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
NEW YORK, Feb. 5, 2019 /PRNewswire/ -- HVDC transmission market to grow at CAGR of 6.9% from 2018 to 2024
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.
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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.
Breakdown of primary participants' profile:
-- By Company Type: Tier 1 = 57%, Tier 2 = 29%, and Tier 3 = 14%
-- By Designation: C-Level Executives = 50%, Directors = 35%, and Others = 17%
-- By Region: Americas = 33%, Europe = 17%, and APAC = 50%
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). The study includes an in-depth competitive analysis of these key players, with their company profiles, recent developments, and key market strategies.
Research Coverage:
This study involves estimating the HVDC transmission market's size and analyzing the growth potential of this market across different segments, such as component, technology, project type, application, and region. The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key growth strategies.
Key Benefits of Buying the Report:
The report would assist market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall HVDC transmission market and its subsegments.It would help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
The report would also help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.
Read the full report: https://www.reportlinker.com/p04977708
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