High Voltage Direct Current (HVDC) Transmission System Market to be dominated by Submarine HVDC Transmission Systems segment through 2028
Growing energy demand, as well as the growth of the
renewable energy sector to drive Global High Voltage Direct Current (HVDC)
Transmission System Market in the forecast period, 2023-2028.
According to TechSci Research report, “Global High Voltage Direct Current (HVDC)
Transmission System Market - By Region,
Competition, Forecast & Opportunities, 2028”, Global High Voltage Direct Current (HVDC)
Transmission System Market is anticipated to grow at an 8.59% CAGR in the
forecast period, 2024-2028, the growth of utility-scale renewable energy plants
and the shift away from fossil fuels will drive the market. It helps to
transmit electricity from remote renewable plants over a long distance without
much energy loss than the HVAC system. In addition, rural electrification will
play a significant role in increasing the demand for HVDC transmission systems
in developing regions such as Asia-Pacific and Africa.
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Based on Transmission Type, Global High Voltage Direct
Current (HVDC) Transmission System Market is segmented into— Submarine HVDC
Transmission System, HVDC Overhead Transmission System, and HVDC Underground
Transmission System, the submarine HVDC transmission system market is likely to
grow significantly due to the development of submarine power transmission
systems worldwide. Submarine electricity transmission is gaining importance due
to the increasing focus on power trading between countries. The HVDC submarine
power transmission system is crucial for developing future power transmission
networks. HVDC transmission is the only solution for transferring high power
across long subsea distances. The major purposes served by HVDC submarine
transmission are to interconnect countries or islands separated by sea and to
connect remote offshore platforms to main transmission grids. Moreover, the
HVDC submarine power transmission system helps countries separated by water
bodies to trade electricity with each other, which is a significant driver for
the segment as countries are interested in generating revenue from excess
electricity generated through renewable energy sources.
Furthermore, developing offshore projects, such as
wind power plants and offshore oil and gas upstream projects, offers increasing
business opportunities for HVDC technology worldwide. Thus, owing to the above
points, demand for the submarine HVDC transmission system is expected to
increase in the forecast period.
Based on Region, Europe region is expected to dominate
the market for High Voltage Direct Current (HVDC) Transmission System during
the forecast period. The European power generation mix is expected to change
considerably in favor of renewables over the next few years, with countries
such as Germany, Spain, Belgium, and France, increasingly moving toward a
low-carbon economy. The region also has several policies, such as the EU's
renewable energy directive and national renewable energy action plans, that support
the transition to a low-carbon energy system. The energy transition continues
to be an integral part of Germany’s energy landscape, with ambitious goals to
cut CO2 emissions by 80% and increase the share of renewable energy in total
energy consumption to 60% and 80% of electricity generated from renewable
sources by 2050.
With the increasing integration of renewable energy
sources and the growing need to enhance the security of supply, HVDC grid
technology is expected to evolve in the country. Moreover, investments in the
offshore wind industry, solar photovoltaic, grid expansion, and energy storage
projects require smart energy infrastructure to balance the fluctuating supply
of renewable sources. For instance, TenneT started the tender for the platform
and HVDC system for the offshore Dutch IJmuiden Ver projects and will start the
project by the end of 2022 for the offshore IJmuiden Ver wind area. In
addition, the project is expected to be commissioned by 2028. Excess renewable
energy generation capacity in France and Spain is expected to be more easily
transmitted between the two countries following the granting of EUR 578 million
by the European Union to build an undersea power cable across the Bay of
Biscay. This, in turn, is likely to require HVDC transmission lines to transmit
with low transmission losses, improve supply security and resource
diversification, and pave the way for power market integration in southwestern
Europe. Thus, owing to the above points, Europe is expected to dominate the
HVDC transmission systems market in the future.
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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“The Global High
Voltage Direct Current (HVDC) Transmission System Market is expected to expand
during the projected period. The
Global High Voltage Direct Current (HVDC) Transmission System Market is
primarily driven by the increasing demand for efficient, long-distance
electricity transmission and integration of renewable energy sources into the
grid. HVDC systems have gained prominence due to their ability to transmit
electricity over long distances with lower energy losses compared to
traditional AC transmission lines. One of the key drivers is the rapid growth
of renewable energy generation, such as wind and solar power, often located far
from urban centers. HVDC technology facilitates the efficient transport of this
clean energy to where it's needed most. Additionally, it enhances grid
stability and reliability, especially in regions prone to power outages and
grid congestion. Furthermore, governments worldwide are investing in
infrastructure modernization and interconnection projects to enhance energy
security and reduce carbon emissions. These initiatives propel the demand for
HVDC transmission systems, creating a favorable market environment for
manufacturers and developers. In conclusion, the global HVDC transmission
system market's growth is underpinned by the imperative need for reliable,
efficient, and sustainable long-distance electricity transmission.” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based global management consulting firm.
High Voltage Direct Current (HVDC) Transmission
System Market – Global Industry Size, Share, Trends, Opportunity,
and Forecast Segmented by Transmission Type
(Submarine HVDC Transmission System, HVDC Overhead Transmission System, and
HVDC Underground Transmission System), Component (Converter Stations and
Transmission Medium (Cables)), By Region, Competition, 2018-2028”, has evaluated the future growth potential of global High
Voltage Direct Current (HVDC) Transmission System market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision-makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the global High Voltage Direct Current (HVDC)
Transmission System market.
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