The Canadian High Voltage Direct Current (HVDC) Transmission System Market is expected to grow 1.7 times by 2028.
DUBAI, United Arab Emirates, Nov. 15, 2022 (GLOBE NEWSWIRE) — The global HVDC transmission systems market is expected to create an absolute dollar opportunity by augmenting market growth at an impressive CAGR of 8.9% over the period of projection from 2022 to 2028. The global market is expected to grow from a valuation of US$10.3 billion in 2022 to US$17.2 billion by 2028. The demand for HVDC transmission system accounted for nearly 15% market share of the global power transmission market.
The demand for HVDC transmission systems accelerated with a robust CAGR of 7.3% during the historic period from 2013 to 2021. The growth of the global HVDC transmission systems market is attributed to some of the major factors such as the requirement of low investments as well as low potential losses and the possibility of transferring energy between separate alternating current networks.
Future Market Insights forecasts a comparison of the HVDC Transmission Systems market and its growth in H1 2021 vs. H1 2022. projects imply a reduction, according to IMF analysis. Moreover, compared to H1-2021, the market is expected to decline by 90 points in H1-2022.
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By the nature of their architecture, HVDC transmission systems have high installation and maintenance costs. Modern applications require AC power, so it is crucial to install converter stations at endpoints to convert DC power to AC power, which increases costs. Therefore, it limits the growth of the market in the first half of 2022 compared to the first half of 2021.
HVDC (High Voltage Direct Current) transmission systems are used for power transmission over long distance. These systems should use direct current for efficient power transmission. HVDC transmission uses two technologies, namely Line Commutated Converter (LCC) and Voltage Source Converter (VSC).
The line-commutated converter is known as an economical technique based on thyristor power semiconductors. Growing demand for HVDC transmission system components such as AC and DC harmonic filters, converters, DC lines and circuit breakers to enable system safety is the current trend in the HVDC transmission system market.
Key points to remember
The concept of long-distance P2P high-voltage direct current transmission does not necessarily require high overall investments. HVDC transmission systems also consist of low losses compared to equivalent AC transmission variants.
Although the installation of DC to high voltage conversion equipment in terminal stations is economically higher, the expense incurred by the total DC transmission line over long distances is considerably lower than that of the transmission line. AC transmission installed over the same distance.
HVDC transmission systems are expected to require relatively fewer conductors per unit distance compared to an AC transmission system. This important factor is estimated to propel the adoption of HVDC transmission systems during the forecast period.
The global market for HVDC transmission systems was valued at US$5.4 billion in 2013. Suppliers of High Voltage Direct Current (HVDC) transmission systems focus on maintaining a long-term partnership with the consumer to to increase their market share in the global market.
High voltage direct current transmission systems include the potential for transferring electrical power between separate alternating current networks. This specific power transfer can be autonomously controlled by HVDC transmission systems to support individual networks throughout transient conditions. Additionally, integrating at least one HVDC link into an AC network can improve overall system controllability.
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HVDC transmission system solution providers are focused on initiating innovative solutions and expanding their HVDC transmission system solution offerings to provide enhanced technology as well as new and technologically advanced solutions in new markets. The business alliance strategy assists the company in product development, technology management and customer expansion.
General Electricity Company.
Mitsubishi Electric Corporation
TransGrid Solutions Inc.
LS Industrial Systems Co., Ltd.
More information on the HVDC Transmission System Market
North America is expected to remain the dominant region and one of the most attractive markets throughout the forecast period. In the North American region, Canada is expected to grow at a phenomenal rate of around 9.0% CAGR during the forecast period. Canada HVDC Transmission System Market is expected to reach 1.7X by 2028.
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HVDC Transmission System Market Study by Category
By system component:
By nominal power:
1000 – 2000MW
2000MW and above
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1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply-side trends
1.4. Analysis and recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limits
3. Key Market Trends
3.1. Key trends impacting the market
3.2. Product Innovation / Development Trends
4. HVDC Transmission Systems- Price Analysis
4.1. Price analysis, by component type
4.2. Comparative analysis of average prices
5. HVDC Transmission System Market Demand Analysis 2013-2021 and Forecast, 2022-2028
5.1. Historical Market Size Analysis (USD Million), 2013-2021
5.2. Current and Future Market Size Projections (USD Million), 2022-2028
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