HVDC transmissions system market to surge past $17 B by 2028
The HVDC transmissions system market, valued at $7.5 B in 2019, is expected to surge past valuation of $17 B by 2028 progressing at a CAGR of 8.7 % through the assessment period, according to a new market study by Future Market Insights.
Growing demand for HVDC transmission systems among power transmission industries and emerging economies is forecasted to serve as a major growth driver to the market. Furthermore, augmenting adoption of HVDC transmission systems in offshore wind projects, coupled with rising demand for these systems for long-distance transmission will equally complement market growth.
The rising number of government initiatives related to HVDC transmissions systems is offering substantial revenue opportunities to the market. Furthermore, a growing number of offshore wind farms and the substantial adoption of HVDC transmission systems will continue to drive the market on a positive trajectory.
The regions covered in this report are: North America, Latin America, Asia Pacific excluding Japan, Japan, Europe, and Middle East and Africa.
Some of the key players operating in the market include ABB Ltd., Siemens AG, Toshiba Corporation, General Electric, Mitsubishi Electric Corporation, Prysmian SpA, TransGrid Solutions Inc., Abengoa S.A., ATCO Ltd., and LS Industrial Systems Co., Ltd. among others.
Source: Digital Journal