HVDC Transmission Market Research Report – Forecast to 2030

HVDC Transmission Market Research Report: Information by Technology (LCC, VSC) Application (Underground, Offshore, Asynchronous grid) Configuration (Monopolar, bipolar, back-to-back, multi terminal), Voltage rating (<350 kV, 350-640 kV, 640-800 kV, >800 kV)- Forecast till 2030

ID: MRFR/E&P/4569-HCR | February 2021 | Region: Global | 100 pages

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HVDC Transmission Market Scenario

HVDC transmission market is expected to witness ~ 7.5% CAGR, USD 13.30 Billion during the forecast period.

Global power industry is expected to witness tremendous change given the technological advancements from traditional and conventional transmission and distribution system to efficient transmission lines. One of the prevailing reasons of higher losses from transmission lines is high voltage current getting converted to alternate current. To upgrade the technological aspects of transmission of power, High Voltage Direct Current (HVDC) transmission system can be used, as they are feasible over conventional High Voltage Alternate Current transmission system. For instance, HVDC transmission lines for 800 kV long line counts only 3% loss per 1000 km while HVAC transmission lines count 7% loss for the same parameters. With rising demand for electricity transmission system, the HVDC transmission cables are expected to benefited as they have the advantage of transmission of electricity from off-shore wind farms. Until the end of 2017, total wind electricity generation remained above 50 GW, out of which offshore wind farms generated around 18.18 GW. The major disadvantage of traditional transmission cables was involved with overhead hanging cables that are more prone to accidents. This has been overcome by HVDC underground cables, and thus, they capture the attention of power infrastructure manufactures.

One of the ways to improve the performance of the power sector is by transforming the transmission and distribution infrastructure. This can be done by creating anefficient transmission infrastructure, which significantly helps reduce losses in transmission, transmitting electricity from renewable sources to energy deficit areas, and reducing the cost of electricity. HVDC transmission cables improve the efficiency of energy transmission by 30-40% than traditional overhead AC lines. There are a variety of HVDC transmission lines available in the market with prominent players having grasp of the market.

On the basis of application segment, HVDC transmission system is classified as offshore, asynchronous, and underground. Offshore transmission system is expected to dominate the market share out of the other categories as it brings back the power generated from the offshore wind farms and provides electricity to the offshore oil rigs by stepping up to AC at converter stations. This is mainly because the HVDC transmission cables have feasible underground cable installation and are cost-effective than AC cables, over a length of 600 km. Besides, HVDC transmission systems have the capability of interconnection of grids nationwide that will help in the integration of grids, reduction of regional fluctuations, and balancing the demand and supply of electricity in various regions.

Global HVDC transmission market has been segmented on the basis of technology, application, configuration, and voltage rating and region. Based on technology, HVDC transmission market is categorized as Low Commuted Converter (LCC) and Voltage Sourced Converter (VSC). LCC HVDC systems use semiconductors that can withstand voltage in either polarity whereas VSC use semiconductors that can pass the current in any direction. On the basis of application, the market is further segmented into underground cables, asynchronous grids and offshore cables. HVDC cables are used to connect power generated from offshore renewable sources to onshore grid connection, such as the offshore wind. Based on configuration, the market is segmented into mono-polar, bi-polar, back-to-back, and multi-terminal links. By region, the market is segmented into the regions of North America, Europe, Asia- Pacific, and Rest of the World.

HVDC transmission market is expected to majorly benefit in the coming years due to expanding infrastructure in offshore region around the world, increasing power connections from the developing countries such as India, Japan, and China, and expansion of transmission and distribution systems. HVDC transmission systems market is expected to be dominated by LCC systems on technology segment, by offshore on application segment, and by multi-terminal on configuration segment and by Asia Pacific on region segment.

Key Players

The key players of global HVDC transmission market are Seimens AG (Germany), Hitachi (Japan), ABB (Switzerland), Schneider Electric (France),  Toshiba (Japan), Alstom (France), General Electric (U.S.), and DATC (U.S).  Mitsubishi (Japan), NKT Holdings (Denmark), Adani (India), Nexans (France), Prysmian Group (Italy), and C-EPRI Electric Power Engineering Co., Ltd (China) are among others.

Market Segmentation

 HVDC transmission market

Global HVDC Transmission Market

The growth of global HVDC transmission market is encouraged by the growing demand for electrical power from offshore wind farms. As the traditional transmission system has become obsolete and out dated, the HVDC transmission systems help in better transmission systems than conventional AC systems, and reduce losses in transmitting electricity. Other than this, HVDC transmission significantly help fetch power from the offshore power sources. With the trend of smart cities, conventional overhead transmission cables are expected to be replaced with HVDC Underground transmission cables. Installation of HVDC transmission cables will further compensate the transmission of electricity, internationally, by asynchronous grid systems.

Report Scope:
Report Attribute/Metric Details
  Market Size   2030: Significant Value
  CAGR   7.5% CAGR (2022-2030)
  Base Year   2021
  Forecast Period   2022-2030
  Historical Data   2019 & 2020
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Technology , Application ,Configuration and Voltage rating
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Seimens AG (Germany), Hitachi (Japan), ABB (Switzerland), Schneider Electric (France), Toshiba (Japan), Alstom (France), General Electric (U.S.), and DATC (U.S). Mitsubishi (Japan), NKT Holdings (Denmark), Adani (India), Nexans (France), Prysmian Group (Italy), and C-EPRI Electric Power Engineering Co., Ltd (China)
  Key Market Opportunities   New product launches and R&D Amongst major key Players
  Key Market Drivers   Increase in the installation of HVDC transmission systems

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Frequently Asked Questions (FAQ) :

The HVDC transmission market can surge at 7.5% CAGR by 2027.

By the end of the assessment period, the HVDC transmission market can attain substantial valuation.

Seimens AG (Germany), ABB (Switzerland), Hitachi (Japan), and Schneider Electric (France) are some reputed names in the HVDC transmission market.

Increase in the installation of HVDC transmission systems can prompt their market expansion.

In APAC, the need to for reduction of electricity loss during transmission can impel the regional market growth.