HVDC Transmission Market Size Share Value Growth and Competitive Landscape Analysis Report 2022 | Japan is a major developed and industrialized country that generates significant electricity demand

Asia-Pacific is a rapidly industrializing region that is experiencing tremendous economic growth. It has led to a high concentration of manufacturing industries across various sectors such as manufacturing, aerospace, chemicals, automotive and electronics.

ENTERPRISE, Nevada, Nov. 22, 2022 (GLOBE NEWSWIRE) --

  • High Voltage Direct Current or HVDC transmission uses direct current to transmit power long distances. The HVDC transmission technology offers effective and affordable power transmission across extremely long distances to fulfill the needs of rising load demands. The research and development authority found that it is used in modern power transmission because of its straightforward design and low level of complexity.
  • The HVDC transmission system ensures effective and economic power transmission across great distances and can handle increasing load needs. The HVDC transmission system mostly consists of converter stations, which transform AC power into DC at the sending end and inverter stations, which transform DC electricity into AC power at the receiving end. HVDC transmission is far more cost-effective for bulk power transmission over large distances as it has lower losses than other distribution methods. Major nations use HVDC transmission with expansive territories to connect their grids.

HVDC Transmission Market Size Growth Rate:

  • As per the research report published by DataM Intelligence, the global HVDC transmission market was valued at US$ YY Million in 2021; it is projected to reach US$ YY Million by 2029, with growth at a CAGR of 8.1% over the forecast period 2022-2029. Rising energy demand is a primary factor escalating the market growth for the HVDC transmission business. Since the first test line was built in Sweden more than 70 years ago, the High Voltage Direct Current (HVDC) transmission system is quickly gaining popularity and growing usage. Due to growth in global energy consumption, there is an apparent trend shift in the power grid, emphasizing decarbonization and digitization.

  • Due to its potential to resolve some of the most pressing difficulties that the modern grid faces, the trend shift is making HVDC one of the transmission markets with the quickest growth rates. The industry has also seen growth due to the expansion of utility-scale renewable energy facilities and the shift away from fossil fuels. HVDC transmission facilitates long-distance energy-efficient electricity transmission from distant renewable power plants instead of the HVAC system. HVDC grid technology is anticipated to advance with the rising integration of renewable energy and the increasing need to improve supply security.

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HVDC Transmission Market Growth Drivers, Restraints, and Opportunities

  • The market for HVDC transmission is expanding at a tremendous rate due to increasing demand for VSC technology, improved HVDC transmission performance over HVAC transmission systems and rising integration of renewable energy sources. The latest HVDC technology, based on the Voltage Source Converter (VSC), is a growing method of electricity transportation more efficiently.
  • The HVDC VSC transmission technology allows for autonomous control of active and reactive power and quick emergency response times. Future growing technological advancements have also created huge opportunities for the power transmission businesses to take full advantage of this technology's benefits and do away with its disadvantages, such as excessive losses.

Market Restraints

  • The price of an HVDC transmission system depends on several variables, including the amount of power to be carried, the kind of transmission medium (land-based or underwater), environmental concerns, access to easements and the price of converter stations and related equipment.
  • The system requires additional pieces of hardware, such as a converter transformer, pole & valve controls, mechanical & electrical auxiliaries and many others. All of this equipment is quite expensive and of the highest technology. HVDC transmission systems have substantial installation and maintenance costs because of their design. Due to the demand for AC power in modern appliances, converter stations should be constructed at endpoints to transform DC power into AC power, raising costs. Thus the high cost is a major restraint on the market growth of the HVDC transmission business.

Market Opportunities

  • The developed economies have long recognized the need for a reliable and adaptable electrical transmission system, creating prospects for business growth in the forecast period. Policymakers and business organizations have created various options, with high voltage direct current (HVDC) transmission systems evolving as a practical energy management method. HVDC transmission systems have lower emissions coupled with cost savings advantages when used overhead for long and underground or underwater for short distances.

Market Challenges:

  • Due to fewer key competitors in the HVDC transmission sector, providers are expected to have strong overall negotiating power. Despite the rise in local suppliers, only the established players—who have a deep understanding and extensive experience in this technology—can provide high capacity and advanced HVDC systems. Hence, high supplier bargaining power further adds to the cost and hence increases the challenges faced by the market.

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COVID-19 Impact Analysis

  • 2020 is expected to see a decline in the global components of HVDC transmission systems due to supply chain disruptions brought on by the COVID-19 outbreak. Government regulations and local governments imposed strict limitations and all non-essential activities were suspended. End-user activities were suspended, which had a detrimental effect on the HVDC transmission market
  • However, the second to third quarter of 2021 is anticipated to recover in the HVDC transmission market. New technologies are constantly being developed and put into use, such as AC & DC harmonic filters, DC lines and circuit breakers, which increase transmission line efficiency and speed up power transfer
  • The HVDC transmission market is expected to take a minimal amount of time before recovering from the impact of the COVID-19 pandemic due to increasing renewable energy efforts globally
  • Moreover, the government targets for achieving clean energy goals are anticipated to propel the market despite the pandemic. For instance, The Biden Administration announced a net-zero emission target for U.S. states by 2050. Similarly, China has also announced a net-zero target by 2050. As the renewable energy landscape proliferates, the high voltage transmission systems demand is anticipated to rise rapidly.

Recent Developments in the Industry:

  1. In March 2021, Siemens Energy had a joint venture with the Sumitomo Electric commission to connect India's first High Voltage Direct Current (HVDC) link featuring voltage-sourced converter (VSC) and DC-XLPE cable technology. The 2,000 megawatts (MW) electricity transmission system consists of two converter stations connected via two links comprising DC-XLPE cable and an overhead transmission line. It enables the power exchange between Pugalur in the southern state of Tamil Nadu and Trichur in Kerala State in South-West India

HVDC Transmission Market Segmentation Analysis:

As per the research analysis, the global HVDC transmission market is segmented by technology, configuration, voltage, application and region. By technology into capacitor commutated converter (CCC), voltage source converter (VSC) and line commutated converter (LCC). By configuration into point-to-point, back-to-back and multi-terminal. By voltage into 350 kV, 350-640 kV, 640-800 kV and 800 kV. By Application into bulk power transmission, interconnection of grids, infeed urban areas, offshore grid and others.

  1. Capacitor Commutated Converter (CCC)- The HVDC market was introduced to capacitor commutated converters (CCC) at the end of 1990 and they have been used for business purposes since 1999. Numerous installations with great operating performance have been used globally; however, these installations were only limited to back-to-back installations up until now. The CCC concept also has significant benefits for installations with lengthy DC cables; thus, it has been brought up for several HVDC projects involving DC cable installations.
  2. Voltage Source Converter (VSC)- Using components suitable for high-power electronic applications, such as IGBTs, Voltage Source Converters (VSC) connect HVAC and HVDC systems. VSCs can self-commutate, which allows them to produce AC voltages without relying on an AC system. As a result, black start capability and rapid independent control of active and reactive power are possible. For their constituent parts, such as the 2-level or 3-level converter and the so-called "modules" in an MMC, VSCs maintain a constant polarity of the DC voltage. Switching the current's direction can change the direction of power flow. As a result, VSCs can be integrated into multi-terminal DC systems more quickly.
  3. Line Commutated Converter (LCC)- Line commutated converters (LCCs) convert when ac supply controls the operation mode. LCCs permit the power conversion processes of ac to dc, ac to ac and dc to ac. Based on thyristor power semiconductors, LCC is an established, cost-effective HVDC technology that allows for the bulk transfer of up to 8 GW of power. LCCs also have built-in DC fault protection because of the substantial DC inductor at the line ends. They are perfect for back-to-back schemes and are available as point-to-point overhead lines, submarine cables and land cables

Geographical Classification:

According to the report, the global HVDC transmission market is segmented into major regions, i.e., North America, South America, Asia-Pacific, Europe, Middle East and Africa.

Asia-Pacific HVDC Transmission Market:

  • Asia-Pacific is a rapidly industrializing region that is experiencing tremendous economic growth. It has led to a high concentration of manufacturing industries across various sectors such as manufacturing, aerospace, chemicals, automotive and electronics.

  • The region's various countries are at different industrialization and economic development stages. Some countries, such as Japan, Australia, Taiwan and South Korea, are highly developed, whereas others, such as China, India, Vietnam, Thailand, Indonesia and Malaysia, are rapidly developing. Still, other countries such as Myanmar, Nepal, Bangladesh, Sri Lanka and Cambodia are underdeveloped. Governments in the region are investing significant value in installing new generation, transmission and distribution capacity while also upgrading existing infrastructure.
  • China: China's largest economy in the region generates substantial energy demand due to its large industrial base. China has been implementing various HVDC projects to cater to rising energy demand better.

  • India: India is another major emerging economic power in Asia-Pacific. The Indian government has launched a national electrification project undertaking the construction of new transmission lines and the upgradation of existing HVDC lines. In June 2021, India commissioned its first voltage source converter (VSC)-based HVDC system with the operationalization of a 320KV 2000 MW line between Pugalur in Tamil Nadu and Thrissur in Kerala.

  • Japan: Japan is a major developed and industrialized country that generates significant electricity demand. The country is undertaking the construction of new HVDC lines to increase the interoperability of the national grid. For example, in April 2021, Japan commissioned a new east-west HVDC transmission line between the Nagano and Gifu prefectures. The new line is expected to increase the total interconnection capacity of the grid by 900 MW.

  • South Korea: South Korea is another major developed country undertaking electricity grid upgradation. In February 2020, GE Grid Solutions completed the upgradation of the HVDC link between the South Korean mainland and Jeju island, thereby allowing for more efficient power transmission. Due to increasing economic development and industrialization, the HVDC transmission market in South Korea is likely to increase significantly in the coming years.

  • Rest of Asia-Pacific: The Rest of Europe includes countries such as Vietnam, Taiwan, Australia, Thailand, Indonesia and Malaysia. The growing energy demand led companies to shift towards the region, improving the market share for HVDC transmission in the rest of the Asia-Pacific. Furthermore, Cheap labor, low taxes and other industry-friendly policies compared to other developing countries are major factors prompting the shift, leading to lower prices for manufactured goods for consumers in developed countries. The region has experienced tremendous economic growth in the last two decades, leading to various socio-economic changes.

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Competitive Analysis:

  • The major players are adopting several growth strategies, such as product launches, innovative technologies, acquisitions and collaborations, contributing to the growth of HVDC Transmission in Europe. For example, in July 2021, Hitachi ABB Power Grids in India successfully commissioned one of India's longest ultra-high voltage direct current (UHVDC) transmission lines on behalf of Power Grid Corporation of India Limited. More than 80 million people can receive electricity from the 800 KV, 6GW network. There are 1,800 kilometers between Raigarh in the center of India and Pugalur in Tamil Nadu. By integrating conventional and renewable energy production, the connection improves grid resilience and stabilizes the electrical grid.

Major Companies:

  • Some key companies contributing to the market's growth include Siemens, ABB, General Electric, Hitachi Energy Ltd., Mitsubishi Electric Corporation, Schneider Electric, NKT A/S, Nexans, NR Electric Co., Ltd. and Toshiba Energy Systems & Solutions Corporation and others.

Related Reports:

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The Full Report has the below insights.

  • The report offers a comprehensive evaluation of the market in terms of Market Value (US$) and Y-o-Y Growth Rates (%). It does so via in-depth qualitative insights, historical data (2020-2021) and verifiable market size projections (2022-2029).
  • Visualize the composition of the global HVDC transmission market segmentation by technology, configuration, voltage, capacity, applications and region, highlighting the key commercial assets and players.
    • By Technology: Capacitor Commutated Converter (CCC), Voltage Source Converter (VSC) and Line Commutated Converter (LCC)
    • By Configuration: Point-to-Point, Back-to-Back and Multi-terminal
    • By Voltage: 350 kV, 350-640 kV, 640-800 kV and 800 kV
    • By Capacity: Less Than 20 mAh, 20-500 mAh and More than 500 mAh
    • By Application: Bulk Power Transmission, Interconnection of Grids, Infeed Urban Areas, Offshore Grid and Others.
    • By Region: North America, South America, Asia-Pacific, Europe and the Middle East and Africa
  • Identify commercial opportunities in Global HVDC Transmission Market by analyzing trends and co-development deals.
  • The report also covers data insights on various industry forces such as porter's five forces, regulations in each country, reimbursement scenario, technological advancements, PEST analysis and pricing analysis.
  • Excel data sheet with thousands of Global HVDC Transmission Market-level 4/5 segmentation data points.
  • PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
  • Product mapping in excel for the key product of all major market players
  • The report will provide access to approximately 50+ market data tables, 40+ figures and close to 180 pages.

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