According to the research report titled ‘Global HVDC Transmission Market: Analysis By Technology (Capacitor Commutated, Voltage Source, Line Commutated), Component, Application, By Region, By Country (2020 Edition): Market Insights, Covid-19 Impact, Competition and Forecast (2020-2025)’, available with MarketStudyReport, global HVDC transmission market was valued at USD 7,831.55 million in the year 2019 and is anticipated to garner substantial profits during the forecast timespan of 2020-2025.
 

Rapid urbanization and favorable government initiatives across residential and commercial sectors are primarily driving global HVDC transmission market growth. Furthermore, surging need for transporting power over long distances with fewer energy losses in emerging nations, and rising community-based electrification demand are enhancing the industry outlook.
 

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Increased public and private support for the implementation of decentralized generation units are likely to bolster market revenue in the ensuing years. Besides, growing necessity for an efficient and flexible power transmission infrastructure, and rising popularity of high voltage direct current (HVDC) transmission systems among policymakers and business organizations.
 

Growing focus on constructing electrical infrastructure in order to deliver low-cost, clean power is boosting the demand for electricity in remote places. Particularly, in offshore wind industry, the plants are built further away from the coast to lessen complaints about unpleasantness of wind farms, which in turn, will augment the adoption of HVDC connections for offshore wind farms over time.
 

The report evaluates the global HVDC transmission market on the basis of technology (line commutated converter, capacitor commutated converter, voltage source converter), by component (transmission cables, converter stations, others), and application (interconnecting grids, bulk power transmission, city-center infeed).
 

From a regional perspective, the industry size spans across Americas (U.S., Brazil, Mexico), Europe (Germany, Italy), and Asia Pacific (Japan, India, China).  Among these, APAC market currently holds the largest share and is slated to continue developing as growing economies like China and India are demanding reliable and uninterrupted power supply.
 

Considering the competitive landscape, Toshiba Corp., NKT A/S, Nexans SA, Prysmian S.p.A., Schneider Electric SE, Mitsubishi Electric Corp., General Electric Co., Hitachi Ltd., ABB Ltd., and Siemens AG are the major contenders influencing global HVDC transmission industry trends.