$8.2 Bn HVDC Transmission Market - Global Forecast to 2024
DUBLIN, Feb. 5, 2019 /PRNewswire/ --
The "HVDC Transmission Market by Component (Converter Stations, Transmission Cables, and Others), Project Type (Point-to-Point, Back-to-Back, and Multi-Terminal), Technology (CCC, VSC, and lCC), Application, and Geography - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
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The HVDC transmission market is projected to reach USD 12.3 billion by 2024 from USD 8.2 billion in 2018, at a CAGR of 6.9% during 2018-2024.
The growth of this market can largely be attributed to optimal solutions for long distance transmission, growing demand for VSC technology, shift toward renewable energy, and supportive government policies and initiatives for HVDC transmission. However, the high cost of installing HVDC transmission systems is expected to restrict the growth of the said market to a certain extent.
Converter stations to register highest growth in HVDC transmission market during forecast period
The market for converter stations is expected to grow at the highest CAGR during the forecast period. In HVDC transmission systems, converters are bi-directional: operating as a rectifier (converting AC to DC), and as an inverter (converting DC to AC). Converter stations comprise several converters in series or parallel. The requirement for more efficient power transmission and connecting asynchronous grids has filliped the demand for HVDC converter stations in recent years. These factors are expected to boost the adoption of converter stations in the coming years.
Bulk power transmission to hold largest share of HVDC transmission market during forecast period
HVDC systems are preferred for sending bulk power across long distances, with fewer power losses. That makes the underlying technology valuable for overcoming an important problem associated with renewable energy generation. HVDC is economical, which results in higher efficiency, no reactive power compensation, and more stable and reliable operations than an equivalent high voltage alternating current (HVAC) system transmitting the same amount of power.
HVDC transmission market in APAC to register highest growth during forecast period
APAC is an economically growing region owing to the presence of technologically strong countries such as China and Japan. Favorable regulatory environment and rural electrification plans are expected to drive the growth of the HVDC transmission market in APAC. In addition, demand for uninterrupted power plays a crucial role in driving HVDC adoption in the region. Moreover, emerging economies, such as China and India, provide power capacity addition across the existing power infrastructure. These factors are projected to fuel the growth of the HVDC transmission market in APAC in the coming years.
Key players in the HVDC transmission market include ABB (Switzerland), Siemens (Germany), General Electric (US), Hitachi (Japan), Mitsubishi Electric (Japan), Nexans (France), NKT A/S (Denmark), NR Electric (China), C-EPRI Electric Power Engineering (China), and Prysmian Group (Italy).
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Lucrative Opportunities in HVDC Transmission Market
4.2 HVDC Transmission Market, By Technology
4.3 HVDC Transmission Market in APAC, By Project Type and Country
4.4 HVDC Transmission Market, By Country/Region
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Optimal Solution for Long Distance Transmission
5.2.1.2 Growing Demand for VSC Technology
5.2.1.3 Shift Toward Renewable Energy Sources
5.2.1.4 Supportive Government Policies and Initiatives for HVDC Transmission
5.2.1.5 Challenges With Nuclear and Fossil Fuel-Fed Power Plants
5.2.2 Restraints
5.2.2.1 High Cost of Installing HVDC Transmission Systems
5.2.2.2 High Cost of Circuit Breakers
5.2.3 Opportunities
5.2.3.1 High-Tech Power Grids Expected to Foster Power-Sharing Among Neighboring Countries
5.2.3.2 Growing Need for Integrated Networks
5.2.3.3 Rapid Adoption of UHVDC Technology in China
5.2.4 Challenges
5.2.4.1 Increasing Interoperability Among Neighboring Networks
6 Industry Trends
6.1 Value Chain Analysis
6.2 Regulatory Standards
7 HVDC Transmission Market, By Component
7.1 Introduction
7.2 Converter Stations
7.2.1 Valves
7.2.1.1 Valve Regulates, Directs, and Controls the Flow of Power Transmission
7.2.2 Thyristor Valves
7.2.2.1 Insulated Gate Bipolar Transistors (IGBTS)
7.2.2.1.1 VSC Valves Used in DC Transmission Systems Use IGBTS
7.2.3 Transformers
7.2.3.1 Transformers are Among the Costliest Components of Converter Stations
7.2.4 Harmonic Filters
7.2.4.1 AC Filters
7.2.4.1.1 AC Filters Mitigate Voltage Distortion and Reduce Interference in AC Networks
7.2.4.2 DC Filters
7.2.4.2.1 DC Filters Stabilize Harmonics Generated on the DC End of A Converter Station
7.2.5 Circuit Breakers
7.2.5.1 Circuit Breakers Protect Electrical Power System
7.2.6 Reactors
7.2.6.1 Reactors Reduce Harmonic Currents in DC Systems
7.2.7 Surge Arresters
7.2.7.1 Surge Arresters Help to Limit the Magnitude of Transient Over-Voltages in HVDC Systems
7.3 Transmission Cables
7.3.1 Transmission Cables Transmit Electricity Across Countries, Islands, Wind Farms, and Oil Platforms
7.4 Others
7.4.1 Others Include Electrodes, Control & Protection, and Reactive Power Supplies
8 HVDC Transmission Market, By Project Type
8.1 Introduction
8.2 Point-To-Point Transmission
8.2.1 Monopolar
8.2.1.1 A Monopolar Transmission System is A Configuration With A Single High-Voltage DC Polarity
8.2.2 Bipolar
8.2.2.1 Bipolar Systems Reduces Maintenance Cost as There is Only 1 Common Path That Lowers Power Losses During Transmission
8.3 Back-To-Back Stations
8.3.1 Back-To-Back Stations are Mainly Used for Converters Within the Same Converter Building
8.4 Multi-Terminal Systems
8.4.1 Multi Terminal Project Types to Exhibit Highest Growth During the Forecast Period
9 HVDC Transmission Market, By Technology
9.1 Introduction
9.2 Capacitor Commutated Converter (CCC)
9.2.1 CCC is Designed By Adding AC Capacitors in Series Between the Transformer and the Valve
9.3 Voltage Source Converter (VSC)
9.3.1 HVDC
9.3.1.1 VSC-HVDC Systems are Widely Used in Wind Power Applications, Bulk Power Transmissions, Submarine and Underground Transmissions
9.3.2 Ultra-High Voltage Direct Current (UHVDC)
9.3.2.1 VSC-UHVDC to Exhibit Higher Growth During the Forecast Period
9.4 Line Commutated Converter (LCC), (Thyristor Based)
9.4.1 HVDC
9.4.1.1 Presently LCC-HVDC Held Higher Share Than LCC-UHVDC
9.4.2 UHVDC
9.4.2.1 LCC-UHVDC Technology Enhances Power Transfer Capacity to 10,000 MW and Extends the Distance Capability to Over 3,000 Km
10 HVDC Transmission Market, By Application
10.1 Introduction
10.2 Bulk Power Transmission
10.2.1 Overhead
10.2.1.1 Prominently Found in the Us, Canada, Brazil, China, and India
10.2.2 Submarine & Underground
10.2.2.1 Submarine Transmission Cables are Used for Long-Distance Bulk Power Transmission Across Regions Or Countries
10.3 Interconnecting Grids
10.3.1 HVDC Transmission Systems Can Be Used to Interconnect Asynchronously-Operated Power Systems
10.4 Infeed Urban Areas
10.4.1 Infeed Urban Areas to Exhibit Highest Growth in Coming Years
11 Geographic Analysis
12 Competitive Landscape
12.1 Overview
12.2 Market Ranking of Players, 2017
12.3 Competitive Scenario
12.3.1 Product Launches/Product Developments/Technological Expansions
12.3.2 Partnerships, Collaborations, Joint Ventures, and Contracts
12.3.3 Geographic Expansion
13 Company Profile
13.1 Key Players
13.1.1 ABB
13.1.2 Siemens
13.1.3 General Electric
13.1.4 Hitachi
13.1.5 Mitsubishi Electric
13.1.6 Nexans
13.1.7 NKT A/S
13.1.8 NR Electric
13.1.9 C-Epri Electric Power Engineering
13.1.10 Prysmian Group
13.2 Other Important Players
13.2.1 Schneider Electric
13.2.2 Toshiba
13.2.3 Epcos
13.2.4 Aecom
13.2.5 PSC Group
13.3 Key Innovators
13.3.1 American Superconductor
13.3.2 Transgrid Solutions
13.3.3 Atco
13.3.4 Doble Engineering Company
13.3.5 HVDC Technologies
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