According to the latest report by IMARC Group, titled “HVDC Transmission Systems Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the global HVDC transmission systems market growth. The report also includes competitor and regional analysis, and contemporary advancements in the market.
The global HVDC Transmission Systems Market size reached US$ 10.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 17.7 Billion by 2028, exhibiting a growth rate (CAGR) of 9.11% during 2023-2028.
A high-voltage direct current (HVDC) transmission system, also known as high-voltage DC, power superhighway, or electrical superhighway, is used to transmit elevated electricity in the form of direct current (DC) over a long range with underground cables, submarine cables, and overhead transmission lines.Some commonly known HVDC systems include monopolar, bipolar, homopolar, and back-to-back HVDC systems. They include a converter unit and transformer, earth electrodes or electrode lines, a rectifier, an inverter, smoothing reactors, a reactive power source, direct current (DC) switchgear, direct current (DC) lines, and filters.
They also provide several benefits, including efficient power transmission, minimized power losses, stability, flexibility in operation, and cost-effectiveness. As a result, HVDC transmission systems are extensively used in modern power transmission owing to their simple constructional characteristics and less complexity.
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The market is primarily driven by the escalating demand for electricity. This can be attributed to the rising urbanization, growing population, and increasing utilization of HVDC transmission systems for interconnecting grids and bulk power transmissions.
In addition, the expanding electrical industry is contributing to the market growth. Moreover, there is a surging demand for circuit breakers and valves to break the circuit and cut off the current flow when it exceeds a predetermined value without any damage to the circuit, which acts as another significant growth-inducing factor. Besides this, the widespread adoption of cost-effective solutions for long-distance power transmission is providing a thrust to market growth. Along with this, the increasing adoption of submarine power transmission systems is escalating the demand for HVDC transmission systems. Furthermore, the growing utilization of renewable sources of energy to minimize greenhouse gas emissions and air pollution is also creating a positive market outlook across the globe.
who are the key players/companies in the hvdc transmission systems market?
Air Affairs Australia, Airbus SE, Denel Dynamics, Embention, Griffon Aerospace, Kratos Defense & Security Solutions Inc., Leonardo S.p.A., Lockheed Martin Corporation, Northrop Grumman Corporation, QinetiQ and Saab AB.
The report has been segmented the market into following categories:
- Breakup by Component:
- Converter Stations
- Transmission Medium (Cables)
- Breakup by Transmission Type:
- Submarine HVDC Transmission System
- HVDC Overhead Transmission System
- HVDC Underground Transmission System
- Breakup by Technology:
- Capacitor Commutated Converter (CCC)
- Voltage Source Converter (VSC)
- Line Commutated Converter (LCC)
- Breakup by Project Type:
- Breakup by Application:
- Bulk Power Transmission
- Interconnecting Grids
- Infeed Urban Areas
- Asia Pacific
- North America
- Middle East and Africa
- Latin America
On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.
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