High voltage direct current (HVDC) is used in long distance transmission. HVDC power transmission systems use direct current for electricity transmission. Due to the direct current (DC), HVDC systems asynchronously connect power grids in that specific area which eliminate various outage- causing issues. High voltage direct current (HVDC) transmission systems are less expensive for long distance electricity transmission and they also produce lower electrical losses. HVDC systems enable transmission of power generated from solar panels and wind plants which are at long distances.
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The interconnection of HVDC and the AC grid has toughened the reliability and capacity of power grids. Growing electricity consumption is one the primary factors driving the global HVDC transmission market. Population is increasing rapidly, thereby increasing the electricity consumption. More and more electrically powered devices are currently being used. To reduce fossil fuels and carbon emissions are being substituted by new technologies which also cause higher electricity consumption. Growing need for cable based transmission instead of transmission through overhead lines is the other factor responsible for the growth of the global HVDC transmission market. Overhead transmission lines are not insulated and hence the risk of human safety is high. Cable based transmission lines require insulation so that the live cables do not touch the earth and get shorted, and hence the adoption of cable based transmission lines is increasing, thereby boosting the growth of the HVDC transmission market.
Electricity transmission through such lines results in much lower transmission losses due to high voltage during transmission and the nature of direct current, and hence the adoption of high voltage direct current (HVDC) transmission is increasing significantly. Requirement of lesser space for the towers carrying HVDC transmission lines is also one of the key factors driving the global HVDC transmission market. Power faults during short circuits in the AC power system may hamper the growth of the global HVDC transmission market. The global HVDC transmission market can be segmented by components, converter type, type of cable, power rating, and geography. On the basis of components, the market can be segmented by converters, cables, transformers, and other. On the basis of converter type, the HVDC market can be segmented by voltage source converter (VSC), current source converter (CSC), line commutate converter (LCC), and ultra-high voltage direct current (UHVDC). Line commutate converter (LCC) segment is expected to expand significantly owing to the characteristics of line commutate converter to reduce power losses in HVDC transmission. In terms of type of cable, the global HVDC transmission market can be divided into underground cables, overhead conductors, and submarine cables. On the basis of power rating, the market can be segmented by below 500 MW, 501–1000 MW, 1001–1500 MW, 1501–2000 MW, and above 2001 MW.
Geographically, the global HVDC transmission market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Numerous companies are investing on upgrading aging infrastructure which is boosting the growth of HVDC transmission systems in American countries. In the Asia Pacific region, China and India are anticipated to be the major contributors to the growth of the regional HVDC transmission market during the forecast period owing to the increasing population, growing power consumption, and aging infrastructure. The global HVDC transmission market includes large number of players. Some of the key players are ABB Ltd., Siemens AG, American Superconductor Corp., General Electric, ATCO Electric Ltd., HVDC Technologies Ltd., Hitachi Ltd., C-Epri Electric Power Engineering Co. Ltd, Mitsubishi Electric Corporation, Epcos, Toshiba Corporation, and Transgrid Solutions, Inc.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Europe
- Latin America
- The Middle East and Africa
Major drivers for market growth are optimal solutions for long distance transmission, growing demand for VSC technology, shift toward renewable energy, and supportive government policies and initiatives for HVDC transmission.
Bulk power transmission to hold largest share of HVDC transmission market during forecast period HVDC systems are preferred for sending bulk power across long distances, with fewer power losses.
That makes the underlying technology valuable for overcoming an important problem associated with renewable energy generation, harvesting points for which are seldom located near the population centers that need them.
HVDC is economical, which results in higher efficiency, lesser conductor, no reactive power compensation, and more stable and reliable operations than an equivalent high voltage alternating current (HVAC) system transmitting the same amount of power.
Download Free PDF Brochure:https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1225 HVDC transmission market for multi-terminal project type to grow at highest CAGR during forecast period Of all the project types, the market for multi-terminal is expected to witness the highest CAGR.
Multi-terminal HVDC systems connect non-synchronous power systems and offer flexibility in interchanging power between 3 or more converter stations.
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).
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.
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.
Based on technology, the global HVDC transmission market is segmented into voltage sourced converter (VSC) and low commuted converter (LCC).
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 OutlookThe market is segmented by area into the North America, Europe , Asia-Pacific and Rest of the World regions.Currently the HVDC transmission market in APAC is witnessing an exponential increase in power consumption.
HVDC Transmission uses direct current for the bulk transmission of electrical power, in contrast with the more common alternating current (AC) systems.
For long-distance transmission, HVDC systems may be less expensive and suffer lower electrical losses.
For underwater power cables, HVDC avoids the heavy currents required to charge and discharge the cable capacitance each cycle.For shorter distances, the higher cost of DC conversion equipment compared to an AC system may still be justified, due to other benefits of direct current links.
HVDC allows power transmission between unsynchronized AC transmission systems.
Since the power flow through an HVDC link can be controlled independently of the phase angle between source and load, it can stabilize a network against disturbances due to rapid changes in power.Download FREE Sample of this Report @ https://www.grandresearchstore.com/report-sample/global-high-voltage-direct-current-transmission-2019-917HVDC also allows transfer of power between grid systems running at different frequencies, such as 50 Hz and 60 Hz.
This improves the stability and economy of each grid, by allowing exchange of power between incompatible networks.In Asia Pacific (APAC), China and India are the major contributors to the growth of the HVDC transmission system market due to the growing demand for power in these countries.Some other factors affecting the growth of the market in this region include aging power infrastructure, increase in power consumption pattern, economic uncertainties, and low carbon emission initiatives.
