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European Smart Grid Market - Advanced Component
This Frost & Sullivan research service titled European Smart Grid Market - Advanced Component provides insights into the established high voltage direct current (HVDC) market and technological trends of flexible alternating current transmission systems (FACTS) in Europe. In this research, Frost & Sullivan's expert analysts analyse the evolving dynamics, trends, and challenges of key technologies in the transmission space that could influence the design and development of the European smart grid.
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Significant Number of Offshore Wind and Concentrated Solar Projects Boost the European Smart Grid HVDC Market
The world has a pressing need for a comprehensive modern power grid to meet the growing requirements for a reliable, secure, cost-effective and environmentally responsible power solution. A smart grid is an electricity network that can intelligently integrate the actions of all users connected to it – generators, consumers and those that do both – for efficiently delivering sustainable, economical and secure electricity supplies. With green issues such as climate change and carbon emissions gaining prominence everyday, there is a greater emphasis on power generation from renewable sources. HVDC is the only viable technology for offshore wind farms, as electric power transmitted through underwater cables is not possible with alternating current (AC). HVDC has potential benefits for the emerging super grid, as it can mitigate the effects of intermittency by averaging the outputs of wind and solar farms.
“Harmonisation of electrical grids is a major step in complete grid automation,” says the analyst of this research. “The rise in offshore wind and solar farms has resulted in the logical move of opting for HVDC for electrical power transmission, which is set to become the norm.” HVDC technology has been in use for more than three decades, and is primarily used for bulk power transmission. When used for long-distance power transmission, HVDC has been less expensive and has lower electrical losses compared to AC. The European electricity market is moving towards homogeneity of its electricity networks with the announcement of nearly 28 projects, out of which 16 are complete.
Cost of Technologies Used to be at Par with the Existing AC Systems
Problems such as high cost of technology and the inability to be used for shorter distances are retarding the growth of HVDC. Government intervention plays a major role in determining the success of a HVDC project concerning smooth electricity trade off between any two regions. “Although the lower line construction cost is an advantage, the high costs of the components continue to be a major hurdle,” explains the analyst. “If the cost of the systems is brought down significantly, the demand can be expected to increase.”
The total cost advantage can be realised only when the cost of technologies used is at par with the existing AC systems. Retrofit projects are another alternative, which major market participants should capitalise on, as most of the existing HVDC systems are more than two decades old. “Overhauling is the next big opportunity for market participants and work is already on to replace the existing systems,” concludes the analyst. “Recently, there has been a renewed interest in projects that were decommissioned earlier due to lack of funding or inappropriate technology.”
- - 1.1 Introduction
- - 1.2 Research Objective, Definition and Methodology
- - 1.3 Defining High Voltage Direct Current (HVDC) and Flexible Alternating Current 1.4- - Transmission System (FACTS)
- - 1.5 Smart Grids – Role of HVDC and FACTS
- 2. European High Voltage Direct Current (HVDC) Markets
- - 2.1 Market Overview
- - 2.2 Different Configurations of HVDC
- - 2.3 Market Engineering Measurements
- - 2.4 Market Forces
- - 2.5 Industry Challenges
- - 2.6 Market Drivers Summary
- - 2.7 Market Restraints Summary
- - 2.8 Advantages of Direct Current over Alternating Current
- - 2.9 Market Forecasts
- - 2.10 Country Wise Cost Grouping for High Voltage Transmission Projects
- - 2.11 European HVDC Projects
- - 2.12 HVDC Projects Existing – Snapshot
- - 2.13 HVDC Projects Under Construction – Snapshot
- - 2.14 HVDC Projects Proposed – Snapshot
- - 2.15 Industry Trends
- - 2.16 Competitive Forces Analysis
- 3. Flexible AC Transmission Systems (FACTS) Market
- - 3.1 Introduction
- - 3.2 Market & Technological Trends
List of Figures
- Electricity Supply-Side Drivers
- Electricity Demand-Side Drivers
- Smart Grid Market: Market Engineering Measurements for HVDC (Europe), 2008
- Smart Grid Market: Country Wise Cost Split for High Voltage Transmission Projects (Europe), 2008
- Smart Grid Market: Revenue Forecasts for HVDC (Europe), 2005-2015
- Smart Grid Market: Existing HVDC Projects (Europe), 2008
- Smart Grid Market: HVDC Projects Under Construction (Europe), 2008
- Smart Grid Market: Proposed HVDC Projects (Europe), 2008
List of Charts
- Smart Grid Market: Key Industry Challenges for HVDC (Europe), 2009-2015
- Smart Grid Market: Key Market Drivers for HVDC (Europe), 2009-2015
- Smart Grid Market: Key Market Restraints for HVDC (Europe), 2009-2015
- Smart Grid Market: Advantages of DC over AC (Europe), 2008
- Smart Grid Market: Total Cost Split for HVDC (Europe), 2008
- Smart Grid Market: Porter’s 5 Five Force Analysis for HVDC (Europe), 2008
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