Global $12.3 Billion HVDC Transmission Market to 2024 - High-Tech Power Grids Expected to Foster Power-Sharing Among Neighboring Countries - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Feb 5, 2019--The “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” report has been added to ResearchAndMarkets.com’s offering.
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.
The growth of this market can largely be attributed to 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 expected to restrict the growth of the said market to a certain extent.
Converter stations to register highest growth in HVDC transmission market during forecast period
The market for converter stations is expected to grow at the highest CAGR during the forecast period. In HVDC transmission systems, converters are bi-directional: operating as a rectifier (converting AC to DC), and as an inverter (converting DC to AC).
Converter stations comprise several converters in series or parallel. The requirement for more efficient power transmission and connecting asynchronous grids has filliped the demand for HVDC converter stations in recent years. These factors are expected to boost the adoption of converter stations in the coming years.
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.
HVDC is economical, which results in higher efficiency, 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 in APAC to register highest growth during forecast period
APAC is an economically growing region owing to the presence of technologically strong countries such as China and Japan. Favorable regulatory environment and rural electrification plans are expected to drive the growth of the HVDC transmission market in APAC. In addition, demand for uninterrupted power plays a crucial role in driving HVDC adoption in the region.
Moreover, emerging economies, such as China and India, provide power capacity addition across the existing power infrastructure. These factors are projected to fuel the growth of the HVDC transmission market in APAC in the coming years.
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Lucrative Opportunities in HVDC Transmission Market
4.2 HVDC Transmission Market, By Technology
4.3 HVDC Transmission Market in APAC, By Project Type and Country
4.4 HVDC Transmission Market, By Country/Region
5 Market Overview
5.2 Market Dynamics
126.96.36.199 Optimal Solution for Long Distance Transmission
188.8.131.52 Growing Demand for VSC Technology
184.108.40.206 Shift Toward Renewable Energy Sources
220.127.116.11 Supportive Government Policies and Initiatives for HVDC Transmission
18.104.22.168 Challenges With Nuclear and Fossil Fuel-Fed Power Plants
22.214.171.124 High Cost of Installing HVDC Transmission Systems
126.96.36.199 High Cost of Circuit Breakers
188.8.131.52 High-Tech Power Grids Expected to Foster Power-Sharing Among Neighboring Countries
184.108.40.206 Growing Need for Integrated Networks
220.127.116.11 Rapid Adoption of UHVDC Technology in China
18.104.22.168 Increasing Interoperability Among Neighboring Networks
6 Industry Trends
6.1 Value Chain Analysis
6.2 Regulatory Standards
7 HVDC Transmission Market, By Component
7.2 Converter Stations
7.3 Transmission Cables
8 HVDC Transmission Market, By Project Type
8.2 Point-To-Point Transmission
8.3 Back-To-Back Stations
8.4 Multi-Terminal Systems
9 HVDC Transmission Market, By Technology
9.2 Capacitor Commutated Converter (CCC)
9.3 Voltage Source Converter (VSC)
9.4 Line Commutated Converter (LCC), (Thyristor Based)
10 HVDC Transmission Market, By Application
10.2 Bulk Power Transmission
10.3 Interconnecting Grids
10.4 Infeed Urban Areas
11 Geographic Analysis
11.5 Rest of the World (RoW)
12 Competitive Landscape
12.2 Market Ranking of Players, 2017
12.3 Competitive Scenario
13 Company Profiles
13.1 Key Players
13.1.3 General Electric
13.1.5 Mitsubishi Electric
13.1.7 NKT A/S
13.1.8 NR Electric
13.1.9 C-Epri Electric Power Engineering
13.1.10 Prysmian Group
13.2 Other Important Players
13.2.1 Schneider Electric
13.2.5 PSC Group
13.3 Key Innovators
13.3.1 American Superconductor
13.3.2 Transgrid Solutions
13.3.4 Doble Engineering Company
13.3.5 HVDC Technologies
For more information about this report visit https://www.researchandmarkets.com/research/2jk5bq/global_12_3?w=4
View source version on businesswire.com:https://www.businesswire.com/news/home/20190205005460/en/
Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
INDUSTRY KEYWORD: ENERGY OTHER ENERGY
SOURCE: Research and Markets
Copyright Business Wire 2019.
PUB: 02/05/2019 06:00 AM/DISC: 02/05/2019 06:00 AM