Press release
High Voltage Direct Current (HVDC) Transmission System Market is likely to be valued at ~US$ 28,508.2 Mn by 2032
High Voltage Direct Current (HVDC) Transmission System Market
The demand for HVDC transmission systems accelerated with a robust CAGR of 7.3% during the historic period from 2013 to 2021. The growth of the global HVDC transmission systems market is attributed to some of the major factors such as the requirement of low investments as well as low potential losses and the ability to transfer power between separate alternating current networks.
Future Market Insights forecasts a comparison of the HVDC transmission systems market and its growth in H1 2021 vs. H1 2022. The BPS values difference observed in the HVDC transmission systems market in H1, 2022 - Outlook over H1, 2022 projected implies a 40-unit reduction, according to the FMI analysis. Furthermore, in comparison to H1-2021, the market is predicted to decline by 90 points in H1-2022.
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Based on the nature of their architecture, HVDC transmission systems have high installation and maintenance costs. Modern applications comprise a need for AC power, so it is crucial to install converter stations at endpoints to convert DC power to AC power, which increases costs. Hence, it is restraining the market growth in H1-2022 as compared to H1-2021.
The HVDC (High voltage direct current) transmission systems are utilized for the transmission of power as compared to long distance. These systems are expected to utilize direct current for efficient power transmission. The HVDC transmission uses two technologies namely Line Commutated Converter (LCC) and Voltage Source Converter (VSC).
The Line Commutated Converter is known as an economical technique that is based on thyristor power semiconductors. Rising demand for HVDC transmission system components such as AC & DC harmonic filters, converters, DC lines, and circuit breakers to enable system security is the current trend in the HVDC transmission system market.
Key Takeaways
The long-distance P2P high-voltage direct current transmission concept does not necessarily demand high overall investments. HVDC transmission systems also consist of low losses in comparison to equivalent alternating current transmission variants.
Although the installation of high-voltage direct current conversion equipment at terminal stations is economically on the higher side the expenditure incurred by the total direct current transmission line over long distances is considerably lower than the alternating current transmission line installed over the same distance.
HVDC transmission systems are anticipated to demand comparatively less conductor per unit distance as compared to an alternating current transmission system. This prominent factor is estimated to propel the adoption of HVDC transmission systems during the forecast period.
The global HVDC transmission systems market was valued at US$ 5.4 Bn in 2013. HVDC (High Voltage Direct Current) transmission system vendors are focused on maintaining a long-term partnership with the consumer to increase market share in the global market.
High-voltage direct current transmission systems comprise the potential to transfer electric power between separate alternating current networks. This specific power transfer is able to be autonomously controlled by the HVDC transmission systems in order to support individual networks throughout the transient conditions. In addition to that, the integration of at least one HVDC link in an alternating current grid can improve the overall system controllability.
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Competitive Landscape
The HVDC transmission system solution providers focus on launching innovative solutions and expanding their HVDC transmission system solution offerings in order to deliver improved technology along with new and technologically advanced solutions in new markets. The business alliances strategy helps the company in product development, technological management, and expanding its customer base.
ABB Ltd.
Siemens AG
Toshiba Corporation
General Electric Co.
Mitsubishi Electric Corporation
Prysmian SpA
TransGrid Solutions Inc.
Abengoa S.A.
ATCO LTD.
LS Industrial Systems Co., Ltd.
More Insights into the HVDC Transmission Systems Market
North America is anticipated to remain the dominant region and one of the most attractive markets throughout the forecast period. In the North American region, Canada is anticipated to surge at a phenomenal pace of around 9.0% CAGR during the forecast period. The Canada HVDC transmission systems market is expected to reach 1.7X by 2028.
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HVDC Transmission System Market Survey By Category
By System Component:
HVDC Transmission System Solution
AC & DC Harmonic Filters
Converters
DC Lines
Circuit Breakers
Others
HVDC Transmission System Services
By Technology:
LCC
VSC
Others
By Deployment:
Overhead
Underground
Subsea
Combination
By Power Rating:
Below 1000 MW
1000 - 2000 MW
2000 MW & above
Region:
North America
Latin America
APEJ
Japan
Eastern Europe
Western Europe
MEA
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
4. HVDC Transmission Systems - Pricing Analysis
4.1. Pricing Analysis, By Component Type
4.2. Average Pricing Benchmark Analysis
5. HVDC Transmission Systems Market Demand Analysis 2013-2021 and Forecast, 2022-2028
5.1. Historical Market Size (US$ Mn) Analysis, 2013-2021
5.2. Current and Future Market Size (US$ Mn) Projections, 2022-2028
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About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients
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