High Voltage Direct Current (HVDC) Transmission System Market by Component, Technology, Application, Deployment, Power Rating & Region | Forecast 2022 to 2032
Revenue from high voltage direct current (HVDC) transmission systems was $9,484.0 million globally in 2021. In the upcoming years (2022 to 2032), the high voltage direct current (HVDC) transmission system market is anticipated to grow at a CAGR of 10.6% to reach approximately US$ 28,508 million.
Power transmission over a long distance is facilitated by high voltage direct current transmission systems. Direct current (DC) is used for power transmission in HVDC systems. Additionally, networks that validate frequencies and features can be connected by the system.
AC lines are thought to lack some of the features that HVDC systems do. The market for HVDC transmission systems on a global scale accounts for 15% of the market for power transmission and distribution.
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Key Takeaways: High Voltage Direct Current (HVDC) Transmission System Market
· By component, the services segment is set to dominate by exhibiting a CAGR of around 12.0% between 2022 & 2032.
· By technology, the line commutated converters (LCC) segment is expected to grow at a CAGR of around 12.1% between 2022 & 2032.
· By application, the renewable energy segment is projected to showcase significant growth at a CAGR of around 12.7% between 2022 & 2032.
· By deployment, the subsea segment is set to remain at the forefront by witnessing a CAGR of around 12.9% between 2022 & 2032.
· By power rating, the below 1000 MW segment is projected to showcase a steady growth rate at a CAGR of around 11.9% between 2022 & 2032.
· By region, the Europe high voltage direct current (HVDC) transmission system market held the highest share of around 31.7% in 2021.
“In densely populated urban areas, where the density of necessary overhead wires could significantly obstruct the flow of electricity, HVDC systems are considered to be ideal. Underground power lines are being used more frequently in urban areas despite their expensive nature, which would further drive the demand for high voltage direct current (HVDC) transmission systems,” says FMI analyst.
Demand for Submarine HVDC Transmission Systems to Grow by 2032
High voltage direct current (HVDC) transmission systems are a crucial piece of technology used for the development of power transmission networks. Across long subsea distances, HVDC transmission is the only solution available for the transfer of high power.
HVDC submarine transmission is primarily used to connect remote offshore platforms to main transmission grids and to connect countries or islands that are separated by water. Additionally, increasing number of offshore projects like offshore wind farms and offshore oil & gas upstream projects would also help in expanding the economic prospects for HVDC technology globally.
For instance, as of September 2021, Egypt and Greece are in discussions to connect their power networks by laying 2 Gigawatts (GW) of HVDC submarine interconnectors at the bottom of the Mediterranean Sea. On the back of these factors, the high voltage direct current (HVDC) transmission systems market is expected to grow at a significant rate during the forecast period (2022-2032).
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High Voltage Direct Current (HVDC) Transmission System Market Outlook by Category
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Apr 20, 2023
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