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High Voltage Direct Current Power Supply Market Trends

Report ID: GMI9948
Published Date: Jun 2024
Report Format: PDF

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High Voltage Direct Current Power Supply Market Trends

The rising use of HVDC systems to make it easier to integrate renewable energy projects into the current power grids is one notable trend. Electricity from renewable resources, such as offshore wind farms and solar parks, can be efficiently transmitted over vast distances to urban areas and industrial hubs owing to HVDC technology. This capacity is essential for reducing transmission losses and getting beyond geographic restrictions, which will help the world move to greener and more sustainable energy sources. The need for HVDC systems keeps rising as nations work to cut carbon emissions and meet renewable energy targets, especially in areas with abundant renewable energy resources.

The growth of interregional and intercontinental HVDC transmission projects is another significant trend. Governments and utilities are investing in cross-border hybrid variable distribution (HVDC) links to improve energy security, encourage market integration, and ease international energy trade. Through these projects, neighboring countries and continents can efficiently interchange electricity, strengthening grid resilience and promoting economic cooperation. Submarine cables that connect continents, or other intercontinental HVDC transmission lines, are essential for diversifying energy sources and guaranteeing a steady supply of energy globally. This pattern emphasizes how crucial HVDC technology is to the development of global, integrated, and sustainable energy networks.

Another important trend in the industry is the development of HVDC converter technology. Voltage source converter (VSC) advancements and line-commutated converter (LCC) upgrades are increasing the flexibility, dependability, and efficiency of the system. Advanced control and protection systems that maximize power flow, maintain grid stability, and reduce operating hazards are features of modern HVDC systems. HVDC systems may support smart grid initiatives, smoothly integrate with renewable energy sources, and react to dynamic grid conditions owing to these technological advancements.

Authors: Suraj Gujar , Sandeep Ugale

Frequently Asked Questions (FAQ) :

Industry size for high voltage direct current power supply was worth USD 3.91 billion in 2023 and will grow at an 8.2% CAGR between 2024 and 2032 due to increasing demand for efficient long-distance power transmission, rising renewable energy integration, and grid stability needs.

High voltage direct current power supply industry from the subsea segment will record 10% CAGR through 2032, driven by the increasing need for efficient offshore wind power integration and intercontinental power transfer.

Asia Pacific industry registered 30% share in 2023, attributed to the growing energy demand, coupled with increasing renewable energy projects, rapid urbanization, industrialization, and significant investments in power infrastructure.

Key players operating in the industry are ABB Ltd., Siemens AG, General Electric (GE), Hitachi Energy (formerly Hitachi ABB Power Grids), Toshiba Corporation, and Mitsubishi Electric Corporation, are among others.