DUBLIN--(BUSINESS WIRE)--The "HVDC Transmission Market by Component (Converter Stations, Transmission Cables, and Others), Project Type (Point-to-Point, Back-to-Back, and Multi-Terminal), Technology (CCC, VSC, and lCC), Application, and Geography - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
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.
The growth of this market can largely be attributed to optimal solutions for long distance transmission, growing demand for VSC technology, shift toward renewable energy, and supportive government policies and initiatives for HVDC transmission. However, the high cost of installing HVDC transmission systems is expected to restrict the growth of the said market to a certain extent.
Converter stations to register highest growth in HVDC transmission market during forecast period
The market for converter stations is expected to grow at the highest CAGR during the forecast period. In HVDC transmission systems, converters are bi-directional: operating as a rectifier (converting AC to DC), and as an inverter (converting DC to AC).
Converter stations comprise several converters in series or parallel. The requirement for more efficient power transmission and connecting asynchronous grids has filliped the demand for HVDC converter stations in recent years. These factors are expected to boost the adoption of converter stations in the coming years.
Bulk power transmission to hold largest share of HVDC transmission market during forecast period
HVDC systems are preferred for sending bulk power across long distances, with fewer power losses. That makes the underlying technology valuable for overcoming an important problem associated with renewable energy generation.
HVDC is economical, which results in higher efficiency, no reactive power compensation, and more stable and reliable operations than an equivalent high voltage alternating current (HVAC) system transmitting the same amount of power.
HVDC transmission market in APAC to register highest growth during forecast period
APAC is an economically growing region owing to the presence of technologically strong countries such as China and Japan. Favorable regulatory environment and rural electrification plans are expected to drive the growth of the HVDC transmission market in APAC. In addition, demand for uninterrupted power plays a crucial role in driving HVDC adoption in the region.
Moreover, emerging economies, such as China and India, provide power capacity addition across the existing power infrastructure. These factors are projected to fuel the growth of the HVDC transmission market in APAC in the coming years.
Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Lucrative Opportunities in HVDC Transmission Market
4.2 HVDC Transmission Market, By Technology
4.3 HVDC Transmission Market in APAC, By Project Type and Country
4.4 HVDC Transmission Market, By Country/Region
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Optimal Solution for Long Distance Transmission
5.2.1.2 Growing Demand for VSC Technology
5.2.1.3 Shift Toward Renewable Energy Sources
5.2.1.4 Supportive Government Policies and Initiatives for HVDC Transmission
5.2.1.5 Challenges With Nuclear and Fossil Fuel-Fed Power Plants
5.2.2 Restraints
5.2.2.1 High Cost of Installing HVDC Transmission Systems
5.2.2.2 High Cost of Circuit Breakers
5.2.3 Opportunities
5.2.3.1 High-Tech Power Grids Expected to Foster Power-Sharing Among Neighboring Countries
5.2.3.2 Growing Need for Integrated Networks
5.2.3.3 Rapid Adoption of UHVDC Technology in China
5.2.4 Challenges
5.2.4.1 Increasing Interoperability Among Neighboring Networks
6 Industry Trends
6.1 Value Chain Analysis
6.2 Regulatory Standards
7 HVDC Transmission Market, By Component
7.1 Introduction
7.2 Converter Stations
7.3 Transmission Cables
7.4 Others
8 HVDC Transmission Market, By Project Type
8.1 Introduction
8.2 Point-To-Point Transmission
8.3 Back-To-Back Stations
8.4 Multi-Terminal Systems
9 HVDC Transmission Market, By Technology
9.1 Introduction
9.2 Capacitor Commutated Converter (CCC)
9.3 Voltage Source Converter (VSC)
9.4 Line Commutated Converter (LCC), (Thyristor Based)
10 HVDC Transmission Market, By Application
10.1 Introduction
10.2 Bulk Power Transmission
10.3 Interconnecting Grids
10.4 Infeed Urban Areas
11 Geographic Analysis
11.1 Introduction
11.2 Americas
11.3 Europe
11.4 APAC
11.5 Rest of the World (RoW)
12 Competitive Landscape
12.1 Overview
12.2 Market Ranking of Players, 2017
12.3 Competitive Scenario
13 Company Profiles
13.1 Key Players
13.1.1 ABB
13.1.2 Siemens
13.1.3 General Electric
13.1.4 Hitachi
13.1.5 Mitsubishi Electric
13.1.6 Nexans
13.1.7 NKT A/S
13.1.8 NR Electric
13.1.9 C-Epri Electric Power Engineering
13.1.10 Prysmian Group
13.2 Other Important Players
13.2.1 Schneider Electric
13.2.2 Toshiba
13.2.3 Epcos
13.2.4 Aecom
13.2.5 PSC Group
13.3 Key Innovators
13.3.1 American Superconductor
13.3.2 Transgrid Solutions
13.3.3 Atco
13.3.4 Doble Engineering Company
13.3.5 HVDC Technologies
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