HVDC Transmission System Market Forecast: Future Outlook

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TechSci Research's report on the "Global High Voltage Direct Current (HVDC) Transmission System Market – By Region, Competition, Forecast & Opportunities, 2028" projects a significant growth trajectory, with an anticipated CAGR of 8.59% during the forecast period of 2024-2028. This growth is primarily driven by the increasing adoption of utility-scale renewable energy plants and the global shift away from fossil fuels. HVDC transmission systems play a vital role in transmitting electricity from remote renewable energy sources over long distances with minimal energy loss compared to traditional HVAC systems. Moreover, the electrification of rural areas, particularly in developing regions like Asia-Pacific and Africa, is expected to further fuel the demand for HVDC transmission systems.

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The market is segmented based on transmission type, with submarine HVDC transmission systems expected to witness significant growth due to the development of submarine power transmission systems worldwide. Submarine electricity transmission is gaining importance for power trading between countries and for connecting remote offshore platforms to main transmission grids. HVDC transmission technology is crucial for transferring high power across long subsea distances and facilitating power trading between countries separated by water bodies.

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Report Scope:

In this report, the Global High Voltage Direct Current (HVDC) Transmission System Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

• High Voltage Direct Current (HVDC) Transmission System Market, By Transmission Type:

• Submarine HVDC Transmission System

• HVDC Overhead Transmission System

• HVDC Underground Transmission System

• High Voltage Direct Current (HVDC) Transmission System Market, By Component:

• Converter Stations

• Transmission Medium (Cables)

• High Voltage Direct Current (HVDC) Transmission System Market, By Region:

• North America

• United States

• Canada

• Mexico

• Asia-Pacific

• China

• India

• Japan

• South Korea

• Indonesia

• Europe

• Germany

• United Kingdom

• France

• Russia

• Spain

• South America

• Brazil

• Argentina

• Middle East & Africa

• Saudi Arabia

• South Africa

• Egypt

• UAE

• Israel

Major companies operating in the Global High Voltage Direct Current (HVDC) Transmission System market are:

• ABB Ltd

• Siemens AG

• C-EPRI Electric Power Engineering Co. Ltd

• General Electric Company

• Toshiba Corporation

• Mitsubishi Electric Corporation

• Prysmian Group

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In terms of region, Europe is expected to dominate the HVDC transmission systems market during the forecast period. This dominance is attributed to the region's transition towards a low-carbon economy, with increasing investments in renewable energy sources and grid modernization projects. For instance, initiatives like the EU's renewable energy directive and national renewable energy action plans support the integration of renewable energy into the grid. Additionally, investments in offshore wind projects and interconnection projects, such as the undersea power cable across the Bay of Biscay, further drive the demand for HVDC transmission systems in Europe.

Customers can request a free sample report with 10% customization to gain insights into market dynamics and make informed investment decisions. The report aims to provide comprehensive market intelligence, identifying emerging trends, drivers, challenges, and opportunities in the global HVDC transmission system market.

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