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HVDC Transmission System Market Size, Competitive Landscape, Drivers, and Forecast from 2024-2029
HVDC Transmission System Market Size
Global High Voltage Direct Current (HVDC) Transmission System Market Expects Rapid Growth Amid Rising Grid Interconnections
What Is The Projected Market Size Of The Global High Voltage Direct Current (HVDC) Transmission System Market And Its Growth Rate?
• From $11.7 billion in 2024, the HVDC transmission system market is expected to reach $12.95 billion in 2025 at a compound annual growth rate (CAGR) of 10.7%.
• By 2029, market value is projected to increase significantly, expecting a value of $19.27 billion with a CAGR of 10.4%.
• Main driving factors underpinning these growth estimates include long-distance power transmission, renewable energy integration, and the interconnection of power grids.
What Is Driving The Growth In The High Voltage Direct Current (HVDC) Transmission System Market?
The increasing demand for electricity from households and industries is driving the growth of the high-voltage direct current (HVDC) transmission system market. HVDC transmission systems provide an efficient and stable transmission of electricity, meeting the rising electricity demands. For instance, according to the International Energy Agency (IEA), the global economic recovery is predicted to trigger an increase in worldwide electricity demand by nearly 5% in 2021 and 4% in 2022. Therefore, this surge in electricity demand is propelling the market growth for high-voltage direct current (HVDC) transmission system.
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Who Are the Key Players Driving High Voltage Direct Current (HVDC) Transmission System Market Growth?
Key players in the HVDC transmission system market include:
• 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.
What Are The Key Trends In The High Voltage Direct Current (HVDC) Transmission System Market?
• Digitalization and control systems
• Advancements in HVDC technology
• Energy storage integration
• Grid interconnection and cross-border transmission
• Electrification of transportation
What Are The Segments Of The Global High Voltage Direct Current (HVDC) Transmission System Market?
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
Which Region Leads The High Voltage Direct Current (HVDC) Transmission System Market?
Europe was the largest region in the global high voltage direct current (HVDC) transmission system market in 2024. Furthermore, Asia-Pacific is anticipated to be the fastest-growing region in the forecast period. This report also covers the HVDC transmission system market in regions such as Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The High Voltage Direct Current (HVDC) Transmission System Market Global Market Report?
- Market Size Analysis: Analyze the High Voltage Direct Current (HVDC) Transmission System Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the High Voltage Direct Current (HVDC) Transmission System Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall High Voltage Direct Current (HVDC) Transmission System Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the High Voltage Direct Current (HVDC) Transmission System Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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