HVDC Transmission Market By Component By Region - Forecast, 2020-2027

 

Global HVDC Transmission Market

The GMI Research presumes that the HVDC Transmission Market will boom during the forecast period. The considerable growth is because of the ability of HVDC transmission system to integrate the new generation of technology with the already existent infrastructure and the increasing need to improve safety of power supply.

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HVDC Transmission Market Dynamics

The robust demand for VSC technology and increasing emphasis on inexhaustible energy are the crucial forces compelling the market growth. Also, the surging consumption of electricity led by the rapid increase in population rate will further fuel the market growth. HVDC transmission decreases power losses during transfer and is cheaper than other transmission processes. Further, the aggravated application of electricity powered devices has stimulated the demand for electricity, which is further impelling the market size.

Further, the emerging demand for optimum solutions for longer power transmittance and the evolving need for cable-based requirement for cable-based transmission rather than overhead lines transmission have further paved the way for market growth. The increasing number of strategic government norms and initiatives to encourage HYDC transmission systems is another factor responsible for the market growth. However, the increasing cases of power fault during a short circuit in AC will restrain the market growth.

Regional Drivers

The Asia-pacific region is projected to account for the highest share over the market. This is because of the increasing consumption of energy driven by the mounting population rate, primarily in China and India and the robust demand for continuous power supply. Moreover, the development in the power infrastructure development has opened up new growth opportunities for market. Countries like China are investing heavily in sustainable energy resources with the application of latest UHVDC technologies for power transfer.

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