The global HVDC transmission market will touch USD 13.30 billion at a 7.5% CAGR by 2027, states the latest Market Research Future (MRFR) report.
Delivery of Bulk Power to Boost Market Growth
The capability of delivering bulk power in long-distance transmission sans much transmission losses will boost market growth over the forecast period.
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.
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.
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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.
The global HVDC transmission market is bifurcated based on voltage rating, configuration, application, and technology.
By technology, the VSC segment will lead the market over the forecast period.
By application, the offshore segment will dominate the market in the forecast period.
By configuration, the HVDC transmission market is segmented into monopolar, bipolar, back-to-back, and multi terminal.
By voltage rating, the 640-800 kV will spearhead the market over the forecast period.
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.
APAC to Domineer 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.
Eminent industry players profiled in the global HVDC transmission market report include Seimens AG (Germany), Hitachi (Japan), ABB (Switzerland), Schneider Electric (France), Toshiba (Japan), Alstom (France), General Electric (U.S.), and DATC (U.S). Mitsubishi (Japan), NKT Holdings (Denmark), Adani (India), Nexans (France), Prysmian Group (Italy), and C-EPRI Electric Power Engineering Co., Ltd (China) are among others.
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