The global high voltage direct current (HVDC) transmission system market revenue totaled ~US$ 9,484.0 million in 2021. The high voltage direct current (HVDC) transmission system market is expected to reach ~US$ 28,508.2 million by 2032, growing at a CAGR of 10.6% in the forthcoming years (2022 to 2032).
Utility-scale renewable energy facilities are in high demand, thanks in part to a paradigm change. In other words, the globe is attempting to limit the use of fossil fuels. Furthermore, as an accessory market to the HVDC transmission system industry, the underwater HVDC transmission system market is predicted to increase. Increased frequency of offshore wind energy generation project installation is expected to propel the HVDC transmission system market.
According to IRENA, offshore wind energy capacity in 2020 will be 34,367 MW, up from 28,335 MW in 2019. Future Market Insights’ recent market analysis, named ‘High Voltage Direct Current (HVDC) Transmission System industry,’ includes insights into these industry aspects.
Request a Sample of the Report @
https://www.futuremarketinsights.com/reports/sample/rep-gb-1209
Key Takeaways from High Voltage Direct Current (HVDC) Transmission Market
- LCC (Line Commutated Converter) holds more than 30% of the market share due to it being cost-effective using thermistor power semiconductors for operation.
- Application-wise, wind and solar power systems dominate the market and the status quo is expected to remain the same even in the forecast period.
- Subsea HVDC cables rule the roost, as far as the mode of deployment is concerned.
- Europe holds the largest market share, followed by North America, and the Asia-Pacific. Europe is subject to the National Renewable Energy Action Plan and European Union Renewable Energy Directive for supporting transition to low-carbon energy system.
- MEA is expected to turn the tables in this regard in the years to come. IRENA says that Africa alone has an overall renewable energy capacity of 53,824 MW as of the year 2020 and the Middle East has 25,350 MW.
“Demand for optimal solutions for transmission at long distances, rising demand for VSC technology, and conducive policies by governments are the major factors driving the high voltage direct current (HVDC) transmission market”, says an analyst from Future Market Insights.
Competitive Landscape
- Prysmian, in July 2021, signed a contract worth US$ 900 Mn for providing high voltage cable systems for underground power transmission projects in the US. Prysmian would, thus, offer 525 kV high voltage DC cables to efficiently transmit renewable energy and supply over 1.2 Mn homes. This is actually a milestone with regards to the construction of a clean energy grid all across the US.
- Nexans, in February 2021, signed a contract for providing accessories, cables, and installation services to cater to RTE underground network connection project.
- Siemens Energy, in October 2021, signed a contract for transmitting high voltage direct current (HVDC) to the utility-scale offshore wind project in New York with a capacity of nearly 924 MW, that too, collaborating with Aker Solutions.
- The state government of Maharashtra, in December 2020, did plan to construct 1 GW of underground HVDC transmission network. The investment budget revolved around US$ 1.08 Bn. This novel HVDC transmission line is capable of connecting the 220 kV Aarey substation with the 400 kV substation that Maharashtra State Electricity Transmission Company is supporting.
- Hitachi and ABB signed a contract for building an interconnection letting Egypt and Saudi Arabia interchange close to 3000 MW of power. Through this project, a connecting line – 1350 Km long, would be transferring electricity through subsea cable and overhead power lines over the Red Sea.
- Prysmian Group was hired in June 2021 for one of the underground transmission projects in the US for making provisions for HVDC cable systems. Termed the ‘SOO Green HVDC Link’, it’s an interregional transmission project valuing 2100 MW meant to connect two big energy markets in the States.
Ask an Analyst @
https://www.futuremarketinsights.com/ask-question/rep-gb-1209
What does the Report Cover?
- Future Market Insights offers an exclusive perspective and various real-time insights on the high voltage direct current (HVDC) transmission market in its latest study, presenting a historical demand assessment of 2016 – 2021 and projections for 2022 – 2032.
- The research study is based on component (products (AC & DC harmonic filters, converters, DC lines, circuit breakers, and likewise) and services (engineering & consulting and repairs & maintenance), by technology (line commutated converters (LCC), voltage source converters (VSC), by application (energy transmission & distribution, DER (distributed energy resources, and renewable energy), by deployment (overhead, underground, subsea, and combination), and by power rating (below 1000 MW, 1001 – 2000 MW, and above 2000 MW).
High Voltage Direct Current (HVDC) Transmission System Market Outlook by Category
By Component:
- Products
- AC & DC Harmonic Filters
- Converters
- DC Lines
- Circuit Breakers
- Others
- Services
- Repairs & Maintenance
- Engineering & Consulting
By Technology:
- Line Commutated Converters (LCC)
- Voltage Source Converters (VSC)
- Others
By Application:
- Energy Transmission & Distribution
- Distributed Energy Resources (DER)
- Renewable Energy
By Deployment:
- Overhead
- Underground
- Subsea
- Combination
By Power Rating:
- Below 1000 MW
- 1001 – 2000 MW
- Above 2000 MW
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- The Middle East and Africa (MEA)
Report Customization available @
https://www.futuremarketinsights.com/customization-available/rep-gb-1209
About Us
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Browse Other Reports: https://www.futuremarketinsights.com/reports
LinkedIn| Twitter| Blogs
