Global
HVDC Transmission 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 Global
HVDC Transmission 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.
Global
HVDC Transmission 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 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. 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.
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).
