HVDC Transmission Market by Component (Convertor Stations, Transmission Cables, and Others), Technology (CCC, VSC, LCC, and UHVDC), Project Type, Power Rating, Application, and Geography - Global Forecast to 2023
“The HVDC transmission market is likely to grow at a CAGR of 7.31% between 2017 and 2023”
The HVDC transmission market was valued at USD 6.79 billion in 2016 and is expected to reach USD 11.52 billion by 2023, at a CAGR of 7.31%. The market growth can be attributed to several factors such as integration of voltage sourced converter (VSC) technology across grids to enable system security, liberalization in the energy policies in Europe, and decommissioning of nuclear and coal power plants.
“The market for point-to-point is expected to grow in terms of value during the forecast period”
The bipolar configurations in the point-to-point project type are increasing being adopted in Asia Pacific (APAC) due to their reliability in carrying high power loads. The point-to-point project type is likely to be used in future transmission and distribution systems. Moreover, the point-to-point project type is used if high power energy is required or lower load rejection power makes it necessary to split the capacity between the two poles.
“The market in APAC is expected to grow at the highest rate during the forecast period”
The increasing demand for cost-effective solutions for long distance power transmission acts as driving force for the growth of the HVDC transmission market. APAC is considered to be the fastest growing market due to the high development in power transmission networks and the various initiatives taken by the government to integrate wind energy in power grids to ensure clean energy generation.
The countries considered in APAC are China, Japan, India, Australia, and Rest of APAC. APAC holds the largest share of the HVDC transmission market as there is strong support for HVDC transmission development from the governments of China and India.
Breakdown of primary participants’ profile by different parameters:
• By Company Type: Tier 1 – 50%, Tier 2 – 33%, and Tier 3 –17%
• By Designation: C-Level Executives – 50%, Directors – 33%, and Others –17%
• By Region: Americas – 34%, Europe – 33%, and APAC – 33%
The key players operating in this market are ABB Ltd. (Switzerland), Siemens AG (Germany), General Electric Co. (US), Toshiba Corporation (Japan), Mitsubishi Electric Corporation (Japan), Nexans SA (France), Hitachi Ltd. (Japan), NKT A/S (Denmark), Prysmian Group (Italy), NR Electric Co., Ltd. (China), Sumitomo Electric industries, Ltd. (Japan), C-EPRI Electric Power Engineering Co., Ltd. (China), American Superconductor Corp. (US), and Schneider Electric (France).
In this report, various segments such as component, technology, project type, power rating, application, and geography have been covered. Moreover, the report discusses the drivers, restraints, opportunities, and challenges of the HVDC transmission market. Furthermore, the report provides a detailed view of the market across four main regions, namely, the Americas, Europe, Asia Pacific (APAC), and Rest of the World (RoW). A competitive analysis section has been included in the report, which provides the details of the visionary leaders, innovators, dynamic, and emerging players in the HVDC transmission market.
Reasons to Buy the Report:
• This report includes the statistics pertaining to the HVDC transmission market in terms of component, technology, project type, power rating, application, and geography, along with their respective market size (in terms of value for the components segment).
• The competitive analysis section provides the details of the visionary leaders, innovators, dynamic, and emerging players in the HVDC transmission market.
• The report provides a detailed analysis of the major drivers, restraints, opportunities, and challenges of the HVDC transmission market.
• The report includes the illustrative segmentation, analysis, and forecast of the HVDC transmission market based on its segments and subsegments.
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