Global High Voltage Direct Current (HVDC) Transmission Systems Market 2017-2021
About High Voltage Direct Current (HVDC) Transmission Systems
Power is mainly generated, distributed, and consumed as AC. However, in power generation techniques, such as offshore wind farms and hydroelectricity, using AC system and lines for transmission of power over long distances of more than 600 km becomes uneconomical. This is due to the high-power losses and increasing costs of overhead lines. The increasing demand for power for commercial and residential use and the need to address the problem regarding power shortage have resulted in the supply of high voltage current from power generating sources to the destination. Thus, HVDC systems are being adopted, as these are economical owing to reduced power loss and overall cost for large distance transmission compared with AC lines. The high voltage transmission of electricity in the form of DC over a long distance by means of underground cables, overhead transmission line or grid interconnection is the HVDC transmission system.
Technavio’s analysts forecast the global high voltage direct current (HVDC) transmission systems market to grow at a CAGR of 15.58% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global high voltage direct current (HVDC) transmission systems market for 2017-2021. To calculate the market size, the report considers the revenue generation through new installation of HVDC lines and services.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global High Voltage Direct Current (HVDC) Transmission Systems Market 2017-2021
Technavio recognizes the following companies as the key players in the global high voltage direct current (HVDC) transmission systems market: ABB, GE Grid Solutions, Hitachi, Mitsubishi Electric Corporation, and Siemens
Other Prominent Vendors in the market are: Nexans, NKT, Toshiba, NR Electric, Prysmian Group, American Semiconductor, TransGrid Solutions, HVDC Technologies, ATCO Electric, and LSIS.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Emerging hybrid HVDC circuit breaker. The hybrid HVDC circuit breaker is a major improvement in circuit breaker technologies, which can solve the problem of transmitting high voltage current across the lines. For instance, Siemens supplied commutation breaker for the HVDC transmission project in Xiluodu-Zhejiang, which was tested at a current voltage of 5000 amperes. The existing power transmission lines using AC systems for transmission of power, are now converted into DC systems to increase the power transmitting limits. The DC breaker can help in reducing the fault current to flow into the system. The combination of power electronics and mechanical switching will aid circuit breakers in interrupting the high voltage current flow.”
According to the report, one of the major drivers for this market is Optimal solution for long distance transmission. Power transmission using HVDC technology is mainly adopted for transmitting power over long distances. The increasing demand for power for commercial, industrial, and household activities has increased the need for developing a diverse portfolio of energy generation mix. It has also resulted in the supply of high voltage power through long transmission lines. HVDC technology helps in transmitting large voltage of power over long distances. Also, the power loss during transmission is less as compared with high voltage alternate current (HVAC) technology.
Further, the report states that one of the major factors hindering the growth of this market is High capital investments needed for installation of HVDC substation. The installation and setup of HVDC transmission system require high initial investment. The components, such as IGBT, AC filters, DC filters, and valves, used in HVDC station setups are very costly. Also, DC substations are very costly when compared with AC systems. This is mainly because AC systems require only transformers, whereas a DC converter station is required at both ends of the HVDC transmission interlinks for conversion from AC to DC and vice versa, which ultimately increases the cost of DC substation.
ABB, GE Grid Solutions, Hitachi, Mitsubishi Electric Corporation, Siemens, Nexans, NKT, Toshiba, NR Electric, Prysmian Group, American Semiconductor, TransGrid Solutions, HVDC Technologies, ATCO Electric, and LSIS.