The growing demand for long-distance transmissions and the increasing number of favorable government initiatives and policies are the major factors that are contributing to the growth of the HVDC transmission market.
Dublin, Ireland – July 16, 2020 /MarketersMedia/ —
The accelerating demand for optimal solutions for long-distance power transmission and for VSC technology, the increasing focus on renewable energy, and the expanding number of favorable government policies and initiatives for HVDC transmission, are the significant factors that are driving the market growth. The increasing electricity consumption as a result of the rising population rate is opening new doors for the growth of the market. Additionally, the growing usage of electric powered devices is increasing the demand for electricity, which in turn, is another factor that is responsible for the growth of the HVDC transmission market size. As per the HVDC transmission market report, the rising need for cable-based transmission instead of overhead lines transmission owing to the remarkable benefits offered is further strengthening the market’s demand. HVDC transmission decreases power losses during transmission and is less expensive as compared to the other transmission processes. On the other hand, the rising number of incidences of power fault during a short circuit in the AC system is a major factor that will hamper the growth of the market.
On the basis of product type, the multi-terminal project segment exhibits substantial growth potential and is anticipated to gain traction over the forecast period. This is attributed to its ability to connect non-synchronous power systems and offer better flexibility in interchanging power between three or more converter stations. Multi-terminal HVDC systems are cost-effective and capture a large amount of renewable energies through HVDC land cables, sea cables, or overhead lines on one side, and link the gathered energy to the central AC system using a common DC network.
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Based on the technology, the voltage source convertor (VSC) segment is predicted to witness considerable growth in the next six years. The ready-to-eat food products are fully cooked and can be consumed directly at any desired time and place without further cooking requirements. The accelerating demand for desserts such as frozen ice creams and frozen yogurts are the key factors that are surging the demand of the segment in the market. The consumers are becoming more health-conscious, which is encouraging them to consume low-calorie ice creams and yogurt. All these factors are responsible for the HVDC Transmission market growth over the coming years.
On the basis of application, the infeed urban areas segment is projected to maintain its dominance over the forecast period. The increasing adoption of HVDC systems for meeting the power requirements of the highly populated urban centers is the significant factor that is driving the demand of the segment. The rising utilization of underground power lines in urban areas for residential and commercial purposes is further enhancing the growth of the segment.
On the basis of the region, the Asia-pacific region is predicted to dominate the HVDC transmissions market in the next six years. This is due to the growing power consumption as a result of the rising population rate, especially in China and India, followed by the accelerating demand for uninterrupted power in this region. Furthermore, the growing power infrastructure development in this region is brining numerous growth opportunities for the leading players. Various countries such as China are investing heavily in renewable energy resources and employing advanced and latest UHVDC technologies for power transmission.
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The key players of the HVDC transmission market include General Electric, C-EPRI Electric Power Engineering Co., Ltd., Hitachi, Ltd., Mitsubishi Electric Corporation, Nexans S.A., ABB, Siemens AG, NKT A/S, NR Electric Co., Ltd., and Prysmian Group, among others.
The research report on the HVDC transmission market provides an in-depth analysis of the market revenue based on component, project type, technology, application, transmission type, and region for the forecast period from 2020 to 2027. The report highlights the major market drivers propelling the growth as well as challenges faced by the market participants. The research report also provides market size and forecast for the market. The report also analyses the competitive landscape, major players, and their strategies in 2019. The competitive landscape section of the report captures and highlights the recent developments in the market.
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