High Voltage Transmission Systems Market Size, Share & Industry Analysis By Component (Cables, Converters, Harmonics and Filtering, Converter Transformers), By Application (Submarine Transmission System, Overhead Transmission System, Underground Transmission System) And Regional Forecast, 2024-2032

The high voltage transmission system, also known as the powered highway or the powered highway, is a power transmission system used to transmit large amounts of power. Compared to more common alternating current (AC) systems, direct high-voltage current (HVDC) power transmission systems (also known as power highways or power highways) use direct current for large amounts of power transmission. The HVDC transmission system can interconnect networks of different characteristics and frequencies, more competent than AC lines. HV power transmission system is an ideal choice for long-distance power transmission, with less power loss.

An increase in the installation of offshore wind energy generation projects will promote the market of the HV transmission system. Large amounts of energy generation can be done through marine wind energy. Therefore, the generated energy can be distributed to the high demand for power. Governments around the world have begun promoting the generation of renewable energy. The capacity of high voltage transmission technology to integrate new generations with existing infrastructure is driving the market. In general, in new projects that are expected to be activated during the forecast period, the HV transmission system market can witness remarkable growth in the coming years. 

• According to the IRENA, the offshore wind energy capacity in 2020 was 34,367 MW compared to the 2019 capacity of 28,335 MW.

However, as the share of distributed and off-grid power generation increases, the need and demand for HV transmission systems are expected to decline. The market is expected to slow down during the year. The off-grid system is specially constructed for on-site power generation and consumption. It has low voltage requirements, so there is no need to use the high voltage transmission system that is most suitable for long-distance, high-voltage applications.

The growing demand for energy in the Middle East and Africa and the growth of the renewable energy sector are expected to create significant opportunities for the HVDC systems market shortly.

• According to the IRENA, the Middle East's renewable energy capacity in 2020 was 25,350 MW compared to the 2019 capacity of 23,058 MW. Similarly, Africa has a total renewable energy capacity of 53,824 MW as of 2020.

IMPACT OF COVID-19 ON THE HIGH VOLTAGE TRANSMISSION SYSTEMS MARKET

The high voltage transmission systems market is expected to take a minimal amount of time before recovering from the impact of the COVID-19 pandemic due to increasing renewable energy efforts globally. Moreover, the government targets of achieving clean energy goals are anticipated to propel the market despite the pandemic.

• The Biden Administration announced a net-zero emission target for the United States to be achieved by 2050. Similarly, China has also announced a net-zero target by 2050.

As the renewable energy landscape proliferates, the high voltage transmission systems demand is anticipated to rise rapidly.

KEY INSIGHTS

The report will cover the following key insights:

• Recent Advancements in High Voltage Transmission Systems


• Key Industry Trends


• Regulatory Landscape for High Voltage Transmission Systems


• Key Industry Developments (Mergers, Acquisitions, and Partnerships)


• Impact of COVID-19 on the Market

ANALYSIS BY APPLICATION

According to the application, the high voltage transmission system market is divided into submarine, overhead, and underground transmission systems. The submarine segment will dominate the market. Due to the global submarine transmission system development, the submarine transmission system market may grow significantly. Due to increasing concerns about energy trade between countries, submarine power transmission has become more critical. The high-voltage direct current submarine power transmission system is a crucial technology for developing future power transmission networks. It is the only solution that can be used for long-distance underwater high-power transmission. The primary purpose of the submarine transmission is to connect countries or islands separated by the sea and connect remote offshore platforms to the leading transmission network.

REGIONAL ANALYSIS

The European market is the largest market with fierce competition and is dominated by key players. Fueled by HVDC investments in China and India, the Asia Pacific region has gained tremendous momentum in recent years. Europe will be the fastest-growing region during the forecast years. As countries such as Germany and France increasingly turn to a low-carbon economy, the power generation structure in Europe is expected to undergo significant changes in the coming years, favoring renewable energy. The region also has several policies, such as the European Union Renewable Energy Directive and the National Renewable Energy Action Plan to support the transition to a low-carbon energy system. With the increasing integration of renewable energy and the growing demand for greater security of supply, HVDC grid technology is expected to develop in the region.

KEY PLAYERS COVERED

The report will include profiles of key players such as Prysmian Group, Nexans, General Cable, NKT, Furukawa Electric Co., Ltd., ABB, Dubai Cable Company - Ducab, Jiangnan Group Limited, Schneider Electric, Tratos, Universal Cables Ltd, Brugg Cables, Riyadh Cables Group Company, Synergy Cables, and ZTT. 

SEGMENTATION

KEY INDUSTRY DEVELOPMENTS

• On July 21, 2021, Prysmian won a $ 900 million contract to provide high voltage cable systems for underground power transmission projects in the United States. Under the contract, Prysmian will provide 525 kV high voltage DC cables for efficient transmission of renewable energy and supply more than 1.2 million homes, a milestone in constructing a clean energy grid in the United States.


• On February 2, 2021, Nexans won the main framework contract to provide cables, accessories, and installation services for the RTE underground network connection project. This allows the Nexans and RTE partnership to expand in the future and marks the continued increase in the number of cables, accessories, and services.