Global HVDC Transmission System Market Growth Demand Forecast 2018-2024


Posted September 23, 2019 by robertemma27

HVDC transmission market for multi-terminal project type to grow at highest CAGR during forecast period
 
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. Major drivers for the market’s growth are optimal solutions for long distance transmission, growing demand for VSC technology, shift toward renewable energy, and supportive government policies and initiatives for HVDC transmission.

Infeed Urban Areas application expected to witness highest CAGR in HVDC transmission market during forecast period

HVDC systems are ideal for feeding electricity into densely populated urban centers, where the density of required overhead wires could cause significant obstructions. Despite being more expensive, underground power lines utilization is increasing in urban areas. Nowadays, residential and commercial developments have underground utility infrastructure, often ordered by law for aesthetic reasons.

Browse 91 market data Tables and 48 Figures spread through 147 Pages and in-depth TOC on "HVDC Transmission Market - Global Forecast to 2024"

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HVDC transmission Market for VSC-based technology to grow at highest CAGR during 2018–2024

VSC technology converts AC voltage to DC voltage by using insulated gate bipolar transistors (IGBTs) and pulse width modulation (PWM), or through switching in and out of smaller DC capacitors. There are 2 types of voltage converters: voltage inverters and voltage rectifiers. The main function of a VSC-HVDC system is to transmit constant DC power from a rectifier to an inverter. The “switching off” capability means that VSC converters do not require a synchronous voltage for commutation. Thus, VSC converters are considered a controllable voltage source system for HVDC transmission.

APAC expected to account for largest market share during forecast period

The HVDC transmission market in APAC is presently witnessing an exponential growth in terms of power consumption. The development of power infrastructure in this region offers many growth opportunities for market players. China is investing heavily in renewable energy and implementing latest UHVDC technology for power transmission. For instance, 2 of the world’s most powerful and longest HVDC power transmission highways, each with a nominal rating of 3,000 MW, are currently being installed in China. These factors are projected to fuel the HVDC market in APAC in the coming years.

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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). ABB is a key player in the global HVDC market.

Recent Developments

ABB launched the ABB Ability at the 2018 Hanover Fair, in Germany. ABB Ability is claimed to be the world’s first integrated solution for digitally enabled power transformers.
Siemens developed, manufactured, and tested a ± 1,100 kilovolts (kV), 587.1 megavolt amperes (MVA) HVDC transformer in Nuremberg, Germany.
NR Electric launched a ±535kV/3000MW VSC-HVDC converter valve. The type test is fully compliant with IEC 62501 (2014 Edition). The converter valve withstood a 37.3kA short-circuit current and completed wet DC withstand voltage test at 1 tower.

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Issued By Emma
Country United States
Categories Electronics , Semiconductors
Tags hvdc transmission market
Last Updated September 23, 2019