High-voltage, direct current (HVDC) system is an electrical power transmission system which uses direct current for long distance electrical power transmission as opposed to more common alternating current power transmission systems. These systems are economical and offers better stability than AC line or AC cable and can be easily customized to specific function to improve the reliability of the network. HVDC systems can be applied at any voltage levels which makes it possible to connect the systems between two asynchronous networks. Demand for the HVDC systems is mainly from the countries where power stations are located at larger distance from consumer ends such as India & China and is less from the densely populated areas such as countries in Europe since the electrical losses are negligible at smaller distances. Global HVDC market is witnessing new product developments and large scale agreements, collaborations and partnerships across the value chain, with a number of tier-one companies globally. Currently large number of projects deployed uses line Commuted converter LCC technology, however focus on increasing the use of non-renewable energy sources has increased the demand for voltage Source Converter technology VSC.
High Voltage Direct Current (HVDC) Transmission Systems Market: Drivers and restrains
Demand for the HVDC systems is expected to rise due to difficulties of AC systems operation from its continuous expansion. Also, rising concern over electricity consumption, stringent government laws towards electricity transmission are some of the major drivers along with macroeconomic factors such as growing GDP are fuelling the growth of the global HVDC transmission systems market.
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However high cost of implementation and slower adoption rate of newer technology can pose a major challenge towards the growth of the global HVDC transmission systems market.
High Voltage Direct Current (HVDC) Transmission Systems Market: Segmentation
Global HVDC transmission systems market cane segmented by technology, by configuration, by component, by application and by geography.
Based on technology the market can be segmented into:-
- LCC (Line Commuted Converters)
- VSC (Voltage Source Converters)
Segmentation by configuration includes:-
- Back to Back
- Monopolar
- Bipolar
- Multi-Terminal
By component the market can be segmented into:-
- Converter
- Converter Transformer
- Filter
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By application the market can be segmented into:-
- Offshore applications
- Onshore applications
High Voltage Direct Current (HVDC) Transmission Systems Market: Overview
The global HVDC transmission system market is expected to grow with significant rate over the forecast period from 2015 to 2025. Developed economies such as U.S. and U.K. is anticipated to play major role in first half of forecast period 2015 – 2020 while during the second half of the forecast period emerging economies such as India, China and Brazil is forecast to surge the demand for HVDC transmission systems
High Voltage Direct Current (HVDC) Transmission Systems Market: Region wise outlook
Geographically, the global HVDC systems market is segmented into seven key regions: North America, Latin America, Eastern Europe, Western Europe, Asia Pacific excluding Japan, Japan, and Middle East & Africa. By 2015 end North America is expected to hold the largest market share followed by APEJ. BY 2025, APEJ is expected to emerge as market leader in HVDC systems.
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High Voltage Direct Current (HVDC) Transmission Systems Market: Key Players
Some of the major players identified across the global HVDC systems market includes ABB Ltd., Aecom, Alstom SA, General Electric Co., Hitachi Ltd., National Grid, Schiender Electric, Siemens AG, Toshiba Corporation, Transgrid Corporation and Transgrid Solutions. Among the major players in the global HVDC systems market ABB Ltd holds the market share.
