Moreover, the market value is set to grow by USD 328.38 million, progressing at a CAGR of 7.78% from 2021 to 2026- as per the latest report by Technavio.
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Key Segment Analysis
The high voltage direct current (HVDC) transmission systems market share growth in UK by the subsea transmission segment will be significant during the forecast period. The significant increase in the demand for renewable energy in the country will drive the demand for subsea transmission in the UK, which is enhancing the demand for subsea transmission systems.
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Key Market Drivers & Challenges:
Optimal solution for long-distance transmission power to boost the market growth
The increasing demand for power for commercial, industrial, and household activities has increased the need to develop a diverse energy generation portfolio. HVDC technology helps in transmitting a large voltage of power over long distances. The power loss during transmission is less than high voltage alternate current (HVAC) technology. Furthermore, HVDC systems can adapt any frequency and voltage as they are asynchronous. In addition, the HVDC systems also do not create any short-circuit current level and can be efficiently used in interconnecting the AC transmission systems. Such factors are fueling the growth of the market in focus during the forecast period.
Limited power ratings for IGBTs and issues with circuit breakers to hamper the market growth
In HVDC technology, semiconductors are an essential element in switching operations, as these operations are done using semiconductors or hybrid semiconductors. However, the main problem is switching operations in the HVDC circuit breaker. The circuit breakers need to have high switching capabilities, or the circuit breaker gets damaged, leading to electricity supply breakdown. The issues with the components are still being addressed, and improvements are being made to reduce the number of components required for HVDC substation deployment and operational issues. Thus, such factors are expected to limit the market growth during the forecast period.
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The HVDC Transmission Systems Market in UK Covers the Following Areas:
HVDC Transmission Systems Market Sizing in UK
HVDC Transmission Systems Market Forecast in UK
HVDC Transmission Systems Market Analysis in UK
Vendor Insights
The high voltage direct current (HVDC) transmission systems market in UK is concentrated and the vendors are deploying growth strategies such as investment for product development to compete in the market.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
- General Electric Co.
- Hitachi Ltd.
- Mitsubishi Electric Corp.
- National Grid Plc
- NR Electric Co. Ltd.
- Prysmian Spa
- Rongxin Power Ltd.
- Siemens AG
- Sumitomo Electric Industries Ltd.
- Toshiba Corp.
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HVDC Transmission Systems Market in UK Scope |
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.78% |
Market growth 2022-2026 |
$ 328.38 million |
Market structure |
Concentrated |
YoY growth (%) |
7.23 |
Performing market contribution |
UK at 100% |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
General Electric Co., Hitachi Ltd., Mitsubishi Electric Corp., National Grid Plc, NR Electric Co. Ltd., Prysmian Spa, Rongxin Power Ltd., Siemens AG, Sumitomo Electric Industries Ltd., and Toshiba Corp. |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period, |
Customization preview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Table of Contents
Executive Summary
Market Landscape
- Market ecosystem
- Value chain analysis
Market Sizing
- Market definition
- Market segment analysis
- Market size 2021
- Market outlook: Forecast for 2021 - 2026
Five Forces Analysis
- Five forces summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Type
- Market segments
- Comparison by Type
- Subsea transmission - Market size and forecast 2021-2026
- Underground transmission - Market size and forecast 2021-2026
- Overhead transmission - Market size and forecast 2021-2026
- Market opportunity by Type
Market Segmentation by Component
- Market segments
- Comparison by Component
- Converter Stations - Market size and forecast 2021-2026
- Transmission Medium - Market size and forecast 2021-2026
- Market opportunity by Component
Customer landscape
- Market drivers
- Market challenges
- Market trends
Vendor Landscape
- Overview
- Vendor landscape
- Landscape disruption
Vendor Analysis
- Vendors covered
- Market positioning of vendors
- General Electric Co.
- Hitachi Ltd.
- Mitsubishi Electric Corp.
- National Grid Plc
- NR Electric Co. Ltd.
- Prysmian Spa
- Rongxin Power Ltd.
- Siemens AG
- Sumitomo Electric Industries Ltd.
- Toshiba Corp.
Appendix
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
About Us:
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contact
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SOURCE Technavio
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