HVDC Transmission Market
The HDVC Transmission Market is estimated to grow at a robust CAGR over the forecast period (2020-2027).
The factors driving the growth of HVDC Transmission Market includes rising focus on utilizing renewable sources of energy, growing consumption of electricity around the world and rise in the number of offshore wind power projects. According to the report published by Bloomberg, the Global Renewable Energy Market was calculated around USD 928.0 Billion in 2017 and is predicted to reach USD 1,512.3 billion by the end of 2025, expanding at a CAGR of 6.1% over the forecast period (2018-2025), which will boost the Global HVDC Transmission Market in the approaching years. Moreover, the increasing consumer preference for cable-based transmission over overhead lines transmission solutions and rising awareness about the benefits of HVDC transmission systems, are some of the additional factors supplementing the market growth. In addition, the increasing investments by leading players on research and development, growing use of VSC technology by manufacturers, improvements in the living standards, rise in the launch of innovative products and rapid urbanization, are further contributing to the market growth.
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The major players operating in the market are C-EPRI Electric Power Engineering Co., Ltd., Prysmian Group, ABB, Siemens AG, General Electric, Nexans S.A., NKT A/S, NR Electric Co., Ltd., Hitachi, Ltd. and Mitsubishi Electric Corporation, among others.
Project Type: Segment Analysis
Based on Product Type, the Multi-Terminal Systems segment is predicted to grow at a significant CAGR over the forecast period because the multi-terminal HDVC systems are cost effective and collects huge amounts of renewable energy through land cables or overhead lines
Technology: Segment Analysis
Based on Technology, the Voltage Source Converter (VSC) segment is expected to expand at a remarkable CAGR during the forecast period because the voltage source converters independently control active power and do not require synchronous voltage for communication.
Application: Segment Analysis
Based on Application, the Infeed Urban Areas segment is anticipated to grow at a higher CAGR over the forecast period attributed to increasing use of underground power lines in the residential and commercial areas.
Regional: Segment Analysis
Based on Region, the Asia-Pacific region is projected to capture the largest market share during the forecast period. Growing consumption of electricity, expansion of the power sector, increasing investments by Governments on renewable energy projects, rising disposable incomes and high population growth rates are some of the important factors augmenting the market growth in Asia-Pacific.
Market Segmentation
Global HVDC Transmission Market by Component
- Converter Station
- Valves
- Thyristor Valve
- Insulated Gate Bipolar Transistors (IGBTS)
- Transformers
- Harmonic Filters,
- AC Filters
- DC Filters
- Circuit Breakers
- Reactors
- Surge Arresters
- Transmission Cables
- Others
Global HVDC Transmission Market by Project Type
- Point-to-Point Transmission
- Monopolar
- Bipolar
- Back-to-Back Stations
- Multi-Terminal Systems
Global HVDC Transmission Market by Technology
- Capacitor Commutated Converter (CCC)
- Voltage Source Converter (VSC)
- HVDC
- Ultra-High Voltage Direct Current (UHVDC)
- Line Commutated Converter (LCC), (Thyristor Based)
- HVDC
- UHVDC
Global HVDC Transmission Market by Application
- Bulk Power Transmission
- Interconnecting Grids
- Infeed Urban Areas
Global HVDC Transmission Market by Transmission Type
- Overhead
- Submarine & Underground
Global HVDC Transmission Market by Region
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- North America
- United States of America
- Canada
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
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Major drivers for market growth are optimal solutions for long distance transmission, growing demand for VSC technology, shift toward renewable energy, and supportive government policies and initiatives for HVDC transmission.
Bulk power transmission to hold largest share of HVDC transmission market during forecast period HVDC systems are preferred for sending bulk power across long distances, with fewer power losses.
That makes the underlying technology valuable for overcoming an important problem associated with renewable energy generation, harvesting points for which are seldom located near the population centers that need them.
HVDC is economical, which results in higher efficiency, lesser conductor, no reactive power compensation, and more stable and reliable operations than an equivalent high voltage alternating current (HVAC) system transmitting the same amount of power.
Download Free PDF Brochure:https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1225 HVDC transmission market for multi-terminal project type to grow at highest CAGR during forecast period Of all the project types, the market for multi-terminal is expected to witness the highest CAGR.
Multi-terminal HVDC systems connect non-synchronous power systems and offer flexibility in interchanging power between 3 or more converter stations.
It has different configurations such as multi-terminal links, back-to-back, bi-polar, and mono-polar, different voltage ratings such as more than 800kV, 640-800 kV, 350-640kV, and less than 350 kV, and works on different technologies such as voltage sourced converter (VSC) and low commuted converter (LCC).
Such factors, as revealed by the new MRFR analysis, include optimal solutions for long-distance transmission, demand for VSC technology, supportive government initiatives and policies for HVDC transmission, shift towards renewable energy, growing electricity consumption, rising need for cable-based transmission, increasing use of electric-powered devices and its different benefits such as cost-effective and reduces power loss.
On the contrary, complexities with multi-terminal systems, power faults, and the COVID-19 pandemic are factors that may impede the global HVDC transmission market growth over the forecast period.
Based on technology, the global HVDC transmission market is segmented into voltage sourced converter (VSC) and low commuted converter (LCC).
By voltage rating, the global HVDC transmission market is segmented into more than 800kV, 640-800 kV, 350-640kV, and less than 350 kV.
Regional OutlookThe market is segmented by area into the North America, Europe , Asia-Pacific and Rest of the World regions.Currently the HVDC transmission market in APAC is witnessing an exponential increase in power consumption.
HVDC Transmission uses direct current for the bulk transmission of electrical power, in contrast with the more common alternating current (AC) systems.
For long-distance transmission, HVDC systems may be less expensive and suffer lower electrical losses.
For underwater power cables, HVDC avoids the heavy currents required to charge and discharge the cable capacitance each cycle.For shorter distances, the higher cost of DC conversion equipment compared to an AC system may still be justified, due to other benefits of direct current links.
HVDC allows power transmission between unsynchronized AC transmission systems.
Since the power flow through an HVDC link can be controlled independently of the phase angle between source and load, it can stabilize a network against disturbances due to rapid changes in power.Download FREE Sample of this Report @ https://www.grandresearchstore.com/report-sample/global-high-voltage-direct-current-transmission-2019-917HVDC also allows transfer of power between grid systems running at different frequencies, such as 50 Hz and 60 Hz.
This improves the stability and economy of each grid, by allowing exchange of power between incompatible networks.In Asia Pacific (APAC), China and India are the major contributors to the growth of the HVDC transmission system market due to the growing demand for power in these countries.Some other factors affecting the growth of the market in this region include aging power infrastructure, increase in power consumption pattern, economic uncertainties, and low carbon emission initiatives.
