Electricity is the most important source of the energy for this planet. It acts just like oxygen for the overall growth. High-voltage direct current (HVDC) transmission system generally known as a power superhighway or an electrical superhighway happens to be a system that uses direct current (DC) for the transmission of electric power. Majority of industries are using the HVDC system in order to tackle the issue of transmitting electricity over long distances. It is utterly efficient as compared to the alternating current (AC) transmission systems. Along with this, the HVDC also emerges as solution to the energy losses when it comes to transmission lines. This is the rapidly contributing to the growth of the High Voltage Direct Current (HVDC) Transmission System Market.
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The COVID-19 pandemic brought losses for the high voltage direct current (HVDC) transmission system market. Slumped demand for various products and industrial shutdown across top countries hampered the market’s growth.
One of the biggest factor that has been driving the growth of the high voltage direct current (HVDC) transmission system market is increasing decarbonization and digitalization. Along with this higher demand for bringing down the amount of energy losses is why more companies are turning towards HVDC transmission system. Meanwhile the growth of the high voltage direct current (HVDC) transmission system market will be restrained owing to higher costs related to implementation of this system.
On the other hand, the high voltage direct current (HVDC) transmission system market is forecasted to witness massive growth over the period of next few years shifting demand towards renewable energy resources.
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Key Takeaways – Global High Voltage Direct Current (HVDC) Transmission System Market:
- On the basis of offering, the solutions and services segment that is further bifurcated into consulting, engineering and maintenance services, new HVDC plants, refurbishments and upgrades, and others will be generating revenue at the fastest rate owing to its recurring nature.
- On the basis of the technology type, the voltage source converters (VSC) is forecasted to mint money at the quickest speed for the high voltage direct current (HVDC) transmission system market over the period of next few years.
- The region of Asia Pacific is forecasted to make money at the fastest rate for the high voltage direct current (HVDC) transmission system market owing to developing industries in the manufacturing hubs like India and China. Along with this, strict government policies related to power and renewable energy sources will be helpful for the market’s growth.
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Competitors: Global High Voltage Direct Current (HVDC) Transmission System Market:
- Hitachi ABB Power Grids
- Hyosung Heavy Industries
- LS ELECTRIC
- Mitsubishi Electric Corporation
- Prysmian Group
- Siemens Energy
- Toshiba Corporation
- TransGrid Solutions
- Other Market Participants
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Global High Voltage Direct Current (HVDC) Transmission System Market
- Converter Stations
- Transmission Line
- Control and Protection Systems
- Harmonic Filter
- Gas Insulated Switchgear
- Solutions and Services
- Engineering and Maintenance Services
- New HVDC Plants
- Refurbishments and upgrades
- Less than 200 kV
- 201 to 500kV
- Above 500 kV
By Technology Type
- Line Commutated Converters (LCC)
- Voltage Source Converters (VSC)
- Overhead line (point to point)
- Back to back
- Submarine/ land cable
- Transferring Bulk Power over Long Distances
- Interconnecting Grids
- Connecting Offshore Winds and remote loads
- Infeed Urban Areas
- Renewable Generation
- Multi-terminal HVDC Systems and DC Grids
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- North America (U.S., Canada, Mexico, Rest of North America)
- Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe
- Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific
- Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
- Latin America (Brazil, Argentina, Rest of Latin America)
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