Market Research Report
High Voltage Direct Current (HVDC) Transmission Market Forecasts to 2028 - Global Analysis By Project Type (Back-to-Back Stations, Multi-Terminal Systems), Voltage Rating Type (200 KV,640 KV), and By Geography
|High Voltage Direct Current (HVDC) Transmission Market Forecasts to 2028 - Global Analysis By Project Type (Back-to-Back Stations, Multi-Terminal Systems), Voltage Rating Type (200 KV,640 KV), and By Geography|
Published: May 1, 2022
Stratistics Market Research Consulting
Content info: 200+ Pages
Delivery time: 2-3 business days
According to Stratistics MRC, the Global High Voltage Direct Current (HVDC) Transmission Market is accounted for $10.04 billion in 2021 and is expected to reach $18.24 billion by 2028 growing at a CAGR of 8.9% during the forecast period. The high voltage transmission system is a power transmission system used to transmit large amounts of power. High-voltage direct current power transmission systems use direct current for large amounts of power transmission. The HVDC transmission system can interconnect networks of different characteristics and frequencies, more competent than AC lines.
Installation of offshore wind energy generation projects
An increase in the installation of offshore wind energy generation projects will promote the market of the HV transmission system. Large amounts of energy generation can be done through marine wind energy. Thus, the generated energy can be distributed to the high demand for power. Governments around the world have begun promoting the generation of renewable energy. The capacity of high voltage transmission technology to integrate new generations with existing infrastructure is driving the market.
Increase in distributed and off-grid power generation
Share of distributed and off-grid power generation increases, the need and demand for HV transmission systems are expected to decline. The market is expected to slow down during the year. The off-grid system is specially constructed for on-site power generation and consumption. It has low voltage requirements, so there is no need to use the high voltage transmission system that is most suitable for long-distance, high-voltage applications.
Increasing electricity consumption
The population is increasing rapidly, thereby increasing electricity consumption. More and more electrically powered devices are currently getting used to scale back fossil fuels and carbon emissions are being substituted by new technologies which also cause higher electricity consumption. The growing need for cable-based transmission rather than transmission through overhead lines is the other factor liable for the expansion of the HVDC transmission market.
Power faults during short circuits within the AC power grid
A short circuit is an abnormal connection of very low impedance between two points of different potential, whether made intentionally or accidentally. These are the most common and severe kinds of faults, resulting in the flow of abnormal high currents through the equipment or transmission lines. If these faults are allowed to persist even for a short period, it leads to extensive damage to the equipment. These faults are caused due to the insulation failure between phase conductors or between earth and phase conductors or both.
The voltage source converter (VSC) segment is expected to be the largest during the forecast period
The voltage source converter (VSC) segment is estimated to have a lucrative growth as this technology converts AC voltage to DC voltage by using insulated gate bipolar transistors and pulse width modulation, or through switching in and out of smaller DC capacitors. The "switching off" capability means VSC converters don't require asynchronous voltage for commutation. So, VSC converters are considered a controllable voltage source system for HVDC transmission.
The infeed urban areas segment is expected to have the highest CAGR during the forecast period
The infeed urban areas segment is anticipated to witness the fastest CAGR growth during the forecast period as it is perfect for bolstering power into thickly populated urban areas, where the thickness of required overhead wires could cause noteworthy obstacles. In spite of being progressively costly, underground electrical cables usage is expanding in urban territories.
Region with highest share:
Asia Pacific is projected to hold the largest market share during the forecast period in terms of power consumption. The event of power infrastructure in this region offers many growth opportunities for market players. China is investing heavily in renewable energy and implementing the newest UHVDC technology for power transmission.
Region with highest CAGR:
Europe is projected to have the highest CAGR over the forecast period as countries such as Germany and France increasingly turn to a low-carbon economy; the power generation structure in Europe is expected to undergo significant changes in the coming years, favoring renewable energy. The region also has several policies to support the transition to a low-carbon energy system.
Key players in the market
Some of the key players profiled in the High Voltage Direct Current (HVDC) Transmission Market include Prysmian Group, Toshiba, Siemens, Schneider Electric, PSC Group, NR Electric, Aecom, NKT A/S, Mitsubishi Electric, Hitachi, General Electric, Epcos, C-EPRI Electric Power Engineering, ABB and Nexans.
In Febraury 2021, Nexans won the main framework contract to deliver cables, accessories, and installation services for underground grid connections at 90 kV, 220 kV, and 400 kV. The new agreement is a further extension of Nexans' long-term partnership with RTE, marking an increase in volume for Nexans, confirmed by RTE as one of the leading suppliers of high-voltage cables, accessories, and services.
In April 2018, ABB launched the world's first digitally integrated power transformer ABB AbilityTM. The ABB AbilityTM Power Transformer solution is a game-changer. In addition to providing actionable intelligence at the local level, it will enable users to leverage the full ecosystem of software solutions and services at the station and enterprise levels.
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Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.