An increase in the power consumption and installation of grids is boosting the high voltage direct current (HVDC) transmission system market.
Wilmington, Delaware, United States, Nov. 29, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global high voltage direct current (HVDC) transmission system market is projected to flourish at a CAGR of 7.1% from 2022 to 2031. As per the report published by TMR, a valuation of US$ 33.54 billion is anticipated for the market in 2031. As of 2023, the demand for high voltage direct current (HVDC) transmission systems is expected to close at US$ 19.4 billion.
The global shift towards renewable energy sources has significantly boosted the demand for HVDC technology. Aging grid infrastructure in many regions requires upgrading to meet the growing electricity demand. HVDC systems offer more efficient, long-distance power transmission, reducing transmission losses and allowing for grid expansion across diverse terrains.
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Most of the key vendors in high voltage direct current (HVDC) transmission system market are adopting new technologies and strategies with comprehensive research and development, primarily to develop and prioritize sustainable power maintenance service.
- General Electric
- Siemens AG
- Mitsubishi Electric Corporation
- Toshiba Energy Systems & Solutions Corporation
- TransGrid Solutions.
- PRYSMIAN GROUP
- Hitachi, Ltd.
- ATCO LTD.
- LSIS Co. Ltd.
- NKT A/S
Rapid urbanization and industrial growth in emerging economies drive the need for efficient power transmission solutions, drive the market for high voltage direct current (HVDC) transmission systems. As HVDC transmission systems offer a reliable and efficient means to supply power to densely populated areas and industrial hubs.
HVDC transmission systems are also popular because they can act as a firewall and prevent the transmission of faults between the connected AC grids and hence, avoid ‘blackouts’. HVAC transmission lines require relatively larger spacing between the phase-to-ground and phase-to-phase conductors. The transmission tower used for HVAC needs to be taller and wider than HVDC to maintain such spacing. Using the HVDC transmission tower reduces the installation cost as compared to HVAC towers.
Key Takeaways from the Market Study
- As of 2022, the high voltage direct current (HVDC) transmission systems market was valued at US$ 18.1 billion
- In terms of technology The voltage-source converters (VSC) segment held a share of 31.0 % of the global market in 2021
- Based on type, the bipolar segment dominated the global high voltage direct current (HVDC) transmission system market and accounted for 53.8% share in 2021.
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High Voltage Direct Current (HVDC) Transmission System Market : Key Trends and Opportunistic Frontiers
- Ongoing technological advancements, such as advancements in converter technology, control systems, and materials, contribute to the increased efficiency, capacity, and reliability of HVDC systems. These innovations make HVDC more attractive and cost-effective.
- The environmental benefits of HVDC systems, such as lower transmission losses compared to traditional AC transmission and reduced carbon footprint, align with global efforts to mitigate climate change
High Voltage Direct Current (HVDC) Transmission System Market – Regional Analysis
- Europe leads in the adoption of HVDC due to its focus on renewable energy. Interconnecting countries to share renewable power (e.g., offshore wind farms) has driven HVDC deployment. Projects like the North Sea Grid and various interconnectors between countries aim to establish a unified European energy market, fostering HVDC growth. Supportive policies and ambitious renewable energy targets push the adoption of HVDC transmission systems.
- Asia Pacific accounted for a prominent share of 52.19 % of the global market in 2021. In Asia Pacific, countries such as China, India, Japan, etc., are expected to witness a rapid increase in power activities along with expansion of the installation of power grid and high consumption of electricity.
Key Developments in the High Voltage Direct Current (HVDC) Transmission System Market
- Siemens Energy has focused on enhancing HVDC converter technology, aiming for higher efficiency and lower maintenance requirements. Involved in major HVDC projects like the DolWin6 offshore grid connection in the North Sea and the NordLink interconnector between Germany and Norway.
- GE has been working on solutions for grid modernization, including advancements in HVDC systems for better integration of renewable energy. Involved in various HVDC projects globally, including the Sofia Offshore Wind Farm connection in the UK.
High Voltage Direct Current (HVDC) Transmission System Market – Key Segments
- Line-commutated Converters (LCC)
- Voltage-source Converters (VSC)
- Capacitor Commutated Converters (CCC)
- Back to Back
- Interconnecting Grids
- Infeed Urban Areas
- Connecting Offshore Wind
- Upto 400 kV
- 401-800 kV
- 800 kV Above
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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