HVDC Transmission Market

Global HVDC Transmission Market- By Component (Converter Stations, Transmission Cables, Others), By Project Type (Point-to-Point Transmission, Back-to-Back Stations, Multi-Terminal Systems,  By Technology ((Capacitor Commutated Converter (CCC), Voltage Source Converter (VSC), Line Commutated Converter (LCC)), By Application (Bulk Power Transmission, Interconnecting Grids, Infeed Urban Areas), By Transmission Type (Overhead, Submarine & Underground), and By Region- global Opportunity Analysis and Industrial Forecast- 2021-2028

HVDC Transmission Market Industry Overview:

A HVDC (high-voltage direct current) transmission is an electric power transmission system which uses direct current for the transmission of electrical power in comparison to the more common alternating current systems. The HVDC links involves voltage usage between 100 kV and 800 kV.The global HVDC transmission market was valued at around USD 9.8 billion in 2020 and is expected to register a CAGR of 6.6% during the review period to reach to around USD 16.2 billion by end of 2028.

HVDC Transmission Market Segmentation:

Based on component, the global HVDC transmission market has been segmented into converter stations, transmission cables and others. The converter stations segment is further sub-segmented into valves, thyristor valves, transformers, harmonic filters, circuit breakers, reactors and surge arresters. The converter stations segment accounted for the largest market share in 2020 and is expected to register significant growth during the review period. A converter station is defined as a specialised type of substation which forms the terminal equipment for a high-voltage direct current (HVDC) transmission line. It converts direct current to the reverse or alternating current. The transmission cables segment is projected to grow at a healthy CAGR during the review period.

Based on project type, the global HVDC transmission market has been segmented into point-to-point transmission, back-to-back stations, and multi-terminal systems. The point-to-point transmission segment accounted for the largest market share in 2020 and is expected to grow at a significant CAGR during the review period. The point-to-point transmission system comprises of two converter station and one HVDC transmission line.

Based on technology, the global HVDC transmission market has been segmented into capacitor commutated converter (CCC), voltage source converter (VSC) and line commutated converter (LCC). The capacitor commutated converter (CCC) segment accounted for the largest market share in 2020 and is expected to register significant growth during the review period. The capacitor commutated converter has capacitors connected inseries between valves and converter transformers. These capacitors provide an additional commutation voltage which allows operating the rectifier at smaller firing angles. The voltage source converter (VSC) segment is projected to witness significant growth during the review period.

Based on application, the global HVDC transmission market has been segmented into bulk power transmission, interconnecting grids, and infeed urban areas. The bulk power transmission segment accounted for the largest market share in 2020 and is expected to grow at a significant CAGR during the review period. A bulk power system is defined as a large interconnected electrical system which is made up of generation and transmission facilities and their control systems.

Based on transmission type, the global HVDC transmission market has been segmented into overhead and submarine & underground. The overhead transmission type segment accounted for the largest market share in 2020. Overhead power line is defined as a structure which is used in electric power transmission and distribution to transmit electrical energy across large distances around 600 km or more.The submarine & underground segment is projected to witness fastest growth during the review period.

HVDC Transmission Market Dynamics and Factors:

The growth of the global HVDC transmission market is primarily driven by rising usage of HVDC transmission systems as compared to traditional transmission systems due to its feasibility and capacity to transmission electricity from off-shore wind farms. Growing technological advancements in the power industry is another key factor expected to propel the global HVDC transmission market growth at a significant rate during the review period.

Increasing emphasis on development of smart cities in the developing countries particularly India and Southeast Asian nations is expected to create lucrative opportunities for the players operating in the global market.

HVDC Transmission Market Geographical Analysis:

By geography, the global HVDC transmission market has been segmented into North America, Europe, Asia-Pacific, Latin America and the Middle East & Africa. The market in Asia-Pacific accounted for the largest share in 2020 and is expected to grow at a significant CAGR during the review period. China held the dominating share in the region in 2020. The regional market growth can be attributed to increasing spending on development of advanced power infrastructure particularly in the developing countries such as China and India. Growing infrastructure development activities is expected to bolster the market growth further.

The market growth in North America is driven by the established presence of the advanced power industry particularly in US. In addition to this, growing spending on renovation of infrastructure in the region is likely to propel the global HVDC transmission market growth at a significant rate during the review period.

The European market is expected to grow at a considerable CAGR on account of increasing demand for technologically advance transmission systems. Germany accounted for the largest market share in the region. Growing focus on expansion of renewable energy sector is expected to contribute to the growth substantially.

The market in Latin America and the Middle East & Africa is expected to be driven by the growth of the power industry at a considerable rate during the review period.

HVDC Transmission Market Report Scope

Key Market Segmentation

HVDC Transmission Market - By Component

 o   Converter Stations (Valves, Thyristor Valves, Transformers, Harmonic Filters, Circuit Breakers, Reactors)

 o   Surge Arresters

 o   Transmission Cables

HVDC Transmission Market - By Project Type

 o   Point-to-Point Transmission

 o   Back-to-Back Stations

 o   Multi-Terminal Systems

HVDC Transmission Market - By Technology

 o   Capacitor Commutated Converter (CCC)

 o   Voltage Source Converter (VSC)

 o   Line Commutated Converter (LCC)

HVDC Transmission Market - By Application

 o   Bulk Power Transmission

 o   Interconnecting Grids

 o   Infeed Urban Areas

HVDC Transmission Market - By Transmission Type

 o   Overhead

 o   Submarine & Underground

HVDC Transmission Market - By Region

North America

 o   US

 o   Canada

 o   Mexico

Europe

 o   Germany

 o    UK

 o    France

 o    Italy

 o   Spain

 o   Russia

 o   Benelux

 o   Nordics

 o   Rest of Europe

Asia-Pacific

 o    China

 o    India

 o    Japan

 o    South Korea

 o    Rest of Asia-Pacific

Middle East and Africa

South America