According to Future Market Insights, the global high voltage direct current (HVDC) transmission system market size is expected to reach ~US$ 28,508.2 Mn by 2032, growing at a CAGR of 10.6% in the forthcoming years (2022 – 2032). It stood at ~US$ 9,484.0 Mn in 2021.
The report states that the market is expected to reach a valuation of ~US$ 10,380.2 Mn by the end of 2022. Future Market Insights mentions that in the next decade, the market for HVDC transmission systems is anticipated to witness considerable expansion due to the rapidly expanding renewable energy industry, as well as rising energy consumption across the globe.
Due to the rapid development of submarine power transmission systems worldwide, the market for high voltage direct current (HVDC) transmission systems is predicted to expand significantly. As international power trading is nowadays receiving more attention, undersea electricity transmission is becoming more significant. The high voltage direct current transmission system in submarines enables electricity trading between nations divided by water bodies, which is a key growth factor as various countries want to profit from the excess electricity produced by using renewable energy sources.
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Key Takeaways: High Voltage Direct Current (HVDC) Transmission System Market
· By component, the services segment is set to dominate by exhibiting a CAGR of around 12.0% between 2022 & 2032.
· By technology, the line commutated converters (LCC) segment is expected to grow at a CAGR of around 12.1% between 2022 & 2032.
· By application, the renewable energy segment is projected to showcase significant growth at a CAGR of around 12.7% between 2022 & 2032.
· By deployment, the subsea segment is set to remain at the forefront by witnessing a CAGR of around 12.9% between 2022 & 2032.
· By power rating, the below 1000 MW segment is projected to showcase a steady growth rate at a CAGR of around 11.9% between 2022 & 2032.
· By region, the Europe high voltage direct current (HVDC) transmission system market held the highest share of around 31.7% in 2021.
“In densely populated urban areas, where the density of necessary overhead wires could significantly obstruct the flow of electricity, HVDC systems are considered to be ideal. Underground power lines are being used more frequently in urban areas despite their expensive nature, which would further drive the demand for high voltage direct current (HVDC) transmission systems,” says FMI analyst.
Demand for Submarine HVDC Transmission Systems to Grow by 2032
High voltage direct current (HVDC) transmission systems are a crucial piece of technology used for the development of power transmission networks. Across long subsea distances, HVDC transmission is the only solution available for the transfer of high power.
HVDC submarine transmission is primarily used to connect remote offshore platforms to main transmission grids and to connect countries or islands that are separated by water. Additionally, increasing number of offshore projects like offshore wind farms and offshore oil & gas upstream projects would also help in expanding the economic prospects for HVDC technology globally.
For instance, as of September 2021, Egypt and Greece are in discussions to connect their power networks by laying 2 Gigawatts (GW) of HVDC submarine interconnectors at the bottom of the Mediterranean Sea. On the back of these factors, the high voltage direct current (HVDC) transmission systems market is expected to grow at a significant rate during the forecast period (2022-2032).
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High Voltage Direct Current (HVDC) Transmission System Market Outlook by Category
By Component:
- Products
- AC & DC Harmonic Filters
- Converters
- DC Lines
- Circuit Breakers
- Others
- Services
- Repairs & Maintenance
- Engineering & Consulting
By Technology:
- Line Commutated Converters (LCC)
- Voltage Source Converters (VSC)
- Others
By Application:
- Energy Transmission & Distribution
- Distributed Energy Resources (DER)
- Renewable Energy
By Deployment:
- Overhead
- Underground
- Subsea
- Combination
By Power Rating:
- Below 1000 MW
- 1001 – 2000 MW
- Above 2000 MW
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- The Middle East and Africa (MEA)
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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. We serve global clients across all leading & niche market segments across all major industries.
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