HVDC Transmissions Market is projected to expand at ~ 6.5% CAGR during the forecast period: Segmented by Technology, Application, Configuration, and Voltage rating and Region

“\”HVDC Transmission Market\””
HVDC Transmission Market Research Report: Information by Technology (LCC, VSC) Application (Underground, Offshore, Asynchronous grid) Configuration (Monopolar, bipolar, back-to-back, multi terminal), Voltage rating (<350 kV, 350-640 kV, 640-800 kV, >800 kV)- Forecast till 2023

Scope of the Report

This report provides an in-depth analysis of the global HVDC Transmission market, tracking four market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, and share for North America, Europe, Asia Pacific (APAC), Middle East, Africa and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the HVDC Transmission market by its technology type, application type, by configuration type, by voltage rating type and by region.

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By Technology Type

LCC

VSC

By Application Type

Underground

Asynchronous grid

Offshore

By Configuration

Monopolar

Bipolar

Multi-terminal

Back-to-back

By Voltage Rating

Less than 350 kV

350-640 kV

640-800 kV

More than 800 kV

By Regions

North America 

Asia Pacific 

Middle East and Africa

Europe

Rest of the World  

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Global HVDC Transmission Market

The growth of global HVDC transmission market is encouraged by the growing demand for electrical power from offshore wind farms. As the traditional transmission system has become obsolete and out dated, the HVDC transmission systems help in better transmission systems than conventional AC systems and reduce losses in transmitting electricity. Other than this, HVDC transmission significantly help fetch power from the offshore power sources. With the trend of smart cities, conventional overhead transmission cables are expected to be replaced with HVDC Underground transmission cables. Installation of HVDC transmission cables will further compensate the transmission of electricity, internationally, by asynchronous grid systems.

Key Players

The key players of global HVDC transmission market are Seimens AG (Germany), Hitachi (Japan), ABB (Switzerland), Schneider Electric (France), Toshiba (Japan), Alstom (France), General Electric (U.S.), and DATC (U.S).  Mitsubishi (Japan), NKT Holdings (Denmark), Adani (India), Nexans (France), Prysmian Group (Italy), and C-EPRI Electric Power Engineering Co., Ltd (China) are among others.

Market Scenario

Global power industry is expected to witness tremendous change given the technological advancements from traditional and conventional transmission and distribution system to efficient transmission lines. One of the prevailing reasons of higher losses from transmission lines is high voltage current getting converted to alternate current. To upgrade the technological aspects of transmission of power, High Voltage Direct Current (HVDC) transmission system can be used, as they are feasible over conventional High Voltage Alternate Current transmission system. For instance, HVDC transmission lines for 800 kV long line counts only 3% loss per 1000 km while HVAC transmission lines count 7% loss for the same parameters. With rising demand for electricity transmission system, the HVDC transmission cables are expected to benefited as they have the advantage of transmission of electricity from off-shore wind farms. Until the end of 2017, total wind electricity generation remained above 50 GW, out of which offshore wind farms generated around 18.18 GW. The major disadvantage of traditional transmission cables was involved with overhead hanging cables that are more prone to accidents. This has been overcome by HVDC underground cables, and thus, they capture the attention of power infrastructure manufactures.

One of the ways to improve the performance of the power sector is by transforming the transmission and distribution infrastructure. This can be done by creating anefficient transmission infrastructure, which significantly helps reduce losses in transmission, transmitting electricity from renewable sources to energy deficit areas, and reducing the cost of electricity. HVDC transmission cables improve the efficiency of energy transmission by 30-40% than traditional overhead AC lines. There are a variety of HVDC transmission lines available in the market with prominent players having grasp of the market.

On the basis of application segment, HVDC transmission system is classified as offshore, asynchronous, and underground. Offshore transmission system is expected to dominate the market share out of the other categories as it brings back the power generated from the offshore wind farms and provides electricity to the offshore oil rigs by stepping up to AC at converter stations. This is mainly because the HVDC transmission cables have feasible underground cable installation and are cost-effective than AC cables, over a length of 600 km. Besides, HVDC transmission systems have the capability of interconnection of grids nationwide that will help in the integration of grids, reduction of regional fluctuations, and balancing the demand and supply of electricity in various regions.

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