Current Trends in HVDC Transmission Market

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.

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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).

Strong Growth in HVDC Transmission Market

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).

Global HVDC Transmission Market Analysis, Trends & Industry Forecasts to 2024

[147 Pages Report] 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. 

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Infeed Urban Areas application expected to witness highest CAGR in 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.

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 transmission 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). ABB is a key player in the global HVDC transmission market. The company pioneered the HVDC technology more than 60 years ago and has bagged over 110 HVDC projects, representing over 120,000 MW of total installed capacity and accounting for around half of the globally installed HVDC base. 

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Recent Developments

• ABB launched the ABB Ability at the 2018 Hanover Fair, in Germany. ABB Ability is claimed to be the world’s first integrated solution for digitally enabled power transformers.
• Siemens developed, manufactured, and tested a ± 1,100 kilovolts (kV), 587.1 megavolt amperes (MVA) HVDC transformer in Nuremberg, Germany.
• NR Electric launched a ±535kV/3000MW VSC-HVDC converter valve. The type test is fully compliant with IEC 62501 (2014 Edition). The converter valve withstood a 37.3kA short-circuit current and completed wet DC withstand voltage test at 1 tower. 

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HVDC Transmission Market worth $12.3 billion by 2024

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. 

Ask for PDF Copy:

https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1225

 

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).

Don’t miss out on business opportunities in HVDC Transmission Market.

About MarketsandMarkets™

 

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
newsletter@marketsandmarkets.com