Global HVDC Transmission Market - Overview
Market Research Future
(MRFR) has published a research report about the global HVDC transmission
market that gauges greater gains for this market at 6.5% CAGR between 2018 and
2023. HVDC Transmission Market 2020 Report covers the current market
dynamics with market status, development trend, opportunities and various
business strategies by regional HVDC Transmission market performance and
market share. 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
Get Free Sample Copy of Global HVDC
Transmission Market Report at: https://www.marketresearchfuture.com/sample_request/6027
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).
Industry Highlights:
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. 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
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
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 Industry 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. Australia is another major country-specific market. Other countries
of the Asia Pacific region also contribute significantly to market revenue.
Many important market players are based in the Asia Pacific region.
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. Major country-specific markets in this region are Germany, Italy,
Spain, and the UK. France can also be a strong country-specific market, as many
key market players are based in France.
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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