Global HVDC Cables Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028
“Global HVDC Cables Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by MarketResearch.biz. The global HVDC Cables market report has been segmented on the basis of type, technology, application, and region.
Global HVDC Cables Market: Overview
High Voltage Direct Current (HVDC) cables are an optimal solution of transmitting electricity over long distances than the more widely used AC cables. These cables offer several advantages over traditional cables and are majorly used to provide electricity to oil & gas infrastructure such as Floating production storage and offloading (FPSOs) and other platforms located in and near offshore.
Global HVDC Cables Market: Dynamics
Increasing awareness regarding benefits related to use of clean energy sources, supportive government policies and initiatives for HVDC transmission in developed as well as developing economies are some of the factors expected to boost growth of the target market. In addition, increasing focus on technological advancements in the field of power sector is also expected to play an important role for growth of the global market. Moreover, expansion of industries, urbanization, need for electricity, and long distance transmission network are also anticipated to boost growth of the target market.
However, high cost of installing HVDC transmission systems and high cost of circuit breakers, which may affect demand and restrain growth of the global market over the forecast period.
Global HVDC Cables Market: Segment Analysis
Global HVDC cables market is segmented on the basis of type, technology, application, and geography.
By technology, the global market is segmented into capacitor commutated converter, voltage source converter, and line commutated converter. The VSC-based technology segment is expected to hold significant share in the market over the forecast period.
By type, the global market is segmented into mass impregnated cables, extruded cables, and others. Extruded cables segment is expected to hold significant share in the global market over the forecast period.
On the basis of application, the target market is segmented into overhead line, submarine, and underground. Overhead line segment accounts for largest market share during the forecast period. Furthermore, underground segment is expected to witness highest CAGR in the target market during the forecast period.
HVDC Cables Market: Regional Analysis
The HVDC cables market in the Asia Pacific accounts for largest market share in terms of revenue in the global market and expected to maintain its dominance over the forecast period. This dominance can be attributed to technological advancements such as Ultrahigh-Voltage Direct Current (UHVDC) technology and Voltage Source Converter (VSC) based technology for power transmission, are some of the major factors anticipated to bolster growth of the HVDC transmission market in the region. In addition, development of power infrastructure and government initiatives and investments regarding renewable energy sources and implementation of smart grid technology are some of the major factors expected to boost growth of the target market in countries such as China, India, and Japan over the forecast period.
For Instance, the potential of power generation is high in western parts. According to state council of China, China’s major west-to-east ultra-high voltage direct current (UHVDC) power transmission line in smooth operation, has transmitted over 100 Bn Kw/hour of clean electricity. Moreover, ABB in cooperation with State Power Grid of China (SPG) built world’s two most powerful and longest HVDC power transmission highways in china with a nominal rating of 3,000 MW.
Global HVDC Cables Market Segmentation:
Segmentation by Type:
- Mass Impregnated Cables
- Extruded cables
- others (oil-filled cables and superconducting cables)
Segmentation by Technology:
- Capacitor Commutated Converter (CCC)
- Voltage Source Converter (VSC)
- Line Commutated Converter (LCC)
Segmentation by Application:
- Overhead Line
Segmentation by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Estimated Year 2020 Actual Year 2021 Forecast Period 2021–2030 Revenue in US$
- General Electric
- Mitsubishi Electric
- NKT A/S
- NR Electric
- C-Epri Electric Power Engineering
- Prysmian Group
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