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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