High Voltage Direct Current (HVDC) Transmission System Market Competitive Analysis with Forecast to 2031
High Voltage Direct Current (HVDC) Transmission System Market Outlook 2031
- The global high voltage direct current (HVDC) transmission system market was valued at US$ 16.96 Bn in 2021
- It is estimated to grow at a CAGR of 7.1% from 2022 to 2031
- The global high voltage direct current (HVDC) transmission system market is expected to reach US$ 33.54 Bn by the end of 2031
Global High Voltage Direct Current (HVDC) Transmission System Market Introduction
The high voltage direct current (HVDC) transmission system uses direct current for the transmission of power over long distances. The HVDC transmission system provides efficient and economic transmission of power even to very long distances that cater to the growing load demands. The HVDC transmission system primarily consists of converter stations where AC power is converted into DC at the transmission end, while at the receiving end DC power is inverted into AC using an inverter station.
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High Efficiency Long Distance Current Transmission to Drive Global High Voltage Direct Current (HVDC) Transmission System Market
HVDC transmission system ensures lower transmission losses as compared to HVAC lines. Typically, an HVDC transmission line has 30% to 50% lower transmission loss as compared to an AC overhead line. Electricity transmission longer than 80 kilometers are only possible with HVDC transmission. In case of HVAC transmission, hardly any electricity would be delivered as the cable capacities itself would absorb the usable electricity.
HVDC transmission systems are also popular because they can act as a firewall and prevent the transmission of faults between the connected AC grids and hence, avoid ‘blackouts’. HVAC transmission lines require relatively larger spacing between the phase-to-ground and phase-to-phase conductors. The transmission tower used for HVAC needs to be taller and wider than HVDC to maintain such spacing. Using the HVDC transmission tower reduces the installation cost as compared to HVAC towers.
The transmission technology in VSC-HVDC systems is particularly ideal for remote renewable energy power stations, including offshore wind farms because converter stations can be designed to be compact enough to fit on an offshore platform. Furthermore, DC technology provides much better control than AC systems and allows the interconnection of grids with voltages that may not be synchronized. Moreover, cable laying and installation of HVDC systems is less expensive than other technologies.
HVAC has a higher line cost compared to HVDC for the same transmission capacity, as it requires at least three conductors, while HVDC system requires only two. The cost of transmission cables and operating and maintenance costs are lower in the case of the HVDC transmission system. These factors are fueling the use of HVDC system leading to increase the market demand for high voltage direct current (HVDC) transmission system market
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Increase in Global Demand for Electricity to Boost Global High Voltage Direct Current (HVDC) Transmission System Market
Industrialization and urbanization have been increasing significantly across the globe for the last few years. This has boosted the global demand for electricity. The world consumed over 3,930 terawatt per hour of electricity in 2021.
Demand for electricity has increased in China owing to steady economic growth and rise in industrial demand. In 2021, China consumed 8,310 TWh of electricity, a 4% increment from the previous year. Demand for electricity has also increased in other countries of Asia Pacific such as India, South Korea, Japan, and Indonesia. Consumption of electricity in the U.S. stood at 3,930 TWh in 2021. Consumption of electricity was high in Canada, Brazil, and Russia in 2021, owing to the high economic growth and rise in industrial demand for electricity.
The compact sizes of HVDC transmission systems makes them favorable for usage in urban areas where space is a constraint. Europe is creating the first VSC-based multi-terminal HVDC link to improve power supply security and facilitate the transmission of wind energy generated on the island of Shetland, this would be the key future trend in the high voltage direct current (HVDC) transmission system market.
High Efficiency for Voltage-source Converters (VSC) to Propel High Voltage Direct Current (HVDC) Transmission System Market
In terms of technology, the global high voltage direct current (HVDC) transmission system market has been segregated into line-commutated converters (LCC), voltage-source converters (VSC), capacitor commutated converters (CCC). The voltage-source converters (VSC) segment held a share of 31.0 % of the global market in 2021. It is estimated to dominate the market during the forecast period.
The VSC-HVDC system successfully resolves several conventional network issues such as interconnection of asynchronous networks, back-to-back linking of AC systems, and maintaining voltage stability over small and long distances. It further supports large-scale renewable energy integration to the grids, which makes it a preferable choice for future grid systems.
The most prolific advantage of a VSC-HVDC comes from its controllability; unlike LCC-HVDC system, this system can control both active and reactive power flow through the control of phase angle and magnitude of the voltage created by the converter.
High Reliability Boosts Demand for Bipolar High Voltage Direct Current (HVDC) Transmission System
Based on type, the global high voltage direct current (HVDC) transmission system market has been classified into bipolar, monopolar, homopolar, back to back, multi-terminal. The bipolar segment dominated the global high voltage direct current (HVDC) transmission system market and accounted for 53.8% share in 2021.
The bipolar link has two conductors, one positive and the other one negative, to the earth. The link has converter station at each end. The midpoints of the converter stations are earthed through electrodes. The voltage of the earthed electrodes is just half the voltage of the conductor used for transmission of the HVDC. The main advantage of common bipolar configurations is the increased reliability, which is analogous to a double-circuit AC transmission line
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Analysis of Key Players in Global High Voltage Direct Current (HVDC) Transmission System Market
The global high voltage direct current (HVDC) transmission system market comprises several small and large-scale service providers that control a majority of market share. Most of the key vendors in high voltage direct current (HVDC) transmission system market are adopting new technologies and strategies with comprehensive research and development, primarily to develop and prioritize sustainable power maintenance service. Expansion of product portfolios and mergers and acquisitions are prominent strategies adopted by key players. ABB, General Eectric, Siemens AG, Eaton, Mitsubishi Electric Corporation, Toshiba Energy Systems & Solutions, Corporation, TransGrid Solutions, PRYSMIAN GROUP, Hitachi, Ltd., ATCO LTD, LSIS Co, Ltd., LSIS Co. Ltd. NKT A/S, NEXANS, BHEL are the prominent entities operating in the market.
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