The HVDC transmission market is witnessing an exponential growth across the globe. HVDC is a technology that is used in long-distance transmission of bulk power. This transmission is efficient as there is minimal electricity loss due to direct control over long-distance power flow. This makes the HVDC transmission technology valuable for overcoming an important problem associated with renewable energy generation, as a lot of power was lost in transmission of energy through renewable sources. The primary reason behind the loss in such power is high voltage current being converted to alternate current. HVDC system assists in connecting power grids with a direct current that improves stability and transmission capacity of an area.
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The HVDC transmission systems are cost-effective for transmission of electricity and they enable easy transmission of power generated from wind panels and solar panels that are at long distances. There are several factors contributing to HVDC transmission market growth, such as rapid industrialization across the globe and significant demand for renewable energy sources. Rapid industrialization across the globe has been reported due to government initiatives for domestic manufacturing of goods. For instance, Made in China is an initiative aimed to make China leader in global high-tech manufacturing. CCP (Chinese Communist Party) has taken steps to shift focus towards significant production of energy, mining products, and consumer goods such as footwear and clothing, which constitute almost half of the country’s economy.
Such government initiatives are supporting industrialization and thereby, leading to an increase in the consumption of energy. As a result, this significantly increases the need for more facilities in transmission and interconnection systems at optimal cost, which in turn, surges the demand for HVAC (High Voltage Alternating Current) and HVDC transmission systems. HVDC transmission systems are considered as a more efficient and economical way of power transmission as it can transport power efficiently and cost-effectively over long distances with reduced transmission lines rather than losses in AC systems. In addition, only two conductors are required for a single line in DC transmission, while in AC transmission, minimum of three conductors are required and for double circuit line, six conductors are required. Therefore, the HVDC transmission system is a cost-effective way to transmit power over long distances.
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Geographically, the global HVDC transmission market is further segmented into four major regions, such as North America, Europe, Asia-Pacific, and RoW. Rising electricity consumption, a significant rise in power transmission projects and growing demand for VSC HVDC transmission systems are supporting the market growth in these regions.
The major players in the market include ABB Ltd., General Electric Co., Siemens AG, Hitachi Ltd., and Mitsubishi Electric Corp. There is a significant rise in HVDC transmission projects to overcome the challenge of power transmission over long distances, which in turn, is contributing to the rise in the revenue generation of these market players.
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