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. Optimal long-distance transmission solutions, rising demand for VSC technology, the shift toward renewable energy, and supportive government policies and activities for HVDC transmission are all major drivers of market growth.

Download PDF Brochure:
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1225

APAC expected to account for largest market share during forecast period

In terms of power consumption, the HVDC transmission market in APAC is now seeing exponential expansion. The expansion of electrical infrastructure in this region presents numerous prospects for market participants. China is putting a lot of money into renewable energy and using the most up-to-date UHVDC technology for power transmission. For example, China is now building two of the world's most powerful and longest HVDC power transmission motorways, each with a nominal capacity of 3,000 MW. In the next years, these factors are expected to propel the HVDC market in APAC.

Infeed Urban Areas application expected to witness highest CAGR in HVDC transmission market during forecast period

HVDC systems are ideal for feeding electricity into densely populated urban centers, where the density of required overhead wires could cause significant obstructions. Despite being more expensive, underground power lines utilization is increasing in urban areas. Nowadays, residential and commercial developments have underground utility infrastructure, often ordered by law for aesthetic reasons.

HVDC transmission Market for VSC-based technology to grow at highest CAGR during 2018–2024

VSC technology converts AC voltage to DC voltage by using insulated gate bipolar transistors (IGBTs) and pulse width modulation (PWM), or through switching in and out of smaller DC capacitors. There are 2 types of voltage converters: voltage inverters and voltage rectifiers. The main function of a VSC-HVDC system is to transmit constant DC power from a rectifier to an inverter. The “switching off” capability means that VSC converters do not require a synchronous voltage for commutation. Thus, VSC converters are considered a controllable voltage source system for HVDC transmission.

Key players in the HVDC transmission market include 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).