HVDC Transmission Systems Market: 2021 Trends, Global Analysis with Focus on Opportunities, Growth Potential & Forecast 2025
Market Highlights
The power industry has undergone significant changes over the last decade due to improved electricity production mix from renewable sources and trend-setting technical developments that replace outdated infrastructure along the value chain. Transmission operators are transitioning to High Voltage Direct Current ( HVDC) transmission systems to address the large transmission losses arising from high voltage alternating current transmission systems. The market is also influenced by rising competition in the power sector and by the open economy. In comparison, the old transmission network entails greater maintenance costs and poor performance. This factor also large-scale drives the global market for HVDC transmission. Increasing demand for electrical power from offshore wind farms is promoting the development of the global HVDC transmission sector. Growing demand for cost-effective long-distance power transmission solutions, rising market for valves and circuit breakers and increasing demand for VSC technology in HVDC grids have driven the global HVDC transmission market. At the other hand, an increase in the cost of the components and high initial transmission grid investment costs could impede global development. In addition, Offshore project growth, such as wind power plants and offshore oil and gas upstream projects, offers increasing business opportunities for HVDC technology across the world.
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Marekt Segmentation
HVDC transmission system is classified by application segment as offshore, asynchronous, and underground. Offshore transmission network is expected to dominate market share out of the other categories as it brings back the power generated from offshore wind farms and supplies electricity to offshore oil rigs by stepping up to AC at converter stations. The global market for HVDC transmission has been segmented by technology, application, configuration, and voltage rating, and area. Technologically based, the market for HVDC transmission is classified as the Low Commuted Converter (LCC) and Voltage Sourced Converter (VSC). LCC HVDC systems use semiconductors capable of withstanding voltage in either polarity while VSC uses semiconductors capable of moving the current in any direction. The market is further segmented according to application into underground cables, intermittent grids and offshore cables. HVDC cables are used to link power generated from renewable offshore sources to the onshore grid, such as offshore wind. The market is segmented into mono-polar, bi-polar, back-to - back and multi-terminal connections, based on configuration.
Regional Outlook
The market is segmented by area into the North America, Europe , Asia-Pacific and Rest of the World regions.
Currently the HVDC transmission market in APAC is witnessing an exponential increase in power consumption. The creation of the power infrastructure in this area offers market players several growth opportunities
Due to growing networks in offshore regions around the world, rising power connections from developing countries such as India, Japan and China, and growing transmission and distribution systems, the HVDC Transmission Systems Market is expected to gain significantly in the coming years. China invests heavily in renewable energy and is implementing state-of-the-art UHVDC power transfer technology. Due to the rising population, increasing power consumption and ageing infrastructure, the APAC HVDC transmission market is also expected to upsurge over the forecast period.
In the near future, the increasing demand for energy, as well as the growth of the renewable energy sector in the Middle East and Africa, is expected to create significant opportunities for the market for HVDC transmission systems.
The largest European market, it's highly competitive and is dominated by tier-1 players.
Competitive Dashboard
The major players of global HVDC transmission market are Schneider Electric (France), Hitachi (Japan), ABB (Switzerland), Alstom (France), General Electric (U.S.), Toshiba (Japan), and DATC (U.S). Seimens AG (Germany), NKT Holdings (Denmark), Mitsubishi (Japan), Adani (India), Prysmian Group (Italy), Nexans (France), and C-EPRI Electric Power Engineering Co., Ltd (China) are among some others.
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