According to the new market research report "HVDC Transmission Market by Component (Converter Stations, Transmission Cables, and Others), Project Type (Point-to-Point, Back-to-Back, and Multi-Terminal), Technology (CCC, VSC, and lCC), Application, and Geography - Global Forecast to 2024", The HVDC transmission market is projected to reach USD 12.3 billion by 2024 from USD 8.2 billion in 2018, at a CAGR of 6.9% during 2018–2024.

Major drivers for market growth are optimal solutions for long distance transmission, growing demand for VSC technology, shift toward renewable energy, and supportive government policies and initiatives for HVDC transmission. However, the high cost of installing HVDC transmission systems is the major restraint for the growth of the market.

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Bulk power transmission to hold largest share of HVDC transmission market during forecast period

HVDC systems are preferred for sending bulk power across long distances, with fewer power losses. That makes the underlying technology valuable for overcoming an important problem associated with renewable energy generation, harvesting points for which are seldom located near the population centers that need them. HVDC is economical, which results in higher efficiency, lesser conductor, no reactive power compensation, and more stable and reliable operations than an equivalent high voltage alternating current (HVAC) system transmitting the same amount of power.

HVDC transmission market for multi-terminal project type to grow at highest CAGR during forecast period

Of all the project types, the market for multi-terminal is expected to witness the highest CAGR. Multi-terminal HVDC systems connect non-synchronous power systems and offer flexibility in interchanging power between 3 or more converter stations. Multi-terminal HVDC systems are one of the cost-effective ways to aggregate large amounts of renewable energies through HVDC land cables, sea cables, or overhead lines on one side, and connect the aggregated energy to the main AC system through a common DC network.

APAC to hold largest share of HVDC transmission market during 2018–2024

The HVDC transmission market in APAC is segmented into China, Japan, India, and Australia. The demand for uninterrupted power plays a crucial role in driving the adoption of HVDC in the region. The development of power infrastructure in this region offers many growth opportunities for market players. China is investing heavily in renewable energy and implementing latest UHVDC technology for power transmission. For instance, 2 of the world’s most powerful and longest HVDC power transmission highways, each with a nominal rating of 3,000 MW, are currently being installed in China. The region’s emerging economies, such as China and India, provide power capacity addition across the existing power infrastructure, which is a major driving factor for the increasing demand for HVDC transmission in APAC.

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Key players in the HVDC transmission market ABB (Switzerland), Siemens (Germany), General Electric (US), Hitachi (Japan), Mitsubishi Electric (Japan), Nexans (France), NKT A/S (Denmark), NR Electric (China), C-EPRI Electric Power Engineering (China), and Prysmian Group (Italy).