According to the research report titled ‘Global HVDC Transmission Market Size, by Transmission type (Submarine HVDC Transmission System, HVDC Overhead Transmission System and HVDC Underground Transmission System), by Component type (Converter Stations and Transmission Medium (Cables)) and Regional Forecasts 2020-2027’, available with Market Study Report, global HVDC transmission market had reached a valuation of USD 8.77 billion in 2019 and is likely to showcase a y-o-y growth rate of 6.90% between 2020 and 2027.
 

Increasing production of electricity owing to its high consumption rates coupled with growing worldwide population are some of the prime factors propelling the expansion of global HDVC transmission market.
 

For those uninitiated, HDVC (High Voltage Direct Current) transmission is a key component during transfer of electric energy in bulk, particularly over long distances. These systems are connected using the power girds which aid in eliminating issues associated with electrical loss. HDVC is also less expensive and is considered to be an efficient solution for transferring electrical energy from solar or wind farms, thereby stimulating global HBDC transmission market outlook.
 

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Apart from this, growing demand for voltage-based converters is also aiding the market expansion. On the contrary, short circuits in AC systems may result in power failures, which in turn is negatively impacting worldwide HDVC transmission industry.
 

As per transmission type, the market is segmented into HVDC underground transmission system, HVDC overhead transmission system and submarine HVDC transmission systems. Moving on to component type, the market is split into transmission medium and converter stations segments.
 

From the regional perspective, North America dominates global HVDC transmission industry in terms of revenue share and is likely to depict similar growth trends in the forthcoming years, owing to favorable federal regulations associated with the use of HVDC transmission systems.
 

Parallelly, Asia-Pacific is expected to emerge as a major revenue generator for the overall market during the forecast period, primarily driven by increasing production of energy across the region.
 

The competitive landscape of global HVDC transmission industry is defined by companies such as TDK Electronics AG, Toshiba Corporation, Schneider Electric, Prysmian Group, Nexans S.A., Mitsubishi Electric Corporation, Hitachi Ltd., General Electric Co., Siemens AG, and ABB Ltd. among others.