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HVDC Transmission Market Growth Projections and Opportunities
The expansion of the global HVDC transmission market is driven by the escalating demand for electricity transmission and the increasing adoption of VSC technology. Additionally, the rising preference for cable-based transmission over overhead lines contributes significantly to the anticipated growth of the global HVDC transmission market in the foreseeable future.
Projections indicate a robust growth trajectory for the global HVDC transmission market, with a forecasted CAGR of 8.6% during the period 2021–2027. In 2020, Asia-Pacific dominated the HVDC transmission market, commanding a substantial share of 35.1%, followed by Europe, North America, and the Rest of the World, with shares of 26.1%, 22.2%, and 16.6%, respectively.
The global HVDC transmission market is intricately segmented based on application type, voltage rating, technology type, configuration type, and region. Within the application type segment, comprising underground, asynchronous, and offshore, the asynchronous segment is poised to grow at 9.1% during the forecast period. In 2020, the underground segment secured a dominant share of 40.2% in the global HVDC transmission market.
Regarding voltage rating, the market is segmented into 640 kV, 500 kV, and 200 kV. The 640 kV segment is anticipated to register a robust growth rate of 9.8% during the forecast period. In the baseline year of 2020, the 640 kV segment held a substantial share of 39.0% in the global HVDC transmission market.
The technological landscape of the HVDC transmission market involves two main types: LCC and VSC. The VSC segment is projected to witness a significant growth rate of 10.5% during the forecast period. In 2020, the LCC segment commanded a major share of 67.8% in the global HVDC transmission market.
Configuration types, such as monopolar, bipolar, multi-terminal, and back-to-back, play a crucial role in market dynamics. The multi-terminal segment is expected to exhibit notable growth at 11.3% during the forecast period. In 2020, the bipolar segment accounted for a significant share of 32.3% in the global HVDC transmission market.
The HVDC transmission market's diverse segmentation reflects the multifaceted nature of its growth drivers, positioning it as a key player in meeting the evolving demands of electricity transmission on a global scale.
Covered Aspects:| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2022 | USD 10.5 Billion |
| Market Size Value In 2023 | USD 11.4 Billion |
| Growth Rate | 8.60% (2023-2032) |
HVDC Transmission Market Highlights:
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