It is a problem of analytical geometry and the solution was given by Paul Bourke in 1998 (Minimum Distance betweena Point and a Line). The shortest distance from a point to a line or line segment is the perpendicular from this point to the line segment. Several versions of his algorithm have been proposed in various languages including Python as in Measuring distance from a point to a line segment in Python. but there are many others (like Nearest neighbor between a point layer and a line layer with Shapely)
# basic example with PyQGIS
# the end points of the line
line_start = QgsPoint(50,50)
line_end = QgsPoint(100,150)
# the line
line = QgsGeometry.fromPolyline([line_start,line_end])
# the point
point = QgsPoint(30,120)
def intersect_point_to_line(point, line_start, line_end):
''' Calc minimum distance from a point and a line segment and intersection'''
# sqrDist of the line (PyQGIS function = magnitude (length) of a line **2)
magnitude2 = line_start.sqrDist(line_end)
# minimum distance
u = ((point.x() - line_start.x()) * (line_end.x() - line_start.x()) + (point.y() - line_start.y()) * (line_end.y() - line_start.y()))/(magnitude2)
# intersection point on the line
ix = line_start.x() + u * (line_end.x() - line_start.x())
iy = line_start.y() + u * (line_end.y() - line_start.y())
return QgsPoint(ix,iy)
line = QgsGeometry.fromPolyline([point,intersect_point_to_line(point, line_start, line_end)])
and the result is
Adapting the solution to your problem is easy,just loop through all line segments, extracting the segments end points and apply the function.