According to Reports Intellect study, over the next five years the HVDC transmission system market will register a 9.9 % CAGR in terms of revenue and the global market size will reach $13.5 B by 2024, from $7.65 B in 2019.
The increasing demand for cost-effective solutions for long distance power transmission and integration of VSC technology across grids to enable system security are the major factors that drive the HVDC transmission system market growth.
In the Asia Pacific (APAC) region, China and India are the major contributors to the growth of the HVDC transmission system market due to the growing demand for power in these countries. Some other factors affecting the growth of the market in this region include aging power infrastructure, increase in power consumption pattern, economic uncertainties, and low carbon emission initiatives.
Major players operating in the HVDC transmission market are: ABB, Siemens, XD Group, NR Electric, GE Grid Solution, NKT, TBEA, Xuji Group, Hitachi, Nexans, Toshiba, Mitsubishi Electric and Abengoa.
The regions covered in this report are: Americas (United States, Canada, Mexico, Brazil), APAC (China, Japan, Korea), Southeast Asia (India), Australia, Europe (Germany, France, UK, Italy, Russia, Spain), Middle East & Africa (Egypt, South Africa, Israel, Turkey), GCC Countries
Source: Reports Intellect