HVDC Transmission Market 2023: To track and analyze joint ventures, strategic alliances, mergers & acquisitions, new product developments

HVDC Transmission Market Research Report: Information by Technology (LCC, VSC) Application (Underground, Offshore, Asynchronous grid) Configuration (Monopolar, bipolar, back-to-back, multi terminal), Voltage rating (800 kV)- Forecast till 2023

Global HVDC Transmission Market
The growth of global HVDC transmission market is encouraged by the growing demand for electrical power from offshore wind farms. As the traditional transmission system has become obsolete and out dated, the HVDC transmission systems help in better transmission systems than conventional AC systems and reduce losses in transmitting electricity. Other than this, HVDC transmission significantly help fetch power from the offshore power sources. With the trend of smart cities, conventional overhead transmission cables are expected to be replaced with HVDC Underground transmission cables. Installation of HVDC transmission cables will further compensate the transmission of electricity, internationally, by asynchronous grid systems.

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Market Highlights
In the last decade, the power industry witnessed tremendous changes due to increased energy generation mix from renewable sources and the trending technological advancements replacing the existing technology along the value chain. To overcome the huge transmission losses arising from high voltage alternate current transmission systems, transmission operators are shiftingto High Voltage Direct Current (HVDC) transmission systems. The market is also influenced with the rising competition and open economy in the power sector. Furthermore, the old transmission infrastructure involves higher operating expenses and low efficiency. This factor also drives the global HVDC transmission market on a large scale.

HVDC transmission systems are expected to improve the grid connectivity with asynchronous grid that will draw power from various sources. The global power industry is planning to invest in renewable sources as renewable sector has high demands from all across the world. HVDC transmission systems will help the power grid to have access to power generated from offshore wind source. The HVDC Transmission process, by technology, is segmented as low commutated converters and high source converter. By deploying HVDC cables in the power transmission systems, the underground cable project for smart cities will be fulfilled.

By application type, the offshore HVDC Transmission systems have been quite successful for the last five years, owing to the industrial initiatives for accessing offshore grid connectivity and electricity for oil rigs. Power generated from offshore wind farms are transmitted through HVDC cables and has a major role in energy mix in the grid. This helps the power industry reduce load from the conventional sources and promote new investments in renewable energy. Besides, advancements in the HVDC transmission systems such as LCC HVDC Transmission systems are becoming increasingly prominent with several companies investing in this space. One of the major reasons for this is that it uses semiconductors that can polarize the current in either of the directions thus, reducing resistance in the transmission systems. Power transmission operators that use HVDC cables are more preferred over HVAC cable operators thus.This would improve the position of HVDC opeartors, which is expected to encourage the market growth.

The global HVDC transmission market is projected to expand at ~ 6.5% CAGR during the forecast period.

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Market Research Analysis
640 kV HVDC Cable and offshore HVDC transmission technology are anticipated to obtain major market share.
Innovation in the 640 kV XLPE cable is expected to gain a higher number of installation projects in the HVDC transmission technology as they are capable of transmitting power levels of minimum 3 GW. 640 kV cables are filled with SF6 gas, which is dielectric and is inflammable in nature with a hydrophobic surface. This makes cables better resistant to contamination. Besides, offshore HVDC transmission technology is expected to have a command in the power industry with increasing offshore wind farm installation. For instance, the ABB group is a building transmission network from BARD offshore wind farm to German grid with a lengths of 130 km and 150 kV Direct Current.

Scope of the Report
This report provides an in-depth analysis of the global HVDC Transmission market, tracking four market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, and share for North America, Europe, Asia Pacific (APAC), Middle East, Africa and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the HVDC Transmission market by its technology type, application type, by configuration type, by voltage rating type and by region.

By Technology Type
LCC
VSC

By Application Type
Underground
Asynchronous grid
Offshore

By Configuration
Monopolar
Bipolar
Multi-terminal
Back-to-back

By Voltage Rating
Less than 350 kV
350-640 kV
640-800 kV
More than 800 kV

By Regions
North America
Asia Pacific
Middle East and Africa
Europe
Rest of the World

Key Players
The key players of global HVDC transmission market are Seimens AG (Germany), Hitachi (Japan), ABB (Switzerland), Schneider Electric (France), Toshiba (Japan), Alstom (France), and 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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