Market Size of Japan 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 | 6.51 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Japan HVDC Transmission Systems Market Analysis
The Japan High Voltage Direct Current (HVDC) transmission systems market is estimated to be USD 109.48 million in 2021, and it is expected to reach USD 159.82 million by 2027, at a CAGR of 6.51% during 2022-2027. The market was relatively stable from the impact of COVID-19, and it did not witness any significant delays, despite the supply chain disruptions faced by project developers. The major factors driving the market include increasing penetration of renewable energy and policies for increasing investments and efficiency of the transmission system. However, due to the growing adoption of distributed and remote power systems in the country, the demand for HVDC transmission systems is expected to experience a restraint.
- The underground and submarine HVDC transmission system segment is expected to account for the largest share in the Japanese HVDC transmission systems market in terms of transmission type. This is primarily due to the several projects for connecting different islands with HVDC transmission systems owing to several preferable properties, such as low power loss and safety from natural calamities.
- In terms of components, the converter stations segment held the largest share of the market studied. Factors such as increasing demand for bulk power transmission, increasing penetration of HVDC and connecting AC line to DC line for efficient transmission lead to the increased demand for converter stations.
- Japan is undergoing a significant energy transition and is shifting away from fossil fuels. The increasing penetration of renewable energy, especially offshore wind, and solar energy, is expected to drive the market's growth in Japan. In 2020, the government of Japan announced its plan to install 45 GW of offshore wind power in the country by 2040, which foreshadows the increase in demand for subsea transmission lines.
Japan HVDC Transmission Systems Industry Segmentation
The Japan high voltage direct current (HVDC) transmission systems market report includes:
| Transmission Type | |
| HVDC Overhead Transmission System | |
| HVDC Underground and Submarine Transmission System |
| Component | |
| Converter Stations | |
| Transmission Medium (Cables) |
Japan High Voltage Direct Current (HVDC) Transmission Systems Market Size Summary
The Japan High Voltage Direct Current (HVDC) transmission systems market is poised for growth, driven by the country's transition towards renewable energy sources and the need for efficient power transmission solutions. The market has shown resilience against challenges such as supply chain disruptions, maintaining stability during the COVID-19 pandemic. Key factors propelling the market include the increasing integration of renewable energy, particularly offshore wind and solar power, and supportive government policies aimed at enhancing transmission system efficiency and investment. Despite the growing adoption of distributed and remote power systems, which may pose some constraints, the demand for HVDC systems is expected to rise, particularly in the underground and submarine transmission segments. These segments are favored due to their advantages, such as reduced power loss and enhanced safety against natural disasters, making them ideal for connecting Japan's numerous islands.
The HVDC transmission systems market in Japan is characterized by a significant shift towards renewable energy integration, with offshore wind energy playing a pivotal role. The country's energy landscape is evolving, with a focus on decarbonization and reducing reliance on fossil fuels. The declining costs of renewable power generation, driven by technological advancements and economies of scale, are further bolstering this transition. HVDC systems are increasingly seen as a viable solution for long-distance power transmission, connecting remote renewable energy sources to urban load centers. This is particularly relevant for offshore wind farms, which are often located far from consumption areas. The market is consolidated, with major players like Hitachi ABB Power Grids Ltd, Sumitomo Electric Industries Ltd, Toshiba Corporation, and Mitsubishi Electric Corporation leading the charge in developing and implementing HVDC solutions. These companies are actively involved in projects that enhance Japan's transmission infrastructure, supporting the country's ambitious renewable energy goals.
Japan 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 billion, 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 HVDC Overhead Transmission System
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2.1.2 HVDC Underground and Submarine 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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Japan High Voltage Direct Current (HVDC) Transmission Systems Market Size FAQs
What is the current Japan High Voltage Direct Current (HVDC) Transmission Systems Market size?
The Japan High Voltage Direct Current (HVDC) Transmission Systems Market is projected to register a CAGR of 6.51% during the forecast period (2024-2029)
Who are the key players in Japan High Voltage Direct Current (HVDC) Transmission Systems Market?
Toshiba Corporation , Mitsubishi Electric Corporation, Sumitomo Electric Industries Ltd and Hitachi ABB Power Grids Ltd are the major companies operating in the Japan High Voltage Direct Current (HVDC) Transmission Systems Market.
