Asia Pacific High Voltage Direct Current (Hvdc) Transmission Systems Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The Asia-Pacific (APAC) high voltage direct current (HVDC) transmission systems market is expected to witness a CAGR of around 4.5% during the forecast period. The COVID-19 outbreak severely affected the market due to the reduced power demand caused by the suspended economic activity worldwide. The electricity consumption in the commercial and industrial sector in the Indian state of Telangana reduced from 70 MU in 2019 to 60 MU in 2020, which resulted in heavy losses for power distribution companies and led to their reluctance to go for new power transmission projects. The market’s growth is attributed to the reliable transmission of high power loads for long distances and efficient transmission with low T&D losses. However, the high installation cost is likely to hinder the market’s growth in the coming years.
Key HighlightsThe Asia-Pacific high voltage direct current (HVDC) transmission systems market is moderately fragmented. Some of the key players include Hitachi Energy India Ltd, Bharat Heavy Electricals Ltd, General Electric Company, Siemens Energy AG, and Mitsubishi Electric Corporation.
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