New York, United States , Sept. 04, 2024 (GLOBE NEWSWIRE) -- The Global HVDC Transmission Market Size is to Grow from USD 10.24 Billion in 2023 to USD 24.64 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 9.18% during the projected period.
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A method for transferring direct current power across long distances via overhead or underwater cables is called high voltage-direct current transmission. In the high-voltage direct current transmission system, inverters and rectifiers are utilized to convert AC to DC and vice versa. To reduce interference and preserve stability, smoothing reactors and harmonic filters are used. Because HVDC technology can connect several power systems effectively and overcome geographic limitations, it is ideal for subterranean and undersea lines. In an increasingly decarbonized, dispersed generation, and digital energy world, high-voltage direct current transmission lines are becoming increasingly important. However, the high cost of HVDC transmission systems could prevent the market from expanding.
Browse key industry insights spread across 260 pages with 110 Market data tables and figures & charts from the report on the "Global HVDC transmission Market Size, Share, and COVID-19 Impact Analysis, By HVDC Links (Monopolar Link, Bipolar Link, and Homopolar Link), By Technology (Line Commutated Converter, and Voltage Source Converter), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The bipolar link category held the largest market share over the forecast period.
Based on HVDC links, the HVDC transmission is classified into monopolar link, bipolar link, and homopolar link. Among these, the bipolar link category held the largest market share over the forecast period. One of the biggest benefits of the bipolar connection is its ability to operate in monopolar mode in the event that one of the conductors fails due to the ground return system. Consequently, half of the system can continue to generate electricity. These connections are widely used in HVDC systems. Two monopolar circuits with opposite polarities operating at the same voltage level make up a bipolar HVDC link. Bipolar arrangements are ideal for high-power transmissions of 1500–2000 MW because they provide redundancy in the event that one monopole fails.
The voltage source converter technology held the biggest market share throughout the forecast period.
Based on technology, the HVDC transmission is classified into line commutated converter, and voltage source converter. Among these, the voltage source converter technology held the biggest market share throughout the forecast period. Voltage source converters are self-commutated converters used to connect HVDC systems. They use components suitable for high-power electronic applications, such as IGBTs. They are not dependent on an AC system to generate different current voltages. This allows for independent quick control of both reactive and active power as well as black start capability. For example, the Pugalur Thrissur 2000 MW HVDC System is a testament to PGCIL's commitment to staying at the forefront of technological innovation in the power business. This system's technology, a voltage source converter, transfers electricity across long distances in a steady and highly efficient manner, enhancing the stability of the grid as a whole.
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Asia-Pacific is having the highest share of the global HVDC transmission market over the forecast period.
A growing number of HVDC transmission projects in countries like China and India, a favorable regulatory framework for the development and sale of HVDC components, and an increase in rural electrification initiatives all point to the region's growing popularity. With the developments in materials science and production techniques, Asia Pacific subterranean high-voltage cables are transitioning into a new generation that is more robust, cost-effective, and efficient. For example, power losses are reduced and less insulation is required in the production of cables when high-temperature superconducting materials are employed. Regional governments are also passing laws and regulations to promote the use of underground high-voltage cables rather than overhead lines in order to boost efficiency and improve electricity production.
North America is predicted to grow fastest pace throughout the forecast period. North America is expected to lead the market due to the region's increasing reliance on renewable energy sources, the number of government initiatives targeted at reducing carbon emissions, and the region's increasing investments in transmission infrastructure. The need for renewable energy sources and long-distance power transmission are two further factors propelling industry rise.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global HVDC transmission market include Hitachi Energy, General Electric Co, Mitsubishi Electric Corporation, Alstom, NKT A/S, Nexans, Siemens, Toshiba Corporation, General Electric Co, Prysmian SpA, TransGrid Solutions Inc, Abengoa S.A, ATCO LTD, LS Industrial Systems Co., Ltd, and Others.
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Recent Developments
- In September 2023, the U.S. Department of Energy (DOE)'s Office of Electricity (OE) and Wind Energy Technologies Office (WETO) released a $10 million funding opportunity announcement to support research aimed at fostering innovation and reducing the cost of voltage source converter (VSC) transmission systems that use high voltage direct current (HVDC).
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global HVDC transmission market based on the below-mentioned segments:
Global HVDC transmission Market, By HVDC Links
- Monopolar Link
- Bipolar Link
- Homopolar Link
Global HVDC transmission Market, By Technology
- Line Commutated Converter
- Voltage Source Converter
Global HVDC transmission Market, By Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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