HVDC Transmission System Market Scope
High Voltage Direct Current (HVDC), is a well-proven technology that is used to transmit electricity over long distances by submarine cables or overhead transmission lines. HVDC is also used to interconnect separate power systems, where traditional alternating current (AC) connections cannot be used. In an HVDC system, electric power is taken from one point in a three-phase AC network, rehabilitated to DC in a converter station, transmitted to the receiving point by an overhead line or cable and then converted back to AC in another converter station and inoculated into the receiving AC network. Normally, an HVDC transmission has a rated power of more than 100 MW and many are in the 1,000 to 3,000 MW range.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | ABB Ltd (Switzerland), Siemens AG (Germany), Toshiba Corporation (Japan), General Electric (United States), Schneider Electric (France), Mitsubishi Electric Corporation (Japan), Prysmian Group (Italy), Hitachi (Japan), Nexans (France) and TransGrid Solutions Inc. (Canada) |
CAGR | 8.4% |
Key players are adopting numerous strategies to gain market attention and to increase their market share, this strategy can be listed as increasing product portfolio, making partnerships to adopt certain technologies, and acquiring small players to finish the competition in the future. As well as investing money in the R&D sector to make technical upgrades to the product. Research Analyst at AMA estimates that European Manufacturers will contribute to the maximum growth of Global HVDC Transmission System market throughout the predicted period.
ABB Ltd (Switzerland), Siemens AG (Germany), Toshiba Corporation (Japan), General Electric (United States), Schneider Electric (France), Mitsubishi Electric Corporation (Japan), Prysmian Group (Italy), Hitachi (Japan), Nexans (France) and TransGrid Solutions Inc. (Canada) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research are Abengoa S.A. (Spain), ATCO Ltd. (Canada) and LS Industrial Systems Co., Ltd. (South Korea).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global HVDC Transmission System market by Type and Region with country level break-up.
On the basis of geography, the market of HVDC Transmission System has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2023.
Market Leaders and their expansionary development strategies
In February 2023, Hitachi Energy inaugurated a new HVDC and power quality factory in Chennai, India. The factory will manufacture advanced power electronics for HVDC Light, HVDC Classic, and STATCOM, along with MACH control and protection system.
On Sep 19, 2019 - Prysmian Group, a world leader in the energy and telecom cable systems industry, successfully completed the submarine laying operations for the Evia, Andros and Tinos islands interconnections.
Influencing Trend:
Increasing Demand for Power
Market Growth Drivers:
Increasing Urbanization across the Globe and Growing Government Initiatives Pertaining To a Shift towards Renewable Energy
Challenges:
Regulatory Standards of Respective Governments
Restraints:
Loss of Electrical Energy during Transmission and Distribution
Opportunities:
Rising Investments to Establish a Sustainable Electrical Network
Key Target Audience
HVDC Transmission System Providers, Suppliers of Raw Materials, Power Industry, Governmental Bodies and Research Organization