HVDC Transmission Market Challenges, Top Key Vendors, Drivers, Trends| Global Industry Analysis Report by Forecast 2023

Market Overview:-

HVDC transmission market is expected to majorly benefit in the coming years due to expanding infrastructure in offshore region around the world, increasing power connections from the developing countries such as India, Japan, and China, and expansion of transmission and distribution systems. HVDC transmission systems market is expected to be dominated by LCC systems on technology segment, by offshore on application segment, and by multi-terminal on configuration segment and by Asia Pacific on region segment.

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On the basis of application segment, HVDC transmission system is classified as offshore, asynchronous, and underground. Offshore transmission system is expected to dominate the market share out of the other categories as it brings back the power generated from the offshore wind farms and provides electricity to the offshore oil rigs by stepping up to AC at converter stations. This is mainly because the HVDC transmission cables have feasible underground cable installation and are cost-effective than AC cables, over a length of 600 km. Besides, HVDC transmission systems have the capability of interconnection of grids nationwide that will help in the integration of grids, reduction of regional fluctuations, and balancing the demand and supply of electricity in various regions.

Global HVDC transmission market is expected to witness 6.5% CAGR during the forecast period.

One of the ways to improve the performance of the power sector is by transforming the transmission and distribution infrastructure. This can be done by creating anefficient transmission infrastructure, which significantly helps reduce losses in transmission, transmitting electricity from renewable sources to energy deficit areas, and reducing the cost of electricity. HVDC transmission cables improve the efficiency of energy transmission by 30-40% than traditional overhead AC lines. There are a variety of HVDC transmission lines available in the market with prominent players having grasp of the market.

Industry Top 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), General Electric (U.S.), and 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.

Market Segmentation:-

Global HVDC transmission market has been segmented on the basis of technology, application, configuration, and voltage rating and region. Based on technology, HVDC transmission market is categorized as Low Commuted Converter (LCC) and Voltage Sourced Converter (VSC). LCC HVDC systems use semiconductors that can withstand voltage in either polarity whereas VSC use semiconductors that can pass the current in any direction. On the basis of application, the market is further segmented into underground cables, asynchronous grids and offshore cables. HVDC cables are used to connect power generated from offshore renewable sources to onshore grid connection, such as the offshore wind. Based on configuration, the market is segmented into mono-polar, bi-polar, back-to-back, and multi-terminal links. By region, the market is segmented into the regions of North America, Europe, Asia- Pacific, and Rest of the World.

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Global HVDC Transmission Market Analysis:-

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.

Table Of Content:-

1 Executive Summary

2 Scope Of The Report

2.1 Market Definition

2.2 Scope Of The Study

2.2.1 Definition

2.2.2 Research Objective

2.2.3 Assumptions

2.2.4 Limitations

2.3 Research Process

2.3.1 Primary Research

2.3.2 Secondary Research

2.4 Market Size Estimation

2.5 Forecast Model

3 Market Landscape

3.1 Porter’s Five Forces Analysis

3.1.1 Threat Of New Entrants

3.1.2 Bargaining Power Of Buyers

3.1.3 Bargaining Power Of Suppliers

3.1.4 Threat Of Substitutes

3.1.5 Segment Rivalry

3.2 Value Chain/Supply Chain Analysis

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4 Market Dynamics

4.1 Introduction

4.2 Market Drivers

4.3 Market Restraints

4.4 Market Opportunities

4.5 Market Trends

Continued......

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