Wilmington, Delaware, United States, Sept. 20, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - In 2021, the high voltage direct current (HVDC) transmission system market size was valued at US$ 16.96 Bn. The market is likely to develop at 7.1% CAGR during the forecast period, from 2022 to 2031. The global high voltage direct current (HVDC) transmission system market is projected to touch valuation of US$ 33.54 Bn by 2031. The market for high voltage direct current (HVDC) transmission system is likely to grow as a result of rising power demand and grid installation. Utilizing energy resources effectively is necessary with rapidly expanding industrialization and growing demand for power. As a result, there has been a trend toward the use of green and clean energy sources, like the transmission of electricity utilizing a high voltage direct current transmission system.
High voltage direct current (HVDC) transmission system market demand analysis highlight that for the HVDC transmission of renewable energy, fresh projects are being sanctioned internationally. Commercial, domestic, and industrial power usage have all increased. Due to its ability to lower energy costs while increasing long-distance transmission, high voltage direct current (HVDC) transmission systems have become more and more common. In order to optimize the maximum amount of power that can be transmitted, current power transmission lines that employ AC systems are now being changed to DC systems. The amount of fault current that enters the system can be decreased with the use of HVDC.
The global market for high voltage direct current (HVDC) transmission systems is anticipated to have huge potential in the near future due to rapidly rising energy consumption together with the expansion of the renewable power sector.
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Key Findings of Market Report
- Unlike HVDC, HVAC has a higher line cost since it needs at least three conductors, whereas HVDC just needs just two. The HVDC transmission system has reduced maintenance and operation expenses as well as affordable costs for transmission cables. These factors are likely to fuel the market usage of HVDC transmission systems.
- Over the past few years, both urbanization and industrialization have increased considerably all over the world. This has increased demand for power throughout the world. In 2021, more than 3,930 terawatt hours of electricity were used worldwide. Due to their compact size, HVDC transmission systems are excellent for use in urban settings where space is constrained. The first VSC-based multi-terminal HVDC connection is being built in Europe in an effort to increase power supply stability and make it easier to transmit wind energy produced on the Shetland Island. The market for high voltage direct current (HVDC) transmission systems is predicted to witness this as a major trend in the coming years.
- Based on technology type, the category of voltage-source converters (VSC) market accounted for 31% of the global market in 2021. The market is anticipated to be dominated by this category in the near future and is expected to be one of the key high voltage direct current (HVDC) transmission system market trends. Back-to-back AC system linking, asynchronous network connections, and sustaining voltage stability over long and short distances are just a slew of the difficulties that the VSC-HVDC system effectively resolves for traditional networks. It also encourages the networks' extensive use of renewable energy, making it a better option for upcoming grid systems.
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Global High Voltage Direct Current (HVDC) Transmission System Market: Growth Drivers
- The bipolar category, which accounted for considerable high voltage direct current (HVDC) transmission system market share in 2021, was the market leader in terms of type. Enhanced dependability, which is comparable to a double-circuit AC transmission line, is the primary benefit of a typical bipolar configurations.
- In 2021, Asia Pacific represented a sizeable portion of the worldwide market. It is anticipated that power-related activities will continue to climb in the Asia Pacific region, along with the expansion of power grid infrastructure and high energy usage in nations like Japan, India, China as well as others.
Global High Voltage Direct Current (HVDC) Transmission System Market: Key Players
Some of the key market players are
- The Body Shop International Limited
- Bobbi Brown Professional Cosmetics, Inc.
- Johnson & Johnson Consumer Inc.
- LVMH Moët Hennessy Louis Vuitton
- Shiseido Company
- L'Oréal Group
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Global High Voltage Direct Current (HVDC) Transmission System Market: Segmentation
Technology
- Line-commutated Converters (LCC)
- Voltage-source Converters (VSC)
- Capacitor Commutated Converters (CCC)
Type
- Monopolar
- Bipolar
- Homopolar
- Back to Back
- Multi-Terminal
Deployment
- Overhead
- Underground
- Subsea
- Combination
Application
- Interconnecting Grids
- Infeed Urban Areas
- Connecting Offshore Wind
- Others
Capacity
- Upto 400 kV
- 401-800 kV
- 800 kV Above
Regions Covered
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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