HVDC Transmission Market Will Reach To 16.4 Billion by 2030

NOIDA, India - April 8, 2024 - PRLog -- The HVDC transmission market generated USD 11.3 billion in 2023. By the end of this decade, it will power at a rate of 5.5% and touch USD 16.4 billion by 2030. This is because of the growing requirement for electricity at a global level, the steady shift toward renewable energy sources, initiatives of the government for grid expansion, and tech progressions in T&D.

Drivers and Trends of the Industry

• The industry is growing because of the rising interest in VSC technology and the enhanced transmission efficiency of the HVDC method as opposed to HVAC systems.
• A rapid emergency response and independent control of reactive and active power are possible by the HVDC-VSC tech.

Shift Toward Clean and Renewable Energy is Trending

• For an improved environment, renewable energy sources are good because they can reduce the GHG effect by decreasing the emission of CO2 and other harmful gases.
• Renewable energy is one of the businesses, that is growing the fastest at a global level, with more funding going to novel projects than before.

Point-to-Point Projects Will Lead the Industry

• On the basis of project type, the point-to-point category led the industry. These projects are used when loads of power are required to be transported between 2 converter stations.
• As a result of their reliability in the transportation of substantial power loads, bipolar designs in point-to-point transmission have observed a major growth in acceptance in the APAC region recently.

APAC is the Leader of the Market

APAC is the largest market, with a 50% share, in 2023, because the region is industrializing at a fast rate and growing financially too. This is itself because of a high concentration of industrial plants in several industries, including aerospace, electronics, automotive, chemicals, and general heavy engineering. The main drivers for the industrial sector are tax breaks, affordable labor costs, and other industry-friendly laws, which decrease the cost of goods produced for consumers.

Competitive Analysis

According to the New and Renewable Energy Ministry, India's installed renewable energy capacity augmented from 76.37 GW in 2014 to 150.54 GW in 2021, i.e., by about 97%.

Renewable energy plants, such as tidal, geothermal, and hydropower, are frequently far from customers; hence, effective systems are essential to transfer energy from producers to consumers over long distances.

Source: P&S Intelligence (https://www.psmarketresearch.com/)