The global high voltage direct current (HVDC) transmission system market boasted a valuation of US$ 9,484.0 million. However, the industry is poised for extraordinary growth, with projections indicating it will surge to a staggering US$ 28,508.2 million by 2032. This impressive expansion is driven by a robust (CAGR) of 10.6% expected to span the decade from 2022 to 2032
Utility-scale renewable energy plants are in great demand, especially due to a paradigm shift. In other words, the world is trying to keep fossil fuels at bay. Moreover, the submarine HVDC transmission system market is expected to grow as an ancillary market to the HVDC transmission system market. An increase in the frequency of installation of wind energy generation projects offshore is likely to promulgate the HVDC transmission system market.
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IRENA has stated that offshore wind energy capacity as of the year 2020 was 34,367 MW as compared to 28,335 MW in the year 2019. Future Market Insights has entailed these market facets with insights in its latest market study entitled ‘High Voltage Direct Current (HVDC) Transmission System Market’.
Key Takeaways from the High Voltage Direct Current (HVDC) Transmission System Market Report:
- LCC (Line Commutated Converter) holds more than 30% of the market share due to it being cost-effective using thermistor power semiconductors for operation.
- Application-wise, wind and solar power systems dominate the market and the status quo is expected to remain the same even in the forecast period.
- Subsea HVDC cables rule the roost, as far as the mode of deployment is concerned.
- Europe holds the largest market share, followed by North America, and the Asia-Pacific. Europe is subject to the National Renewable Energy Action Plan and European Union Renewable Energy Directive for supporting the transition to a low-carbon energy system.
- MEA is expected to turn the tables in this regard in the years to come. IRENA says that Africa alone has an overall renewable energy capacity of 53,824 MW as of the year 2020 and the Middle East has 25,350 MW.
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Competitive Landscape:
- In July 2021, Prysmian signed a contract worth US$ 900 Million for providing high-voltage cable systems for underground power transmission projects in the US. Prysmian would, thus, offer 525 kV high voltage DC cables to efficiently transmit renewable energy and supply over 1.2 Million homes. This is actually a milestone in the construction of a clean energy grid all across the US.
- Nexans, in February 2021, signed a contract for providing accessories, cables, and installation services to cater to the RTE underground network connection project.
- Siemens Energy, in October 2021, signed a contract for transmitting high voltage direct current (HVDC) to the utility-scale offshore wind project in New York with a capacity of nearly 924 MW, that too, collaborating with Aker Solutions.
- The state government of Maharashtra, in December 2020, plans to construct 1 GW of underground HVDC transmission network. The investment budget revolved around US$ 1.08 Bn. This novel HVDC transmission line is capable of connecting the 220 kV Aarey substation with the 400 kV substation that Maharashtra State Electricity Transmission Company is supporting.
- Hitachi and ABB signed a contract for building an interconnection letting Egypt and Saudi Arabia interchange close to 3000 MW of power. Through this project, a connecting line – 1350 Km long, would be transferring electricity through subsea cable and overhead power lines over the Red Sea.
- Prysmian Group was hired in June 2021 for one of the underground transmission projects in the US to make provisions for HVDC cable systems. Termed the ‘SOO Green HVDC Link’, it’s an interregional transmission project valuing 2100 MW meant to connect two big energy markets in the States.
Leading Key Players:
- ABB
- Siemens AG
- Toshiba Corporation
- General Electric
- Mitsubishi Electric Corporation
- Prysmian SpA
- TransGrid Solutions Inc.
- Abengoa S.A.
- ATCO Ltd.
- LS Industrial Systems Co., Ltd.
- Nexans
- Hitachi Energy Ltd.
- NKT (Nordiske Kabel og Traadfabriker)
- NR Electric Co., Ltd.
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High Voltage Direct Current (HVDC) Transmission System Segmentation:
By Component:
- Products
- AC & DC Harmonic Filters
- Converters
- DC Lines
- Circuit Breakers
- Others
- Services
- Repairs & Maintenance
- Engineering & Consulting
By Technology:
- Line Commutated Converters (LCC)
- Voltage Source Converters (VSC)
- Others
By Application:
- Energy Transmission & Distribution
- Distributed Energy Resources (DER)
- Renewable Energy
By Deployment:
- Overhead
- Underground
- Subsea
- Combination
By Power Rating:
- Below 1000 MW
- 1001 – 2000 MW
- Above 2000 MW
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- The Middle East and Africa (MEA)
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