Hvdc Transmission Systems Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The HVDC transmission systems market had a market size of around USD 8.85 billion in 2020 and is expected to reach USD 17.23 billion by 2027, registering a CAGR of more than 8.68% during 2022-2027. Due to the COVID-19 pandemic, the HVDC transmission systems market was affected adversely due to the postponement and delays of several projects around the world. For instance, in March 2020, the SOO Green HVDC link transmission line project in Iowa, United States, was postponed due to the pandemic. Further, the growth of utility-scale renewable energy plants and the shift away from fossil fuels will drive the market. It helps to transmit electricity from remote renewable plants over a long distance without much energy loss than the HVAC system. In addition, rural electrification will play a significant role in increasing the demand for HVDC transmission systems in developing regions such as Asia-Pacific and Africa. 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, which is expected to restrain the market during the forecast period.
Key HighlightsThe HVDC transmission systems market is consolidated. The major companies include ABB Ltd, Siemens AG, Toshiba Corporation, General Electric Co., and Mitsubishi Electric Corporation, among others.
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