Market Size of Asia-Pacific High-Voltage Direct Current (HVDC) Transmission Systems Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 4.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
APAC HVDC Transmission Systems Market Analysis
The Asia-Pacific (APAC) high voltage direct current (HVDC) transmission systems market is expected to witness a CAGR of around 4.5% during the forecast period. The COVID-19 outbreak severely affected the market due to the reduced power demand caused by the suspended economic activity worldwide. The electricity consumption in the commercial and industrial sector in the Indian state of Telangana reduced from 70 MU in 2019 to 60 MU in 2020, which resulted in heavy losses for power distribution companies and led to their reluctance to go for new power transmission projects. The market's growth is attributed to the reliable transmission of high power loads for long distances and efficient transmission with low T&D losses. However, the high installation cost is likely to hinder the market's growth in the coming years.
- The underwater segment is expected to witness significant growth in the future due to various upcoming HVDC submarine projects queued up in the region.
- The increasing power demand from developing countries like China and India is likely to have a catalytic effect on the market in the future. In 2020, the electricity consumption in China was around 7,510 TWh, the highest globally.
- China is expected to dominate the market during the forecast period due to the country's constantly growing power transmission network.
APAC HVDC Transmission Systems Industry Segmentation
The scope of the Asia-Pacific high voltage direct current (HVDC) transmission systems market report includes:
| Component Type | |
| Converter Stations | |
| Transmission Medium (Cables) |
| Application | |
| Overhead | |
| Underground | |
| Underwater/Submarine |
| Geography | |
| India | |
| China | |
| Japan | |
| ASEAN Countries | |
| Rest of Asia-Pacific |
Asia-Pacific High-Voltage Direct Current (HVDC) Transmission Systems Market Size Summary
The Asia-Pacific high voltage direct current (HVDC) transmission systems market is poised for steady growth, driven by the need for efficient power transmission over long distances and the increasing demand for electricity in developing countries like China and India. The market experienced a setback due to the COVID-19 pandemic, which led to reduced power demand and hesitancy in new power transmission projects. However, the market is expected to recover and expand, with significant growth anticipated in the underwater segment due to upcoming HVDC submarine projects. These developments are supported by the growing focus on power trading between countries and the expansion of offshore renewable energy projects, particularly wind energy, in the region.
China is expected to dominate the Asia-Pacific HVDC market, fueled by its rapid economic growth and rising electricity demand across various sectors. The country's extensive power transmission network development, coupled with its commitment to integrating renewable energy sources into the national grid, positions it as a leader in the region. Key projects, such as the Yazhong-Nanchang and Shanbei-Wuhan link projects, highlight China's strategic investments in HVDC technology. The market is moderately fragmented, with major players like Hitachi Energy India Ltd, Bharat Heavy Electricals Ltd, General Electric Company, Siemens Energy AG, and Mitsubishi Electric Corporation actively participating. These companies are involved in various projects across the region, including India's HVDC link project and Pakistan's Matiari-Lahore transmission link, which are expected to enhance power transmission efficiency and reduce electricity costs.
Asia-Pacific High-Voltage Direct Current (HVDC) Transmission Systems Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, till 2027
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitutes Products and Services
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Component Type
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2.1.1 Converter Stations
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2.1.2 Transmission Medium (Cables)
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2.2 Application
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2.2.1 Overhead
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2.2.2 Underground
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2.2.3 Underwater/Submarine
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2.3 Geography
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2.3.1 India
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2.3.2 China
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2.3.3 Japan
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2.3.4 ASEAN Countries
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2.3.5 Rest of Asia-Pacific
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Asia-Pacific High-Voltage Direct Current (HVDC) Transmission Systems Market Size FAQs
What is the current Asia-Pacific High-Voltage Direct Current (HVDC) Transmission Systems Market size?
The Asia-Pacific High-Voltage Direct Current (HVDC) Transmission Systems Market is projected to register a CAGR of greater than 4.5% during the forecast period (2024-2029)
Who are the key players in Asia-Pacific High-Voltage Direct Current (HVDC) Transmission Systems Market?
Bharat Heavy Electricals Limited, General Electric Company, Siemens Energy AG, Mitsubishi Electric Corporation and Hitachi Energy India Ltd are the major companies operating in the Asia-Pacific High-Voltage Direct Current (HVDC) Transmission Systems Market.
Asia-Pacific High-Voltage Direct Current (HVDC) Transmission Systems Report Snapshots
- Asia-Pacific High-Voltage Direct Current (HVDC) Transmission Systems Market Size
- Asia-Pacific High-Voltage Direct Current (HVDC) Transmission Systems Market Share
- Asia-Pacific High-Voltage Direct Current (HVDC) Transmission Systems Market Trends
- Asia-Pacific High-Voltage Direct Current (HVDC) Transmission Systems Companies
