HVDC Transmission System Market Size, Share, Growth Analysis, By Component Type(Converters, DC Lines, Filters, Others (including Ground Electrodes), By Power Rating(Below 500 MW, 501 MW to 999 MW, 1000 MW to 2000 MW, Above 2000 MW), By Application(Interconnecting Grids, Bulk Power Transmission, Offshore Power Transmission, Integration of Renewable Energy), By Region - Industry Forecast 2024-2031

Q: What is the global market size of HVDC Transmission System Market?

Global HVDC Transmission System Market size was valued at USD 10.27 billion in 2022 and is poised to grow from USD 11.13 billion in 2023 to USD 21.22 billion by 2031, growing at a CAGR of 8.4% in the forecast period (2024-2031).

Report ID: SQMIG55A2042 | Region: Global | Published Date: April, 2024
Pages: 182 | Tables: 94 | Figures: 76

HVDC Transmission System Market Regional Insights

Asia-Pacific, specially international locations like China and India, has been a main participant in the HVDC marketplace. The fast industrialization, increasing energy call for, and bold renewable strength dreams in those nations make contributions to the dominance of the Asia-Pacific location. Large-scale infrastructure initiatives, such as interconnecting grids and lengthy-distance strength transmission, are common in this vicinity.

The North American location, which include America and Canada, may experience great growth. Factors contributing to this increase encompass the growth of renewable power tasks, grid modernization initiatives, and the need for green power transmission over long distances.

HVDC Transmission System Market Report Snapshots

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HVDC Transmission System Market size was valued at USD 10.27 billion in 2022 and is poised to grow from USD 11.13 billion in 2023 to USD 21.22 billion by 2031, growing at a CAGR of 8.4% in the forecast period (2024-2031).

The competitive surroundings of the HVDC Transmission System marketplace is dynamic and characterised by means of the presence of several key players vying for market proportion. The industry leaders leverage their substantial revel in and technological expertise to offer a huge range of HVDC solutions, inclusive of each Line-Commutated Converter (LCC) and Voltage Source Converter (VSC) technology. In addition to those essential gamers, there may be a growing number of rising and local gamers contributing to the market's competitiveness. 'ABB Ltd.', 'Siemens AG', 'Toshiba Corporation', 'Mitsubishi Electric Corporation', 'Hitachi Ltd.', 'NR Electric Co., Ltd', 'Prysmian Group', 'General Electric Company', 'C-EPRI Electric Power Engineering Co. Ltd.', 'LS Industrial Systems Co., Ltd.', 'NKT A/S', 'Nexans', 'Xuji Group', 'Abengoa', 'XD Group', 'TBEA', 'GE Grid Solution', 'State Grid Corporation of China', 'China South Grid', 'Hydro-Québec'

The growing demand for green and long-distance strength transmission. HVDC generation enables the transmission of energy over prolonged distances with lower energy losses in comparison to conventional AC systems, making it a preferred desire for interconnecting grids and transmitting strength from faraway renewable power assets. The growing integration of renewable electricity, especially from offshore wind farms, further fuels the market, as HVDC structures are nicely-appropriate for the green transportation of renewable electricity to populace centers.

Rising Integration Of Hvdc Systems With Renewable Energy Projects: The HVDC Transmission System marketplace is witnessing high-quality tendencies which might be shaping its trajectory and influencing the destiny of energy transmission technology. One outstanding fashion is the growing integration of HVDC systems with renewable power tasks, especially offshore wind farms. HVDC generation proves instrumental in correctly transporting electricity generated from these faraway and often offshore locations to onshore grids.

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