Global HVDC Transmission Systems Market: Overview
The global HVDC transmission systems market is estimated to observe considerable growth over the period of forecast, from 2020 to 2030. With the governments of several countries encouraging generation of electricity from renewable sources, the market is estimated to observe considerable growth in the years to come. In addition, the capability of HVDC transmission system to incorporate the new generation of technology with the already existing infrastructure is likely foster growth of the global HVDC transmission systems market over the timeframe of analysis, from 2020 to 2030.
With the augmented share of off-grid and distributed power generation is likely to lead to the diminishing demand for HVDC transmission systems in the years to come. Off-grid systems are made for on-site generation of power and subsequent consumption with much reduced requirement of voltage. This factor eliminates the need for the HVDC transmission system.
Transmission type, component, and region are the three key parameters based on which the global HVDC Transmission Systems market has been segregated. The sole purpose of such market segregation is to offer a clearer, 360-degree view of the said market.
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Global HVDC Transmission Systems Market: Notable Developments
The global HVDC transmission systems market is a consolidated one with the presence of few leading manufacturers across the globe. Nevertheless, the leading industry players are engaged with relentless research and development activities so as to come up with novel innovations in the said field.
Some of the key players in the global HVDC transmission systems market comprise the below-mentioned:
- Mitsubishi Electric Corporation
- C-EPRI Electric Power Engineering Co. Ltd
- ABB Group
- Toshiba Corporation
- General Electric Company
- Siemens AG
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Global HVDC Transmission Systems Market: Key Trends
The global HVDC transmission systems market is marked with the prevalence of the following challenges, market drivers, and promising opportunities.
Increasing Demand for Secured Supply of Power to Boost Growth of the Market
The rising need for improving the safety and security of power supply and growing incorporation of renewable sources of energy, HVDC transmission systems is anticipated to evolve in the years to come. In addition to that, energy storage projects, grid expansion, solar photovoltaic, and off-shore wind industry need smart energy infrastructure for balancing power supply fluctuation, especially from renewable sources of power. As such, the augmented demand for integration of renewable energy is estimated to foster growth of the global HVDC transmission systems market over the timeframe of analysis, from 2020 to 2030.
High-Voltage Direct Current or HVDC transmission technology is considered a vital technology that comes with the ability to cause disruptions in the landscape of power transmission across the globe. This transmission technology is considered to usher in "smart grid" revolution and is ideal for utilization in long-distance and bulk power transmission. These factors are likely to emerge as growth factors for the global HVDC transmission systems market over the timeframe of analysis, from 2020 to 2030.
Global HVDC Transmission Systems Market: Geographical Analysis
In the global HVDC transmission systems market, Europe is likely to emerge as one of the leading regions throughout the period of forecast, from 2020 to 2030. The power generation mix in Europe has been changing in favor of renewable sources of energy. Several countries in Europe, such as France, Belgium, Spain, and Germany have been making a shift toward low-carbon economy. This factor is likely to foster growth of the HVDC transmission systems market in Europe.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.