The HVDC transmission market is projected to grow at a CAGR of 4.86% between 2025 to 2030.
High voltage direct current (HVDC) transmission is the massive transmission of electricity over long distances in the form of direct current, leading to cost saving and lesser loss as compared to HVAC transmission. The HDVC market is expected to have significant growth during the forecast period owing to the growing electricity consumption and the increasing investments in energy infrastructure. Integration of renewable energy into the HDVC system is also expected to drive market growth in the coming years. However, high installation and implementation costs and standardization of HDVC systems are expected to be a restraint for the market during the next five years.
The VSC-based technology is expected to have the largest market share due to its increasing application in offshore, submarine, and underground applications. By geography, the APAC region is estimated to have significant market growth due to an increase in investment in the energy sector in the region
DRIVERS
Growing electricity consumption
Integration of renewable energy into HDVC
RESTRAINT
High installation and implementation costs
Standardization of HDVC system
INDUSTRY UPDATE
In December 2018, Hitachi announced that it has decided to acquire the world's leading power grids business from ABB Ltd. and has signed an agreement with ABB. It would initially acquire an 80.1 % stake in the Power Grids business by the first half of 2020.
In April 2019, Siemens was chosen to modernize India’s first and oldest HVDC link, Vindhyachal by installing its latest components.
SEGMENTATION
The high voltage direct current transmission market has been analyzed through the following segments:
By Technology
Line Commuted Converter (LCC)
Voltage Source Converter (VSC)
Capacitor Commutated Converter (CCC)
Others
By Application
Off-shore power transmission
On-shore application
By Project Type
Point-to-Point
Back-to-Back
Multi-terminal
By Transmission Type
Submarine
Overhead
Underground
By Component
Filter
Converter Stations
Transmission cables
Others
By DC Link Type
Monopolar
Bipolar
Homopolar
By Geography
North America
USA
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
Germany
France
United Kingdom
Spain
Others
Middle East and Africa
Saudi Arabia
Israel
Others
Asia Pacific
China
Japan
South Korea
India
Others