Asia-Pacific High-Voltage Direct Current (HVDC) Transmission Systems Market Size

APAC HVDC Transmission Systems Market Analysis

The Asia-Pacific (APAC) high voltage direct current (HVDC) transmission systems market is expected to witness a CAGR of around 4.5% during the forecast period. The COVID-19 outbreak severely affected the market due to the reduced power demand caused by the suspended economic activity worldwide. The electricity consumption in the commercial and industrial sector in the Indian state of Telangana reduced from 70 MU in 2019 to 60 MU in 2020, which resulted in heavy losses for power distribution companies and led to their reluctance to go for new power transmission projects. The market's growth is attributed to the reliable transmission of high power loads for long distances and efficient transmission with low T&D losses. However, the high installation cost is likely to hinder the market's growth in the coming years.

• The underwater segment is expected to witness significant growth in the future due to various upcoming HVDC submarine projects queued up in the region.
• The increasing power demand from developing countries like China and India is likely to have a catalytic effect on the market in the future. In 2020, the electricity consumption in China was around 7,510 TWh, the highest globally.
• China is expected to dominate the market during the forecast period due to the country's constantly growing power transmission network.