HVDC transmission market to reach USD 14.9 billion by 2028, driven by technological advancements
From GlobeNewswire: 2024-06-02 20:30:00
The HVDC Transmission Market is set to reach USD 14.9 billion by 2028, growing at a CAGR of 5.4% from 2023 to 2028. Factors such as increasing VSC-based projects, renewable energy adoption, and technological advancements are driving market growth. Major players include Hitachi, Siemens Energy, and General Electric.
Bulk power transmission dominates the HVDC market due to lower power loss and precise control. The surge in electricity demand from urban areas is propelling the growth of HVDC systems. LCC-based transmission, utilizing thyristor valves, accounts for the largest share, reducing power losses over long distances.
Asia Pacific, particularly China, is expected to see the highest CAGR in the HVDC market, driven by the increasing power demand and low carbon emission initiatives. The region’s focus on power quality reliability and clean energy generation fuels market growth. The market is witnessing trends like multi-terminal systems and UHVDC development to enhance efficiency in power distribution.
HVDC transmission sector analysis highlights strong growth supported by technological advancements and infrastructure investments. The market’s adoption of HVDC systems for efficient long-distance electricity transmission and renewable energy integration is increasing. Government initiatives for carbon reduction and grid stability, along with R&D efforts to enhance technology, are driving market expansion through collaborations among industry players.
Read more at GlobeNewswire: Global HVDC Transmission Market: Comprehensive Overview,