HVDC Transmission Market

HVDC Transmission Market Overview

High-Voltage Direct Current (HVDC) refers to a technology that is used for transmitting electricity over long distances using overhead transmission lines or submarine cables. HVDC transmission is less expensive and reduces power losses during the power transmission process. It is also used to integrate individual power systems, where conventional alternating current (AC) connections cannot be used. The HVDC transmission is widely used for bulk power transmission, interconnecting grids, and in various urban area applications.

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Major HVDC Transmission Market Drivers

The major factors which are driving the growth of the HVDC Transmission market include the growing demand for optimal solutions for long-distance power transmission, strong demand for VSC technology, rising emphasis on renewable energy, and the increasing number of favorable government policies and initiatives for HVDC transmission. The rising electricity consumption driven by the drastic increase in the population rate is further fuelling the growth of the market. Increasing usage of electric powered devices is surging the demand for electricity, which is boosting the growth of the market. The growing requirement for cable-based transmission instead of overhead lines transmission is also responsible for the growth of the global HVDC transmission market. HVDC transmission reduces power losses during transmission and is less expensive as compared to the other transmission processes. On the other end of the spectrum, the increasing number of incidences of power fault during a short circuit in the AC system is restraining the growth of the market.

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Based on the project type, the multi-terminal project segment is expected to grow at a higher CAGR during the forecast period owing to its ability to connect non-synchronous power systems and provide flexibility in interchanging power between three or more converter stations. Multi-terminal HVDC systems are cost-effective and gathers a large amount of renewable energies through HVDC land cables, sea cables, or overhead lines on one side, and link the gathered energy to the central AC system using a common DC network.

Based on technology, the voltage source convertor (VSC) segment is projected to grow at a higher CAGR during the forecast period due to its ability to convert AC voltage to DC voltage through pulse width modulation (PWM),insulated gate bipolar transistors (IGBTs), or through switching in and out of smaller DC capacitors. The major function VSC is to transmit constant DC power from a rectifier to an inverter.  VSC possesses switching off capabilities, which means for communication, VSC converter does not need a synchronous voltage.

Based on the application, the infeed urban areas segment is projected to grow at a higher CAGR in the market during the forecast period attributed to the accelerated adoption of  HVDC systems for feeding power requirements of the highly populated urban centers where the density of required overhead wires could cause significant hurdles. The growing utilization of underground power lines in urban areas for residential and commercial purposes is further driving the growth of the segment.

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Regional – Segment Analysis

Based on the region, Asia-pacific is anticipated to lead the global HVDC Transmission market over the forecast period owing to increasing power consumption driven by the growing population rate, especially in China and India coupled with strong demand for uninterrupted power in this region. Moreover, the increasing power infrastructure development in this region is creating new growth opportunities for the market players. Countries such as China is investing heavily in renewable energy resources and employing advanced and latest UHVDC technologies for power transmission.

Top Market Players

The major key players in the market include ABB, Siemens AG, General Electric, Hitachi, Ltd., Mitsubishi Electric Corporation, Nexans S.A., NKT A/S, NR Electric Co., Ltd., C-EPRI Electric Power Engineering Co., Ltd., Prysmian Group, among others.

Key Developments:

• • In Aug 2019, General Electric entered into contract of USD 100 million for 1.5GW HVDC transmission link in South Korea. Under this contract, EG will supply its technology for the Buk Dangjin-Godeok HVDC transmission link.
  • In Apr 2019, ABB entered into contract of 600 MW HVDC order to reinforce Japanese power supply through HVDC Joint Venture with Hitachi. The company received order for two blocks of frequency converter systems for the Higashi Shimizu project in Japan from Chubu Electric Power Co., Inc. Under this contract ABB will deliver the system using Voltage Source Converter (VSC) HVDC power transmission technology, allowing interconnection between systems, with different frequencies employed by converting AC into DC. Hitachi will build the system using an AC/DC converter, including the combination of an ABB Control and Protection System and a Hitachi converter transformer, based on the strategic partnership with ABB.

Segments covered in the Report:

The Global HVDC Transmission market has been segmented based on the component, project type, technology, application, transmission type, and region. Based on component, the market is segmented into Converter Stations, Transmission Cables, and Others. Converter station are further segmented into Valves, Thyristor Valves, Transformers, Harmonic Filters, Circuit Breakers, Reactors, and Surge Arresters. Based on project type, the market is segmented on Point-to-Point Transmission, Back-to-Back Stations, and Multi-Terminal Systems. Point-to-point is further segmented into Monopolar, and Bipolar. Based on technology, the market is segmented into Capacitor Commutated Converter (CCC), Voltage Source Converter (VSC), and Line Commutated Converter (LCC), (Thyristor Based). Voltage Source Converter (VSC) is segmented into HVDC, and Ultra-High Voltage Direct Current (UHVDC). Line Commutated Converter (LCC) is further segmented into HVDC, and UHVDC. Based on application, the market is segmented into Bulk Power Transmission, Interconnecting Grids, and Infeed Urban Areas. Based on transmission type, the market is segmented into Overhead, and Submarine & Underground.

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Key questions answered in this research report:

• • At what pace is the global HVDC Transmission market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in the global HVDC Transmission market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global HVDC Transmission market?
  • What are the various application areas of the global HVDC Transmission market, and how are they poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?
  • Which Component generated maximum revenues in 2019 and identify the most promising Component during the forecast period?

Report Coverage	Details
Market Base Year	2019
Market Forecast Period	2020-2027
Market Revenues Currency	USD Million
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Component, By Project Type, By Technology, By Application, By Transmission Type, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	ABB, Siemens AG, General Electric, Hitachi, Ltd., Mitsubishi Electric Corporation, among others, a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global HVDC Transmission Market by Component      

• • Converter Station
    • Valves
    • Thyristor Valve
      • Insulated Gate Bipolar Transistors (IGBTS)
    • Transformers
    • Harmonic Filters,
      • AC Filters
      • DC Filters
    • Circuit Breakers
    • Reactors
    • Surge Arresters
  • Transmission Cables
  • Others

Global HVDC Transmission Market by Project Type     

• • Point-to-Point Transmission
    • Monopolar
    • Bipolar
  • Back-to-Back Stations
  • Multi-Terminal Systems

Global HVDC Transmission Market by Technology       

• • Capacitor Commutated Converter (CCC)
  • Voltage Source Converter (VSC)
    • HVDC
    • Ultra-High Voltage Direct Current (UHVDC)
  • Line Commutated Converter (LCC), (Thyristor Based)
    • HVDC
    • UHVDC

Global HVDC Transmission Market by Application       

• • Bulk Power Transmission
  • Interconnecting Grids
  • Infeed Urban Areas

Global HVDC Transmission Market by Transmission Type          

• • Overhead
  • Submarine & Underground

Global HVDC Transmission Market by Region

• • North America HVDC Transmission Market (Option 1: As a part of the free 25% customization)

    • • North America HVDC Transmission Market by Component
      • North America HVDC Transmission Market by Project Type
      • North America HVDC Transmission Market by Technology
      • North America HVDC Transmission Market by Application
      • North America HVDC Transmission Market by Transmission Type
      • US HVDC Transmission Market All-Up
      • Canada HVDC Transmission Market All-Up

  • Europe HVDC Transmission Market (Option 2: As a part of the free 25% customization)

    • • Europe HVDC Transmission Market by Component
      • Europe HVDC Transmission Market by Project Type
      • Europe HVDC Transmission Market by Technology
      • Europe HVDC Transmission Market by Application
      • Europe HVDC Transmission Market by Transmission Type
      • UK HVDC Transmission Market All-Up
      • Germany All-Up HVDC Transmission Market All-Up
      • France HVDC Transmission Market All-Up
      • Spain HVDC Transmission Market All-Up
      • Rest of Europe HVDC Transmission Market All-Up

• • Asia-Pacific HVDC Transmission Market (Option 3: As a part of the free 25% customization)

    • • Asia-Pacific HVDC Transmission Market by Component
      • Asia-Pacific HVDC Transmission Market by Project Type
      • Asia-Pacific HVDC Transmission Market by Technology
      • Asia-Pacific HVDC Transmission Market by Application
      • Asia-Pacific HVDC Transmission Market by Transmission Type
      • China HVDC Transmission Market All-Up
      • India HVDC Transmission Market All-Up
      • Japan HVDC Transmission Market All-Up
      • Rest of APAC HVDC Transmission Market All-Up

  • ROW HVDC Transmission Market (Option 4: As a part of the free 25% customization)

    • • RoW HVDC Transmission Market by Component
      • RoW HVDC Transmission Market by Project Type
      • RoW HVDC Transmission Market by Technology
      • RoW HVDC Transmission Market by Application
      • RoW HVDC Transmission Market by Transmission Type
      • Brazil HVDC Transmission Market All-Up
      • South Africa HVDC Transmission Market All-Up
      • Saudi Arabia HVDC Transmission Market All-Up
      • UAE HVDC Transmission Market All-Up
      • Rest of world (remaining countries of the LAMEA region) HVDC Transmission Market All-Up

Major Players Operating the HVDC Transmission (Option 5: As a part of the free 25% customization – Profiles of 5 Additional Companies of your Choice)

• • ABB
  • Siemens AG
  • General Electric
  • Hitachi, Ltd.
  • Mitsubishi Electric Corporation
  • Nexans S.A.
  • NKT A/S
  • NR Electric Co., Ltd.
  • C-EPRI Electric Power Engineering Co., Ltd.
  • Prysmian Group