Factors such as better performance by HVDC systems than HVAC systems, integration of renewable energy into HVDC, growing demand for VSC-based & UHVDC technology, and increasing offshore wind transmission projects are driving the growth of the HVDC transmission market.
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Browse 72 market data Tables and 78 Figures spread through 167 Pages and in-depth TOC on “High Voltage Direct Current (HVDC) Transmission Market”
VSC-based technology expected to lead the market during the forecast period
In the HVDC Transmission Market, the most used technology is VSC based; the market for this technology is expected to grow rapidly during the forecast period due to its increasing application in offshore, submarine, and underground transmission and the growing need for a reliable electricity supply that supports economic growth and environmentally friendly practices.
The market for offshore power transmission is expected to grow at the highest CAGR between 2016 and 2022
The market for offshore power transmission is growing over the past decades; it is also expected to grow during the forecast period because of the increase in number of wind power generation projects since wind energy can produce the major amount of power, which can be distributed to the locations where the demand for electricity is high.
The market in APAC expected to grow at a high CAGR during forecast period
The HVDC transmission market in APAC held the largest share of the global market in 2015; it is expected to grow at the highest CAGR between 2016 and 2022. This growth can be attributed can be attributed to the high investments made by both regional and global companies, such as ABB, Siemens, GE, and Hitachi among others, in this region.
Major players operating in the HVDC transmission market are ABB Ltd. (Switzerland), Siemens AG (Germany), General Electric (U.S.), Hitachi (Japan), Toshiba (Japan), Nexans (France), American Superconductor (U.S.), NR Electric (China), Prysmian (Italy), and Transgrid (U.S.) among others
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