Enjoy complimentary customisation on priority with our Enterprise License!
The UK - High Voltage Direct Current (HVDC) Transmission Systems Market size is estimated to grow at a CAGR of 8.03% between 2022 and 2027. The market size is forecast to increase by USD 363.9 million. The growth of the market depends on several factors, such as optimal solutions for long-distance transmission, increased renewable power generation, and increased demand for power.
This report extensively covers market segmentation by component (converter stations and transmission medium) and type (subsea transmission, underground transmission, and overhead transmission). It also includes an in-depth analysis of drivers, trends, and challenges.
UK High Voltage Direct Current (HVDC) Transmission Systems Market Forecast 2023-2027
To learn more about this report, Request Free Sample
Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
One of the main factors which fuel the demand for HVDC transmission systems in UK is the increasing demand for power leading to demand for T&D networks. Factors such as the increasing population and rapid urbanization and industrialization are fuelling the increasing consumption of power.
Moreover, power is mainly used for cooling, lighting, and running appliances and equipment in the residential sector. Furthermore, the transportation industry is significantly contributing to global power consumption as it has grown tremendously in both developed and developing nations. Hence, such factors are positively impacting the UK - high voltage direct current transmission systems market growth. Thus, it is expected to drive the UK high voltage direct current (HVDC) transmission systems market growth during the forecast period.
The emergence of smart grids has offered a tremendous opportunity for utility sectors that provide a reliable and steady power supply to their end-users. There is an increase in the implementation of smart grids due to the increasing need for the detection and reaction to local changes in power consumption.
Moreover, the main advantage of these smart grids is that it allows the efficient delivery of sustainable, secure, and economical electricity supply with the help of transmission lines. Additionally, it also offers real-time price information to consumers when connected to wireless sensor networks. Thus, such benefits are positively impacting the UK - HVDC transmission systems market. Hence, such factors are expected to drive the UK high voltage direct current (HVDC) transmission systems market growth during the forecast period.
There has been a continuous improvement in HVDC technology and improvements are made to minimize the number of components required for HVDC substation deployment and operational issues. For instance, semiconductors or hybrid semiconductors are crucial elements in HVDC technology for switching operations.
Moreover, one of the main issues regarding the HVDC technology is switching operations in the HVDC circuit breaker. The circuit breakers require high switching capabilities or the circuit breaker gets damaged, resulting in an electricity supply breakdown. However, the maximum voltage generated must be low in the breaker to adapt to the insulation system's coordinates. Thus the limited power of the insulated-gate bipolar transistor (IGBT) is restricting the switching capabilities of circuit breakers which is negatively impacting the UK - high voltage direct current (HVDC) transmission systems market. Hence, such factors are expected to hinder UK high voltage direct current (HVDC) transmission systems market growth during the forecast period.
The converter stations segment is estimated to witness significant growth during the forecast period. Several factors such as an increase in power consumption, growing renewable energy production, growing regional and cross-border grid integration, and connection of asynchronous grids are significantly fuelling the growth of the converter stations segment in the global UK high voltage direct current (HVDC) transmission systems market. The main functionality of this segment is that convert electricity from alternative current (AC) to direct current (DC) and vice versa, but it increases the overall cost.
Get a Customised Report as per your requirements for FREE!
The converter stations segment was the largest segment and was valued at USD 390.52 million in 2017. However, it s a better option than an AC system in terms of overall cost such as the line cost and the line losses, and the higher efficiency of HVDC converter stations. Thus the numerous advantages offered by the HVDC converter station over an AC system have made it the best technology for the transportation of power over long distances in the UK, which, in turn, has increased the investments in HVDC converter stations. Hence, such benefits are expected to fuel the growth of this segment which in turn will drive the UK high voltage direct current (HVDC) transmission systems market growth during the forecast period.
Based on type, the segment is classified into subsea transmission, underground transmission, and overhead transmission. The main purpose of the subsea transmission segment is to interconnect offshore wind farms and the onshore power grid. One of the main factors which is significantly fuelling the growth of this segment is the increasing demand for r renewable energy in the UK, which in turn is driving the subsea transmission systems. For instance, in the UK, a 450-mile subsea cable that connects UK and Norway has been enabled in October 2021 to share renewable energy. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the UK high voltage direct current (HVDC) transmission systems market growth during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ABB Ltd: The company offers high voltage direct current transmission system solutions namely HVDC Light technology
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
Aker Solutions ASA, ALSTOM SA, Aquind Ltd., Balfour Beatty Plc, EirGrid Plc, General Electric Co., Hitachi Ltd., Mitsubishi Electric Corp., National Grid Plc, Nexans SA, NR Electric Co. Ltd., Prysmian Spa, Rochling SE and Co. KG, Rongxin Power Ltd., Roxtec International AB, Siemens AG, Sumitomo Electric Industries Ltd., Tele Fonika Kable SA, and Toshiba Corp.
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The UK high voltage direct current (HVDC) transmission systems market report forecasts market growth by revenue and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
UK High Voltage Direct Current (HVDC) Transmission Systems Market Scope |
|
Report Coverage |
Details |
Page number |
136 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.03% |
Market growth 2023-2027 |
USD 363.9 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
7.28 |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ABB Ltd., Aker Solutions ASA, ALSTOM SA, Aquind Ltd., Balfour Beatty Plc, EirGrid Plc, General Electric Co., Hitachi Ltd., Mitsubishi Electric Corp., National Grid Plc, Nexans SA, NR Electric Co. Ltd., Prysmian Spa, Rochling SE and Co. KG, Rongxin Power Ltd., Roxtec International AB, Siemens AG, Sumitomo Electric Industries Ltd., Tele Fonika Kable SA, and Toshiba Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Component
7 Market Segmentation by Type
8 Customer Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.