Wilmington, Delaware, USA, September 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 billion. The market is expected to expand at a CAGR of 7.1% during the forecast period, 2022 to 2031. The global high voltage direct current (HVDC) transmission systems market is expected to reach a valuation of 33.54 billion US dollars by 2031. The High Voltage Direct Current (HVDC) transmission system market is likely to expand due to the increase in electricity demand and grid installation. Efficient use of energy resources is necessary with expanding industrialization and growing demand for electricity. As a result, there has been a trend towards the use of green and clean energy sources, such as the transmission of electricity using a high voltage direct current transmission system.
The market demand analysis of high voltage direct current (HVDC) transmission system highlights that for HVDC transmission of renewable energy, new projects are sanctioned internationally. Commercial, domestic and industrial energy consumption have all increased. Due to its ability to reduce energy costs while increasing long distance transmission, high voltage direct current (HVDC) transmission systems have become increasingly common. In order to optimize the maximum amount of power that can be transmitted, current power transmission lines that use AC systems are now being replaced with DC systems. The amount of fault current that enters the system can be reduced through the use of HVDC.
The global high voltage direct current (HVDC) transmission system market is expected to have huge potential in the near future owing to the rapid increase in energy consumption and the expansion of the renewable energy sector.
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Key Findings of the Market Report
- Unlike HVDC, HVAC has a higher line cost because it requires at least three conductors, while HVDC only needs two. The HVDC transmission system has reduced maintenance and operation expenses as well as affordable transmission cable costs. These factors are likely to fuel the market usage of HVDC transmission systems.
- In recent years, urbanization and industrialization have increased dramatically all over the world. This increased the demand for electricity worldwide. In 2021, more than 3,930 terawatt hours of electricity were consumed worldwide. Due to their compact size, HVDC transmission systems are excellent for use in urban settings where space is limited. The first VSC-based multi-terminal HVDC connection is being built in Europe with the aim of increasing the stability of the power supply and facilitating the transmission of wind energy produced on the Shetland Islands. The high voltage direct current (HVDC) transmission system market is expected to witness this as a major trend in the coming years.
- Based on type of technology, the voltage source converter (VSC) market category accounted for 31% of the global market in 2021. The market is expected to be dominated by this category in the near future and is expected to be one of the major High Voltage Direct Current (HVDC) Transmission Systems Market Trends. Linking back-to-back AC systems, asynchronous grid connections, and maintaining voltage stability over long and short distances are just a series of difficulties that the VSC-HVDC system effectively solves for traditional grids. It also encourages the heavy use of renewable energy grids, making it a better option for future grid systems.
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Global High voltage direct current (HVDC) transmission system Market: drivers of growth
- The bipolar category, which accounted for a considerable market share of high voltage direct current (HVDC) transmission systems in 2021, was the market leader in terms of type. Improved reliability, which is comparable to a dual-circuit AC transmission line, is the primary benefit of typical bipolar configurations.
- In 2021, Asia-Pacific accounted for a significant share of the global market. Energy-related activities are expected to continue to climb in the Asia-Pacific region, alongside the expansion of power grid infrastructure and high energy consumption in countries such as Japan, India. India, China and others.
Global High voltage direct current (HVDC) transmission system Market: key players
Some of the major players in the market are
- The Body Shop International Limited
- Bobbi Brown Professional Cosmetics, Inc.
- Johnson & Johnson Consumer Inc.
- LVMH Moet Hennessy Louis Vuitton
- Shiseido Company
- L’Oreal Group
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Global High voltage direct current (HVDC) transmission system Market: Segmentation
- Line Commutated Converters (LCC)
- Voltage Source Converters (VSC)
- Capacitor Commutated Converters (CCC)
- Back to back
- Multi Terminal
- Interconnect networks
- Urban feeding areas
- Connect offshore wind
- Up to 400kV
- 800 kV above
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
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