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Electronic Components Market For HVDC Systems Market Size (2024 - 2029)

The Electronic Components Market for HVDC Systems is experiencing significant growth, driven by the increasing adoption of High Voltage Direct Current systems for efficient long-distance electricity transmission. These systems are particularly beneficial in enhancing the reliability and flexibility of power grids, especially in renewable energy applications like wind and solar power. The demand for electronic components such as IGBT, thyristors, and capacitors is rising due to the expansion of HVDC projects, including submarine and subterranean applications where traditional methods are less effective. However, the market's expansion is facing challenges from global economic uncertainties, geopolitical tensions, and rising energy costs.

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Market Size of Electronic Components Industry For HVDC Systems

Electronic Components Market for HVDC Systems Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR (2024 - 2029) 9.27 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific
Market Concentration Low

Major Players

Electronic Components Market for HVDC Systems Major Players

*Disclaimer: Major Players sorted in no particular order

Electronic Components for HVDC Systems Market Analysis

The Electronic Components Market For HVDC Systems Industry is expected to register a CAGR of 9.27% during the forecast period.

High Voltage Direct Current systems, abbreviated as HVDC systems, transfer direct current for electricity transmission over long distances. They are often referred to as Superhighway or Power Superhighway. HVDC lines improve the efficiency of transmission lines and enable rapid energy transmission.

  • HVDC systems are gaining momentum across the wind and solar power plants owing to HVDC technologies providing power flow control, rapid stability control, and ability to segment parts of the power system which can improve the grid's reliability, flexibility, and resilience.
  • HVDC systems are also deployed in submarine and subterranean applications where overhead lines are unfeasible, and HVAC has higher electrical losses. HVDC submarine cables possess reactive power components. Thus, it does not have the physical restrictions that AC cables have. This allows underwater transmission lines to connect to asynchronous networks and offshore solar/wind power plants. The government's efforts to transmit energy from one country to another through subsea HVDC transmission lines create demand for electronics components such as IGBT, thyristors, and capacitors.
  • The rapidly growing advanced HVDC transmission projects worldwide, particularly in Europe and Asia, drive market growth. The German government has established a framework for further developing offshore wind energy capacities in Germany with the Wind Energy at Sea Act. Accordingly, the installation capacity is to reach 30 gigawatts by 2030 and up to 70 gigawatts by 2045. More powerful high-voltage direct current transmission systems must also be built to transport electricity over long distances.
  • The ongoing economic downturn, Russia-Ukraine war, geopolitical tensions, increasing electricity prices, high-interest rates, and growing inflation are anticipated to challenge the market's growth.

Electronic Components for HVDC Systems Industry Segmentation

High voltage direct current (HVDC) power systems utilize direct current to transmit bulk power over long distances. The devices used in an HVDC transmission system are constructed using active and passive electronic components. While an active component provides energy to an electrical circuit, a passive component stores the energy for later use.

The Electronic Components Market for HVDC Systems is segmented by type (active components (IGBT and thyristors) and passive components (capacitors and resistors)) and geography (North America, Rest of the Americas, Europe, Middle East and Africa, China, and Rest of Asia Pacific). The report offers market forecasts and size in value (USD) for all the above segments.

By Type
Active Components
IGBT
Thyristor
Passive Components
Capacitors
Resistors
By Geography
North America
Rest of the Americas
Europe, Middle East and Africa
China
Rest of Asia Pacific
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Electronic Components Market For HVDC Systems Size Summary

The electronic components market for HVDC systems is poised for significant growth, driven by the increasing adoption of High Voltage Direct Current technology in renewable energy projects and long-distance electricity transmission. HVDC systems, known for their efficiency in power transmission and ability to enhance grid reliability, are becoming integral in wind and solar power plants, as well as submarine and subterranean applications. The demand for electronic components such as IGBTs, thyristors, and capacitors is rising due to government initiatives and the need for efficient energy transfer across borders. Despite challenges posed by geopolitical tensions and economic fluctuations, the market is buoyed by advancements in power capacitor technology, which improves power quality and stability in HVDC systems.

China leads the global market with its substantial investments in renewable energy and HVDC infrastructure, supported by its manufacturing and technological prowess. The Asia-Pacific region, including countries like South Korea and Japan, is also witnessing a surge in demand for electronic components in HVDC systems, driven by strategic investments and a shift towards renewable energy sources. Established players dominate the market, but new entrants can leverage product innovations to capture emerging opportunities. Recent developments, such as Hitachi Energy's projects in Saudi Arabia and Renesas Electronics' advancements in high-voltage power devices, highlight the ongoing evolution and expansion of the market, underscoring its potential for growth in the coming years.

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Electronic Components Market For HVDC Systems Market Size - Table of Contents

  1. 1. MARKET INSIGHTS

    1. 1.1 Market Overview

    2. 1.2 Impact of Macro Trends on the Market

    3. 1.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.3.1 Bargaining Power of Suppliers

      2. 1.3.2 Bargaining Power of Buyers

      3. 1.3.3 Threat of New Entrants

      4. 1.3.4 Threat of Substitutes

      5. 1.3.5 Degree of Competition

    4. 1.4 Industry Value Chain Analysis

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Type

      1. 2.1.1 Active Components

        1. 2.1.1.1 IGBT

        2. 2.1.1.2 Thyristor

      2. 2.1.2 Passive Components

        1. 2.1.2.1 Capacitors

        2. 2.1.2.2 Resistors

    2. 2.2 By Geography

      1. 2.2.1 North America

      2. 2.2.2 Rest of the Americas

      3. 2.2.3 Europe, Middle East and Africa

      4. 2.2.4 China

      5. 2.2.5 Rest of Asia Pacific

Electronic Components Market For HVDC Systems Market Size FAQs

The HVDC Systems Electronic Components Market is projected to register a CAGR of 9.27% during the forecast period (2024-2029)

Infineon Technologies AG, Renesas Electronics Corporation, Texas Instruments Incorporated, Toshiba Corporation and Microchip Technology Inc. are the major companies operating in the HVDC Systems Electronic Components Market.

Electronic Components Market for HVDC Systems Report Snapshots

Electronic Components Market for HVDC Systems Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)