The HVDC transmission system market is expected to be valued at USD 11.3 billion in 2024. The market registered a growth of 8.1% during the historical period and is projected to be invigorating from 2024 to 2034, with a CAGR of 9.2%. By 2034, the market value is forecast to hit USD 27.4 billion.
The market for HVDC transmission systems is expected to grow in the upcoming period due to the increasing demand for reliable and efficient transmission of electricity over long distances. HVDC transmission systems have proven to be an ideal solution for areas with high power demand but limited infrastructure, as they can transmit electricity with minimal losses over long distances.
The rising demand for renewable energy sources, such as wind and solar power, has resulted in the need for efficient transmission systems to deliver electricity from remote areas to population centers. HVDC transmission systems are well-suited for this task, as they can transmit large amounts of electricity over long distances with minimal losses.
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The increasing demand for electric vehicles and other forms of electric transportation drives the growth of the HVDC transmission systems market. As more and more vehicles become electric, there is a need for more efficient and reliable charging infrastructure, which requires the installation of HVDC transmission systems.
Key Takeaways from the HVDC Transmission System Market Report:
- The global HVDC transmission systems market is estimated to register a CAGR of 9.2% with a valuation of US$ 27.4 billion by 2034.
- The HVDC transmission system solution segment is anticipated to dominate the market by registering a 63.4% share in 2024.
- With a 43.2% market share, the LCC segment is likely to lead in the technology category in 2024.
- The HVDC transmission systems market in the United States is estimated to register a growth of 6.1% through 2034.
- The Australian HVDC transmission systems market is leading with a promising growth of 12.7% from 2024 to 2034.
Competitive Landscape:
The HVDC transmission systems industry is highly competitive, with multiple competitors striving for greater market share. Companies are working to create sophisticated and creative technologies to increase the efficiency and reliability of HVDC networks. They are also investing in research and development to create environmentally friendly and energy-efficient HVDC transmission systems to meet the growing need for sustainable energy solutions.
Some prominent companies in the market include ABB Ltd., Siemens AG, Toshiba Corporation, General Electric Co., Mitsubishi Electric Corporation, and ATCO LTD.
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Recent Development:
In 2021, Hitachi ABB signed a deal to build an interconnection enabling Saudi Arabia and Egypt to exchange up to 3000 MW of power. This project allows the 1350-kilometre-long connecting line to transport electricity across the Red Sea using overhead power lines and a subsea cable.
HVDC Transmission System Market Segmentation:
By System Component:
- HVDC Transmission System Solution
- AC & DC Harmonic Filters
- Converters
- DC Lines
- Circuit Breakers
- Others
- HVDC Transmission System Services
By Technology:
- LCC
- VSC
- Others
By Deployment:
- Overhead
- Underground
- Subsea
- Combination
By Power Rating:
- Below 1000 MW
- 1000 to 2000 MW
- 2000 MW & above
By Region:
- North America
- Latin America
- East Asia
- South Asia
- Europe
- Oceania
- The Middle East and Africa
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