HVDC Transmission Market Analysis
Global industry is expected to grow faster than ever before due to new technologies and various key industry players choosing multiple business tactics to expand globally by 2030.
Government policies and various regulations are playing vital role in this industry. Regional market growth is outstanding post pandemic. Some drivers and trends are helping the industry to grow at a high CAGR during forecast period 2023-2030.
The Global HVDC Transmission Market size is projected to be worth USD 17,448.0 million by 2030.
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COVID-19 Analysis
Supply chain disruptions, economic situations, fluctuations in demand share, as well as long-term & immediate effect of the COVID-19 pandemic possessed a negative effect on the HVDC transmission market growth. The pandemic has slowed down economic activity and pushed the economy into a steep recession. With the roots being in China, the supply chains in the world are facing shutdown and unprecedented disruption. Besides, the initial setback, the industry is likely to return to normalcy during the forecast period and continue growing much beyond also.
Restraints
Short Circuits to act as Market Restraint
Short circuits in AC power system will act as market restraint over the forecast period. Besides, the complexity related to multi-terminal systems may also impede market growth.
Challenges
High Installation and Implementation Costs to act as Market Challenge
The high installation and implementation costs, standardization of HVDC systems, and low rate of adoption of HVDC technology may act as market challenge over the forecast period.
Drivers
- New product launches and R&D Amongst major key Players
- Increase in the installation of HVDC transmission systems
Opportunities
Strict Government Regulations to offer Robust Opportunities
The stringent government regulations about electricity transmission will offer robust opportunities for the market over the forecast period.
HVDC Transmission System Market Segmentation Overview:
By technology type:
- LCC
- VSC
By application type:
- Underground
- Asynchronous
- Offshore
By configuration type:
- Monopolar
- Bipolar
- Multi Terminal
- Back-To-Back
By voltage rating type:
- 640 kV
- 500 kV
- 200 kV
By Regions:
- North America
- Europe
- Asia-Pacific
- Rest of the World
Regional Analysis
APAC to Dominate HVDC Transmission Market
The APAC region will domineer the HVDC transmission market over the forecast period. The development of power infrastructure, China making huge investments in renewable energy, implementation of latest UHVDC technology for power transmission, growing population, increasing power consumption, aging infrastructure, increased urbanization, construction of smart cities in emerging economies, growing industrialization, and increasing establishment of power plants are fuelling the global HVDC transmission market growth in this region.
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Key Players:
- Seimens AG (Germany)
- Hitachi (Japan)
- ABB (Switzerland)
- Schneider Electric (France)
- Toshiba (Japan)
- Alstom (France)
- General Electric (U.S.)
- DATC (U.S)
- Mitsubishi (Japan)
- NKT Holdings (Denmark)
- Adani (India)
- Nexans (France)
- Prysmian Group (Italy)
- C-EPRI Electric Power Engineering Co. Ltd (China)
