Europe High-Voltage Direct Current (Hvdc) Transmission Systems Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The Europe high-voltage direct current (HVDC) transmission systems market is likely to register a CAGR of more than 8% during the forecast period, 2022-2027. The COVID-19 pandemic disrupted the market temporarily by causing a shortage of equipment due to the closure of manufacturing facilities. The market saw a decline in investments due to lesser discretionary spending. Factors such as the growth of utility-scale renewable energy plants and the shift away from fossil fuels are likely to drive the market as the HVDC transmission system helps to transmit electricity from remote renewable power plants over a long distance without much energy loss than the HVAC system. However, with the increasing share of distributed and off-grid power generation, the need and, in turn, the demand for HVDC transmission systems is expected to be reduced, thus restraining the market growth during the forecast period.
Key HighlightsThe European high-voltage direct current (HVDC) transmission systems market is partially fragmented. Some of the major players involved in the market include General Electric Company, Hitachi Energy Ltd, Eaton Corporation PLC, Siemens Energy AG, and Toshiba Corporation.
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