Market Size of China High-Voltage Direct Current (HVDC) Transmission Systems Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 6.00 % |
| Market Concentration | High |
Major Players_Transmission_Systems_Market.webp "China High-Voltage Direct Current (HVDC) Transmission Systems Market Major Players")
*Disclaimer: Major Players sorted in no particular order |
China High-Voltage Direct Current Transmission Systems Market Analysis
The China high-voltage direct current (HVDC) transmission systems market is expected to grow at a CAGR of more than 6% during the forecast period, 2022-2027. The COVID-19 outbreak in Q1 of 2020 had led to the decline of national energy demand by more than 4% compared to 2019 and further delayed transmission and distribution project executions across the country. Factors such as the increasing investments and upcoming transmission and distribution projects, increasing penetration of renewable energy sources, and expansion of electricity infrastructure are likely to drive the Chinese high-voltage direct current (HVDC) transmission systems market during the forecast period. However, the growing adoption of distributed and remote power systems in the country is expected to restrain the China high-voltage direct current (HVDC) transmission systems market during the forecast period.
- The overhead transmission system type is expected to witness significant growth during the forecast period.
- The ambitious offshore wind projects in various provinces, such as Guangdong, plan to build 30 GW by 2030, followed by Jiangsu (15 GW), Zhejiang (6.5 GW), and Fujian (5 GW). The offshore wind development plans are expected to provide immense opportunities for the market players in the coming years.
- Increasing penetration of renewable energy sources is likely to drive the Chinese high-voltage direct current (HVDC) transmission systems market.
China High-Voltage Direct Current Transmission Systems Industry Segmentation
The Chinese high-voltage direct current (HVDC) transmission systems market report includes:
| Transmission Type | |
| Submarine HVDC Transmission System | |
| HVDC Overhead Transmission System | |
| HVDC Underground Transmission System |
| Component | |
| Converter Stations | |
| Transmission Medium (Cables) |
China High-Voltage Direct Current (HVDC) Transmission Systems Market Size Summary
The China high-voltage direct current (HVDC) transmission systems market is poised for substantial growth, driven by increasing investments in transmission and distribution projects, the expansion of electricity infrastructure, and the rising penetration of renewable energy sources. The market is expected to benefit from the ambitious offshore wind projects planned in various provinces, which are set to create significant opportunities for market players. HVDC overhead transmission systems are anticipated to experience notable growth due to their cost efficiency and simpler construction requirements compared to traditional HVAC systems. These systems are particularly advantageous for long-distance power transmission, making them a preferred choice for integrating remote renewable energy sources with load centers.
The transition towards renewable energy in China, with wind and solar power becoming more cost-effective, is expected to further propel the demand for HVDC transmission systems. As renewable power generation facilities, such as offshore wind farms, are often located far from end-users, HVDC systems provide an efficient solution for transmitting electricity over long distances. The market is characterized by the presence of key players like The State Grid Corporation of China, Siemens Energy AG, General Electric Company, ABB Ltd, and Hitachi Energy Ltd. These companies are actively involved in projects that enhance the country's power transmission capabilities, supporting the integration of renewable energy into the grid. The ongoing developments in the renewable energy sector are anticipated to drive the growth of the HVDC transmission systems market in China during the forecast period.
China 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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China High-Voltage Direct Current (HVDC) Transmission Systems Market Size FAQs
What is the current China High-Voltage Direct Current (HVDC) Transmission Systems Market size?
The China High-Voltage Direct Current (HVDC) Transmission Systems Market is projected to register a CAGR of greater than 6% during the forecast period (2024-2029)
Who are the key players in China High-Voltage Direct Current (HVDC) Transmission Systems Market?
The State Grid Corporation of China (SGCC), ABB Ltd, Hitachi Energy Ltd., Siemens Energy AG and General Electric Company are the major companies operating in the China High-Voltage Direct Current (HVDC) Transmission Systems Market.
