HVDC System Market Overview, Competitors Strategy and Regional Analysis till 2023
HVDC Transmission Systems Market
With the growing technological advancements in the global power sector, power management and power distribution are becoming more efficient. As the conversion of high voltage current to alternate current results in losses from transmission lines, an upgrade regarding the transmission of power called High Voltage Direct Current (HVDC) transmission system is coming into play. HVDC is feasible over conventional High Voltage Alternate Current transmission system. Market Research Future (MRFR) has published a research report about the HVDC Transmission Systems Market that gauges greater gains for this market at 6.5% CAGR between 2018 and 2023.
The most important market drivers for the global HVDC transmission market growth include surging demand for power from renewable sources of energy and increasing demand for international grid connectivity. Other major market drivers include the demand for better power distribution system and low-cost electricity.
HVDC Transmission Systems Market Segmentation
The global HVDC transmission market segmentation covers application type, configuration, technology type, and voltage rating. MRFR is exploring these features on a segment-wise level to understand market trends.
As per the segmentation based on application, this market covers type, asynchronous grid, underground cables, and offshore cables. The power generated from offshore renewable sources can be connected to onshore grid connection using HVDC cables. During the forecast period, offshore cables are expected to dominate the market.
The configuration-based segmentation of the market lists mono-polar configuration, bi-polar configuration, back-to-back configuration, and multi-terminal links. During the forecast period, the multi-terminal configuration is expected to dominate the market.
By technology type, the HVDC systems market has been segmented into Low Commuted Converter (LCC) and Voltage Sourced Converter (VSC). Semiconductors used by LCC HVDC systems can withstand voltage in either polarity. VSC HVDC systems use semiconductors that can pass the current in any direction. During the forecast period, the LCC systems segment is expected to dominate the market.
Regarding voltage rating, the market has been segmented into less than 350 kilovolts (kV), 350-640 kV, 640-800 kV, and more than 800 kV.
The regional segmentation of the global HVDC transmission market covers Asia Pacific, Europe, North America, Middle East & Africa (MEA), and Rest of the World (RoW).
During the forecast period, the Asia Pacific region can be the largest regional market due to the high density of population, growing urbanization, rapid industrialization, advancing infrastructure, rising power consumption, increasing power connections in the developing countries such as India, China, & Japan, and lastly, more demand for power. Australia is another major country-specific market. Other countries of the Asia Pacific region also contribute significantly to market revenue. Many important market players are based in the Asia Pacific region.
As North America has established infrastructure and advanced technology, it is not a growing market but rather a strong and stable market. USA and Canada have the most advanced technology, as well as, infrastructure and hence, they are the topmost country-specific markets in this region.
In Europe, the market is strong due to reasons that are primarily the same as in North America. However, as the population of Europe is larger than North America even though it lags behind North America in terms of technological advancement, Europe still holds the potential of remaining a powerful regional market during the forecast period. Major country-specific markets in this region are Germany, Italy, Spain, and the UK. France can also be a strong country-specific market, as many key market players are based in France.
In the MEA region, the market growth is slow due to limited availability of technology, lack of infrastructure, and lack of skilled professionals.
Major players in the global HVDC transmission market include ABB (Switzerland), Adani (India), Alstom (France), DATC (USA), C-EPRI Electric Power Engineering Co. Ltd (China), General Electric (USA), Hitachi (Japan), Mitsubishi (Japan), Nexans (France), NKT Holdings (Denmark), Prysmian Group (Italy), Schneider Electric (France), Seimens AG (Germany), and Toshiba (Japan).
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