Market Research Report
Global HVDC Transmission Market 2019-2025
|Published by||Orion Market Research Pvt Ltd||Product code||888713|
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|Global HVDC Transmission Market 2019-2025|
|Published: July 3, 2019||Content info:||
HVDC Transmission Market Size, Share & Trends Analysis Report, by Technology (Voltage Source Converter and Line Commutated Converter), by Type (Point-to-Point Transmission System, Back-to-Back System, and Multi Terminal System), by Application (Bulk Power Transmission, Interconnecting Grids, and Infeed Urban Areas), and Forecast 2019-2025.
HVDC stands for high voltage direct current which is used to transmit electricity over long distances by submarine cables and overhead transmission lines. It has low power losses as compared to an HVAC (High Voltage Alternating Current) transmission of the same capacity, which in turn, enables more power to reach to its final destination. HVDC has a minimal environmental impact due to the requirement of less overhead lines to supply the same quantity of electricity as HVAC systems. HVDC is a major component in the future energy systems based on renewable energy sources, including solar and wind power which are usually remotely located, and volatile.
The major factors supporting the market growth include increasing demand for UHVDC transmission systems across emerging countries and rising electricity consumption across the globe. For instance, as per the International Energy Administration (IEA), the global demand for electricity increased by 4% in 2018. Renewables and nuclear power have emerged as a significant source of energy due to government support for renewable energy sources. Due to this rise in the demand for renewable energy, HVDC projects are being constructed to transmit bulk power in remote regions over long distances to load centers. HVDC transmission systems can overcome the challenge of capacitive charging of the insulation resulting due to the alternating current operation which consequently results in large losses of active power in long-distances. As a result, HVDC systems enable a constant rise in the amount of power which is being transmitted by HVDC links.
Geographically, Asia-Pacific held a significant share in the market due to the significant demand for renewable energy sources. In addition, government initiatives for domestic production of goods that promote industrialization in the region further lead to a high amount of electricity consumption which in turn, is contributing to the market growth. Additionally, rising UHVDC transmission projects are anticipated to offer enormous opportunity for the growth of the market in the region.
Some of the major players operating in the market include ABB Ltd., General Electric Co., Siemens AG, Hitachi Ltd., and Mitsubishi Electric Corp. Partnerships and collaborations, product launches, and geographical expansion are key strategies adopted by the market players to gain a significant market share. For instance, in November 2018, Mitsubishi Electric Corp. declared an HVDC verification facility that it has established at its Transmission & Distribution Systems Center in Amagasaki, Japan. With this verification facility, the company is aimed at offering highly reliable systems by verifying operation performance and function, such as a fault on the DC network and AC network with actual scale. This new verification facility will support the entry of the company for voltage-source converter systems into the global market. The company is targeting over $450 million in global orders for HVDC-Diamond systems by 2020.
The market study of the global HVDC transmission market is incorporated by extensive primary and secondary research conducted by the research team at OMR. Secondary research has been conducted to refine the available data to breakdown the market in various segments, derive total market size, market forecast and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior and macro-economic factors. Numbers extracted from Secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders and industry experts. Primary research brings authenticity in our reports.
The report is intended for HVDC and HVAC transmission systems providers, electrical equipment manufacturers, and others for overall market analysis and competitive analysis. The report provides an in-depth analysis on market size, different products, and market opportunities. The report will serve as a source for 360-degree analysis of the market thoroughly delivering insight into the market for better business decisions.