March 16, 2021
According to the recent research report titled ‘Global HVDC Transmission Market: Analysis By Technology , Component, Application, By Region, By Country: Market Insights, Covid-19 Impact, Competition and Forecast (2020-2025)’, available with Market Study Report, global HVDC transmission market was worth USD 7831.55 million in 2019 and is projected to record a substantial growth over the estimated timeframe.
The report states that global HVDC transmission market growth is primarily driven by increasing government reforms across commercial and residential establishments, and rapid urbanization.
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Mounting demand for electricity across countries in Asia Pacific and other developing economies has emphasized the obligation of transmitting electricity over long distances with less transmission losses, further contributing to the overall market outlook.
Besides, inclination towards community-based electrification, along with growing private and public funding towards adoption of decentralized generation units will augment global HVDC transmission industry share.
In developed economies, the demand for an effective and scalable electricity transmission system has been continuously increasing. Policymakers and commercial agencies have a range of options available, with high voltage direct current (HVDC) transmission systems emerging as a feasible energy storage method.
Governments of various economies are heavily investing in electricity infrastructure development with the intention to offer clean and inexpensive electricity, adding to the demand for HVDC transmission units in remote areas.
Movement of wind farms further away from the coastline to avoid the complaints of unsightliness will raise the adoption rate for HVDC connections for offshore wind farms over time, thereby generating revenues.
Citing the regional terrain, Asia Pacific presently holds a considerable share of global HVDC transmission industry and is predicted to expand further through 2025. Developing economies including India and China, which have unstable and unreliable power, are likely to turn out as a lucrative prospect for the industry expansion.