HVDC Transmission Systems Market
With the growing technological advancements in the
global power sector, power management and power distribution are becoming more
efficient. As the conversion of high voltage current to alternate current
results in losses from transmission lines, an upgrade regarding the transmission
of power called High Voltage Direct Current (HVDC) transmission system is
coming into play. HVDC is feasible over conventional High Voltage Alternate
Current transmission system. Market Research Future (MRFR) has published a research
report about the HVDC
Transmission Systems Market
that gauges greater gains for this market
at 6.5% CAGR between 2018 and 2023.
The most important market drivers for the global HVDC
transmission market growth include surging demand for power from renewable
sources of energy and increasing demand for international grid connectivity.
Other major market drivers include the demand for better power distribution system
and low-cost electricity.
Key
Players:
Major players in the global HVDC transmission market include
ABB (Switzerland), Adani (India), Alstom (France), DATC (USA), C-EPRI Electric
Power Engineering Co. Ltd (China), General Electric (USA), Hitachi (Japan),
Mitsubishi (Japan), Nexans (France), NKT Holdings (Denmark), Prysmian Group
(Italy), Schneider Electric (France), Seimens AG (Germany), and Toshiba
(Japan).
HVDC Transmission Systems Market Segmentation
The global HVDC transmission market segmentation
covers application type, configuration, technology type, and voltage rating.
MRFR is exploring these features on a segment-wise level to understand market
trends.
As per the segmentation based on application, this
market covers type, asynchronous grid, underground cables, and offshore cables.
The power generated from offshore renewable sources can be connected to onshore
grid connection using HVDC cables. During the forecast period, offshore cables
are expected to dominate the market.
The configuration-based segmentation of the market
lists mono-polar configuration, bi-polar configuration, back-to-back
configuration, and multi-terminal links. During the forecast period, the
multi-terminal configuration is expected to dominate the market.
By technology type, the HVDC transmission systems
market has been segmented into Low Commuted Converter (LCC) and Voltage Sourced
Converter (VSC). Semiconductors used by LCC HVDC systems can withstand voltage
in either polarity. VSC HVDC systems use semiconductors that can pass the
current in any direction. During the forecast period, the LCC systems segment
is expected to dominate the market.
Regarding voltage rating, the market has been
segmented into less than 350 kilovolts (kV), 350-640 kV, 640-800 kV, and more
than 800 kV.
Regional
Segmentation
The regional segmentation of the global HVDC
transmission market covers Asia Pacific, Europe, North America, Middle East
& Africa (MEA), and Rest of the World (RoW).
During the forecast period, the Asia Pacific region
can be the largest regional market due to the high density of population,
growing urbanization, rapid industrialization, advancing infrastructure, rising
power consumption, increasing power connections in the developing countries
such as India, China, & Japan, and lastly, more demand for power.
As North America has established infrastructure and
advanced technology, it is not a growing market but rather a strong and stable
market. USA and Canada have the most advanced technology, as well as,
infrastructure and hence, they are the topmost country-specific markets in this
region.
In Europe, the market is strong due to reasons that
are primarily the same as in North America. However, as the population of
Europe is larger than North America even though it lags behind North America in
terms of technological advancement, Europe still holds the potential of
remaining a powerful regional market during the forecast period.
In the MEA region, the market growth is slow due to
limited availability of technology, lack of infrastructure, and lack of skilled
professionals.
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