Canada High-voltage Direct Current (HVDC) Transmission Systems Market Size

Canada HVDC Transmission Systems Market Analysis

The Canadian HVDC transmission systems market is expected to register a CAGR of more than 2% during the forecast period, 2022-2027. The COVID-19 pandemic did not alter the country's medium- to long-term plans for power transmission. Power transmission, which was categorized as an essential service by the Ministry of Power during the COVID-19 period, continued as a usual business in the country, with the projects for renewable energy capacity increasing by 8% in the 2019-2020 period. Factors such as the growing renewable energy sector, rapid urbanization, and increasing rural electrification are expected to drive the market during the forecast period. On the other hand, the country's growing distributed and remote power systems are likely to hinder the market growth.

• The HVDC underground transmission system is likely to maintain its larger market share during the forecast period, making it a dominating segment in the Canadian HVDC market.
• The country's plan to deploy 30 GW of offshore wind energy installations by 2030 is expected to create several opportunities for HVDC transmission systems, which are more efficient for offshore environments.
• The increasing expansion of the transmission electricity grid in Canada is expected to drive the country's HVDC transmission systems market during the forecast period.