UK - High Voltage Direct Current (HVDC) Transmission Systems Market to grow by USD 363.9 million during 2022-2027 | Increasing demand for power to drive the growth - Technavio

NEW YORK, Oct. 9, 2023 /PRNewswire/ -- The UK - high voltage direct current (HVDC) transmission systems market size is expected to grow by USD 363.9 million between 2022 and 2027. However, the growth momentum of the market will progress at a CAGR of 8.03% during the forecast period. The market is segmented by Component (Converter stations and Transmission medium) and Type (Subsea transmission, Underground transmission, and Overhead transmission). The report also covers information on market drivers trends and challenges. Explore detailed information by purchasing a report

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 to 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. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View Free PDF Sample 

Key Highlights:

• The report recognizes the following as some of the key players in the high voltage direct current (HVDC) transmission systems market in UK: ABB Ltd., Aker Solutions ASA, ALSTOM SA, Aquind Ltd., Balfour Beatty Plc, EirGrid Plc, General Electric Co., Hitachi Ltd., Mitsubishi Electric Corp., National Grid Plc, Nexans SA, NR Electric Co. Ltd., Prysmian Spa, Rochling SE and Co. KG, Rongxin Power Ltd., Roxtec International AB, Siemens AG, Sumitomo Electric Industries Ltd., Tele Fonika Kable SA, and Toshiba Corp.
• High Voltage Direct Current (HVDC) Transmission Systems Market in the UK is fragmented in nature.
• Market to observe 7.28% YOY growth in 2023.

Market Dynamics:

Trend

• The evolution of smart grids is estimated to be an emerging trend in the market.
• This has offered a tremendous opportunity for utility sectors that provide a reliable and steady power supply to their end-users.
• Furthermore, the growing implementation of smart grids is due to the increasing need for the detection and reaction to local changes in power consumption.
• Hence, such trends fuel the growth of the HVDC transmission systems market growth during the forecast period.

Challenge 

• Limited power ratings for IGBTs and issues with circuit breakers 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 an 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.

Keg Segments:

The converter stations segment is significant during the forecast period. The increase in power consumption, growing renewable energy production, growing regional and cross-border grid integration, and connection of asynchronous grids are all the factors that will significantly fuel the growth of the converter stations segment in the global UK high voltage direct current (HVDC) transmission systems market. Get a glance at the market contribution of the segments, Request Free Sample

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ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Component

Market Segmentation by Type

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

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