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Saudi Arabia High-Voltage Direct Current (HVDC) Transmission Systems Market Size, Share, Report and Forecast 2024-2032
Saudi Arabia High-Voltage Direct Current (HVDC) Transmission Systems Market
According to the report by Expert Market Research (EMR), the Saudi Arabia high-voltage direct current (HVDC) transmission systems market size reached a value of USD 243.31 million in 2023. Aided by the country's ambitious plans to diversify its energy sources and enhance its power infrastructure, the market is projected to further grow at a CAGR of 6.5% between 2024 and 2032 to reach a value of USD 429.61 million by 2032.
HVDC transmission systems are pivotal in the efficient transfer of electricity over long distances and between different power grids. These systems are increasingly being recognised for their lower energy losses, enhanced stability, and the capability to link renewable energy sources from remote areas to national grids. Saudi Arabia, with its vast geographical expanse and ambitious renewable energy targets, is leveraging HVDC technology to revolutionise its electrical grid infrastructure.
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The country's vision to incorporate a significant share of renewable energy into its power mix by 2030 necessitates the adoption of HVDC systems and boosts the Saudi Arabia high-voltage direct current (HVDC) transmission systems market growth. These systems are crucial for transmitting power from remote solar and wind farms to consumption centres with minimal losses. Saudi Arabia is investing in grid interconnection projects with neighbouring countries to enhance grid stability and share renewable energy resources. HVDC transmission is essential for these cross-border electricity transfers, fostering regional energy security and cooperation.
HVDC systems are renowned for their efficiency, particularly over long distances. As Saudi Arabia seeks to optimise its energy transmission processes to reduce losses, the demand for HVDC technology, known for minimal energy loss compared to traditional AC systems, is increasing which is fuelling the Saudi Arabia high-voltage direct current (HVDC) transmission systems market expansion. Rapid urbanisation and industrialisation in Saudi Arabia require robust infrastructure to support the growing electricity demand. HVDC systems, with their ability to transmit large amounts of power over long distances, are ideal for supporting urban centres and industrial hubs, further driving market growth.
The push towards smart grid development in Saudi Arabia necessitates advanced transmission solutions. HVDC systems are integral to smart grid architectures, enabling more efficient management and distribution of electricity, further contributing to the Saudi Arabia high-voltage direct current (HVDC) transmission systems market share. HVDC transmission systems facilitate international trade in electricity by connecting Saudi Arabia with neighbouring countries' grids. This not only enhances regional energy security but also opens up new revenue streams through the export of surplus renewable energy.
Saudi Arabia's commitment to environmental sustainability and reducing carbon emissions aligns with the adoption of HVDC technology. HVDC systems facilitate the integration of renewable energy sources into the grid, supporting the kingdom's green initiatives and sustainability goals. As per the Saudi Arabia high-voltage direct current (HVDC) transmission systems market analysis, continuous technological advancements in HVDC components, such as converters and cables, have improved system efficiency and reliability while reducing costs. This makes HVDC projects more financially viable, encouraging their adoption.
HVDC transmission systems contribute to improved power quality and grid stability, addressing issues such as voltage fluctuations and power surges. This is particularly important for Saudi Arabia as it diversifies its energy mix and incorporates variable renewable energy sources. As per the Saudi Arabia high-voltage direct current (HVDC) transmission systems market outlook, by enhancing the efficiency and reliability of its power transmission infrastructure with HVDC systems, Saudi Arabia can better secure its energy supply and reduce dependence on imported fuels. This aligns with the kingdom's strategic goals for energy independence.
The Saudi government's focus on modernising its power infrastructure to meet growing electricity demand and reduce reliance on fossil fuels is another driver. HVDC systems are being integrated as part of this modernisation, offering superior efficiency and reliability over traditional AC transmission systems in the Saudi Arabia high-voltage direct current (HVDC) transmission systems market. As part of its Vision 2030, Saudi Arabia is diversifying its economy away from oil dependency. The development of advanced energy infrastructure, including HVDC systems, is pivotal in attracting investments in industries such as manufacturing and technology.
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Saudi Arabia High-Voltage Direct Current (HVDC) Transmission Systems Market Segmentation
The market can be divided based on component, project type, technology, and application.
Market Breakup by Component
Converter Stations
Transmission Cables
Others
Market Breakup by Project Type
Point-to-Point
Back-to-Back
Multi-Terminal
Market Breakup by Technology
Capacitor Commutated Converter (CCC) Based
Voltage Source Converter (VSC) Based
Line Commutated Converter (LCC) Based
Market Breakup by Application
Bulk Power Transmission
Interconnecting Grids
Infeed Urban Areas
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the Saudi Arabia high-voltage direct current (HVDC) transmission systems market. Some of the major players explored in the report by Expert Market Research are as follows:
Siemens AG
Hitachi Energy Ltd.
ABB Ltd.
General Electric Company
Prysmian Group
Hyundai Motor Company
Hyosung Heavy Industries Corporation
SNC-Lavalin Group Inc.
Others
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