HVDC Transmission Market Research Report: Information by Technology (LCC, VSC) Application (Underground, Offshore, Asynchronous grid) Configuration (Monopolar, bipolar, back-to-back, multi terminal), Voltage rating (800 kV)- Forecast till 2023

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.

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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.

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.

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

Market Highlights

In the last decade, the power industry witnessed tremendous changes due to increased energy generation mix from renewable sources and the trending technological advancements replacing the existing technology along the value chain. To overcome the huge transmission losses arising from high voltage alternate current transmission systems, transmission operators are shiftingto High Voltage Direct Current (HVDC) transmission systems. The market is also influenced with the rising competition and open economy in the power sector. Furthermore, the old transmission infrastructure involves higher operating expenses and low efficiency. This factor also drives the global HVDC transmission market on a large scale.

HVDC transmission systems are expected to improve the grid connectivity with asynchronous grid that will draw power from various sources. The global power industry is planning to invest in renewable sources as renewable sector has high demands from all across the world. HVDC transmission systems will help the power grid to have access to power generated from offshore wind source. The HVDC Transmission process, by technology, is segmented as low commutated converters and high source converter. By deploying HVDC cables in the power transmission systems, the underground cable project for smart cities will be fulfilled.

By application type, the offshore HVDC Transmission systems have been quite successful for the last five years, owing to the industrial initiatives for accessing offshore grid connectivity and electricity for oil rigs. Power generated from offshore wind farms are transmitted through HVDC cables and has a major role in energy mix in the grid.

This helps the power industry reduce load from the conventional sources and promote new investments in renewable energy. Besides, advancements in the HVDC transmission systems such as LCC HVDC Transmission systems are becoming increasingly prominent with several companies investing in this space. One of the major reasons for this is that it uses semiconductors that can polarize the current in either of the directions thus, reducing resistance in the transmission systems.

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Power transmission operators that use HVDC cables are more preferred over HVAC cable operators thus.This would improve the position of HVDC opeartors, which is expected to encourage the market growth.

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