High Voltage Direct Current Power Supply Market To Reach USD 7.5 Billion By 2032 Report By DataHorizzon Research
Increasing popularity of high voltage direct current convertors to drive organic growth.
Fort Collins, Colorado, March 14, 2024 (GLOBE NEWSWIRE) -- The High Voltage Direct Current Power Supply Market size was valued at USD 3.8 Billion in 2023 and is expected to have a market size of USD 7.5 Billion by 2032 with a CAGR of 7.8%.
The market for HVDC power supplies experienced growth in 2023, driven by a rising demand for efficient power supply solutions. HVDC systems are predominantly utilized for effective power transmission over extended distances. The adoption of HVDC power supply solutions, alongside innovative conversion methods, brings significant advantages to both suppliers and end-users.
Technological advancements in devices and components, along with the objectives of power systems, serve as catalysts for adopting HVDC power supply systems, positioning them as preferable alternatives to AC converters. These advancements encompass enhancements in control, conversion, and distribution facilitated by inventive conversion and semiconductor configurations, which operate efficiently. Consequently, the practical implementation of HVDC power supplies in various settings, such as warehouses, schools, parks, offices, buildings, and factories, is gaining traction. As a result, significant growth is anticipated in the high voltage direct current power supply market in the coming years.
The increasing transition toward renewable energy sources is projected to offer opportunities for growth to numerous market participants. As per the International Energy Agency (IEA), renewable energy sources are anticipated to overtake coal and become the primary source of electricity generation by 2025. By 2028, renewables are forecast to contribute 42% to electricity generation. Consequently, there is a growing need for electricity transmission over extended distances and at higher voltage levels to enhance transmission efficiency. These systems are adept at integrating with renewable or alternative energy sources like photovoltaics, fuel cells, and wind power.
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Segmentation Overview:
The global high voltage direct current power supply market has been segmented into voltage, convertor type, application, and region. Based on voltage, the high voltage direct current power supply market segmentation comprises less than 1000V, 1000-4000V and more than 4000V. The more than 4000V segment held the largest market share in 2023. This can be attributed to the various advantages of this segment such highly reliable and efficient power conversion with minimal losses over very long distances.
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High Voltage Direct Current Power Supply Market Report Highlights:
The global high voltage direct current power supply market growth is anticipated at a CAGR of 7.8% by 2032.
High-voltage Direct Current is largely used for long-distance transmission with high efficiency. Its rising adoption is directly proportional to market growth.
The high-voltage direct current power supply market share for Asia Pacific was significantly high in 2023 owing to the highly developed telecommunication infrastructure coupled with a surge in new manufacturing facilities, which resulted in increasing demand for efficient power transmission.
Some prominent High Voltage Direct Current Power Supply market report players include ABB Ltd., AHV, American Power Design, Excelitas Technologies Corporation, General Electric, Hamamatsu, Siemens AG, Toshiba Group, Mitsubishi Electric Corporation, and Hitachi, Ltd.
Industry Trends and Insights:
- Several players are now focusing on grid modernization with objectives to enhance grid stability, and integrate renewable energy.
- The need for intercontinental power transmission is expected to get more mileage owing to capacity of HVDC convertors to transmit at longer distances.
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High Voltage Direct Current Power Supply Market Segmentation:
By Voltage: Less than 1000V, 1000-4000V, More than 4000V
By Convertor Type: Line commutated converters, voltage-sourced convertors, capacitor commentated convertors
By Application: Telecommunication, medical, industrial, oil & gas, others
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
About DataHorizzon Research:
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