HVDC Power Supply Market Size, Share, Growth, and Industry Analysis, By Type (Below 1000V, 1000V-4000V, Above 4000V), By Application (Industrial Sectors, Communication), Regional Forecast To 2031

Updated On: 15 April 2024

HVDC Power Supply Market Report Overview

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global hvdc power supply market size was USD 9579.2 million in the year 2022 and market is projected to touch 17128.2 Million by 2031, exhibiting a CAGR of 6.7% during the forecast period (2022- 2031). In the market study, our analysts have considered hvdc power supply players such as ABB, Siemens, GE, Hitachi, Toshiba, Emerson, Zhongheng Electric, Zhong Da Dentsu.

A type of electrical power transmission system known as HVDC (High Voltage Direct Current) makes use of direct current (DC) to transmit power over extended distances. In a HVDC framework, electrical power is changed over from AC (substituting flow) to DC by a converter station at the sending end, and afterward sent over high-voltage DC transmission lines to a converter station at the less than desirable end, where it is switched back over completely to AC for dissemination to the power matrix.

HVDC frameworks enjoy a few upper hands over customary AC transmission frameworks, including lower transmission misfortunes, higher influence bandwidth, and the capacity to communicate control over longer distances without the requirement for costly and ecologically troublesome transmission lines. HVDC systems are frequently used to connect unsynchronized power grids, transmit power from offshore wind farms and other renewable energy sources, and connect power grids across national boundaries. HVDC power supply market is driven by rising demand for long-distance power transmission, growing demand for renewable energy sources, government initiatives and technological advancements.

COVID-19 Impact: Pandemic Hampered the Demand for Market

The HVDC power supply market is one of many industries that have been negatively impacted by the COVID-19 pandemic. HVDC (High Voltage Direct Flow) power supply frameworks are utilized to communicate a lot of power over significant distances with negligible misfortunes, and they are much of the time utilized in environmentally friendly power tasks, for example, seaward wind ranches. As a result of the pandemic, there has been less demand for these supply systems, factory closures, and disruptions to the supply chain. Numerous makers have needed to close down their tasks for a brief time or diminish their creation yield because of lockdowns and limitations on development. This has impacted the completion of projects as well as the commissioning of brand-new HVDC transmission lines due to delays in the delivery of HVDC components and systems.  The pandemic has caused a decrease popular for power in numerous districts because of financial stoppages and diminished modern movement. This has prompted a lessening in interest in new HVDC projects and deferred the development of new transmission lines.

Latest Trends

"Increasing Demand for Electric Vehicles to Fuel Market Growth"

The demand for HVDC charging stations is being driven by the rising popularity of electric vehicles. In order to quickly and effectively charge the batteries of electric vehicles, these charging stations require DC power supplies of high voltage. There is an increasing demand for renewable energy sources like wind and solar power in light of the growing emphasis on lowering emissions of greenhouse gases. This power can be effectively transferred over long distances using HVDC power supply. The improvement of new materials and advancements is prompting more productive and solid HVDC supply frameworks. For instance, the utilization of wide-bandgap semiconductors can decrease the energy misfortunes in HVDC frameworks and work on their general effectiveness. New infrastructure projects like intercontinental power grids, offshore wind farms, and high-speed rail lines are receiving funding from both public and private sectors. To transmit power over extended distances, these projects necessitate high-capacity power supply systems.

HVDC Power Supply Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into below 1000V, 1000V-4000V, above 4000V.

1000V-4000V is expected to be the top part of type segmentation.

• By Application Analysis

Based on application, the market can be divided into industrial sectors, communication.

Industrial sectors are expected to be the top part of application segmentation.

Driving Factors

"Increasing Demand for Efficient Power Transmission to Stimulate Market Growth"

HVDC power supply frameworks are more productive than customary AC (Rotating Current) power supply frameworks, particularly for significant distance power transmission. Thus, there is a rising demand for these power supply frameworks for productive power transmission, especially in non-industrial nations. Power transmission systems that are effective are necessary for the grid's integration of renewable energy sources like wind and solar power.

"Growing Need for Eco-Friendly Product to Foster Market Growth"

These power supply frameworks can assist with incorporating environmentally friendly power sources into the matrix all the more successfully, as they can communicate control over significant distances with less energy misfortune. The demand for energy increases with the global population. By making it possible to send a lot of power over long distances, these power supply systems can help meet this growing demand. All these factors have boosted HVDC power supply market growth.

Restraining Factors

"High installation and maintenance costs to Restrict Market Growth"

Compared to HVAC (High Voltage Alternating Current) systems, HVDC supply system’s cost more to install and maintain. This could be a significant factor that prevents HVDC power supply systems from being utilized. These power supply systems require specialized expertise for their design, installation, and upkeep due to their technical complexity. The market's expansion could be slowed down by a lack of skilled professionals. The development of these power supply frameworks requires intriguing earth metals like neodymium, dysprosium, and terbium. These metals are hard to come by and have erratic prices frequently. This could make it more expensive to make HVDC power supply systems, which would limit their use.

HVDC Power Supply Market Regional Insights

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"Growing Demand for Renewable Energy in Asia-Pacific Region Anticipated to Drive Market Expansion "

Asia-Pacific region is anticipated to be the leading region in HVDC power supply market share. The rising demand for energy and the growing requirement for grid interconnections to support the integration of renewable energy are responsible for this region's expansion. In addition, countries like China and India are making significant investments in the creation of HVDC infrastructure to support their goals for renewable energy and boost power transmission efficiency.

Key Industry Players

"Adoption Innovative Strategies by Key Players Influencing Market Growth"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio.

The top key players in the market are ABB, Siemens, GE, Hitachi, Toshiba, Emerson, Zhongheng Electric, Zhong Da Dentsu. The strategies to develop new technologies, capital investment in R&D, improve product quality, acquisitions, mergers, and compete for the market competition help them to perpetuate their position and value in the market. Besides, collaboration with other companies & extensive possession over market shares by the key players stimulates market demand.

List of Market Players Profiled

• ABB
• Siemens
• GE
•  Hitachi
• Toshiba
• Emerson
• Zhongheng Electric
• Zhong Da Dentsu

Report Coverage

This report examines an understanding of the HVDC power supply market’s size, share, and growth rate, segmentation by type, application, key players, and previous and current market scenarios. The report also collects the market’s precise data and forecasts by market experts. Also, it describes the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.

Furthermore, the post-COVID-19 pandemic’s effects on international market restrictions and a deep understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been examined in detail to provide clarification of the competitive landscape.

This report also discloses the research based on methodologies that define price trend analysis of target companies, collection of data, statistics, target competitors, import-export, information, and previous years’ records based on market sales. Moreover, all the significant factors which influence the market such as small or medium business industry, macro-economic indicators, value chain analysis, and demand-side dynamics, with all the major business players have been explained in detail. This analysis is subject to modification if the key players and feasible analysis of market dynamics change.