The Europe High Voltage Direct Current Power Supply Market would witness market growth of 6.4% CAGR during the forecast period (2022-2028).
High power Insulated Gate Bipolar Transistors (IGBT), which have led to a reduction in the size of the HVDC power supply system and significant financial gains, have also advanced the industry. The HVDC power supply, which improves the reliability of an electrical system, is the only practical option now available on the market that can be combined with renewable energy sources.
The growth of direct-drive wind turbines has been considerably encouraged by these products' efficient large-scale power transmission over extended distances, which supports the long-term viability of the existing energy infrastructure. The market is also growing due to the deployment of 5G technology, which will see modest growth in the coming years as 5G investment gradually increases globally. Major growth is most likely to occur around 2025.
The rising need for grid expansion has led to a growth in feed-in nodes, which in turn has increased the complexity of electric systems. As a result, the likelihood of partial or total blackouts—when the flow of power exceeds design parameters—is increased, raising the necessity for HVDC systems. The Global Wind Energy Council, PGCIL, and EUROPA are expected to develop beneficial public policies that will significantly promote the offshore wind sector's establishment, benefiting the market.
In this region, the use of HVDC lines has been rising exponentially. Transmission methods using underwater cables, such as the 720 km North Sea Link, the NorNed cable, the SAPEI cable in Italy, and the Baltic Cable between Germany and Sweden, are just a few examples of power transmission systems using HVDC. Additionally, the region is projected to experience rapid expansion due to tighter government regulations that promote the adoption of renewable energy sources and energy efficiency. Therefore, the rising need for generating power through renewable sources benefits the regional market.
The Germany market dominated the Europe 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 $389.8 Million by 2028. The UK market is anticipated to grow at a CAGR of 5.5% during (2022 - 2028). Additionally, The France market would exhibit a CAGR of 7.1% 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 Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global High Voltage Direct Current Power Supply Market will Hit $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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