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According to the latest report released by the international market research institute Report Linker, the global HVDC transmission market reached $8.
2 billion in 2018 and is expected to increase to $12.
3 billion by 2024, with a compound annual growth rate of 6.
9%
during the period.
According to the report, the growth of this market is largely attributed to the optimal solutions for long-distance transmission, the growing demand for VSC technology, the shift to renewable energy, and supportive government policies
for HVDC transmission plans.
However, the high cost of installing HVDC transmission systems is expected to limit the growth of
said market to some extent.
The converter station market will grow
at the highest CAGR during the forecast period.
In HVDC transmission systems, converters are bidirectional: they can operate both as rectifiers (converting alternating current to direct current) and as inverters (converting direct current to alternating current).
The converter station consists of multiple converters
connected in series or parallel.
In recent years, the need for more efficient power transmission and connection to asynchronous grids has stimulated the demand
for HVDC converter stations.
These factors are expected to drive the adoption
of converter stations in the coming years.
Compared with equivalent high-voltage alternating current (HVAC) systems that transmit the same power, high-voltage direct current transmission is more economically viable, and has high transmission efficiency, low losses, no reactive power compensation, and higher and better stability and reliability, especially in
long-distance large-capacity power transmission.
Regionally, the HVDC market in Asia Pacific is expected to witness the highest growth
during the forecast period.
The Asia-Pacific region is a region of economic growth due to the presence of technologically powerful countries such as China and Japan
.
The favorable regulatory environment and rural electrification initiatives are expected to drive the growth
of the HVDC transmission market in Asia Pacific.
In addition, the demand for uninterrupted power plays a vital role
in driving the adoption of HVDC transmission in the region.
In addition, emerging economies such as China and India have added capacity to existing power infrastructure, providing new opportunities
for HVDC transmission.
From the perspective of enterprises, ABB (Switzerland), Siemens (Germany), General Electric (USA), Hitachi (Japan), Mitsubishi Electric (Japan), Nexans (France), Nktor (Denmark), Nari Jibao Electric, CLP Puri Power Engineering (China) and Prysmian Group (Italy) will become the world's leading HVDC transmission technology service provider
.
According to the latest report released by the international market research institute Report Linker, the global HVDC transmission market reached $8.
2 billion in 2018 and is expected to increase to $12.
3 billion by 2024, with a compound annual growth rate of 6.
9%
during the period.
According to the report, the growth of this market is largely attributed to the optimal solutions for long-distance transmission, the growing demand for VSC technology, the shift to renewable energy, and supportive government policies
for HVDC transmission plans.
However, the high cost of installing HVDC transmission systems is expected to limit the growth of
said market to some extent.
The converter station market will grow
at the highest CAGR during the forecast period.
In HVDC transmission systems, converters are bidirectional: they can operate both as rectifiers (converting alternating current to direct current) and as inverters (converting direct current to alternating current).
The converter station consists of multiple converters
connected in series or parallel.
In recent years, the need for more efficient power transmission and connection to asynchronous grids has stimulated the demand
for HVDC converter stations.
These factors are expected to drive the adoption
of converter stations in the coming years.
Compared with equivalent high-voltage alternating current (HVAC) systems that transmit the same power, high-voltage direct current transmission is more economically viable, and has high transmission efficiency, low losses, no reactive power compensation, and higher and better stability and reliability, especially in
long-distance large-capacity power transmission.
Regionally, the HVDC market in Asia Pacific is expected to witness the highest growth
during the forecast period.
The Asia-Pacific region is a region of economic growth due to the presence of technologically powerful countries such as China and Japan
.
The favorable regulatory environment and rural electrification initiatives are expected to drive the growth
of the HVDC transmission market in Asia Pacific.
In addition, the demand for uninterrupted power plays a vital role
in driving the adoption of HVDC transmission in the region.
In addition, emerging economies such as China and India have added capacity to existing power infrastructure, providing new opportunities
for HVDC transmission.
From the perspective of enterprises, ABB (Switzerland), Siemens (Germany), General Electric (USA), Hitachi (Japan), Mitsubishi Electric (Japan), Nexans (France), Nktor (Denmark), Nari Jibao Electric, CLP Puri Power Engineering (China) and Prysmian Group (Italy) will become the world's leading HVDC transmission technology service provider
.
