HVDC Transmission Market Worth 11.52 billion USD by 2023
According to market research report from MarketsandMarkets titled “HVDC Transmission Market by Component (Convertor Stations, Transmission Cables, and Others), Technology (CCC, VSC, LCC, and UHVDC), Project Type, Power Rating, Application, and Geography – Global Forecast to 2023”, the HVDC transmission market was valued at USD 6.79 Billion in 2016 and is expected to reach USD 11.52 billion by 2023, at a CAGR of 7.31%.
The increasing demand for cost-effective solutions for long distance power transmission and integration of VSC technology across grids to enable system security are the major factors that drives the HVDC transmission market.
The converter station is expected to grow at the highest rate. This growth can be attributed to the rapidly growing market for valves and circuit breakers.
HVDC transmission market for line commutate converter (LCC) technology is expected to hold the largest share in 2017.
An LCC station is ideal for high-power long distance transmission. Moreover, LCC station reduces power losses in the complete HVDC transmission systems. The LCC-HVDC technology is used for submarine and underground transmission, asynchronous link between AC systems, and long distance bulk power transmission through overhead lines.
The European countries’ increasing focus on power generation from wind energy would further increase the market share for multi-terminal system.
HVDC transmission market in Asia Pacific is likely to grow at a high rate during the forecast period. China and India are the major contributors to the growth of the HVDC transmission market in APAC due to the growing demand for power in these countries. Some other factors affecting the growth of the market in this region include aging power infrastructure, increase in power consumption pattern, economic uncertainties, and low carbon emission initiatives. High power quality along with reliable and stable power transmission are some of the key requirements in the power industry.
Major players operating in the HVDC transmission market are ABB Ltd. (Switzerland), Siemens AG (Germany), General Electric Co. (US), Toshiba Corporation (Japan), and Mitsubishi Electric Corporation (Japan).
Source: Digital Journal