The worldwide HVDC Transmission System Market is projected to grow at a CAGR of 8.9%, with an increment from a valuation of US$ 10.3 Billion in 2022 to US$ 17.2 Billion by 2028. The HVDC transmission framework request represented practically 15% market portion of the worldwide power transmission market.
Based on FMI’s review, the worldwide market for HVDC transmission systems will observe noticeable interest age from power transmission ventures. Expanding interest in HVDC transmission systems in rising economies is supposed to drive the income development of the worldwide HVDC transmission systems market soon, as per the report.
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Expensive Installation Remains a Longstanding Factor Limiting the Rapid Growth of the HVDC Transmission Systems Market:
On the flip side, HVDC transmission systems require the installation of various components, such as converters, smoothing reactors, and harmonic filters, to reduce or absorb the harmonics produced during the transmission process. These costly components add to the already high cost of installation. The high installation cost of HVDC transmission systems is thus estimated to be a prime factor hampering the market’s growth over the forecast period. Moreover, HVDC transmission systems require expensive conversion stations and spare parts for maintenance, which is also expected to challenge the growth of the global HVDC transmission systems market during the forecast period.
North America & APEJ to Remain Key Markets for HVDC Transmission Systems Manufacturers:
An in-depth analysis of the market suggests that the overall size of the global HVDC transmission systems market will grow at a substantial rate during the forecast period. Several optimistic variations are likely to contribute to the growth of the HVDC transmission systems market.
By region, North America is estimated to dominate the global HVDC transmission systems market throughout the forecast period. North America, followed by Asia Pacific excluding Japan (APEJ), is estimated to remain among the dominant regions. APEJ, followed by Japan, is expected to expand at a high CAGR over the forecast period.
By system component, the solution segment is estimated to dominate the HVDC transmission systems market with a value of US$ 5,278.8 Million in 2018. Among the solution segments, the AC & DC harmonic filters segment is expected to create an incremental $ opportunity worth US$ 674.6 Million during the forecast period. However, the services segment is estimated to expand at a significant CAGR in the global HVDC transmission systems market over the forecast period.
By technology, the Voltage Source Converters (VSC) segment is expected to hold a dominant value share in the global HVDC transmission systems market. The segment is projected to expand with a high CAGR due to the increasing VSCs’ applications in wind farm grids for underground power transmission.
By deployment, subsea & underground cables are gaining popularity as these cables transmit lower losses than overhead cables. In value terms, the subsea segment is projected to create an incremental $ opportunity worth US$ 3,068.8 Million in the global HVDC transmission systems market over the forecast period.
How Has COVID-19 Crisis Impacted The Sales Of HVDC Transmission Systems:
The global components of HVDC transmission systems are forecast to decline in the last one and half years owing to supply chain disruptions caused by the COVID-19 outbreak. There are government rules and municipal governments established strict restrictions, and all non-essential activity was halted. Because end users’ activities were halted, this hurt the HVDC transmission systems industry.
The HVDC transmission systems market is expected to witness a rebound from the second to the third quarter of 2022. There is continuous development and implementation of new technology/solutions such as AC & DC harmonic filters, DC lines, and circuit breakers for improving transmission line efficiency, and allowing power to be transferred more quickly.
Competitive Landscape:
The HVDC transmission system solution providers also focus on launching innovative solutions and expanding their HVDC transmission system solution offerings to deliver enhanced technology as well as offer new and upgraded solutions in new markets. The business alliances strategy helps the company in product development, technological management, and expanding its customer base.
- In November 2018, ABB Ltd., a pioneering technology leader enabled the world’s first high-voltage direct current (HVDC) grid in China.
- In March 2021, Siemens Limited announced that it had successfully commissioned India’s first high-voltage direct current (HVDC) link featuring voltage-sourced converter (VSC) technology.
Leading Key Players:
- 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.
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HVDC Transmission Systems Market Segmentation:
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
By Region:
- North America
- Latin America
- Asia Pacific Excluding Japan
- Japan
- Eastern Europe
- Western Europe
- Middle East & Africa (MEA)
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