08 April 2021
The new report the High Voltage Direct Current (HVDC) Market Report to 2031: Forecasts by Technology (Capacitor Commutated Converter (CCC), Voltage Source Converter (VSC), Line Commutated Converter (LCC)), Project Type (Point-to-Point, Back-to-Back, and Multi-Terminal), Application (Bulk Power Transmission, Interconnecting Grids, and Infeed Urban Areas), by Region, Country, and Profiles of Leading Companies indicates that the Global HVDC Transmission Market will see $ XX bn in spending in 2020.
The lead analyst of the report said: "The HVDC Transmission Market is about to enter a period of phenomenal growth and innovation. The next ten years will see the upsurge demand of the HVDC transmission."
HVDC systems are recognized as an ideal system for electricity feeding into the populated urban areas, where the requirement of bulky overhead wires could cause substantial obstructions. Contempt being more expensive, underground power transmission lines utilization increases in urban zones across the developing and developed countries. Currently, commercial and residential developments have underground utility infrastructure, often ordered by law for aesthetic reasons.
The interconnection of the AC grid and HVDC has hardened the capacity and reliability of power grids. Growth in global electricity consumption is one of the primary factors driving the growth of the global HVDC transmission market. The rapidly growing population globally, thereby increasing electricity demand and its consumption. This is expected to increase the need for more electrically powered devices in the commercial and residential areas.
Considering the demand to reduce carbon emissions and fossil fuel impact, the manufacturers are using advanced technologies, causing higher electricity consumption with limited failure and environmental effect. The growing need for cable-based transmission instead of transmission through overhead lines is the other prime factor for the global market's growth. Considering the current market scenario, the overhead transmission lines are not insulated, and subsequently, it increases the risk of human safety. Cable based transmission lines require insulation so that the live wires do not touch the earth and get shorted. Therefore, the adoption of cable-based transmission lines increases, thereby fueling the HVDC transmission market's growth over the forecast period.
The COVID-19 pandemic has already disrupted all industries, partially or fully. The lockdown imposed resulted in a high growth fall for consumption for HVDC transmission in the market. The outbreak of the COVID-19 pandemic has intensely changed the HVDC transmission market dynamics in the coming years.
The XX page report contains 109 tables and 227 graphs that add visual analysis to explain developing trends within the HVDC transmission market. The report provides $ XX bn forecasts during the forecast period 2021-2031 for the HVDC transmission submarkets, namely by project type, i.e., point-to-point, back-to-back, and multi-terminal.
The XX page report offers market forecasts and analysis for 24 leading national markets and the rest of the world market. In addition, the report contains a dedicated leading companies' chapter covering more than 15 companies leading the field in the HVDC transmission.
The global HVDC transmission market 2021-2031 report will be of value to anyone who wants to understand better the HVDC transmission market and its various segments. It will be useful for businesses who wish to comprehend the part of the market better they are already involved in, or those wishing to enter or expand into a different regional or technical aspect of the HVDC transmission industry.
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