2020-27 Global HVDC Market Grows at a CAGR of 5.7%

Recently, the international market consulting agency Research And Markets released a report that the global HVDC transmission market is expected to be 8.
5 billion US dollars in 2020, and this data is expected to increase to 12.
6 billion US dollars (revised) by 2027, with a compound annual growth rate of 5.
7%
during the period.

According to the report, grid commutation converters (LCCs) are one of the segments analyzed in the report, which is expected to grow at a CAGR of 5.
8% during the forecast period, and its market size will reach $5 billion
by 2027.
After an early analysis of the business impact of the pandemic and the economic crisis it caused, the compound annual growth rate of the voltage source converter (VSC) segment was readjusted by 6.
3%.

In terms of market area, the US HVDC market size was $2.
3 billion
in 2020.
China, the world's second largest economy, is expected to reach a market size of $2.
6 billion by 2027, growing at a CAGR of 8.
7%.

Japan and Canada are also notable regional markets
during the forecast period.
During the forecast period, the two countries are expected to grow by 3.
1% and 5.
1%,
respectively.
In Europe, Germany is expected to grow
at a CAGR of 3.
6%.

In the global capacitance commutation converter (CCC) segment, the U.
S.
, Canada, Japan, China, and Europe will drive the growth of the market with an estimated CAGR of 4.
4%
during the period.
These regional markets were valued at $1.
7 billion in 2020 and are expected to reach $2.
3 billion by 2027
.
In this regional market cluster, China will continue to be one of
the fastest growing countries.
Coupled with the growth of markets such as Australia, India, and South Korea, the market size in Asia Pacific is expected to reach $1.
7 billion by 2027, while Latin America will grow at a CAGR of 6%
throughout the forecast period.