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APAC HVDC Transmission Systems Market To Surpass US$ 4,983.65 Mn By 2030

APAC HVDC Transmission Systems Market To Surpass US$ 4,983.65 Mn By 2030 - Coherent Market Insights

Publish In: Jun 22, 2023

APAC HVDC Transmission Systems market was valued at US$ 2435.37 Million in 2022, and is projected to reach US$ 4983.65 Million by 2030, exhibiting a CAGR of 9.4% over the forecast period (2022-2030). According to APAC HVDC Transmission Systems Market Report, " By System Components (AC & DC Harmonic Filters, Converters, DC lines, Circuit Breakers, and Others), By Technology (LCC, VSC, and Others), by Development (Overhead, Underground, and Subsea), By Power Rating (Below 1,000 MWs, 1,001 to 2,000 MWs, and 2,001 MWs and above), and By Country (China, India, ASEAN, Australia & New Zealand, and Rest of APAC)

HVDC systems are the ones that use direct current which enables efficient flow of electricity in a single direction preventing losses in the transmission process. These systems are particularly used for transmission of electricity over long distances. Rise in demand for electricity among the households due to the growing population of countries in Asia Pacific region like India, China, Bangladesh, etc. and the expansion of the industrial sector in the region is increasing the demand for power generation and distribution systems.. Furthermore, the growing concerns over frequent blackouts in the region pertaining to the lack of necessary infrastructure in the field of electricity transmission is increasing the demand for HVDC transmission systems and the governments across the countries in APAC region are increasingly working towards the adoption of HVDC transmission systems leading to the growth of the market in the region.

The countries in the Asia Pacific region are focused on catalyzing their economic growth through the industrial expansion. This naturally increases the requirement of electricity in the region. These countries often look for alternatives that are efficient and cost effective so that the objective can be achieved with minimum cost. The HVDC Transmission systems are the perfect alternative in this case, as they are relatively cheaper than other alternatives like HVAC transmission systems. All these factors are expected to fuel the growth of the APAC HVDC Transmission Systems Market during the forecast period.

APAC HVDC Transmission Systems Market- Drivers

Growing need to minimize electricity blackouts occurring due to faults in transmission systems:

The countries like India, Bangladesh, Sri Lanka, etc. in the region of Asia Pacific are increasingly facing the issue of blackouts. These blackouts are primarily the reason of inefficient transmission systems in place. Installation of HVDC transmission systems in place of the existing systems can solve this daunting challenge which lies in front of these countries as frequent blackouts would lead to loss in production and other important activities in the economy. For instance, on June 6 2023, The Communist Party Committee Secretary held a meeting to address the blackouts that are occurring in the Northern Province of Vietnam. These blackouts are affecting the industries located in the area which includes Apple Inc.

APAC HVDC Transmission Systems Market- Restraints

Growing demand for distributed and remote power plants:

The Asia Pacific region is currently experiencing high demand to expand the electricity coverage in the region. The electricity supply has not yet penetrated the remote areas of the country. These regions might not feel the requirement of large scale transmissions systems like the HVDC systems. Instead of these huge transmission systems the installation of remote and distributed transmission systems that cater to small areas would be optimum. For instance, according to the research paper named, ‘Distributed Energy System in South-East Asia’ published in, The potential sites for establishment of distributed power plants in several locations across countries in Asia are enlisted. This shows a huge potential of distributed power plants in the region which might affect the growth aspects of HVDC transmission systems in the APAC region

 APAC HVDC Transmission Systems Market - Key Developments

  • In May 2022, The State Government of Maharashtra gave the approval to Adani Transmission, a subsidiary of Indian business conglomerate, ‘Adani Group’ for rhe 1000 MW HVDC Kudus-Aarey Transmission line management project. This project is undertaken with the objective to boost Mumbai’s power security.
  • In September 2021, The Pakistan Government inaugurated the country’s first HVDC transmission line at Matiari-Lahore transmission project. The project will produce 600kV of electricity and would contribute to the growth of commercial as well as industrial growth in the region.
  • In October 2021, Toshiba Energy Systems & Soltions Corporation (Toshiba ESS), a global market player in energy solutions announced that the American subsidiary of the company (Toshiba America Energy Systems Corporation) completed the acquisition of the EtaPRO business from GP Strategies Corporation, a global provider of workforce strategy solutions

APAC HVDC Transmission Systems Market- Impact of COVID-19

The COVID-19 pandemic had a severe effect on businesses across the globe. The HVDC Transmission systems market was adversely impacted due to the disruption caused by pandemic. The major application of HVDC transmission systems is in the power distribution sector. The governments across the world are the primary stakeholders when it comes to the power distribution. As the governments were focused on dealing with the disruption caused by the pandemic, all their efforts were diverted towards the strengthening of healthcare systems. The governments put all other projects and activities on halt during the pandemic period including the projects undertaken in the field of energy transmission systems. This led to a temporary stagnancy in the demand for HVDC transmission system market causing the market to shrink substantially during the pandemic period.

To know the latest trends and insights prevalent in this market, click the link below:

Browse 150 market data tables* and 90 figures* on “APAC HVDC Transmission Systems Market - forecast to 2030”

Key Trends and Analysis of the APAC HVDC Transmission Systems market:

  • Overhead development segment held a dominant position in 2022 and is projected to retain its dominance throughout the forecast period. Rising demand for overhead transmission systems development due to its cost-efficiency and performance efficiency are the factors responsible for the dominant position of the segment in the Asia Pacific region.
  • China held a dominant position in the APAC HVDC Transmission Systems market in 2022 and is expected to maintain its dominance during the forecast period, owing to increasing demand of electricity due to growing population and expanding industrial sector, the country is estimated to contribute to the growth of the APAC HVDC Transmission Systems Market substantially.
  • Indian HVDC transmission systems market is projected to exhibit the highest CAGR during 2022–2030. The Indian government is taking huge efforts in electrification of the country and bringing 100% villages of the country under electricity coverage.
  • Japan, Australia, and other countries in the region are also expected to show significant growth during the forecast period, owing to increasing demand for electricity.

Some of the major players in the APAC HVDC Transmission Systems market are ABB Ltd., ATCO Electric Ltd., General Electric Co., Hitachi Ltd., Prysmian SpA, Siemens AG, Toshiba Corporation, TransGrid Solutions Inc.

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