(MENAFN- P&S Intelligence) The HVDC transmission market generated about a value of USD 11.3 billion in 2023. The industry will grow at a compound annual growth rate of 5.5% and touch USD 16.4 billion by 2030. This has a lot to do with the growing demand for electricity at a global level, gradual shift toward renewable energy sources, initiatives of the government for grid development, and tech progressions in T&D.
Also, grid management systems can offer instantaneous monitoring, predictive upkeep, and sophisticated problem discovery with cutting-edge VSC tech. With it, the grid's reliability and performance can also be enhanced.
One substantial initiative by the Indian government regarding this is the NEP, which includes the construction of novel transmission lines and the advancement of the present HVDC lines. India launched its first HVDC system based on VSCs in June 2021, when a 320-kV, 2,000-MW line connecting Pugalur in Tamil Nadu to Thrissur in Kerala went online.
The main drivers for the regional industry are the tax breaks, lower labor costs, and other industry-friendly laws, which decrease the cost of the formed goods for customers.
China is the largest in the region, and it has a substantial industrial base, which powers the energy demand. Hence, it has introduced more than a few HVDC projects to help meet the rising energy requirements.
It is because of the rampant industrialization all over the world and the growing electricity industry, the demand for HVDC transmission systems is on the rise. This trend will continue in the years to come as well.
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