According to the new report released by Report Linker in January, the HVDC transmission market is projected to reach $12.3 billion by 2024 from $8.2 billion in 2018, at a CAGR of 6.9% during 2018-2024.
Major drivers for market growth are optimal solutions for long distance transmission, growing demand for VSC technology, shift toward renewable energy, and supportive government policies and initiatives for HVDC transmission. However, the high cost of installing HVDC transmission systems is the major restraint for the growth of the market.
The report involves estimating the HVDC transmission market's size and analysing the growth potential of this market across different segments, such as component, technology, project type, application, and region; it also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key growth strategies.
Key players in the HVDC transmission market include ABB (Switzerland), Siemens (Germany), General Electric (US), Hitachi (Japan), Mitsubishi Electric (Japan), Nexans (France), NKT A/S (Denmark), NR Electric (China), C-EPRI Electric Power Engineering (China), and Prysmian Group (Italy).
Source: Erie News Now