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According to a comprehensive research report by Market Research Future (MRFR), the global HVDC market will grow at a CAGR of 8.
6%
from 2022 to 2030.
The rapid expansion of offshore wind power and growing demand for electricity are the major factors
contributing to the growth of this market.
The HVDC transmission system market is expected to grow
with the increasing installation of offshore wind power projects.
Offshore wind can generate large amounts of electricity, which can then be distributed to areas where
electricity demand is high.
In addition, as the demand for electricity grows, so does the demand for cable-based transmission, while safety considerations such as the lack of insulation of overhead transmission lines present significant risks to public safety, thus stimulating the growth of the
HVDC transmission market.
At the same time, factors such as rising market share of distributed generation and short circuits in AC power systems will also restrict the development of
this market.
During the forecast period, the rising share of distributed and off-grid power generation will meet the demand for electricity in outlying islands and remote areas, coupled with the lower
cost of distributed and off-grid power generation compared to HVDC.
From the perspective of regional market, Asia Pacific will dominate the global HVDC market
during the forecast period.
As a result of the expansion of power infrastructure in the region, China in particular is investing heavily in renewable energy and transmission using cutting-edge UHVDC technology
.
These factors are expected to drive the Asia-Pacific HVDC market
in the coming years.
Moreover, due to the increase in offshore wind installations and renewable energy generation, the U.
S.
holds the largest market share in North America during the forecast period, and the demand for cost-effective long-distance transmission solutions in the region is also expanding, which is expected to grow
at a robust rate during the forecast period.
According to a comprehensive research report by Market Research Future (MRFR), the global HVDC market will grow at a CAGR of 8.
6%
from 2022 to 2030.
6%
The rapid expansion of offshore wind power and growing demand for electricity are the major factors
contributing to the growth of this market.
The HVDC transmission system market is expected to grow
with the increasing installation of offshore wind power projects.
Offshore wind can generate large amounts of electricity, which can then be distributed to areas where
electricity demand is high.
In addition, as the demand for electricity grows, so does the demand for cable-based transmission, while safety considerations such as the lack of insulation of overhead transmission lines present significant risks to public safety, thus stimulating the growth of the
HVDC transmission market.
At the same time, factors such as rising market share of distributed generation and short circuits in AC power systems will also restrict the development of
this market.
During the forecast period, the rising share of distributed and off-grid power generation will meet the demand for electricity in outlying islands and remote areas, coupled with the lower
cost of distributed and off-grid power generation compared to HVDC.
From the perspective of regional market, Asia Pacific will dominate the global HVDC market
during the forecast period.
As a result of the expansion of power infrastructure in the region, China in particular is investing heavily in renewable energy and transmission using cutting-edge UHVDC technology
.
These factors are expected to drive the Asia-Pacific HVDC market
in the coming years.
Moreover, due to the increase in offshore wind installations and renewable energy generation, the U.
S.
holds the largest market share in North America during the forecast period, and the demand for cost-effective long-distance transmission solutions in the region is also expanding, which is expected to grow
at a robust rate during the forecast period.
