Grid modernization, coupled with increased integration of advanced technology products for the transmission & distribution network, are some key factors responsible for the increased consumption of — HVDC cables.
Additionally, the ongoing deployment of renewable energy sources for achieving clean energy goals will further enhance the importance of HVDC cables worldwide.
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Speaking of which, the HVDC cables market is predicted to showcase excellent growth numbers during the projected timeframe.
Here are some trends that are poised to bolster the HVDC cables market demand
Growing demand for UHVDC cables to stimulate the market growth
The ultra-high voltage direct current cables are used for supplying electricity at long distances with minimal power losses. It is this property of power loss minimization across long distances that has increased its demand and subsequently the number of installations.
Many key market players are launching new products to stay on track with the market progress. For instance, NKT introduced their 525 kV HVDC XLPE underground cables to be provide to the upcoming projects of high voltage direct current corridors in Germany.
With current research and development investments by key industry players for deploying energy efficient and advanced transmission cables, the market for HVDC cables will proliferate over the forecasted timeframe. Industry experts claim that the market segment to record an overall valuation of $530 million by 2027 end.
Rising number of transmission projects to spike the usage of overhead HVDC cables
Rapid industrialization and urbanization in emerging nations has increased the demand for electricity in these regions. This has also led to the upgradation of existing power infrastructure to widen the reach of electrical supply; enunciating the need for overhead HVDC cables.
In addition, it is easy to operate and maintain land-based transmission grids and HVDC cables can be installed on extreme terrains. Furthermore, consistent rise in the number of power transmission projects in these nations has bolstered the usage of overhead HVDC cables, thus impacting market growth.
Government initiatives in Germany to transform the HVDC cables market
Growing number of wind farms coupled with refurbishments in transmission lines and power stations has led to an increased demand for HVDC cables in Germany. This is probably because the government has taken initiatives by heavily investing in these projects and working with industry players to cater the electricity requirements of their growing industry and urban areas.
For instance, Prysmian, in 2020, signed an agreement with a German grid operator, Amprion GmbH, for supplying ±525 kV HVDC cable system for project A-Nord. Such initiatives will help in boosting the rate of consumption of HVDC cables in the country.
The minimal effect of COVID-19 outbreaks a boon for the HVDC cable industry
The COVID-19 pandemic had negatively affected the economy of almost all the consumer-based industries. However, it had minimal impact on the HVDC transmission & distribution industry with heavy investments and massive cash inflows from private as well as public partners.
The power sector being one of the key industrial sectors of the global economy, had inconsequential effects of this novel pandemic outbreak. Rather, the demand for electricity increased in these lockdown times with people being told to stay indoors and work from their homes. This has in fact increased the demand for HVDC cables to cater such huge electricity requirements.
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