NEWARK, Del: , Oct. 17, 2022 (GLOBE NEWSWIRE) -- The global high voltage direct current (HVDC) transmission system market was valued at US$ 9.48 Bn in the year 2021 and is expected to reach US$ 28.5 Bn by the year 2032 at a remarkable CAGR of 10.6% from 2022 to 2032.
Utility-scale renewable energy plants are in great demand, especially due to a paradigm shift. In other words, the world is trying to keep fossil fuels at bay. Moreover, submarine HVDC transmission system market is expected to grow as an ancillary market to HVDC transmission system market. Increase in frequency of installation of wind energy generation projects offshore is likely to promulgate the HVDC transmission system market.
IRENA has stated that offshore wind energy capacity as of the year 2020 was 34,367 MW as compared to 28,335 MW in the year 2019. Future Market Insights has entailed these facets of the market with insights in its latest market study entitled ‘High Voltage Direct Current (HVDC) Transmission System Market’.
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Key Takeaways from High Voltage Direct Current (HVDC) Transmission Market
- LCC (Line Commutated Converter) holds more than 30% of the market share due to it being cost-effective using thermistor power semiconductors for operation.
- Application-wise, wind and solar power systems dominate the market and the status quo is expected to remain the same even in the forecast period.
- Subsea HVDC cables rule the roost, as far as mode of deployment is concerned.
- Europe holds the largest market share, followed by North America, and the Asia-Pacific. Europe is subject to the National Renewable Energy Action Plan and European Union Renewable Energy Directive for supporting transition to low-carbon energy system.
- MEA is expected to turn the tables in this regard in the years to come. IRENA says that Africa alone has overall renewable energy capacity of 53,824 MW as of the year 2020 and Middle East has 25,350 MW.
“Demand for optimal solutions for transmission at long distance, rising demand for VSC technology, and conducive policies by governments are the major factors driving the high voltage direct current (HVDC) transmission market”, says an analyst from Future Market Insights.
Competitive Landscape
- Prysmian, in July 2021, signed a contract worth US$ 900 Mn for providing high voltage cable systems for underground power transmission projects in the US. Prysmian would, thus, offer 525 kV high voltage DC cables to efficiently transmit renewable energy and supply over 1.2 Mn homes. This is actually a milestone with regards to construction of clean energy grid all across the US.
- Nexans, in February 2021, signed a contract for providing accessories, cables, and installation services to cater to RTE underground network connection project.
- Siemens Energy, in October 2021, signed a contract for transmitting high voltage direct current (HVDC) to the utility-scale offshore wind project in New York with capacity of nearly 924 MW, that too, collaborating with Aker Solutions.
- The state government of Maharashtra, in December 2020, did plan to construct 1 GW of underground HVDC transmission network. The investment budget revolved around US$ 1.08 Bn. This novel HVDC transmission line is capable of connecting 220 kV Aarey substation with 400 kV substation that Maharashtra State Electricity Transmission Company is supporting.
- Hitachi and ABB signed a contract for building an interconnection letting Egypt and Saudi Arabia interchange close to 3000 MW of power. Through this project, a connecting line – 1350 Km long, would be transferring electricity through subsea cable and overhead power lines over the Red Sea.
- Prysmian Group was hired in June 2021 for one of the underground transmission projects in the US for making provisions for HVDC cable systems. Termed as the ‘SOO Green HVDC Link’, it’s an interregional transmission project valuing 2100 MW meant to connect two big energy markets in the States.
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What does the Report Cover?
- Future Market Insights offers an exclusive perspective and various real-time insights on the high voltage direct current (HVDC) transmission market in its latest study, presenting historical demand assessment of 2016 – 2021 and projections for 2022 – 2032.
- The research study is based on component (products (AC & DC harmonic filters, converters, DC lines, circuit breakers, and likewise) and services (engineering & consulting and repairs & maintenance), by technology (line commutated converters (LCC), voltage source converters (VSC), by application (energy transmission & distribution, DER (distributed energy resources, and renewable energy), by deployment (overhead, underground, subsea, and combination), and by power rating (below 1000 MW, 1001 – 2000 MW, and above 2000 MW).
High Voltage Direct Current (HVDC) Transmission System Market Outlook by Category
By Component:
- Products
- AC & DC Harmonic Filters
- Converters
- DC Lines
- Circuit Breakers
- Others
- Services
- Repairs & Maintenance
- Engineering & Consulting
By Technology:
- Line Commutated Converters (LCC)
- Voltage Source Converters (VSC)
- Others
By Application:
- Energy Transmission & Distribution
- Distributed Energy Resources (DER)
- Renewable Energy
By Deployment:
- Overhead
- Underground
- Subsea
- Combination
By Power Rating:
- Below 1000 MW
- 1001 - 2000 MW
- Above 2000 MW
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Table of Content:
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.1.1. Global Energy Expenditure
3.1.2. Current and Future Projects for Power Transmission
Toc Continued…
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