High Voltage Direct Current (HVDC) Transmission Market Forecasts to 2028 – Global Analysis By Project Type (Back-to-Back Stations, Multi-Terminal Systems), Voltage Rating Type (200 KV,640 KV), and By Geography
|
Years Covered |
2020-2028 |
|
Estimated Year Value (2021) |
US $10.04 BN |
|
Projected Year Value (2028) |
US $18.24 BN |
|
CAGR (2021 - 2028) |
8.9% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
Asia Pacific |
|
Highest Growing Market |
Europe |
According to Stratistics MRC, the Global High Voltage Direct Current (HVDC) Transmission Market is accounted for $10.04 billion in 2021 and is expected to reach $18.24 billion by 2028 growing at a CAGR of 8.9% during the forecast period. The high voltage transmission system is a power transmission system used to transmit large amounts of power. High-voltage direct current power transmission systems use direct current for large amounts of power transmission. The HVDC transmission system can interconnect networks of different characteristics and frequencies, more competent than AC lines.
Market Dynamics:
Driver:
Installation of offshore wind energy generation projects
An increase in the installation of offshore wind energy generation projects will promote the market of the HV transmission system. Large amounts of energy generation can be done through marine wind energy. Thus, the generated energy can be distributed to the high demand for power. Governments around the world have begun promoting the generation of renewable energy. The capacity of high voltage transmission technology to integrate new generations with existing infrastructure is driving the market.
Restraint:
Increase in distributed and off-grid power generation
Share of distributed and off-grid power generation increases, the need and demand for HV transmission systems are expected to decline. The market is expected to slow down during the year. The off-grid system is specially constructed for on-site power generation and consumption. It has low voltage requirements, so there is no need to use the high voltage transmission system that is most suitable for long-distance, high-voltage applications.
Opportunity:
Increasing electricity consumption
The population is increasing rapidly, thereby increasing electricity consumption. More and more electrically powered devices are currently getting used to scale back fossil fuels and carbon emissions are being substituted by new technologies which also cause higher electricity consumption. The growing need for cable-based transmission rather than transmission through overhead lines is the other factor liable for the expansion of the HVDC transmission market.
Threat:
Power faults during short circuits within the AC power grid
A short circuit is an abnormal connection of very low impedance between two points of different potential, whether made intentionally or accidentally. These are the most common and severe kinds of faults, resulting in the flow of abnormal high currents through the equipment or transmission lines. If these faults are allowed to persist even for a short period, it leads to extensive damage to the equipment. These faults are caused due to the insulation failure between phase conductors or between earth and phase conductors or both.
The voltage source converter (VSC) segment is expected to be the largest during the forecast period
The voltage source converter (VSC) segment is estimated to have a lucrative growth as this technology converts AC voltage to DC voltage by using insulated gate bipolar transistors and pulse width modulation, or through switching in and out of smaller DC capacitors. The “switching off” capability means VSC converters don’t require asynchronous voltage for commutation. So, VSC converters are considered a controllable voltage source system for HVDC transmission.
The infeed urban areas segment is expected to have the highest CAGR during the forecast period
The infeed urban areas segment is anticipated to witness the fastest CAGR growth during the forecast period as it is perfect for bolstering power into thickly populated urban areas, where the thickness of required overhead wires could cause noteworthy obstacles. In spite of being progressively costly, underground electrical cables usage is expanding in urban territories.
Region with highest share:
Asia Pacific is projected to hold the largest market share during the forecast period in terms of power consumption. The event of power infrastructure in this region offers many growth opportunities for market players. China is investing heavily in renewable energy and implementing the newest UHVDC technology for power transmission.
Region with highest CAGR:
Europe is projected to have the highest CAGR over the forecast period as countries such as Germany and France increasingly turn to a low-carbon economy; the power generation structure in Europe is expected to undergo significant changes in the coming years, favoring renewable energy. The region also has several policies to support the transition to a low-carbon energy system.
Key players in the market
Some of the key players profiled in the High Voltage Direct Current (HVDC) Transmission Market include Prysmian Group, Toshiba, Siemens, Schneider Electric, PSC Group, NR Electric, Aecom, NKT A/S, Mitsubishi Electric, Hitachi, General Electric, Epcos, C-EPRI Electric Power Engineering, ABB and Nexans.
Key Developments:
In Febraury 2021, Nexans won the main framework contract to deliver cables, accessories, and installation services for underground grid connections at 90 kV, 220 kV, and 400 kV. The new agreement is a further extension of Nexans’ long-term partnership with RTE, marking an increase in volume for Nexans, confirmed by RTE as one of the leading suppliers of high-voltage cables, accessories, and services.
In April 2018, ABB launched the world’s first digitally integrated power transformer ABB AbilityTM. The ABB AbilityTM Power Transformer solution is a game-changer. In addition to providing actionable intelligence at the local level, it will enable users to leverage the full ecosystem of software solutions and services at the station and enterprise levels.
Types Covered:
• Transparent Glass Panel
• Opaque Glass Panel
• Colored Glass Panel
Project Types Covered:
• Back-to-Back Stations
• Multi-Terminal Systems
• Point-to-Point Transmission
Products Covered:
• Low Power Rating Project
• High-Power Rating Project
Technologies Covered:
• Voltage Source Converter (VSC) based
• Capacitor Commutated Converter (CCC) based
• Line Commutated Converter (LCC), (Thyristor Based)
• Other Technologies
Applications Covered:
• Bulk Power Transmission
• Infeed Urban Areas
• Interconnecting Grids
• Other Applications
Projects Covered:
• Non Regional Project
• Regional Project
• Project- Public Policy Requirements
• Multi Driver
• Single Driver
Voltage Rating Types Covered:
• 200 KV
• 500 KV
• 640 KV
Components Covered:
• Converter Stations
• Substations
• Transmission Cables
• Other Components
End Users Covered:
• Commercial
• Household
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Product Analysis
3.7 Technology Analysis
3.8 Application Analysis
3.9 End User Analysis
3.10 Emerging Markets
3.11 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global High Voltage Direct Current (HVDC) Transmission Market, By Type
5.1 Introduction
5.2 Transparent Glass Panel
5.3 Opaque Glass Panel
5.4 Colored Glass Panel
6 Global High Voltage Direct Current (HVDC) Transmission Market, By Project Type
6.1 Introduction
6.2 Back-to-Back Stations
6.3 Multi-Terminal Systems
6.4 Point-to-Point Transmission
6.4.1 Bipolar
6.4.2 Monopolar
7 Global High Voltage Direct Current (HVDC) Transmission Market, By Product
7.1 Introduction
7.2 Low Power Rating Project
7.3 High-Power Rating Project
8 Global High Voltage Direct Current (HVDC) Transmission Market, By Technology
8.1 Introduction
8.2 Voltage Source Converter (VSC)
8.2.1 VSC High Voltage Direct Current
8.2.2 VSC Ultra-High Voltage Direct Current (UHVDC)
8.3 Capacitor Commutated Converter (CCC)
8.4 Line Commutated Converter (LCC), (Thyristor Based)
8.4.1 LCC High Voltage Direct Current
8.4.2 LCC Ultra-High Voltage Direct Current (UHVDC)
8.5 Other Technologies
8.5.1 Direct Current Compact Switchgear
8.5.2 Full Bridge Topology
9 Global High Voltage Direct Current (HVDC) Transmission Market, By Application
9.1 Introduction
9.2 Bulk Power Transmission
9.2.1 Underground
9.2.2 Submarine & Offshore
9.2.3 Overhead
9.3 Infeed Urban Areas
9.4 Interconnecting Grids
9.5 Other Applications
9.5.1 Upgrades
9.5.2 Remote Loads
9.5.3 Remote Generation
10 Global High Voltage Direct Current (HVDC) Transmission Market, By Project
10.1 Introduction
10.2 Non Regional Project
10.3 Regional Project
10.4 Project- Public Policy Requirements
10.5 Multi Driver
10.6 Single Driver
11 Global High Voltage Direct Current (HVDC) Transmission Market, By Voltage Rating Type
11.1 Introduction
11.2 200 KV
11.3 500 KV
11.4 640 KV
12 Global High Voltage Direct Current (HVDC) Transmission Market, By Component
12.1 Introduction
12.2 Converter Stations
12.2.1 Transformers
12.2.2 Valves
12.2.3 Thyristor Valves (Insulated Gate Bipolar Transistors (IGBTS))
12.2.4 Harmonic Filters
12.2.4.1 DC Filters
12.2.4.2 AC Filters
12.2.5 Surge Arresters
12.2.6 Smoothing Reactors
12.2.7 Circuit Breakers
12.3 Substations
12.4 Transmission Cables
12.5 Other Components
12.5.1 Reactive Power Supplies
12.5.2 Electrodes
12.5.3 Direct Current Lines
12.5.4 Control & Protection
13 Global High Voltage Direct Current (HVDC) Transmission Market, By End User
13.1 Introduction
13.2 Commercial
13.3 Household
14 Global High Voltage Direct Current (HVDC) Transmission Market, By Geography
14.1 Introduction
14.2 North America
14.2.1 US
14.2.2 Canada
14.2.3 Mexico
14.3 Europe
14.3.1 Germany
14.3.2 UK
14.3.3 Italy
14.3.4 France
14.3.5 Spain
14.3.6 Rest of Europe
14.4 Asia Pacific
14.4.1 Japan
14.4.2 China
14.4.3 India
14.4.4 Australia
14.4.5 New Zealand
14.4.6 South Korea
14.4.7 Rest of Asia Pacific
14.5 South America
14.5.1 Argentina
14.5.2 Brazil
14.5.3 Chile
14.5.4 Rest of South America
14.6 Middle East & Africa
14.6.1 Saudi Arabia
14.6.2 UAE
14.6.3 Qatar
14.6.4 South Africa
14.6.5 Rest of Middle East & Africa
15 Key Developments
15.1 Agreements, Partnerships, Collaborations and Joint Ventures
15.2 Acquisitions & Mergers
15.3 New Product Launch
15.4 Expansions
15.5 Other Key Strategies
16 Company Profiling
16.1 Prysmian Group
16.2 Toshiba
16.3 Siemens
16.4 Schneider Electric
16.5 PSC Group
16.6 NR Electric
16.7 Aecom
16.8 NKT A/S
16.9 Mitsubishi Electric
16.10 Hitachi
16.11 General Electric
16.12 Epcos
16.13 C-EPRI Electric Power Engineering
16.14 ABB
16.15 Nexans
List of Tables
1 Global High Voltage Direct Current (HVDC) Transmission Market Outlook, By Region (2020-2028) ($MN)
2 Global High Voltage Direct Current (HVDC) Transmission Market Outlook, By Type (2020-2028) ($MN)
3 Global High Voltage Direct Current (HVDC) Transmission Market Outlook, By Transparent Glass Panel (2020-2028) ($MN)
4 Global High Voltage Direct Current (HVDC) Transmission Market Outlook, By Opaque Glass Panel (2020-2028) ($MN)
5 Global High Voltage Direct Current (HVDC) Transmission Market Outlook, By Colored Glass Panel (2020-2028) ($MN)
6 Global High Voltage Direct Current (HVDC) Transmission Market Outlook, By Project Type (2020-2028) ($MN)
7 Global High Voltage Direct Current (HVDC) Transmission Market Outlook, By Back-to-Back Stations (2020-2028) ($MN)
8 Global High Voltage Direct Current (HVDC) Transmission Market Outlook, By Multi-Terminal Systems (2020-2028) ($MN)
9 Global High Voltage Direct Current (HVDC) Transmission Market Outlook, By Point-to-Point Transmission (2020-2028) ($MN)
10 Global High Voltage Direct Current (HVDC) Transmission Market Outlook, By Bipolar (2020-2028) ($MN)
11 Global High Voltage Direct Current (HVDC) Transmission Market Outlook, By Monopolar (2020-2028) ($MN)
12 Global High Voltage Direct Current (HVDC) Transmission Market Outlook, By Product (2020-2028) ($MN)
13 Global High Voltage Direct Current (HVDC) Transmission Market Outlook, By Low Power Rating Project (2020-2028) ($MN)
14 Global High Voltage Direct Current (HVDC) Transmission Market Outlook, By High-Power Rating Project (2020-2028) ($MN)
15 Global High Voltage Direct Current (HVDC) Transmission Market Outlook, By Technology (2020-2028) ($MN)
16 Global High Voltage Direct Current (HVDC) Transmission Market Outlook, By Voltage Source Converter (VSC) (2020-2028) ($MN)
17 Global High Voltage Direct Current (HVDC) Transmission Market Outlook, By VSC High Voltage Direct Current (2020-2028) ($MN)
18 Global High Voltage Direct Current (HVDC) Transmission Market Outlook, By VSC Ultra-High Voltage Direct Current (UHVDC) (2020-2028) ($MN)
19 Global High Voltage Direct Current (HVDC) Transmission Market Outlook, By Capacitor Commutated Converter (CCC) (2020-2028) ($MN)
20 Global High Voltage Direct Current (HVDC) Transmission Market Outlook, By Line Commutated Converter (LCC), (Thyristor Based) (2020-2028) ($MN)
21 Global High Voltage Direct Current (HVDC) Transmission Market Outlook, By LCC High Voltage Direct Current (2020-2028) ($MN)
22 Global High Voltage Direct Current (HVDC) Transmission Market Outlook, By LCC Ultra-High Voltage Direct Current (UHVDC) (2020-2028) ($MN)
23 Global High Voltage Direct Current (HVDC) Transmission Market Outlook, By Other Technologies (2020-2028) ($MN)
24 Global High Voltage Direct Current (HVDC) Transmission Market Outlook, By Direct Current Compact Switchgear (2020-2028) ($MN)
25 Global High Voltage Direct Current (HVDC) Transmission Market Outlook, By Full Bridge Topology (2020-2028) ($MN)
26 Global High Voltage Direct Current (HVDC) Transmission Market Outlook, By Application (2020-2028) ($MN)
27 Global High Voltage Direct Current (HVDC) Transmission Market Outlook, By Bulk Power Transmission (2020-2028) ($MN)
28 Global High Voltage Direct Current (HVDC) Transmission Market Outlook, By Underground (2020-2028) ($MN)
29 Global High Voltage Direct Current (HVDC) Transmission Market Outlook, By Submarine & Offshore (2020-2028) ($MN)
30 Global High Voltage Direct Current (HVDC) Transmission Market Outlook, By Overhead (2020-2028) ($MN)
31 Global High Voltage Direct Current (HVDC) Transmission Market Outlook, By Infeed Urban Areas (2020-2028) ($MN)
32 Global High Voltage Direct Current (HVDC) Transmission Market Outlook, By Interconnecting Grids (2020-2028) ($MN)
33 Global High Voltage Direct Current (HVDC) Transmission Market Outlook, By Other Applications (2020-2028) ($MN)
34 Global High Voltage Direct Current (HVDC) Transmission Market Outlook, By Upgrades (2020-2028) ($MN)
35 Global High Voltage Direct Current (HVDC) Transmission Market Outlook, By Remote Loads (2020-2028) ($MN)
36 Global High Voltage Direct Current (HVDC) Transmission Market Outlook, By Remote Generation (2020-2028) ($MN)
37 Global High Voltage Direct Current (HVDC) Transmission Market Outlook, By Project (2020-2028) ($MN)
38 Global High Voltage Direct Current (HVDC) Transmission Market Outlook, By Non Regional Project (2020-2028) ($MN)
39 Global High Voltage Direct Current (HVDC) Transmission Market Outlook, By Regional Project (2020-2028) ($MN)
40 Global High Voltage Direct Current (HVDC) Transmission Market Outlook, By Project- Public Policy Requirements (2020-2028) ($MN)
41 Global High Voltage Direct Current (HVDC) Transmission Market Outlook, By Multi Driver (2020-2028) ($MN)
42 Global High Voltage Direct Current (HVDC) Transmission Market Outlook, By Single Driver (2020-2028) ($MN)
43 Global High Voltage Direct Current (HVDC) Transmission Market Outlook, By Voltage Rating Type (2020-2028) ($MN)
44 Global High Voltage Direct Current (HVDC) Transmission Market Outlook, By 200 KV (2020-2028) ($MN)
45 Global High Voltage Direct Current (HVDC) Transmission Market Outlook, By 500 KV (2020-2028) ($MN)
46 Global High Voltage Direct Current (HVDC) Transmission Market Outlook, By 640 KV (2020-2028) ($MN)
47 Global High Voltage Direct Current (HVDC) Transmission Market Outlook, By Component (2020-2028) ($MN)
48 Global High Voltage Direct Current (HVDC) Transmission Market Outlook, By Converter Stations (2020-2028) ($MN)
49 Global High Voltage Direct Current (HVDC) Transmission Market Outlook, By Transformers (2020-2028) ($MN)
50 Global High Voltage Direct Current (HVDC) Transmission Market Outlook, By Valves (2020-2028) ($MN)
51 Global High Voltage Direct Current (HVDC) Transmission Market Outlook, By Thyristor Valves (Insulated Gate Bipolar Transistors (IGBTS)) (2020-2028) ($MN)
52 Global High Voltage Direct Current (HVDC) Transmission Market Outlook, By Harmonic Filters (2020-2028) ($MN)
53 Global High Voltage Direct Current (HVDC) Transmission Market Outlook, By Surge Arresters (2020-2028) ($MN)
54 Global High Voltage Direct Current (HVDC) Transmission Market Outlook, By Smoothing Reactors (2020-2028) ($MN)
55 Global High Voltage Direct Current (HVDC) Transmission Market Outlook, By Circuit Breakers (2020-2028) ($MN)
56 Global High Voltage Direct Current (HVDC) Transmission Market Outlook, By Substations (2020-2028) ($MN)
57 Global High Voltage Direct Current (HVDC) Transmission Market Outlook, By Transmission Cables (2020-2028) ($MN)
58 Global High Voltage Direct Current (HVDC) Transmission Market Outlook, By Other Components (2020-2028) ($MN)
59 Global High Voltage Direct Current (HVDC) Transmission Market Outlook, By Reactive Power Supplies (2020-2028) ($MN)
60 Global High Voltage Direct Current (HVDC) Transmission Market Outlook, By Electrodes (2020-2028) ($MN)
61 Global High Voltage Direct Current (HVDC) Transmission Market Outlook, By Direct Current Lines (2020-2028) ($MN)
62 Global High Voltage Direct Current (HVDC) Transmission Market Outlook, By Control & Protection (2020-2028) ($MN)
63 Global High Voltage Direct Current (HVDC) Transmission Market Outlook, By End User (2020-2028) ($MN)
64 Global High Voltage Direct Current (HVDC) Transmission Market Outlook, By Commercial (2020-2028) ($MN)
65 Global High Voltage Direct Current (HVDC) Transmission Market Outlook, By Household (2020-2028) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
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