HVDC transmission market report share is projected to reach USD 12.3 billion by 2024 at a CAGR of 6.9% during 2018–2024. Major drivers for the market’s 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.
HVDC systems are ideal for feeding electricity into densely populated urban centers, where the density of required overhead wires could cause significant obstructions. Despite being more expensive, underground power lines utilization is increasing in urban areas. Nowadays, residential and commercial developments have underground utility infrastructure, often ordered by law for aesthetic reasons.
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VSC technology converts AC voltage to DC voltage by using insulated gate bipolar transistors (IGBTs) and pulse width modulation (PWM), or through switching in and out of smaller DC capacitors. There are 2 types of voltage converters: voltage inverters and voltage rectifiers. The main function of a VSC-HVDC system is to transmit constant DC power from a rectifier to an inverter. The “switching off” capability means that VSC converters do not require a synchronous voltage for commutation. Thus, VSC converters are considered a controllable voltage source system for HVDC transmission.
The HVDC transmission market in APAC is presently witnessing an exponential growth in terms of power consumption. The development of power infrastructure in this region offers many growth opportunities for market players. China is investing heavily in renewable energy and implementing latest UHVDC technology for power transmission. For instance, 2 of the world’s most powerful and longest HVDC power transmission highways, each with a nominal rating of 3,000 MW, are currently being installed in China. These factors are projected to fuel the HVDC market in APAC in the coming years.
Key players in the HVDC transmission market include ABB (Switzerland), Siemens (Germany), General Electric (US), Hitachi (Japan), Mitsubishi Electric (Japan), Nexans (France), NKT A/S (Denmark), NR Electric (China), C-EPRI Electric Power Engineering (China), and Prysmian Group (Italy). ABB is a key player in the global HVDC market. The company pioneered the HVDC technology more than 60 years ago and has bagged over 110 HVDC projects, representing over 120,000 MW of total installed capacity and accounting for around half of the globally installed HVDC base.
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.
