High Voltage Direct Current Transmission Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis

MARKET OVERVIEW

High voltage direct current (HVDC) power systems use direct current (DC) to transmit bulk power over long distances. HVDC lines improve transmission line efficiency, allowing power to be transferred more quickly. At the sending end of a combined AC and DC system, the generated AC voltage is converted to DC. The HVDC lines improve transmission line efficiency, allowing power to be transferred more quickly. It has a lower transmission cost than HVAC. In comparison to HVAC, HVDC transmission lines have lower power losses and no radiation or induction losses. HVDC has no dielectric losses, which increases the conductor's lifetime. Thus, over long distances, HVDC transmission is most widely preferred which is fueling the market growth over the projected period.

MARKET SCOPE

The "Global High Voltage Direct Current Transmission Market Analysis to 2031" is a specialized and in-depth study of the power transmission product and component with a special focus on the global market trend analysis. The report aims to provide an overview of the high voltage direct current transmission market with detailed market segmentation by component, project type, technology, application and geography. The report provides key statistics on the market status of the leading high voltage direct current transmission market players and offers key trends and opportunities in the market.

MARKET SEGMENTATION

•   On the basis of component the market is segmented into converter stations, transmission cables, and others
  
•   On the basis project type, the market is segmented into point-to-point, back-to-back, and multi-terminal
  
•   On the basis technology, the market is segmented into capacitor commutated converters, and voltage source converter, and inner current controller
  
•   On the basis application, the market is segmented into bulk power transmission, interconnecting grids, and infeed urban areas
  

MARKET DYNAMICS

Drivers:

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o Increase in power consumption drives the market growth
o Growing demand for cost-effective solutions for long-distance power transmission

Restraints:

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o Increase in distributed and off-grid power generation restraints the market growth

REGIONAL FRAMEWORK

The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The high voltage direct current transmission market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.

The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trends. The report also provides exhaustive PEST analysis for all five region, evaluating political, economic, social and technological factors affecting the high voltage direct current transmission market in these regions.

IMPACT OF COVID-19 ON HIGH VOLTAGE DIRECT CURRENT TRANSMISSION MARKET

The emergence of the COVID-19 has severely impacted the power generation and transmission industries, which resulted decline in the high voltage direct current transmission market in the year 2021. The lockdown in many nations, the COVID-19 pandemic initially had a little impact on the HVDC transmission system business by affecting the supply chain. In addition, the industry is affected by shortage of workers, owing to worldwide lockdown, which has negatively influenced the market dynamics over the coming years. The pandemic has caused reduction in new orders and delay for existing contracts for erecting the transmission line. From 2021, with ease in restrictions and reopening of industries, significant increase in power demand has been witnessed which eventully increased the demand for higher transmission capacity. Thus, rising power demand in pandemic recovery period is anticipated to drive the market outlook over the forecast period.

MARKET PLAYERS

The report covers key developments in the high voltage direct current transmission market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as advancement in products, reallocation of resources and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market players in the high voltage direct current transmission market are anticipated to provide lucrative growth opportunities in the future owing increasing power consumption across the globe.

The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the high voltage direct current transmission market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.

•   ABB
  
•   Siemens
  
•   General Electric
  
•   Hitachi
  
•   Mitsubishi Electric
  
•   Nexans
  
•   NKT A/S
  
•   NR Electric
  
•   C-EPRI Electric Power Engineering
  
•   Prysmian Group
  

The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.

High Voltage Direct Current Transmission Report Scope