APAC HVDC TRANSMISSION SYSTEMS MARKET ANALYSIS

Regional Analysis

APAC HVDC Transmission Systems Market- Regional Analysis

Asia Pacific as a region is characterized by the presence of numerous developing economies like India, Vietnam, Singapore, etc. The presence of technological and Industrial superpowers like China, Taiwan, South Korea and other countries in the region are the factors which lay a strong foundation for the HVDC transmission Systems market to boom.     

Figure 1. APAC HVDC transmission systems Market Share (%), By Region, 2021

China is projected to lead the HVDC Transmission systems market in the Asia pacific region. Due to the factors like growing population and economic growth with the help of an extensive manufacturing ecosystem, the electricity consumption in the region has increased significantly from the past few decades. The country is expected to show similar growth trends. The country has witnessed the highest demand for electricity in residential, commercial as well as industrial sectors in the last decade. China’s power consumption is estimated to be around 8,637 TWh as of 2022. This huge surge in demand for electricity makes it obvious that the country would expand its HVDC transmission network substantially during the forecast period and continue to hold a strong position in the APAC HVDC transmission Systems Market.

India is another country in the Asia Pacific region which is very similar to the Chinese market. India recently overtook China in terms of the most populous country in the world. Additionally, the country is also witnessing a massive economic growth continuously after the liberalization policy implemented in the 90s. The exponentially growing population, expanding industrial sector and the outlook of the government to supply electricity even to the remote areas of the country where electricity supply has not reached yet are expected to drive the market growth for HVDC transmission systems market in the country. Indian economy has witnessed an energy surplus in the past but still there are certain regions in the country that are deprived of electricity. This problem can be solved with the implementation of HVDC transmission systems effectively. Due to its growing nature and journey towards economic stability, the country is expected to emerge as a big market for HVDC transmission systems after China in the Asia Pacific region.

Geographies covered: China, India, Japan, Australia, South Korea, ASEAN, Rest of Asia Pacific