The Global High Voltage Direct Current Power Supply Market size is expected to reach $5 billion by 2028, rising at a market growth of 6.9% CAGR during the forecast period.
High voltage direct current (HVDC) electric power supply systems employ direct current (DC) to transmit electric power. This is contrary to the more prevalent alternating current (AC) transmission systems. The HVDC power supply systems are also known as electrical superhighway or power superhighway.
HVDC facilitates the power transfer between AC transmission networks that are incompatible. A network can be stabilized against disruptions brought on by abrupt changes in power because the power flow over an HVDC link can be adjusted autonomously of the phase angle between load and source. Additionally, HVDC enables power to be transferred between grid systems that operate at various frequencies, like 50 and 60 Hz.
Enabling the transfer of power between traditionally incompatible networks enhances the stability and efficiency of each grid. The use of HVDC power supply is increasing owing to its remarkable characteristics, such as the low power consumption of the control mechanism and the rising demand for inexpensive, compact vacuum components.
However, the complexity of designing electric systems also rises with the extra feed-in modules produced by the surge in grid development requirements. As a result, the likelihood of partial or complete shortages—when energy consumption exceeds grid design requirements—is higher. By turning a switch or sending a remote control signal, a high voltage direct current power supply can instantly change the outgoing orientation, preventing power outages within those systems.
Technology developments caused the industry to begin recovering after the slowdown of the pandemic. Important businesses started implementing plans to speed up market expansion. The development of the electric grid and higher power usage also helped the sector. Given the accelerating industrialization and rising demand for power, efficient energy resource use is essential. As a result, adopting clean as well as emission-free energy sources, like the transmission of power via HVDC systems, has become popular. Globally, new projects for renewable energy transmission using HVDC power supplies are also being approved. As a result, the usage of power in industry, households, and businesses has all increased.
Over the past few years, industrialization and urbanization have both greatly increased over the world. This has increased the demand for electricity around the world. In 2019, the total energy consumption of the world was recorded to be around 82.3 exajoule (EJ) or approximately 2.286 x 10? terawatt hour. HVDC transmission systems are advantageous for use in urban settings where space is limited due to their small sizes. As the primary prospect in the market, Europe is building the first VSC-based multi-terminal HVDC link to increase power supply security and facilitate the transfer of wind energy generated on the island of Shetland.
HVDC transmission systems guarantee minimal transmission losses. Compared to an AC overhead line, an HVDC transmission line typically has a transmission loss of 30% to 50% lower. Only HVDC transmission makes it possible to transmit electricity over distances of more than 80 kilometers. Because they can serve as a firewall to stop the fault transmission between connected AC grids and prevent "blackouts," HVDC transmission networks are also well-liked. In addition, compared to HVAC towers, an HVDC transmission tower results in lower installation costs.
Due to the additional conversion equipment, HVDC systems are less dependable and have lower accessibility than alternating current (AC) systems. About 98.5% of single-pole systems are available, with about one-third of the downtime being unplanned due to defects. The necessary converter stations are pricy and only have a small amount of overload capacity. Losses in converter stations may be greater at shorter transmission distances than those in an AC transmission system for the same distance. The savings in line construction costs and decreased line loss might not be enough to cover the cost of the converters. Because of all these factors, the growth of the market is hampered.
Based on voltage, the high voltage direct current power supply market is categorized into <1000V, 1000-4000V, and >4000V. The 1000-4000V segment procured a considerable growth rate in the high voltage direct current power supply market in 2021. This voltage range provides cheaper costs compared to goods are the primary factors responsible for the growth of the segment. Additionally, the 1000-4000V HVDC lines can supply power across medium-to-long distances.
On the basis of Vertical, the high voltage direct current power supply market is divided into telecommunication, medical, industrial, oil & gas, and others. The industrial segment acquired the largest revenue share in the high voltage direct current power supply market in 2021. The increased demand for HVDC power supplies in allied industries like equipment manufacturers is to blame for this. The need for HVDC within the numerous industrial application category may be sparked by rapid industrialization, particularly in growing countries like India and China, together with government intentions to build HVDC converter infrastructure.
| Report Attribute | Details |
|---|---|
| Market size value in 2021 | USD 3.1 Billion |
| Market size forecast in 2028 | USD 5 Billion |
| Base Year | 2021 |
| Historical Period | 2018 to 2020 |
| Forecast Period | 2022 to 2028 |
| Revenue Growth Rate | CAGR of 6.9% from 2022 to 2028 |
| Number of Pages | 180 |
| Number of Table | 280 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling |
| Segments covered | Voltage, Vertical, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Based on region, the high voltage direct current power supply market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Europe segment procured the maximum revenue share in the high voltage direct current power supply market in 2021. Due to the existence of government regulations encouraging the adoption of renewable energy sources as well as energy efficiency, the region will continue to have a leading position during the projected period. The expansion of the region will also be supported by new rules intended to create a reliable energy supply to meet the increasing demand for electricity.
Free Valuable Insights: Global High Voltage Direct Current Power Supply Market size to reach USD 5 Billion by 2028
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.
By Vertical
By Voltage
By Geography
The global High Voltage Direct Current Power Supply Market size is expected to reach $5 billion by 2028.
Transmission of long-distance current with high efficiency are driving the market in coming years, however, Issues with conversion, availability, switching, control, and maintenance of HVDCS restraints the growth of the market.
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.
The >4000V segment acquired maximum revenue share in the Global High Voltage Direct Current Power Supply Market by Voltage in 2021 thereby, achieving a market value of $2.3 billion by 2028.
The Europe market dominated the Global High Voltage Direct Current Power Supply Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $1.7 billion by 2028.
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