The major factors driving the growth of the High Voltage Direct Current (HVDC) Transmission Market are rising electricity consumption, rising demand for cost-effective solutions for long-distance power transmission, rising demand for valves and circuit breakers, and rising demand for VSC technology. The potential of HVDC transmission technology to combine new generation with existing infrastructure is propelling the industry as governments around the world begin to support renewable electricity generation. The HVDC systems market is predicted to increase significantly in the next years, with new projects expected to begin in 2019-2020.
However, as the share of distributed and off-grid power generation grows, the necessity for and demand for HVDC transmission systems is predicted to decline, putting downward pressure on the market during the projection period. Off-grid systems are designed for on-site power generation and consumption with lower voltage requirements, obviating the need for an HVDC system, which is better suited for long-distance and high-voltage applications. The market for HVDC transmission systems is expected to grow as more offshore wind power generation projects are installed. Offshore wind energy can generate a large amount of electricity, which may then be distributed to areas where there is a significant demand for electricity.
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- Because of the global expansion of submarine power transmission systems, the submarine HVDC transmission system market is likely to hold the greatest part of the market. Because of the increased focus on power exchange between countries, undersea electricity transmission is becoming more important.
- In the near future, the Middle East and Africa’s expanding energy consumption, as well as the rise of the renewable energy industry, are likely to generate substantial prospects for the HVDC transmission systems market.
- The European market is the largest and most competitive, with tier-1 players dominating. Over the last two years, the Asia-Pacific area has exploded, fueled by Chinese and Indian HVDC developments.
- Because of the global growth of submarine power transmission systems, the market for submarine HVDC transmission systems is expected to increase rapidly. Because of the increased focus on power exchange between countries, undersea electricity transmission is becoming more important.
- An important technology for the development of future power transmission networks is the HVDC submarine power transmission system. For the transfer of high power over long underwater distances, HVDC transmission is the only option. HVDC submarine transmission serves two fundamental purposes: interconnecting countries or islands separated by sea, and connecting isolated offshore platforms to main transmission lines.
- Furthermore, the expansion of offshore projects, such as wind farms and offshore oil and gas upstream projects provides HVDC technology with new economic potential around the world.
- Over the next few years, the European power generation mix is likely to shift significantly in favor of renewables, with nations like Germany, Spain, Belgium, and France gradually moving toward a low-carbon economy. The region also has measures in place to help the transition to a low-carbon energy system, such as the EU’s renewable energy directive and national renewable energy action plans.
- HVDC grid technology is expected to evolve in the country as renewable energy sources become more integrated and the demand to improve supply security grows. Furthermore, smart energy infrastructure is required to balance the changing supply of renewable sources, such as offshore wind, solar photovoltaic, grid expansion, and energy storage projects.
- 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 are some of the major participants in the HVDC transmission business (Italy). In the global HVDC market, ABB is a major player.
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Key Benefits of the Report
- This study presents the analytical depiction of the high voltage direct current transmission market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the high voltage direct current transmission market share.
- The current market is quantitatively analyzed from 2020 to 2030 to highlight the high voltage direct current transmission market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed high voltage direct current transmission market analysis based on competitive intensity and how the competition will take shape in coming years
COVID-19 Impact Analysis
Because power delivery to grid systems is dependent on transmission lines, the power business falls under the category of “essential services.” Due to the lockdown in many nations, the COVID-19 pandemic initially had a little impact on the HVDC transmission system business by affecting the supply chain as well as the availability of labor. However, thanks to the efforts of governments and businesses, the supply chain has been rebuilt and labor availability is returning to normal. In the near future, this is expected to boost the market.
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