High Voltage Direct Current (HVDC) Transmission Market to Reach $23.7 Billion, Globally, by 2032 at 8.4% CAGR: Allied Market Research

The global high voltage direct current (HVDC) transmission market is experiencing growth due to several factors, including converter stations where HVDC converter stations are commonly used to transmit electricity over long distances with minimal losses. They convert alternating current (AC) from power plants into direct current (DC) for efficient transmission and then convert it back to AC at the receiving end. 

WILMINGTON, Del., Oct. 20, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "High Voltage Direct Current (HVDC) Transmission Market By Component (Converter Stations, Transmission Medium (Cables), Others), By Technology (Voltage Source Converters (VSC), Line Commutated Converters (LCC), Capacitor Commutated Converter (CCC)), By Transmission Type (Submarine, Overhead, Underground), By Application (Bulk Power Transmission, Interconnecting Grids, Infeed Urban Areas): Global Opportunity Analysis And Industry Forecast, 2023-2032." According to the report, the global high voltage direct current (HVDC) transmission industry was estimated at $10.6 billion in 2022 and is projected to reach $23.7 billion by 2032, growing at a CAGR of 8.4% from 2023 to 2032.   

High voltage direct current (HVDC) transmission is the transmission of electrical power over a distance using direct current (DC) rather than alternating electric current (AC). HVDC transmission involves the transfer of AC power from the HVDC receiving end to the HVDC sending end, and then AC power back into the HVDC line. High-voltage direct current (HVDC) transmission provides several benefits over traditional alternating current (AC) transmission, including reduced transmission losses, higher power transfer capacity, and the capacity to integrate asynchronous AC systems into the grid. HVDC transmission is widely used for long distance electricity transmission, power grid interconnections, and the integration of renewable energy into the grid. 

Request PDF Brochure: https://www.alliedmarketresearch.com/request-sample/12465

Prime Determinants of Growth: 

The global high voltage direct current (HVDC) transmission market is experiencing growth due to several factors such as the rise in demand for VSC technology where voltage source converter (VSC) technology is a critical component in the field of electrical engineering and power systems. It refers to a type of power electronics device used for converting electrical power from one form to another. However, the rise in the share of distributed and off-grid power generation hinders market growth to some extent. Moreover, the focus on grid modernization and infrastructure development offers remunerative opportunities for the expansion of the high-voltage direct current transmission market.   

Report Coverage & Details: 

The converter stations segment to maintain its leadership status throughout the forecast period-

Based on component, the converter stations segment held the highest market share in 2022, accounting for nearly two-thirds of the global high voltage direct current (HVDC) transmission market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is because converter stations are a crucial component of modern electrical transmission systems, primarily used in high-voltage direct current (HVDC) transmission. It plays a pivotal role in converting electrical power from one form to another, allowing for efficient long-distance electricity transmission and grid interconnection. However, the others segment is projected to manifest the highest CAGR of 9.0% from 2023 to 2032. This is due to grounding electrodes are essential to maintain the reference voltage and ground potential at both the rectifier and inverter stations. Transformers are used to step up or down the voltage as necessary before and after conversion. 

Procure Complete Report (325 Pages PDF with Insights, Charts, Tables, and Figures) @ http:/www.alliedmarketresearch.com/checkout-final/hvdc-transmission-market

The line commutated converters (LCC) segment to retain its dominance throughout the forecast period- 

Based on the technology, the line commutated converters (LCC) segment held the highest market share in 2022, accounting for nearly half of the global high voltage direct current (HVDC) transmission market revenue, and is estimated to retain its dominance throughout the forecast period. This can be attributed to the fact that LCC-based HVDC is often used to connect power grids that operate at different frequencies or are not synchronized. It provides a means to transfer power between these grids. However, the voltage source converters (VSC) segment is projected to manifest the highest CAGR of 8.8% from 2023 to 2032. VSC-based HVDC systems offer several advantages, including precise control of active and reactive power, reduced harmonic distortion, and the ability to stabilize the AC grid by providing fast-acting voltage support. 

The overhead segment to rule the roost by 2032- 

Based on transmission type, the overhead segment held the highest market share in 2022, accounting for more than half of the global high voltage direct current (HVDC) transmission market revenue, and is projected to rule the roost by 2032. The growth is attributed to the fact that overhead HVDC transmission is highly efficient for long-distance power transmission. HVDC lines span hundreds or even thousands of kilometers with minimal power losses compared to AC transmission, making it ideal for interconnecting distant power grids. However, the submarine segment is projected to manifest the highest CAGR of 8.7% from 2023 to 2032. The growth is attributed to the fact that submarine cables often pass through environmentally sensitive areas, such as marine habitats. HVDC cables are advantageous in this context as they produce lower electromagnetic fields compared to AC cables.   

For Purchase Inquiry: https://www.alliedmarketresearch.com/high-voltage-direct-current-transmission-market/purchase-options

Asia-Pacific garnered the major share by 2032- 

Based on region, the Asia-Pacific region held the highest market share in 2022, garnering around two-fifths of the global high voltage direct current (HVDC) transmission market revenue, and is expected to retain its dominance throughout the forecast timeframe. The same region is expected to witness the fastest CAGR of 8.7% from 2023 to 2032.  This is due to many countries in the Asia-Pacific region investing in grid modernization efforts to enhance the efficiency and reliability of their electrical grids. HVDC transmission systems are a key component of these efforts. They allow for better control of power flow, reduced transmission losses, and improved voltage stability, all of which contribute to a more modern and resilient grid infrastructure. 

Leading Market Players: - 

• ABB LTD. 
• GENERAL ELECTRIC COMPANY 
• MITSUBISHI ELECTRIC CORPORATION 
• NEXANS S.A. 
• NR ELECTRIC CO., LTD. 
• PRYSMIAN GROUP 
• SCHNEIDER ELECTRIC SE. 
• SIEMENS AG 
• TOSHIBA CORPORATION. 
• HITACHI LTD. 

The report provides a detailed analysis of these key players in the global high voltage direct current (HVDC) transmission market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario. 

Trending Reports in HVDC Transmission Industry:

Digital Utility Market: Global Opportunity Analysis and Industry Forecast, 2023-2032

Medium Voltage Switchgear Market: Global Analysis and Industry Forecast, 2021-2031

Instrument Transformers Market: Global Analysis and Industry Forecast, 2021-2030

Submarine Power Transmission Cable Market: Global Analysis and Forecast, 2023-2032

Power Transmission Component Market: Global Analysis and Forecast, 2023-2032

About us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact us:

David Correa
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: +1-800-792-5285
Fax: +1-800-792-5285
help@alliedmarketresearch.com
Web: https://www.alliedmarketresearch.com/reports-store/energy-and-power
Follow Us on | Facebook | LinkedIn | YouTube

Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg