Pune, 23, Nov, 2022: Maximize Market Research has recently released a new research study titled “HVDC Transmission Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2029”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios. Market is expected to grow from USD 10.24 billion in 2021 to USD 17.47 billion in 2029, at a CAGR of 6.9 percent for the forecast period from 2022 to 2029.
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HVDC Transmission Market Scope and Methodology
The HVDC Transmission Market research report covers product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, and industry overview. The report discusses the global market’s drivers, opportunities, and restraints during the forecast period. The more precise study also contains the primary market and consumer application sectors, significant regions and consumption, major producers, distributors, raw material suppliers, equipment providers, and their contact information, as well as an industry chain relationship analysis. This report’s study also contains product specifications, manufacturing processes, cost structure, and data information organised by area, technology, and application. The report covers the innermost levels of the market, market estimates and forecasts, which helps build a greater market-specific view for size, shape, and industry trends within each industry segment. Various industry trends and real-time developments are factored into identify key growth factors and the future course of the market.
The HVDC Transmission Market is segmented by Component, Project Type, Technology and Application for segment-wise analysis of the market. The research process encompasses the most infallible research methodology for its market intelligence and industry analysis. The research process is designed to deliver a balanced view of the global markets and allows stakeholders to make informed decisions, to attain their highest growth objectives. MMR offers its clients extensive research and analysis, based on a wide variety of factual inputs, which largely include interviews with industry players, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models distill the data & statistics and enhance the accuracy of our recommendations and advice.
HVDC Transmission Market Overview
High voltage direct current is used in long-distance transmission. DC is used for electricity transmission in high voltage direct current power transmission systems. Due to the DC, HVDC systems simultaneously link the electricity grids in that region, eliminating numerous problems-causing interruptions. For transferring electricity over vast distances, HVDC transmission lines are less expensive and also result in lower electrical losses. Transmission of power produced by far-off wind and solar power facilities is made possible by high voltage direct current systems.
The stability & capacity of electricity grids have been increased by the interconnection of high voltage direct current and the alternative current grid. One of the primary factors propelling the HVDC transmission market is the increase in electricity demand. Rapid population growth is driving more demand for electricity. Increasing numbers of modern technologies are powered by electricity. New technologies are being used to replace fossil fuels and CO2 emissions reductions, which also results in increasing electricity usage.
HVDC Transmission Market Dynamics
Rapid adoption of UHVDC technology in emerging economies such as China
In order to fulfil the nation’s rising energy demand, utility firms in China are making significant investments in the construction of transmission connections with large transmission capacities. Additionally, UHVDC-based transformers and converters are frequently utilised to increase the gird’s capacity and efficiency.
In Japan connecting DC lines to AC grids is common trend
The Japanese market for DC lines, which was valued at US$ 379.9 million in the year 2021, is expected to expand at a CAGR of 9.4 percent during the forecast period. In Japan, more modern converters and DC cables are being installed to connect AC grids. Important firms like Toshiba Corporation and Hitachi Ltd. are expected to have a significant impact in the region.
In order to cut down on power losses, more subsea and subsurface cables are now being used.
Utility firms are reliant on offshore wind farms for power transmission. This is due to an increase in energy demand. In order to transmit energy from offshore wind farms, subsea cables and underground cables have become more popular than overhead cables. Additionally, HVDC transmission across shorter distances with minimal power loss is possible with underground and subaqueous cables.
Deployment of transmission lines with advanced capacity is another key trend in the market
Many businesses and governmental agencies are putting up transmission lines with more capacity as energy demand rises. For this use, transmission lines with a high capacity of over 2,000 MWs are ideal.
Key Developments
- Key market players are adopting a variety of techniques to obtain an advantage over rivals. For example, the Mitsubishi Electric Corporation intends to construct a high-voltage direct current (HVDC) verification facility in Amagasaki, Japan, in November 2018. The establishment’s new verification facility will assist it in entering the market for voltage-source converter systems on a global scale (VSCs).
- KAPES awarded a $100 million contract to General Electric Co.’s Grid Solutions division in August 2019 to finish the second and last phase of the Buk Dangjin-Godeok high-voltage direct current (HVDC) transmission connection for Korea Electric Power Corporation (KEPCO).
- ABB Ltd. was awarded a contract in 2016 for the supply of advanced converter transformers, DC circuit breakers, HVDC converter valves, and other parts like tap chargers and bushings for building a link between the Xinjiang region in the northwest and Anhui province in eastern China. The contract was worth over US$300 million.
HVDC Transmission Market Regional Insights
During the forecast period, it is expected that the balance of energy sources used to generate electricity in Europe will shift significantly in favour of renewables as nations like Germany, Spain, Belgium, and France move closer to a low-carbon economy. A number of regulations that promote the transition to a low-carbon energy system are also in place throughout the region, including national renewable energy action plans and the EU’s renewable energy directive. With determined targets to reduce CO2 emissions by 80%, increase the share of renewable energy in total energy consumption to 60 percent, and generate 80 percent of Germany’s power from renewable sources by 2050, the energy transition is still a crucial component of the country’s energy landscape.
For instance, TenneT ongoing the tender for the platform and HVDC system for the offshore Dutch Ijmuiden Ver projects & will start the plan by the end of the year 2022 for the offshore IJmuiden Ver wind zone. In addition, the project is estimated to be commissioned by 2028. Following the European Union’s approval of EUR 578 million for the construction of an underwater power cable across the Bay of Biscay, it is expected that excess renewable energy producing capacity in France and Spain will be moved between the two nations more readily. As a result, it’s expected that HVDC transmission lines will need to transmit with minimal transmission losses in order to provide supply security, resource diversity, and to open up the southwestern European power market.
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HVDC Transmission Market Segmentation
By Component
- Converter Stations
- Transmission Cables
- Others
By Project Type
- Point-To-Point Transmission
- Back-To-Back Stations
- Multi-Terminal Systems
By Technology
- Capacitor Commutated Converter
- Voltage Source Converter
- Line Commutated Converter.
By Application
- Bulk Power Transmission
- Interconnecting Grids
- Infeed Urban Areas
HVDC Transmission Market Key Competitors
- ABB
- Siemens
- General Electric
- Hitachi
- Mitsubishi Electric
- Nexans
- NKT A/S
- NR Electric
- C-Epri Electric Power Engineering
- Prysmian Group
- Schneider Electric
- Toshiba
- Epcos
- Aecom
- PSC Group
Key questions answered in the HVDC Transmission Market are:
- What are HVDC Transmission?
- What is the growth rate of HVDC Transmission Market for the next five years?
- What is the nature of competition in HVDC Transmission industry in developed and developing economies?
- Who are the key players in the HVDC Transmission Market?
- Who are the market leaders in HVDC Transmission in Asia Pacific?
- Who are the market leaders in HVDC Transmission in Japan and China?
- Who are the market leaders in HVDC Transmission in India, China, Japan and South Korea?
- What are the factors affecting growth in the HVDC Transmission Market?
- Who held the largest market share in HVDC Transmission Market?
- What are the factors for the growth of Asia-Pacific region in HVDC Transmission Market?
Key Offerings:
- Market Share, Size & Forecast by Revenue | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
- Market Segmentation – A detailed analysis by Segment and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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