Global HVDC Transmission Systems Market: Overview
The global HVDC transmission systems market is estimated to observe considerable growth over the period of forecast, from 2020 to 2030. With the governments of several countries encouraging generation of electricity from renewable sources, the market is estimated to observe considerable growth in the years to come. In addition, the capability of HVDC transmission system to incorporate the new generation of technology with the already existing infrastructure is likely foster growth of the global HVDC transmission systems market over the timeframe of analysis, from 2020 to 2030.
With the augmented share of off-grid and distributed power generation is likely to lead to the diminishing demand for HVDC transmission systems in the years to come. Off-grid systems are made for on-site generation of power and subsequent consumption with much reduced requirement of voltage. This factor eliminates the need for the HVDC transmission system.
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Transmission type, component, and region are the three key parameters based on which the global HVDC Transmission Systems market has been segregated. The sole purpose of such market segregation is to offer a clearer, 360-degree view of the said market.
Global HVDC Transmission Systems Market: Notable Developments
The global HVDC transmission systems market is a consolidated one with the presence of few leading manufacturers across the globe. Nevertheless, the leading industry players are engaged with relentless research and development activities so as to come up with novel innovations in the said field.
Some of the key players in the global HVDC transmission systems market comprise the below-mentioned:
- Mitsubishi Electric Corporation
- C-EPRI Electric Power Engineering Co. Ltd
- ABB Group
- Toshiba Corporation
- General Electric Company
- Siemens AG
Global HVDC Transmission Systems Market: Key Trends
The global HVDC transmission systems market is marked with the prevalence of the following challenges, market drivers, and promising opportunities.
Increasing Demand for Secured Supply of Power to Boost Growth of the Market
The rising need for improving the safety and security of power supply and growing incorporation of renewable sources of energy, HVDC transmission systems is anticipated to evolve in the years to come. In addition to that, energy storage projects, grid expansion, solar photovoltaic, and off-shore wind industry need smart energy infrastructure for balancing power supply fluctuation, especially from renewable sources of power. As such, the augmented demand for integration of renewable energy is estimated to foster growth of the global HVDC transmission systems market over the timeframe of analysis, from 2020 to 2030.
High-Voltage Direct Current or HVDC transmission technology is considered a vital technology that comes with the ability to cause disruptions in the landscape of power transmission across the globe. This transmission technology is considered to usher in “smart grid” revolution and is ideal for utilization in long-distance and bulk power transmission. These factors are likely to emerge as growth factors for the global HVDC transmission systems market over the timeframe of analysis, from 2020 to 2030.
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Global HVDC Transmission Systems Market: Geographical Analysis
In the global HVDC transmission systems market, Europe is likely to emerge as one of the leading regions throughout the period of forecast, from 2020 to 2030. The power generation mix in Europe has been changing in favor of renewable sources of energy. Several countries in Europe, such as France, Belgium, Spain, and Germany have been making a shift toward low-carbon economy. This factor is likely to foster growth of the HVDC transmission systems market in Europe.
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