HVDC Transmissions System Market to Bestow an Incremental Opportunity of US$ 9 Bn Through 2028: Future Market Insights

DUBAI, UAE / ACCESSWIRE / September 23, 2020 / According to a new market study by Future Market Insights (FMI), the HVDC transmissions system market is forecasted to witness healthy growth between 2018 and 2028.

Growing demand for HVDC transmission systems among power transmission industries and emerging economies is forecasted to serve as a major growth driver to the market. Furthermore, augmenting adoption of HVDC transmission systems in offshore wind projects, coupled with rising demand for these systems for long-distance transmission will equally complement market growth.

Furthermore, the Line Commutated Converter (LCC) technology used in HVDC transmission is highly economical and results in minimal power losses. The growing adoption of HVDC transmission systems for long-distance transmission is ascribed to the low expense of total current transmission line over large distance as compared to alternating current lines for the same distance.

"The installation of a transmission system involves various components, such as converters, smoothing reactors, and harmonic filters, which increases the cost. As this holds back the growth of the market, manufacturers are focusing on entering partnerships with component suppliers to lower the installation cost", opines FMI analyst.

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HVDC transmissions system market – Key Takeaways

The HVDC transmissions system market, which was valued at US$ 7.5 Bn in 2019, is expected to surge past valuation of US$ 17 Bn by 2028 progressing at a CAGR of 8.7% through the assessment period.
The solutions segment, which accounted for over US$ 5 Bn in 2018, is forecasted to hold the lion's share in the market value during the forecast period.
In the solution segment, AC & DC harmonic filters are projected to bestow a lucrative opportunity of US$ 674.6 Mn by 2028.
Although the solution segment is poised to maintain dominance, the service segment is projected to grow at a faster rate of 10.3% CAGR during the forecast period.
Based on technology, the voltage source converters (VSC) segment is anticipated to expand at a healthy rate backed by surging applications of VSCs in wind farm grids for underground power transmission.

HVDC transmissions system market – Key Trends

The rising number of government initiatives related to HVDC transmissions systems is offering substantial revenue opportunities to the market.
A growing number of offshore wind farms and the substantial adoption of HVDC transmission systems will continue to drive the market on a positive trajectory.

HVDC transmissions system market – Regional Analysis

North America is forecasted to maintain hegemony over the regional landscape owing to a high preference for renewable energy.
Asia Pacific excluding Japan (APEJ) and Japan are collectively expected to grow at a value CAGR of 19.7%, which represents a growth of nearly 2.3x as compared to the overall market.

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HVDC transmissions system market – Competitive Landscape

Some of the key players operating in the market include ABB Ltd., Siemens AG, Toshiba Corporation, General Electric, Mitsubishi Electric Corporation, Prysmian SpA, TransGrid Solutions Inc., Abengoa S.A., ATCO Ltd., and LS Industrial Systems Co., Ltd. among others. Market players are focusing on launching new products, acquisitions & mergers, and expansions to sustain in the market. On this premise,

In April 2018, ABB Ltd. announced the launching of ABB Ability – the first combined solution for digitally enabled power transformers at the Hanover Fair in Germany.

HVDC Transmissions System Market – Taxonomy

System Component:

1 – Solution

AC & DC Harmonic Filters
Converters
DC Lines
Circuit Breakers
Others

2 – Services

Technology:

LCC (Line Commutated Converters)
VSC (Voltage Source Converters)
Others

Deployment

Overhead
Underground
Subsea
Combination

Power rating:

Below 1000 MW
1000 – 2000 MW
2000 MW & above

Region:

North America
Latin America
APEJ (Asia Pacific Excluding Japan)
Japan
Eastern Europe
Western Europe
MEA (Middle East & Africa)

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Get Valuable Insights into the HVDC Transmissions System Market

Future Market Insights, in its new offering, provides an unbiased analysis of the HVDC transmissions system market, presenting historical demand data and forecast statistics for the period from 2018-2028. The study divulges compelling insights on the HVDC transmissions system market, allowing readers to glean qualitative and quantitative information which will enable them to make informed market decisions in the upcoming forecast period.

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About Future Market Insights (FMI)

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

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SOURCE: Future Market Insights

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