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

Europe High-Voltage Direct Current (HVDC) Transmission Systems Market Analysis

The Europe high-voltage direct current (HVDC) transmission systems market is likely to register a CAGR of more than 8% during the forecast period, 2022-2027. The COVID-19 pandemic disrupted the market temporarily by causing a shortage of equipment due to the closure of manufacturing facilities. The market saw a decline in investments due to lesser discretionary spending. Factors such as the growth of utility-scale renewable energy plants and the shift away from fossil fuels are likely to drive the market as the HVDC transmission system helps to transmit electricity from remote renewable power plants over a long distance without much energy loss than the HVAC system. However, with the increasing share of distributed and off-grid power generation, the need and, in turn, the demand for HVDC transmission systems is expected to be reduced, thus restraining the market growth during the forecast period.

• The submarine HVDC transmission system type is expected to hold the largest share in the market, owing to the increasing development of submarine power transmission systems across the region.
• The offshore region of Europe has significant wind potential, which is evident from the already installed capacity. More offshore wind farms are expected to come up in the future to lower emissions, which is expected to provide immense opportunities to the market players involved in the HVDC transmission systems market.
• The United Kingdom is expected to grow significantly in the European HVDC transmission systems market during the forecast period.