The North America High Voltage Direct Current Power Supply Market would witness market growth of 6.5% CAGR during the forecast period (2022-2028).
The HVDC power supply technology has been garnering more favor because it encourages long-distance transmission and reduces energy expenditures. Current power transmission lines that use AC systems are presently being converted to DC systems to boost power transmitting limits. In addition, controlling the degree of fault current entering the system is possible through HVDC power supply systems.
The industry is expected to increase significantly in the near future due to rising energy consumption and the development of the renewable energy sector. The line commutated converter (LCC) and the voltage source converter (VSC) are the two technologies used by the HVDC transmission system. The market is expected to be driven by rising demand for VSC-HVDC transmission systems that stop fault propagation, complete flow control, and minimize network losses.
VSC-HVDC transmission systems play a vital role in increasing the usage of renewable energy internationally and improving grid stability. Additionally, as it aids in stabilizing present AC grids, VSC-HVDC transmission systems have seen a dramatic rise in utilization in recent years. Voltage stability, steady transients, as well as black start abilities are just a few benefits of VSC technology.
In North America, the offshore wind industry is starting to grow rapidly, and this trend is projected to continue. The region is now developing many sizable wind farms, which is anticipated to dramatically increase demand for undersea HVDC lines. The US Department of Energy (DoE) claims that the US offshore wind energy project pipeline will reach a potential producing capacity of 40,083 megawatts by 2022. Since 2021, the 40,083 MW of offshore wind energy in the United States has increased by 13.5%. As a result, it is anticipated that rising offshore activity in the region will fuel the high voltage direct current power supply market throughout the forecast period.
The US market dominated the North America High Voltage Direct Current Power Supply Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $1,079.3 Million by 2028. The Canada market is poised to grow at a CAGR of 8.9% during (2022 - 2028). Additionally, The Mexico market would witness a CAGR of 8% during (2022 - 2028).
Based on Vertical, the market is segmented into Industrial, Telecommunication, Medical, Oil & Gas and Others. Based on Voltage, the market is segmented into >4000V, 1,000-4000V and <1000V. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global High Voltage Direct Current Power Supply Market is Estimated to reach $5 Billion by 2028, at a CAGR of 6.9%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Hitachi, Ltd. (Hitachi Energy Ltd.), Toshiba Corporation, Siemens AG, General Electric Company, XP Power, Ltd., Hamamatsu Photonics K.K., Excelitas Technologies Corp., American Power Design, Inc., American High Voltage, and Nikken Sekkei Ltd.
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