High Voltage Direct Current Hvdc Transmission Systems Market : Evolving Technology, Trends and Industry Analysis

High Voltage Direct Current (HVDC) transmission system is fast gaining popularity and increased adoption ever since the first test line was developed in Sweden more than seventy years ago. Since then, major technological changes and cutting-edge research has taken place the world over to refine the HVDC VSC technology.

As it is rightly said, necessity is the mother of invention, and this new technology was long overdue because of the inherent drawbacks of the conventional AC grid. The status quo in power transmission has been challenged by major developments in the market such as increased generation of power by renewable energy, new requirements from the power market and the deteriorating environmental impact.

However, the new HVDC technology based on the Voltage Source Converter (VSC) is an attractive way of transmitting electricity that can overcome all the challenges listed above. The HVDC VSC technology for transmission gives independent control of active and reactive power and the reaction time for response in cases where it is needed is also fast.

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Revenue generated by the global HVDC transmission system market is estimated to reach more than US$ 6,000 Mn by 2016, witnessing an increase of 7.7% over 2015. VSC technology is estimated to hold the largest value share among the different technologies used in HVDC transmission systems.

Future Market Insights forecasts the global HVDC transmission system market to register an 8.8% CAGR during the projected period 2016-2026, and reach nearly US$ 14,400 Mn in revenues by 2026 end.

In the technology segment, VSC sub segment is estimated to increase at highest growth rate over the assessment period, followed by others sub segment. VSC technology uses insulated gate bipolar transistors which cover the drawbacks caused by conventional methods, and are thus gaining popularity. Capacitor commutated converters are gaining popularity and are expected to significantly contribute to the growth of the others sub segment.

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HVDC transmission systems based on VSC technology are gaining popularity as they prove to be beneficial in applications such as connecting wind farms to power grids and linking asynchronous grids for underground power transmission among others.

ABB Ltd. and Siemens AG are introducing HVDC transmission systems based on VSC technology owing to its increasing popularity among utility companies. Another recent trend in the technology segment for HVDC transmission systems is the introduction of capacitor commutated converters (CCC), which provides benefits such as eliminating the need for using large shunts and utilising low reactive power.

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