves converting alternating current (AC) into direct current (DC) and transmitting it through high-voltage cables. It is used to draw power from offshore wind farms or locations where power must be delivered over great distances.
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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
Strategic Collaborations Drive Advancements In The HVDC Transmission System Market
Strategic partnerships and collaborations have emerged as a key trend gaining popularity in the high-voltage direct current (HVDC) transmission system market. 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 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 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.
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Key Segments -
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
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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