The Asia Pacific HVDC Transmission Market would witness market growth of 6.2% CAGR during the forecast period (2023-2030).
High-voltage direct Current transmission technology has many applications in the energy sector. HVDC is well-suited for transmitting electricity over long distances with lower energy losses than AC transmission. It is often used for connecting remote power generation sources to significant population centres. HVDC transmission is crucial for integrating renewable energy sources like wind farms and solar installations into the electrical grid. HVDC is the preferred technology for undersea or subsea power cable connections, such as offshore wind farms and the mainland.
The rising integration of renewable energy sources into the electricity grid has driven the demand for HVDC transmission systems. HVDC is well-suited for transferring power from remote renewable energy generation sites to urban centres. HVDC systems are often used for interconnecting regional and national power grids, facilitating the exchange of electricity between different areas. This enhances grid stability and reliability. China and India are among the countries investing significantly in HVDC technology.
Many countries in the Asia-Pacific region are rapidly expanding their renewable energy capacity, particularly in solar and wind power. Countries like China and Bhutan have extensive hydropower potential. HVDC technology is employed to transmit hydropower-generated electricity from mountainous regions to areas with high energy demand, reducing transmission losses and ensuring a stable power supply. In remote and rural areas of the Asia-Pacific, HVDC technology can be used to extend the reach of the electrical grid, bringing electricity to previously underserved communities. This contributes to improving living standards and economic development. These factors are aiding the expansion of the regional market.
The China market dominated the Asia Pacific HVDC Transmission Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $2,032 million by 2030. The Japan market is registering a CAGR of 5.4% during (2023 - 2030). Additionally, The India market would showcase a CAGR of 6.8% during (2023 - 2030).
Based on Project Type, the market is segmented into Point-to-point (Monopolar Transmission Systems, and Bipolar Transmission Systems), Back-to-back, and Multi-terminal. Based on Technology, the market is segmented into Line Commutated Converter (LCC), Capacitor Commutated Converter (CCC), and Voltage Source Converter (VSC). Based on Application, the market is segmented into Bulk Power Transmission, Interconnecting Grids, and Infeed Urban Areas. Based on Component, the market is segmented into Converter Stations, Transmission Cables, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Global HVDC Transmission Market is Predict to reach $16.5 Billion by 2030, at a CAGR of 5.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Hitachi, Ltd., Mitsubishi Electric Corporation, Siemens Energy AG, General Electric Company, Prysmian Group, Toshiba Corporation, NKT Photonics A/S (NKT A/S), Nexans S.A., LS ELECTRIC CO., Ltd, and NR Electric Co., Ltd. (NARI Technology Development Limited Co.)
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By Technology
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