(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Nov. 28, 2024 (GLOBE NEWSWIRE) -- The "Saudi Arabia HVDC Transmission Market, By Region, Competition, Forecast and Opportunities, 2019-2029F" report has been added to ResearchAndMarkets.com's offering.
The Saudi Arabia HVDC Transmission market was valued at USD 319.84 Million in 2023, and is expected to reach USD 455.71 Million by 2029, rising at a CAGR of 5.92% Saudi Arabia HVDC Transmission refers to the use of High Voltage Direct Current (HVDC) technology to transmit electrical power across long distances with minimal losses and enhanced efficiency. This technology contrasts with traditional Alternating Current (AC) systems by using direct current for the transmission of electricity, which is particularly advantageous for long-distance and high-capacity power transfer. The market for HVDC transmission in Saudi Arabia is set to rise significantly due to several driving factors.
As the country continues to diversify its energy mix and integrate substantial renewable energy sources, such as solar and wind, HVDC technology becomes crucial for efficiently transmitting electricity from remote generation sites to major consumption centers. The technology's ability to reduce transmission losses and stabilize the grid makes it an ideal solution for the country's vast and growing energy infrastructure. Additionally, HVDC systems offer better control and flexibility in managing power flow and integrating diverse energy sources, which aligns with Saudi Arabia's Vision 2030 goals of modernizing the energy sector and enhancing grid reliability.
The expansion of HVDC projects, including new transmission lines and converter stations, will support the country's development of a robust and efficient energy network. Furthermore, the increasing demand for electricity driven by population growth and industrial expansion, coupled with the need to connect isolated power grids, will fuel the market's growth. Investments in HVDC technology not only address these challenges but also contribute to achieving the country's sustainability and energy efficiency targets. Overall, the Saudi Arabia HVDC Transmission Market is poised for growth as it supports the nation's transition to a more reliable, efficient, and renewable energy infrastructure.
Technology Insights
In 2023, the Line Commutated Converter segment dominated the Saudi Arabia High Voltage Direct Current Transmission Market and is expected to maintain its dominance throughout the forecast period. Line Commutated Converters have been the traditional choice for high-capacity direct current transmission due to their proven reliability and efficiency in handling large amounts of power over long distances. This technology, which utilizes thyristor-based systems for converting direct current to alternating current and vice versa, is well-established and widely used in existing high voltage direct current projects around the world, including in Saudi Arabia.
The advantages of Line Commutated Converters include their robustness, lower cost for high-capacity installations, and ability to handle large-scale energy transfers effectively. Given Saudi Arabia's extensive energy infrastructure and ongoing investments in expanding and modernizing its grid, the continued preference for Line Commutated Converters is driven by their cost-effectiveness and capacity to support large-scale power transmission needs.
While Voltage Source Converters offer advanced features such as greater flexibility and better integration with renewable energy sources, the established track record and economic benefits of Line Commutated Converters ensure their continued dominance in the Saudi Arabian market. As the country focuses on enhancing its energy infrastructure and meeting growing power demands, the Line Commutated Converter segment is anticipated to remain the leading technology choice due to its reliability, cost-efficiency, and capacity to support the national energy grid's requirements.
Regional Insights
In 2023, the Eastern Province dominated the Saudi Arabia High Voltage Direct Current Transmission Market and is projected to maintain its leading position throughout the forecast period. The Eastern Province, home to major oil and gas production facilities and key industrial hubs, represents a critical area for energy infrastructure development. This region's dominance is driven by its significant role in the country's energy sector, including the concentration of large-scale power generation and processing facilities. As Saudi Arabia continues to invest in expanding and modernizing its energy infrastructure, the Eastern Province is central to these efforts due to its strategic importance in supporting both local and national energy needs.
The development of high voltage direct current transmission systems in this region is essential for efficiently transporting electricity from remote generation sites to major consumption centers, including industrial areas and urban centers. Additionally, the Eastern Province's ongoing investments in new energy projects and infrastructure upgrades further drive the demand for advanced transmission technologies, including high voltage direct current systems.
The region's established role as an energy hub, coupled with its continued focus on infrastructure development and modernization, ensures that it will remain the dominant market segment in the Saudi Arabian high voltage direct current transmission sector. As the country seeks to enhance its energy transmission capabilities and support growing energy demands, the Eastern Province will continue to be at the forefront of high voltage direct current market activities.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 85 |
| Forecast Period | 2023 - 2029 |
| Estimated Market Value (USD) in 2023 | $319.84 Million |
| Forecasted Market Value (USD) by 2029 | $455.71 Million |
| Compound Annual Growth Rate | 5.9% |
| Regions Covered | Saudi Arabia |
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the Saudi Arabia HVDC Transmission Market.
ABB Ltd Siemens Energy AG General Electric Company Schneider Electric SE Mitsubishi Electric Corporation Hitachi Energy Ltd NR Electric Co., Ltd Toshiba Energy Systems & Solutions Corporation Sungrow Power Supply Co., Ltd AESC Group Ltd
Report Scope:
Saudi Arabia HVDC Transmission Market, By Technology:
Line Commutated Converter (LCC) Voltage Source Converter (VSC))
Saudi Arabia HVDC Transmission Market, By Component:
Converter Stations Transmission Cables Transformers Switchgear
Saudi Arabia HVDC Transmission Market, By End-user:
Utility Industrial Commercial Residential
Saudi Arabia HVDC Transmission Market, By Region:
Riyadh Makkah Madinah Jeddah Tabuk Eastern Province Rest of Saudi Arabia
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Saudi Arabian HVDC Transmission Market
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