Market Size of Australia High Voltage Direct Current (HVDC) Transmission Systems Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | 6.99 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Australia High Voltage Direct Current Transmission System Market Analysis
The market for high voltage direct current (HVDC) transmission systems in Australia is expected to grow at a CAGR of over 6.99% during the forecast period.
The market was negatively impacted by COVID-19 in 2020. Currently. The market has reached pre-pandemic levels.
- Over the long term, increasing deployment of offshore wind farms, low cost for long-distance transmission, controllability, and low short circuit current are some significant factors driving the Australian HVDC transmission system market over the forecast period.
- On the other hand, high installation costs and high losses for smaller transmission distances are likely to hinder the market growth.
- Nevertheless, the growth of offshore wind power technology and the offshore oil and gas sector is likely to create immense opportunities for the market studied.
Australia High Voltage Direct Current Transmission System Industry Segmentation
The HVDC system in the report refers to an electric power transmission system that uses direct current for the bulk transmission of electrical power over a long distance. The market is segmented by transmission type and component. By transmission type, the market is segmented into the submarine HVDC transmission system, HVDC overhead transmission system, and HVDC underground transmission system. By component, the market is segmented into converter stations and transmission mediums (cables). For each segment, the market sizing and forecasts have been done based on revenue (USD million).
| Transmission Type | |
| Submarine HVDC Transmission System | |
| HVDC Overhead Transmission System | |
| HVDC Underground Transmission System |
| Component | |
| Converter Stations | |
| Transmission Medium (Cables) |
Australia High Voltage Direct Current (HVDC) Transmission Systems Market Size Summary
The Australian high voltage direct current (HVDC) transmission system market is poised for significant growth, driven by factors such as the increasing deployment of offshore wind farms and the need for efficient long-distance power transmission. The market has rebounded to pre-pandemic levels after the setbacks caused by COVID-19. Key advantages of HVDC systems include their controllability and reduced short circuit currents, making them ideal for interconnecting offshore wind plants and facilitating power trading between countries through submarine cables. However, challenges such as high installation costs and losses over shorter distances may impede growth. Despite these hurdles, the expansion of offshore wind power technology and the offshore oil and gas sector presents substantial opportunities for market development.
Australia's vast and energy-rich landscape, coupled with its commitment to increasing renewable energy generation, underscores the importance of HVDC transmission systems. As the country plans to retire a significant portion of its coal generation fleet, the integration of renewable energy projects, often located far from demand centers, becomes crucial. HVDC systems offer a solution to connect these remote projects to the grid, minimizing transmission losses. The government's initiatives, such as the Australian-Asian (Power) Grid Project, aim to leverage surplus energy resources and enhance grid interconnections, further driving demand for HVDC systems. The market is consolidated, with major players like ABB Ltd., Siemens AG, and General Electric Company leading the charge, supported by significant government investments in projects like the subsea HVDC transmission lines to Singapore.
Australia High Voltage Direct Current (HVDC) Transmission Systems Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast, in USD million, till 2027
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 PESTLE ANALYSIS
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2. MARKET SEGMENTATION
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2.1 Transmission Type
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2.1.1 Submarine HVDC Transmission System
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2.1.2 HVDC Overhead Transmission System
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2.1.3 HVDC Underground Transmission System
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2.2 Component
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2.2.1 Converter Stations
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2.2.2 Transmission Medium (Cables)
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Australia High Voltage Direct Current (HVDC) Transmission Systems Market Size FAQs
What is the current Australia High Voltage Direct Current (HVDC) Transmission Systems Market size?
The Australia High Voltage Direct Current (HVDC) Transmission Systems Market is projected to register a CAGR of greater than 6.99% during the forecast period (2024-2029)
Who are the key players in Australia High Voltage Direct Current (HVDC) Transmission Systems Market?
ABB Ltd. , Siemens AG , General Electric Company , Toshiba Corporation and Mitsubishi Electric Corporation are the major companies operating in the Australia High Voltage Direct Current (HVDC) Transmission Systems Market.
