According to
the new market research report "HVDC Transmission Market
by Component (Converter Stations, Transmission Cables, and Others), Project
Type (Point-to-Point, Back-to-Back, and Multi-Terminal), Technology (CCC, VSC,
and lCC), Application, and Geography - Global Forecast to 2024",
The HVDC transmission market is projected to reach USD 12.3 billion by 2024
from USD 8.2 billion in 2018, at a CAGR of 6.9% during 2018–2024.
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. However, the high
cost of installing HVDC transmission systems is the major restraint for the
growth of the market.
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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.
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.
Multi-terminal HVDC systems are one of the cost-effective ways to aggregate
large amounts of renewable energies through HVDC land cables, sea cables, or
overhead lines on one side, and connect the aggregated energy to the main AC
system through a common DC network.
APAC to hold largest share of HVDC transmission market during
2018–2024
The HVDC transmission
market in APAC is segmented into China, Japan, India, and Australia. The demand
for uninterrupted power plays a crucial role in driving the adoption of HVDC in
the region. The development of power infrastructure in this region offers many
growth opportunities for market players. China is investing heavily in
renewable energy and implementing latest UHVDC technology for power
transmission. For instance, 2 of the world’s most powerful and longest HVDC
power transmission highways, each with a nominal rating of 3,000 MW, are
currently being installed in China. The region’s emerging economies, such as
China and India, provide power capacity addition across the existing power
infrastructure, which is a major driving factor for the increasing demand for HVDC
transmission in APAC.
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Key players
in the HVDC transmission market ABB (Switzerland), Siemens (Germany), General
Electric (US), Hitachi (Japan), Mitsubishi Electric (Japan), Nexans (France),
NKT A/S (Denmark), NR Electric (China), C-EPRI Electric Power Engineering
(China), and Prysmian Group (Italy).
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