A high-voltage direct current (HVDC) transmission system uses direct current to transmit large quantities of power over long distances.
Rising need to improve the safety and security of power supply and the increasing adoption of renewable energy sources such as solar energy and wind energy are the key growth drivers for the global HVDC transmission systems market.
A HVDC transmission system requires fewer conductors and insulators and the towers deployed are cheaper than others, leading to reduced overall costs. This aspect of them could fuel product demand in the upcoming years.
The power lines that pass through an HVDC transmission system allow electricity to move faster and the voltage and current waves in DC do not change directions, in contrast to the AC lines.
HVDC transmission systems have also shown an ability to integrate successfully with new-age technologies. This has helped governments worldwide invest more money in renewable energy sources such as solar energy and wind energy.
HVDC transmission systems have emerged as a cost-effective solution for large distance power transmission, which could fuel product demand in future.
Integration of VSC technology in HVDC transmission systems could help improve the overall product performance and propel the HVDC transmission systems market.
Rising urbanization and development of smart cities globally could help bolster the overall HVDC transmission systems market, in the years ahead.
The increase in offshore wind power generation projects could positively impact the HVDC transmission systems market in the coming years.
Offshore wind energy can generate large amounts of electricity and the deployment of an HVDC transmission systems will be ideal to transmit the power, around different locations.
Emergence and Growth of HVDC Submarine Transmission Systems Could Help Overall Market Growth in Future
The advent of HVDC submarine power transmission systems could be key to the growth of the overall HVDC transmission systems market.
If large quantities of power need to be transmitted over long distances underwater, then the deployment of an HVDC submarine power transmission system remains the only viable option.
The use of an HVDC transmission system helps to serve two key purposes. It helps to interconnect countries that are separated by sea and also assist in connecting offshore platforms to the primary transmission lines.
The development in the HVDC submarine transmission systems could directly impact the growth in the overall HVDC transmission systems market, in the years ahead.
COVID-19 Pandemic Propels HVDC Transmission Systems Market
The outbreak of COVID-19 pandemic positively impacted the global HVDC transmission systems market.
Governments worldwide have been inclining towards using renewable energy sources in a bid to achieve their goal of obtaining clean energy. This factor helped fuel the demand for HVDC transmissions systems during the coronavirus outbreak and also propelled the overall market.
When the new US government under Joe Biden took over in November 2020, it announced a net-zero emission target for the US, by the year 2050.
While HVDC transmission systems have proven beneficial in a number of application areas, they have their disadvantages, too, which could impact market growth.
Short Circuit AC Power Systems Could Pose a Threat to Growth of HVDC Transmission Systems Market in Future
The emergence of short circuits in AC power systems could become a suitable alternative for HVDC transmission systems in the near future.
Leading market players could make huge investments in research and development activities in a bid to produce improved quality of product, which would meet the customer requirements and increase the consumer base.
They could also establish R&D centers in different parts of the world which would function exclusively to produce these products.
Collaborations with smaller players in the HVDC transmission systems market could help prominent players expand their market presence and increase their revenue share.