HVDC Transmission Market Report, Industry Analysis, Growth Drivers and Forecast to 2028

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MarketsandMarkets Presents

HVDC Transmission Market Report, Industry
Analysis, Growth Drivers and Forecast to
2028 HVDC Transmission Market by Component
(Converter Stations, Transmission Cables),
Technology (CCC, VSC, LCC, HVDC, UHVDC), Project
Type (point-to-point, back-to-back,
multi-terminal), Application, Region - Global
Forecast to 2028 https//www.marketsandmarkets.co
m/Market-Reports/hvdc-grid-market-1225.html
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The HVDC transmission market is projected to
reach USD 14.9 billion by 2028 from USD 11.4
billion in 2023, at a CAGR of 5.4 from 2023 to
2028. A growing number of VSC-based HVDC
projects, increasing adoption of renewable energy
globally, growing demand for reliable power
supplies, and favorable government policies and
initiatives for HVDC transmission are the major
factors driving the market growth. Furthermore,
the constantly increasing technological
advancements related to converter station
components and the growing need for electricity
exchange globally with the help of seamless
interconnection of power grids are also expected
to boost the market growth during the forecast
period. Browse 165 market data Tables and 64
Figures spread through 240 Pages and in-depth TOC
on "HVDC Transmission Market - Global Forecast to
2028"
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Converter stations to dominate the HVDC
transmission market during the forecast
period. The growing electricity demand globally
and the subsequent increase in the need to
transmit power has led to increased adoption of
HVDC transmission as it facilitates transmission
with lower losses over longer distances. The
growing number of VSC-based HVDC transmission
projects globally has driven the demand for
insulated-gate bipolar transistor (IGBT) valves
and circuit breakers used in converter stations.
Furthermore, the growing need for improved and
efficient power transmission and connection of
asynchronous grids is expected to create a surge
in demand for HVDC converter stations. Ask PDF
Brochure https//www.marketsandmarkets.com/pdfdow
nloadNew.asp?id1225 Point-to-point projects to
lead the HVDC transmission market during the
forecast period. Point-to-point transmissions are
generally used if high power is needed to be
transmitted between two converter stations.
Point-to-point transmission is highly suitable
for transmitting power over long distances, and
in recent years, there has been a significant
increase in the adoption of bipolar
configurations in point-to-point transmissions in
the Asia Pacific due to their reliability in
carrying high power loads. Furthermore, the
increasing focus of European countries on using
renewable energy and the subsequent need for
efficient energy transmission would further drive
the market growth for point-to-point
transmissions.
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Asia Pacific held the largest share of the HVDC
transmission market in 2022. Asia Pacific
accounted for the largest share of the HVDC
transmission market in 2022. An increasing number
of HVDC transmission projects in countries such
as China and India, a favorable regulatory
environment for the development and sales of HVDC
components, and an increasing number of rural
electrification projects in the region are some
of the major factors driving the market growth in
the Asia Pacific. Moreover, the constantly
increasing population, rapid urbanization, and
the subsequently increasing demand for
electricity in the region are also major factors
driving the market growth. Furthermore, the
presence of established market players in the
region, such as Hitachi (Japan) and Mitsubishi
Electric Corporation (Japan), is also expected to
provide increased opportunities for the adoption
of HVDC transmission in the region. Request Free
Sample Pages https//www.marketsandmarkets.com/re
questsampleNew.asp?id1225 Key Market
Players The major players in the HVDC
transmission companies include Hitachi (Japan),
Siemens Energy (Germany), Mitsubishi Electric
Corporation (Japan), General Electric (US), and
Prysmian Group (Italy). These companies have used
inorganic growth strategies such as agreements,
collaborations, acquisitions, partnerships, and
joint ventures to strengthen their position in
the market.
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HVDC Transmission Market Ecosystem The prominent
players in the HVDC transmission market are
Hitachi (Japan), Siemens Energy (Germany),
Mitsubishi Electric Corporation (Japan), General
Electric (US), and Prysmian Group (Italy). These
companies use inorganic growth strategies to
expand themselves globally by providing advanced
components related to HVDC transmission. 
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HVDC Transmission Market Dynamics Opportunity
Technological advancements related to HVDC
transmission Technological advancements are
extensively providing opportunities for market
players within the HVDC transmission market. In
recent years, there have been a significant
number of technological advancements associated
with converter technologies, grid management
systems, efficiency gains, digitalization, and
innovations in underwater HVDC transmission and
circuit breaker technology. Converter
technologies, particularly Voltage Source
Converter (VSC) technology, have evolved
significantly. VSC-based HVDC systems offer
improved control, reliability, and efficiency,
making them ideal for renewable energy
integration and grid modernization. Furthermore,
grid management systems have undergone
significant advancements, offering real-time
monitoring, predictive maintenance, and advanced
fault detection. These enhancements boost grid
reliability and system performance. Challenge
Lack of standardization and interoperability The
lack of standardization and interoperability in
HVDC transmission is a significant challenge that
hampers its widespread adoption and operational
efficiency. This issue arises from the absence of
uniform technical standards and communication
protocols across the industry, making it
challenging to integrate HVDC systems and
components from different manufacturers
seamlessly. A primary consequence of this lack of
standardization is compatibility issues and
communication breakdowns between non-standardized
HVDC components. As HVDC systems are complex and
involve various components like converters,
transformers, and control systems, the absence of
standardization complicates their integration
into a cohesive system.
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