Press release
HVDC Transmission Market to Hit USD 14.9 Billion by 2028, Growing at 5.4% CAGR
HVDC Transmission Market
The Global High Voltage Direct Current (HVDC) Transmission Market [https://www.marketsandmarkets.com/Market-Reports/hvdc-grid-market-1225.html] is expected to reach USD 14.9 billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 5.4% from 2023 to 2028.
Key Segments:
The report segments the market by Component, Technology, Application, and Region. Key components include converter stations, transmission cables, and electrodes. The technology segment includes line commutated converters, capacitor commutated converters, and voltage source converters. Applications include bulk power transmission, interconnecting grids, and in-feed urban areas. Geographically, the market is divided into North America, Europe, Asia Pacific, and LAMEA.
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Growth Drivers:
The growth of the HVDC transmission market is driven by several factors, including:
Increasing Demand for Long-Distance Power Transmission: HVDC transmission is highly efficient in transmitting electricity over long distances with minimal losses compared to traditional AC transmission.
Integration of Renewable Energy Sources: HVDC transmission enables the integration of renewable energy sources by facilitating long-distance transmission and interconnection between different power networks.
Increasing Demand for Interconnection of Regional Power Grids: Interconnecting regional power grids through HVDC transmission enhances grid resilience, promotes energy trading, and optimizes power generation and utilization.
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Challenges:
Despite the Growth Drivers, the market faces some challenges, including:
High Initial Investment Costs: HVDC transmission systems require significant upfront investments, which can be a barrier to entry for some players.
Complexity of HVDC Technology: HVDC transmission systems are complex and require specialized expertise, which can limit their adoption in some regions.
Opportunities:
The market also presents several opportunities, including:
Focus on Grid Modernization and Infrastructure Development: Governments and utilities are investing heavily in grid modernization and infrastructure development, which is expected to drive the demand for HVDC transmission systems.
Growing Demand for Offshore Wind Farms: The increasing adoption of offshore wind farms is expected to drive the demand for HVDC transmission systems to transmit the generated electricity to onshore power grids.
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/hvdc-grid-market-1225.html
Top Key Players:
The report profiles key players in the HVDC Transmission Market, including:
Hitachi, Ltd.
Mitsubishi Electric Corporation
Siemens Energy AG
General Electric Company
Prysmian Group
Toshiba Corporation
NKT Photonics A/S (NKT A/S)
Nexans S.A.
LS ELECTRIC CO., Ltd
NR Electric Co., Ltd. (NARI Technology Development Limited Co.)
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Contact Person: Mr. Aashish Mehra
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Country: United States
Website: https://www.marketsandmarkets.com/Market-Reports/hvdc-grid-market-1225.html
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