[147 Pages Report] 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 the market’s 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.
Infeed Urban Areas application expected to witness highest CAGR in
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.
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.
APAC
expected to account for largest market share during forecast period
The HVDC
transmission market in APAC is presently witnessing an exponential growth in
terms of power consumption. 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. These factors are projected to fuel the
HVDC transmission market in APAC in the coming years.
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). ABB is a key player in the
global HVDC transmission market. The company pioneered the HVDC technology more
than 60 years ago and has bagged over 110 HVDC projects, representing over
120,000 MW of total installed capacity and accounting for around half of the
globally installed HVDC base.
ABB
launched the ABB Ability at the 2018 Hanover Fair, in Germany. ABB Ability
is claimed to be the world’s first integrated solution for digitally
enabled power transformers.
Siemens
developed, manufactured, and tested a ± 1,100 kilovolts (kV), 587.1
megavolt amperes (MVA) HVDC transformer in Nuremberg, Germany.
NR
Electric launched a ±535kV/3000MW VSC-HVDC converter valve. The type test
is fully compliant with IEC 62501 (2014 Edition). The converter valve
withstood a 37.3kA short-circuit current and completed wet DC withstand
voltage test at 1 tower.
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