What Are The 5 Takeaways From The High Voltage Direct Current (HVDC) Transmission System Market Overview 2023 – Includes High Voltage Direct Current (HVDC) Transmission System Market Overview
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The Business Research Company’s High Voltage Direct Current (HVDC) Transmission System Global Market Report 2023 offers crucial insights into the high voltage direct current (HVDC) transmission system market help businesses analyse and build stronger strategies.
The global high voltage direct current (HVDC) transmission system market is surging ahead, with a projected growth from $9.50 billion in 2022 to $10.64 billion in 2023, boasting a Compound Annual Growth Rate (CAGR) of 12%. This is not a transient uptick; the market is poised to reach $15.99 billion in 2027 at a CAGR of 10.7%. In this blog, we delve into the key drivers, major players, and emerging trends shaping the landscape of HVDC transmission systems.
Powering Progress: Rising Demand for Electricity
– Understanding the Demand
The pivotal force propelling the HVDC transmission system market is the escalating demand for electricity. This surge in demand is characterized by an increased need for electricity in households and industries globally. HVDC transmission systems play a critical role in meeting this demand by providing more efficient and stable transmission of electricity.
– The Numbers Speak
According to the International Energy Agency (IEA), global economic recovery is expected to drive a nearly 5% increase in worldwide electricity demand in 2021 and a further 4% in 2022. In the United States, total electricity consumption rose by 2.6% to reach 4.05 trillion kWh in 2022, as reported by the Energy Information Administration. These statistics underscore the instrumental role of HVDC transmission systems in meeting the escalating global demand for electricity.
Key Players Powering the Grid
The HVDC transmission system market is not just about demand; it is significantly influenced by major players steering innovation. Companies such as ATCO Ltd., General Electric Company, and Siemens AG are at the forefront, playing a vital role in advancing HVDC technology.
Trending Towards Collaboration: Strategic Partnerships
– A Collaborative Approach
Strategic partnerships and collaborations have emerged as a prominent trend in the HVDC transmission system market. Key players are recognizing the importance of collaborative efforts to strengthen their position in the market and drive innovation.
– Real-world Collaborations
For example, in November 2022, Hitachi Energy Ltd. collaborated with Equinor ASA, a Norway-based energy company, to develop standardized base designs for both high-voltage direct current (DC) and alternating current (AC) transmission systems, focusing on connecting offshore wind farms. Similarly, Pattern Energy Group LP partnered with Hitachi Energy Ltd. in May 2023 to utilize Hitachi’s HVDC technology in the SunZia Transmission Project, enhancing reliability and resilience in power grids.
Segmenting the Landscape
– A Comprehensive Classification
To understand the market better, it’s essential to delve into its distinct segments:
- By Type:Monopolar, Bipolar, Homopolar, Back To Back, Multi-Terminal
- By Technology:Line-Commutated Converters (LCC), Voltage-Source Converters (VSC), Capacitor Commutated Converters (CCC)
- By Capacity:Upto 400 kV, 401-800 kV, 800 kV Above
- By Deployment:Overhead, Underground, Subsea, Combination
- By Application:Interconnecting Grids, Infeed Urban Areas, Connecting Offshore Wind, Other Applications.
Regional Dynamics
– Europe Leads, Asia-Pacific Accelerates
In 2022, Europe took the lead as the largest region in the global HVDC transmission system market. However, the spotlight is shifting towards Asia-Pacific, which is anticipated to be the fastest-growing region in the forecast period. This dynamic shift underscores the global nature of the HVDC transmission system market, with different regions contributing to its robust growth.
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The High Voltage Direct Current (HVDC) Transmission System Global Market Report 2023 provides a comprehensive outlook of the high voltage direct current (HVDC) transmission system market for the historic years (2010 – 2021) and ten years forecast (2023 – 2032). The high voltage direct current (HVDC) transmission system market forecast offers a thorough analysis on high voltage direct current (HVDC) transmission system market size, high voltage direct current (HVDC) transmission system market share, prominent players and their strategies.
The Table Of Content For The High Voltage Direct Current (HVDC) Transmission System Market Include:
1. High Voltage Direct Current (HVDC) Transmission System Market Executive Summary
2. High Voltage Direct Current (HVDC) Transmission System Market Segments
3. High Voltage Direct Current (HVDC) Transmission System Market Size And High Voltage Direct Current (HVDC) Transmission System Market Growth Rate
4. Key High Voltage Direct Current (HVDC) Transmission System Market Trends
5. Major High Voltage Direct Current (HVDC) Transmission System Market Drivers
……
25. Key Mergers And Acquisitions In The High Voltage Direct Current (HVDC) Transmission System Market
26. Top High Voltage Direct Current (HVDC) Transmission System Companies
27. High Voltage Direct Current (HVDC) Transmission System Market Opportunities And Strategies
28. High Voltage Direct Current (HVDC) Transmission System Market, Conclusions And Recommendations
29. Appendix
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