Energy

HVDC Transmission Market | Global Foresight, Key Growth Drivers, Challenges, Demand and Upcoming Trends 2023

A new market study, titled “Global HVDC Transmission Market Size, Status and Forecast 2020-2026” has been featured on Market Research Future.

HVDC (High Voltage Direct Current) Transmission installation is witnessing exponential growth due to the increased demand for efficient transmission system as it is one of the major ways to improve efficiency of power transmission systems. HVDC systems play a major role in power transmission sector as it performs various functions including grid integration, underground transmission cables, fetching power from the offshore, and transmitting mass electricity through direct current. Besides, HVDC transmission systems are helpful in loss reduction by 30-40% than typical, alternate current transmission thus, enhancing the outputs of the power transmission systems. HVDC transmission systems have cost effective nature over economies of scale.

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Moreover, the power value chain has been witnessing considerable developments due to old age infrastructure getting obsolete and new technological advancements. Transmission loss reduction has been the prime area of interest for the transmission infrastructure manufacturers as that will make them major players in the market. Additionally, for offshore wind generators the HVDC transmission systems are best possible way to compete with convention electricity generators. HVDC transmission systems are expected to bridge the gap between supply and demand of electricity by asynchronous grid connectivity.

Segmentation

On the basis of application segment, HVDC transmission system is segmented in to underground transmission cables, offshore transmission systems, and asynchronous grid connections. Offshore HVDC transmission cables draw immense potential as they are capable of transmitting electricity at mass scale from the offshore wind generation source. For large scale grid connectivity, having asynchronous HVDC transmission is the best preference to balance the electricity production and consumption.

Global HVDC Transmission market is expected to progress at ~ 6.5% CAGR during the forecast period.

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Regional Outlook

Asia Pacific region is expected to dominate due to the increasing power demand, expanding grid connections and huge rise in the installed capacity, than any other region. The region is experiencing maximum number of HVDC transmission projects in areas such as China, India and Japan. For instance, Siemens has completed around 40 HVDC projects around the globe, out of which 10 projects were from China. Europe is likely to follow the market as the region is experiencing huge rise of installed capacity by 2030, which may increase up to 220 GW, than any other region. Favorable projects related to European Offshore super grid, which will connect to Northern Europe is the driving factor for European HVDC transmission market. Siemens AG, which a major player in this market has already completed six projects of range 60 km to 200 km underground and offshore cable installation in the European region, particularly France, Germany and North Sea.

Leading Players

The key players of global HVDC transmission market are Seimens AG (Germany), Hitachi (Japan), ABB (Switzerland), Schneider Electric (France), Toshiba (Japan), and Alstom (France). General Electric (U.S.), DATC (U.S), Mitsubishi (Japan), NKT Holdings (Denmark), Adani (India), Nexans (France), Prysmian Group (Italy), and C-EPRI Electric Power Engineering Co., Ltd (China) are among others.

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