Market Analysis
The HVDC transmission market is projected to develop at a 6.5% CAGR between 2018- 2023, as per the latest analysis of Market Research Future (MRFR). HVDC power transmission systems, simply put, are systems that use direct current to transmit electricity. Owing to the DC or direct current, these systems connect power grids asynchronously in that definite area that eliminates different outage-causing issues. It has different configurations such as multi-terminal links, back-to-back, bi-polar, and mono-polar, different voltage ratings such as more than 800kV, 640-800 kV, 350-640kV, and less than 350 kV, and works on different technologies such as voltage sourced converter (VSC) and low commuted converter (LCC). HVDC transmission has wide applications in offshore cables, asynchronous grids, and underground cables.
Various factors are fuelling the demand for the HVDC transmission market. Such factors, as revealed by the new MRFR analysis, include optimal solutions for long-distance transmission, demand for VSC technology, supportive government initiatives and policies for HVDC transmission, shift towards renewable energy, growing electricity consumption, rising need for cable-based transmission, increasing use of electric-powered devices and its different benefits such as cost-effective and reduces power loss.
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On the contrary, complexities with multi-terminal systems, power faults, and the COVID-19 pandemic are factors that may impede the global HVDC transmission market growth over the forecast period.
Market Segmentation
The HVDC transmission market is bifurcated on the basis of voltage rating, configuration, application, and technology.
Based on technology, the global HVDC transmission market is segmented into voltage sourced converter (VSC) and low commuted converter (LCC). Of these, the voltage sourced converter (VSC) segment will lead the market over the forecast period.
Based on the application, the global HVDC transmission market is segmented into offshore cables, asynchronous grids, and underground cables. Of these, the offshore cables segment will dominate the market over the forecast period.
By configuration, the global HVDC transmission market is segmented into multi-terminal links, back-to-back, bi-polar, and mono-polar. Of these, the multi-terminal links segment will command the largest share in the market over the forecast period.
By voltage rating, the global HVDC transmission market is segmented into more than 800kV, 640-800 kV, 350-640kV, and less than 350 kV.
Regional Analysis
Based on the region, the global HVDC transmission market covers the growth opportunities and recent trends across Europe, North America, the Asia Pacific (APAC), and the Rest of the World (RoW). Of these, the APAC region will spearhead the market over the forecast period. Increasing consumption of power, growing population rate in India and China, strong demand for uninterrupted power, rising power infrastructure development, and heavy investments in renewable resources of energy and employment of latest and advanced UHVDC technologies for power transmission are adding to the global HVDC transmission market growth in the region.
The global HVDC transmission market in Europe is predicted to hold the second-largest share over the forecast period. Favor of renewables in France, Belgium, Spain, and Germany, move towards a low-carbon economy, and the presence of several policies such as national renewable energy action plans and EU’s renewable energy directive are adding to the global HVDC transmission market growth in the region.
The global HVDC transmission market in North America is predicted to have healthy growth over the forecast period, and in the Rest of the World is predicted to have sound growth over the forecast period for the booming renewable energy sector and growing energy demand.
Key Players
Key contenders profiled in the global HVDC transmission market report include C-EPRI Electric Power Engineering Co., Ltd (China), Prysmian Group (Italy), Nexans (France), Adani (India), NKT Holdings (Denmark), Mitsubishi (Japan), DATC (U.S), General Electric (U.S.), Alstom (France), Toshiba (Japan), Schneider Electric (France), ABB (Switzerland), Hitachi (Japan), and Seimens AG (Germany).
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