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HVDC Transmission Market by Component (Converter Stations, Transmission Cables, and Others), Project Type (Point-to-Point, Back-to-Back, and Multi-Terminal), Technology (CCC, VSC, and lCC), Application, and Geography - Global Forecast to 2024

  • ID: 4749347
  • Report
  • Region: Global
  • 148 Pages
  • Markets and Markets
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The HVDC Transmission Market is Projected to reach USD 12.3 Billion by 2024 from USD 8.2 Billion in 2018, at a CAGR of 6.9% During 2018–2024

FEATURED COMPANIES

  • ABB
  • Atco
  • General Electric
  • Mitsubishi Electric
  • NR Electric
  • Schneider Electric
  • MORE

HVDC transmission market to grow at CAGR of 6.9% from 2018 to 2024

The HVDC transmission market is projected to reach USD 12.3 billion by 2024 from USD 8.2 billion in 2018, at a CAGR of 6.9% during 2018–2024. The growth of this market can largely be attributed to optimal solutions for long distance transmission, growing demand for VSC technology, shift toward renewable energy, and supportive government policies and initiatives for HVDC transmission. However, the high cost of installing HVDC transmission systems is expected to restrict the growth of the said market to a certain extent.

Converter stations to register highest growth in HVDC transmission market during forecast period

The market for converter stations is expected to grow at the highest CAGR during the forecast period. In HVDC transmission systems, converters are bi-directional: operating as a rectifier (converting AC to DC), and as an inverter (converting DC to AC). Converter stations comprise several converters in series or parallel. The requirement for more efficient power transmission and connecting asynchronous grids has filliped the demand for HVDC converter stations in recent years. These factors are expected to boost the adoption of converter stations in the coming years.

Bulk power transmission to hold largest share of HVDC transmission market during forecast period

HVDC systems are preferred for sending bulk power across long distances, with fewer power losses. That makes the underlying technology valuable for overcoming an important problem associated with renewable energy generation. HVDC is economical, which results in higher efficiency, no reactive power compensation, and more stable and reliable operations than an equivalent high voltage alternating current (HVAC) system transmitting the same amount of power.

HVDC transmission market in APAC to register highest growth during forecast period

APAC is an economically growing region owing to the presence of technologically strong countries such as China and Japan. Favorable regulatory environment and rural electrification plans are expected to drive the growth of the HVDC transmission market in APAC. In addition, demand for uninterrupted power plays a crucial role in driving HVDC adoption in the region. Moreover, emerging economies, such as China and India, provide power capacity addition across the existing power infrastructure. These factors are projected to fuel the growth of the HVDC transmission market in APAC in the coming years.

Breakdown of primary participants’ profile:

  • By Company Type: Tier 1 = 57%, Tier 2 = 29%, and Tier 3 = 14%
  • By Designation: C-Level Executives = 50%, Directors = 35%, and Others = 17%
  • By Region: Americas = 33%, Europe = 17%, and APAC = 50%

Key players in the HVDC transmission market include ABB (Switzerland), Siemens (Germany), General Electric (US), Hitachi (Japan), Mitsubishi Electric (Japan), Nexans (France), NKT A/S (Denmark), NR Electric (China), C-EPRI Electric Power Engineering (China), and Prysmian Group (Italy). The study includes an in-depth competitive analysis of these key players, with their company profiles, recent developments, and key market strategies.

Research Coverage:
This study involves estimating the HVDC transmission market’s size and analyzing the growth potential of this market across different segments, such as component, technology, project type, application, and region. The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key growth strategies.

Key Benefits of Buying the Report:
The report would assist market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall HVDC transmission market and its subsegments. It would help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report would also help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.

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FEATURED COMPANIES

  • ABB
  • Atco
  • General Electric
  • Mitsubishi Electric
  • NR Electric
  • Schneider Electric
  • MORE

1 Introduction
1.1 Study Objectives
1.2 Market Definition
1.3 Study Scope
1.3.1 Markets Covered
1.3.2 Geographic Scope
1.3.3 Years Considered
1.4 Currency
1.5 Limitations
1.6 Stakeholders

2 Research Methodology
2.1 Research Data
2.1.1 Secondary Data
2.1.1.1 Major Secondary Sources
2.1.1.2 Key Data From Secondary Sources
2.1.2 Primary Data
2.1.2.1 Primary Interviews With Experts
2.1.2.2 Breakdown of Primaries
2.1.2.3 Key Data From Primary Sources
2.1.3 Secondary and Primary Research
2.1.3.1 Key Industry Insights
2.2 Market Size Estimation
2.2.1 Bottom-Up Approach
2.2.1.1 Approach for Capturing Market Size By Bottom-Up Analysis(Demand Side)
2.2.2 Top-Down Approach
2.2.2.1 Approach for Capturing Market Size By Top-Down Analysis(Supply Side)
2.3 Data Triangulation
2.4 Research Assumptions

3 Executive Summary

4 Premium Insights
4.1 Lucrative Opportunities in HVDC Transmission Market
4.2 HVDC Transmission Market, By Technology
4.3 HVDC Transmission Market in APAC, By Project Type and Country
4.4 HVDC Transmission Market, By Country/Region

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Optimal Solution for Long Distance Transmission
5.2.1.2 Growing Demand for VSC Technology
5.2.1.3 Shift Toward Renewable Energy Sources
5.2.1.4 Supportive Government Policies and Initiatives for HVDC Transmission
5.2.1.5 Challenges With Nuclear and Fossil Fuel-Fed Power Plants
5.2.2 Restraints
5.2.2.1 High Cost of Installing HVDC Transmission Systems
5.2.2.2 High Cost of Circuit Breakers
5.2.3 Opportunities
5.2.3.1 High-Tech Power Grids Expected to Foster Power-Sharing Among Neighboring Countries
5.2.3.2 Growing Need for Integrated Networks
5.2.3.3 Rapid Adoption of UHVDC Technology in China
5.2.4 Challenges
5.2.4.1 Increasing Interoperability Among Neighboring Networks

6 Industry Trends
6.1 Value Chain Analysis
6.2 Regulatory Standards

7 HVDC Transmission Market, By Component
7.1 Introduction
7.2 Converter Stations
7.2.1 Valves
7.2.1.1 Valve Regulates, Directs, and Controls the Flow of Power Transmission
7.2.2 Thyristor Valves
7.2.2.1 Insulated Gate Bipolar Transistors (IGBTS)
7.2.2.1.1 VSC Valves Used in DC Transmission Systems Use IGBTS
7.2.3 Transformers
7.2.3.1 Transformers are Among the Costliest Components of Converter Stations
7.2.4 Harmonic Filters
7.2.4.1 AC Filters
7.2.4.1.1 AC Filters Mitigate Voltage Distortion and Reduce Interference in AC Networks
7.2.4.2 DC Filters
7.2.4.2.1 DC Filters Stabilize Harmonics Generated on the DC End of A Converter Station
7.2.5 Circuit Breakers
7.2.5.1 Circuit Breakers Protect Electrical Power System
7.2.6 Reactors
7.2.6.1 Reactors Reduce Harmonic Currents in DC Systems
7.2.7 Surge Arresters
7.2.7.1 Surge Arresters Help to Limit the Magnitude of Transient Over-Voltages in HVDC Systems
7.3 Transmission Cables
7.3.1 Transmission Cables Transmit Electricity Across Countries, Islands, Wind Farms, and Oil Platforms
7.4 Others
7.4.1 Others Include Electrodes, Control & Protection, and Reactive Power Supplies

8 HVDC Transmission Market, By Project Type
8.1 Introduction
8.2 Point-To-Point Transmission
8.2.1 Monopolar
8.2.1.1 A Monopolar Transmission System is A Configuration With A Single High-Voltage DC Polarity
8.2.2 Bipolar
8.2.2.1 Bipolar Systems Reduces Maintenance Cost as There is Only 1 Common Path That Lowers Power Losses During Transmission
8.3 Back-To-Back Stations
8.3.1 Back-To-Back Stations are Mainly Used for Converters Within the Same Converter Building
8.4 Multi-Terminal Systems
8.4.1 Multi Terminal Project Types to Exhibit Highest Growth During the Forecast Period

9 HVDC Transmission Market, By Technology
9.1 Introduction
9.2 Capacitor Commutated Converter (CCC)
9.2.1 CCC is Designed By Adding AC Capacitors in Series Between the Transformer and the Valve
9.3 Voltage Source Converter (VSC)
9.3.1 HVDC
9.3.1.1 VSC-HVDC Systems are Widely Used in Wind Power Applications, Bulk Power Transmissions, Submarine and Underground Transmissions
9.3.2 Ultra-High Voltage Direct Current (UHVDC)
9.3.2.1 VSC-UHVDC to Exhibit Higher Growth During the Forecast Period
9.4 Line Commutated Converter (LCC), (Thyristor Based)
9.4.1 HVDC
9.4.1.1 Presently LCC-HVDC Held Higher Share Than LCC-UHVDC
9.4.2 UHVDC
9.4.2.1 LCC-UHVDC Technology Enhances Power Transfer Capacity to 10,000 MW and Extends the Distance Capability to Over 3,000 Km

10 HVDC Transmission Market, By Application
10.1 Introduction
10.2 Bulk Power Transmission
10.2.1 Overhead
10.2.1.1 Prominently Found in the Us, Canada, Brazil, China, and India
10.2.2 Submarine & Underground
10.2.2.1 Submarine Transmission Cables are Used for Long-Distance Bulk Power Transmission Across Regions Or Countries
10.3 Interconnecting Grids
10.3.1 HVDC Transmission Systems Can Be Used to Interconnect Asynchronously-Operated Power Systems
10.4 Infeed Urban Areas
10.4.1 Infeed Urban Areas to Exhibit Highest Growth in Coming Years

11 Geographic Analysis
11.1 Introduction
11.2 Americas
11.2.1 North America
11.2.1.1 US
11.2.1.1.1 Growing Demand for HVDC Transmission Projects
11.2.1.2 Canada
11.2.1.2.1 Implementation of HVDC Interconnections in the Canadian National Electrical Grid
11.2.1.3 Mexico
11.2.1.3.1 Development of Power Grids to Meet Growing Electricity Demand
11.2.2 South America
11.2.2.1 Brazil
11.2.2.1.1 Huge Potential for HVDC Transmission Projects
11.2.2.2 Rest of South America
11.3 Europe
11.3.1 UK
11.3.1.1 Reduction in Greenhouse Gas Emission to Improve the Transmission and Distribution Network
11.3.2 Germany
11.3.2.1 Accelerated Shift From Nuclear Power and Fossil Fuels to Renewables
11.3.3 Russia
11.3.3.1 Potential Growth for HVDC Projects in the Country
11.3.4 France
11.3.4.1 Increasing Adoption of HVDC Technology for Long-Distance Power Transmissions
11.3.5 Rest of Europe
11.4 APAC
11.4.1 China
11.4.1.1 Policy Structure Attracting More Investments for HVDC Projects
11.4.2 Japan
11.4.2.1 Investments By Leading Players Driving the Market’s Growth
11.4.3 India
11.4.3.1 Government Initiatives to Facilitate Economic Benefits and Energy Security
11.4.4 Australia
11.4.4.1 Government Policies for Development and Commercialization of Solar Energy Resources
11.4.5 Rest of APAC
11.5 Rest of the World (RoW)
11.5.1 Middle East
11.5.1.1 Emerging Market for HVDC Technology
11.5.2 Africa
11.5.2.1 Upcoming HVDC Projects Contributing to the Overall Growth of the Continent

12 Competitive Landscape
12.1 Overview
12.2 Market Ranking of Players, 2017
12.3 Competitive Scenario
12.3.1 Product Launches/Product Developments/Technological Expansions
12.3.2 Partnerships, Collaborations, Joint Ventures, and Contracts
12.3.3 Geographic Expansion

13 Company Profile
13.1 Key Players
13.1.1 ABB
13.1.2 Siemens
13.1.3 General Electric
13.1.4 Hitachi
13.1.5 Mitsubishi Electric
13.1.6 Nexans
13.1.7 NKT A/S
13.1.8 NR Electric
13.1.9 C-Epri Electric Power Engineering
13.1.10 Prysmian Group
13.2 Other Important Players
13.2.1 Schneider Electric
13.2.2 Toshiba
13.2.3 Epcos
13.2.4 Aecom
13.2.5 PSC Group
13.3 Key Innovators
13.3.1 American Superconductor
13.3.2 Transgrid Solutions
13.3.3 Atco
13.3.4 Doble Engineering Company
13.3.5 HVDC Technologies

14 Appendix
14.1 Discussion Guide
14.2 Knowledge Store: Subscription Portal
14.3 Available Customizations
14.4 Related Reports
14.5 Author Details

List of Tables
Table 1 HVDC Transmission Market: Regulatory Standards
Table 2 HVDC Transmission Market, By Component, 2015–2024 (USD Billion)
Table 3 HVDC Transmission Market for Valves, By Type, 2015–2024 (USD Billion)
Table 4 HVDC Transmission Market, By Converter Station, 2015–2024 (USD Billion)
Table 5 HVDC Transmission Market, By Project Type, 2015–2024 (USD Billion)
Table 6 HVDC Transmission Market for Point-To-Point Transmission, By Technology, 2015–2024 (USD Billion)
Table 7 HVDC Transmission Market for Point-To-Point Transmissions, By Application, 2015–2024 (USD Billion)
Table 8 HVDC Transmission Market for Point-To-Point Transmissions, By Bulk Power Transmission Application, 2015–2024 (USD Billion)
Table 9 HVDC Transmission Market for Point-To-Point Transmissions, By Region, 2015–2024 (USD Billion)
Table 10 HVDC Transmission Market for Point-To-Point Transmissions, By Project Type, 2015–2024 (USD Billion)
Table 11 HVDC Transmission Market for Point-To-Point Monopolar Transmissions, By Technology, 2015–2024 (USD Billion)
Table 12 HVDC Transmission Market for Point-To-Point Bipolar Transmissions, By Technology, 2015–2024 (USD Billion)
Table 13 HVDC Transmission Market for Point-To-Point Monopolar Transmissions, By Application, 2015–2024 (USD Billion)
Table 14 HVDC Transmission Market for Point-To-Point Monopolar Transmissions, By Bulk Power Transmission Application, 2015–2024 (USD Billion)
Table 15 HVDC Transmission Market for Point-To-Point Bipolar Transmissions, By Application, 2015–2024 (USD Billion)
Table 16 HVDC Transmission Market for Point-To-Point Bipolar Transmission, By Bulk Power Transmission Application, 2015–2024 (USD Billion)
Table 17 HVDC Transmission Market for Point-To-Point Monopolar Transmissions, By Region, 2015–2024 (USD Billion)
Table 18 HVDC Transmission Market for Point-To-Point Bipolar Transmissions, By Region, 2015–2024 (USD Billion)
Table 19 HVDC Transmission Market for Back-To-Back Transmissions, By Technology, 2015–2024 (USD Billion)
Table 20 HVDC Transmission Market for Back-To-Back Transmissions, By Application, 2015–2024 (USD Billion)
Table 21 HVDC Transmission Market for Back-To-Back Transmissions, By Bulk Power Transmission Application, 2015–2024 (USD Billion)
Table 22 HVDC Transmission Market for Back-To-Back Transmissions, By Region, 2015–2024 (USD Billion)
Table 23 HVDC Transmission Market for Multi-Terminal Transmissions, By Technology, 2015–2024 (USD Billion)
Table 24 HVDC Transmission Market for Multi-Terminal Transmissions, By Application, 2015–2024 (USD Billion)
Table 25 HVDC Transmission Market for Multi-Terminal Transmissions, By Bulk Power Transmission Application, 2015–2024 (USD Billion)
Table 26 HVDC Transmission Market for Multi-Terminal Transmissions, By Region, 2015–2024 (USD Billion)
Table 27 HVDC Transmission Market, By Technology, 2015–2024 (USD Billion)
Table 28 HVDC Transmission Market for CCC-Based Technology, By Project Type, 2015–2024 (USD Billion)
Table 29 HVDC Transmission Market for VSC, By Technology, 2015–2024 (USD Billion)
Table 30 HVDC Transmission Market for VSC-Based Technology, By Project Type, 2015–2024 (USD Billion)
Table 31 HVDC Transmission Market for VSC-Based Technology, By Point-To-Point Project Type, 2015–2024 (USD Billion)
Table 32 HVDC Transmission Market for LCC, By Technology, 2015–2024 (USD Billion)
Table 33 HVDC Transmission Market for LCC-Based Technology, By Project Type, 2015–2024 (USD Billion)
Table 34 HVDC Transmission Market for LCC-Based Technology, By Point-To-Point Project Type, 2015–2024 (USD Billion)
Table 35 HVDC Transmission Market, By Application, 2015–2024 (USD Billion)
Table 36 HVDC Transmission Market for Bulk Power Transmission, By Project Type, 2015–2024 (USD Billion)
Table 37 HVDC Transmission Market for Bulk Power Transmission, By Point-To-Point Project Type, 2015–2024 (USD Billion)
Table 38 HVDC Transmission Market, By Bulk Power Transmission Applications, 2015–2024 (USD Billion)
Table 39 HVDC Transmission Market for Overhead Bulk Power Transmissions, By Project Type, 2015–2024 (USD Billion)
Table 40 HVDC Transmission Market for Submarine & Underground Bulk Power Transmissions, By Project Type, 2015–2024 (USD Billion)
Table 41 HVDC Transmission Market for Interconnecting Grids, By Project Type, 2015–2024 (USD Billion)
Table 42 HVDC Transmission Market for Interconnecting Grids, By Point-To-Point Project Type, 2015–2024 (USD Billion)
Table 43 HVDC Transmission Market for Infeed Urban Areas, By Project Type, 2015–2024 (USD Billion)
Table 44 HVDC Transmission Market for Infeed Urban Areas, By Point-To-Point Project Type, 2015–2024 (USD Billion)
Table 45 HVDC Transmission Market, By Region, 2015–2024 (USD Billion)
Table 46 HVDC Transmission Market in Americas, By Region, 2015–2024 (USD Billion)
Table 47 HVDC Transmission Market in North America, By Country, 2015–2024 (USD Billion)
Table 48 HVDC Transmission Market in South America, By Country, 2015–2024 (USD Billion)
Table 49 HVDC Transmission Market in Americas, By Project Type, 2015–2024 (USD Billion)
Table 50 HVDC Transmission Market in Americas, By Point-To-Point Project Type, 2015–2024 (USD Billion)
Table 51 HVDC Transmission Market in Europe, By Country, 2015–2024 (USD Billion)
Table 52 HVDC Transmission Market in Europe, By Project Type, 2015–2024 (USD Billion)
Table 53 HVDC Transmission Market in Europe, By Point-To-Point Project Type, 2015–2024 (USD Billion)
Table 54 HVDC Transmission Market in APAC, By Country, 2015–2024 (USD Billion)
Table 55 HVDC Transmission Market in APAC, By Project Type, 2015–2024 (USD Billion)
Table 56 HVDC Transmission Market in APAC, By Point-To-Point Project Type, 2015–2024 (USD Billion)
Table 57 HVDC Transmission Market in RoW, By Region, 2015–2024 (USD Billion)
Table 58 HVDC Transmission Market in RoW, By Project Type, 2015–2024 (USD Billion)
Table 59 HVDC Transmission Market in RoW, By Point-To-Point Project Type, 2015–2024 (USD Billion)
Table 60 Product Launches/Product Developments/Technological Expansions, 2015–2018
Table 61 Partnerships, Collaborations, Joint Ventures, and Contracts, 2015–2018
Table 62 Geographic Expansion, 2016–2017

List of Figures
Figure 1 HVDC Transmission Market: Research Design
Figure 2 Market Size Estimation Methodology: Bottom-Up Approach
Figure 3 Market Size Estimation Methodology: Top-Down Approach
Figure 4 Data Triangulation
Figure 5 HVDC Transmission Market, 2015–2024 (USD Billion)
Figure 6 Converter Stations to Lead HVDC Transmission Market During Forecast Period
Figure 7 VSC-Based Technology to Grow at Highest CAGR in HVDC Transmission Market During Forecast Period
Figure 8 Point-To-Point Project Type to Lead HVDC Transmission Market During Forecast Period
Figure 9 Bulk Power Transmission Application to Hold Largest Share in HVDC Transmission Market During Forecast Period
Figure 10 APAC Held Largest Share of HVDC Transmission Market in 2017
Figure 11 HVDC Transmission Market in APAC to Grow at Highest CAGR During Forecast Period
Figure 12 LCC-Based Technology to Lead HVDC Transmission Market During Forecast Period
Figure 13 Market for Point-To-Point Project Type to Surpass Market for Back-To-Back By 2018
Figure 14 China Held Largest Share of HVDC Transmission Market in 2017
Figure 15 Rapid Adoption Rate for UHVDC Technology in China Expected to Spur Growth of HVDC Transmission Market
Figure 16 Cost Comparison Between HVDC and HVAC Grids
Figure 17 VSC-Based HVDC Projects By ABB Ltd. and Siemens Ag, 2015–2017
Figure 18 Major Value is Added During Project Installation & Commissioning Phase
Figure 19 HVDC Transmission Market, By Component
Figure 20 Converter Stations to Dominate HVDC Transmission Market Throughout Forecast Period
Figure 21 HVDC Market, By Converter Station
Figure 22 Types of Valves
Figure 23 Types of Harmonic Filters
Figure 24 HVDC Transmission Market: By Project Type
Figure 25 Point-To-Point Project Type to Hold Largest Share of HVDC Transmission Market During Forecast Period
Figure 26 Point-To-Point Transmission: Sub-Segment
Figure 27 VSC-Based Technology to Hold Largest Share of HVDC Transmission Market for Back-To-Back Project Type During Forecast Period
Figure 28 HVDC Transmission Market: By Technology
Figure 29 VSC-Based Transmissions to Grow at Highest CAGR During Forecast Period
Figure 30 Point-To-Point Project Type to Hold Largest Share in VSC-Based Technology in HVDC Transmission Market During Forecast Period
Figure 31 HVDC Transmission Market: By Application
Figure 32 Bulk Power Transmission Applications to Hold Largest Share of HVDC Transmission Market During Forecast Period
Figure 33 Point-To-Point Projects for Infeed Urban Areas to Hold Largest Share of HVDC Transmission Market During Forecast Period
Figure 34 HVDC Transmission Market: By Geography
Figure 35 Geographic Snapshot: HVDC Transmission Market
Figure 36 Americas: HVDC Transmission Market Snapshot
Figure 37 Europe: HVDC Transmission Market Snapshot
Figure 38 APAC: HVDC Transmission Market Snapshot
Figure 39 Growth Strategies Adopted By Companies Over Past 4 Years (2015–2018)
Figure 40 Market Ranking for HVDC Transmission Market, 2017
Figure 41 ABB: Company Snapshot
Figure 42 Siemens: Company Snapshot
Figure 43 General Electric: Company Snapshot
Figure 44 Hitachi: Company Snapshot
Figure 45 Mitsubishi Electric: Company Snapshot
Figure 46 Nexans: Company Snapshot
Figure 47 NKT A/S: Company Snapshot
Figure 48 Prysmian Group: Company Snapshot

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  • ABB
  • Aecom
  • American Superconductor
  • Atco
  • C-Epri Electric Power Engineering
  • Doble Engineering Company
  • Epcos
  • General Electric
  • HVDC Technologies
  • Hitachi
  • Mitsubishi Electric
  • NKT A/S
  • NR Electric
  • Nexans
  • PSC Group
  • Prysmian Group
  • Schneider Electric
  • Siemens
  • Toshiba
  • Transgrid Solutions
Note: Product cover images may vary from those shown
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