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 the market’s 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.
Infeed Urban Areas application
expected to witness highest CAGR in HVDC transmission market during forecast
period
HVDC systems are ideal for feeding electricity into densely
populated urban centers, where the density of required overhead wires could
cause significant obstructions. Despite being more expensive, underground power
lines utilization is increasing in urban areas. Nowadays, residential and
commercial developments have underground utility infrastructure, often ordered
by law for aesthetic reasons.
Get in-depth analysis of
the COVID-19 impact on the HVDC Transmission Market
Download PDF Brochure:
HVDC transmission Market for
VSC-based technology to grow at highest CAGR during 2018–2024
VSC technology converts AC voltage to DC voltage by using
insulated gate bipolar transistors (IGBTs) and pulse width modulation (PWM), or
through switching in and out of smaller DC capacitors. There are 2 types of
voltage converters: voltage inverters and voltage rectifiers. The main function
of a VSC-HVDC system is to transmit constant DC power from a rectifier to an
inverter. The “switching off” capability means that VSC converters do not
require a synchronous voltage for commutation. Thus, VSC converters are
considered a controllable voltage source system for HVDC transmission.
APAC expected to
account for largest market share during forecast period
The HVDC transmission market in APAC is presently
witnessing an exponential growth in terms of power consumption. 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. These factors are
projected to fuel the HVDC market in APAC in the coming years.
Key
players in the HVDC transmission market include 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).
No comments:
Post a Comment