HVDC Electric Power Transmission System Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2034

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HVDC electric power transmission system that is designed to convert alternating current to direct current (DC) for the transmission of power and then convert it back to alternating current at the destination and used to transmit electricity over long distances with minimal energy loss.  

MARKET OVERVIEW

The market valuation of the HVDC electric power transmission system market was valued at approximately USD 11.4 billion in 2023 and is projected to reach USD 23.8 billion in 2034 exhibiting a CAGR of 6.0% during the forecast period of 2024-2034. HVDC electric power transmission system is more efficient than AC current and enables the interconnection of grids and long-distance transmission. The market is aligned with diverse sectors, which makes it a sustainable and growing market.


GROWTH DRIVERS

The integration of the HVDC electric power transmission into the renewable energy sources that too n a large scale is one of the primary and significant growth drivers f the market. The expansion of the renewable energy sector supports the market growth. For instance, the European Commission has presented Europe's new 2030 climate targets, including a proposal for amending the Renewable Energy Directive, on 14 July 2021. It sought to increase the 32% target to at least 40% renewable energy sources in the EU's overall energy mix by 2030.

Moreover, International Energy Agency (IEA) states that by 2030, they expect renewables to be meeting half of global electricity demand and by the end of this decade, the share of wind and solar PV alone in global electricity generation is set to double to 30%. The HVDC technology reduces the loss on energy during the transmission of power over long distance as compare to traditional AC transmission, contributing towards market growth. U.S Department of Energy also highlights its ability to transfer the power over 1000 miles and also being cost effective, making it an ideal option or connecting the distant renewable energy projects.

The rise in the expansion and modernization of grids in order to support the growing demand of energy where these systems are plays a crucial role in boosting the grid reliability. For instance, the Biden Administration’s Infrastructure plan allocates significant fun for grid modernizing, fueling the market growth. The HVDC electric power transmission system facilitates cross border power trading by interconnecting the national grids and helps to balance the energy loads across border.

For instance, the NordLink project between Germany and Norway and currently Adani Power, which operates the 2×800 MW Godda ultra-supercritical thermal power plant, has a PPA with the Bangladesh Power Development Board, under which 100 per cent of power is exported to the neighboring country, such projects contribute towards the market growth.

MARKET SEGMENTATION:

·         By Technology Type- voltage source converter, line commutated converters, capacitor commutated converters, modular multi-level converter

·         By Component Type- valves and valves system, electronic CT/VT, control and protection system, cables

·         By Configuration Type- symmetric monopole, bipole, point to point, multiterminal and back-to-back

·         By Application- bulk power transmission, interconnecting grids, infeed urban areas  

·         By Region- North America, Europe, Asia Pacific, Middle & Africa and South America

High Voltage Direct Current (HVDC) Electric Power Transmission System Market Segment By Technology Type Review:

Voltage source converter is modern technology and an approach to HVDC systems which allows bidirectional power flow and more easy integration with renewable energy sources with the utilization of insulated gate bipolar transistors, allowing better control of power and voltage. Line commutated converters is a traditional technology that utilizes thyristors for the conversion of AC to DC and vice versa.


These systems requires strong AC grids in order to function properly and finds application very and long distance and high-capacity requirement. The capacitor commutated converters are designed to overcome the limitations by additional series of capacitors, improving the grid stability. The modular multi-level converter is a new technology enables efficient voltage regulation and scalability characterized by modular architecture.

High Voltage Direct Current (HVDC) Electric Power Transmission System Market Segment By Component Type Review:

The valves are the critical components that are responsible for the conversion of alternating current into direct current and vice versa, consisting of semiconductor devices including thyristors or insulated gate bipolar transistors. The electronic current transformers and voltage transformers are used to measure the current and voltage in the HVDC systems in real time, enabling improved grid management and efficiency in operations.

The control and protection systems ensures smooth operation and safety by regulating the power flow and manage the faults from overloading or failures. The cables plays an important role in the transmission of the electricity over long distance and able to withstand high voltage power.

High Voltage Direct Current (HVDC) Electric Power Transmission System Market Segment By Configuration Type Review:

The symmetric monopole configuration involves two conductors with one for the positive voltage and the other for negative voltage, creating a balanced system and minimizing electromagnetic interference. The bipole system offer better reliability, allowing for full power transmission even if one of the conductors is down. The point-to-point configuration is designed to connect two specific locations for direct power transmission, ideal for linking power generation sites.  The multiterminal enables multiple points of connection allowing for the transmission of power between more than two locations. In a back-to-back configuration, two AC grids with different frequencies are connected with a DC link in a short distance.

High Voltage Direct Current (HVDC) Electric Power Transmission System Market Segment By Application Review:

The bulk transmission refers to the large-scale transmission of electricity over long distance from the power generation sites to the high demand areas. This system is to interconnect different regional and national grids, allowing the exchange of electricity between regions and countries. Infeed urban areas refers to the transfer of huge volumes of electricity directly to the densely populated urban areas.

High Voltage Direct Current (HVDC) Electric Power Transmission System Market Segment By Regional Review:

North America is a significant market driven by the expansion of the renewable energy sector with the massive investments in renewable energy projects coupled with Biden Administration’s focus on green energy which aims to achieve carbon free electricity by 2035. Europe is a valuable market driven by the offshore wind energy development in several countries and cross border interconnections.

Asia Pacific is a significant and rapidly growing market driven by the energy demands due to the rapid industrialization and urbanization and rise in the development of renewable energy sector. The Middle East and Africa is a growing market driven by the investments in renewable energy infrastructure in order to reduce the dependence on fossil fuels. South America market is expected to grow driven by the huge investments in renewable energy sector.


Key Challenges:

The deployment of HVDC electric power transmission system involves substantial financial resources involving the setting of the system and maintenance of the infrastructure and this may deter companies from investing in this system for the companies with low financial budgets. The integration of the HVDC electric power transmission system with the existing grid may be technically challenging, hindering the market growth. Moreover, the market is incident to regulatory environment where navigating though diverse and vast regulatory landscapes across regions may be lengthy. 

Competitive Landscape:

In the highly competitive High Voltage Direct Current (HVDC) Electric Power Transmission System market, companies are investing heavily in research and development to innovate and improve their products and services. They are also collaborating, forming strategic partnerships, or acquiring other companies to gain access to new market segments, enhance distribution networks, and increase market share.

They key news and development includes-

In January 2023 Nexans and SuperGrid Institute successfully transient overvoltage test 525kV DC cable system in compliance with the latest high voltage direct current recommendations.

In January 2023, the Tingshan Frequency Converter Station, part of the Hangzhou Flexible Low-Frequency Transmission Pilot Project, has officially started. This marks the first-ever achievement of a controllable transformation of power frequency to the low frequency at the 220kV voltage level.

In January 2023, TenneT, the Dutch-German Transmission System Operator and technology leader Hitachi Energy, and international services company Petrofac have signed agreements supporting TenneT's 2GW Program in 2023.

In December 2022, Toshiba Electronic Devices & Storage Corporation announced the construction of a new back-end production plant for power semiconductors at its Himeji Operations.

In June 2021, Prysmian Group, a global leader in the energy and telecom cable industry, announced high-voltage DC cable systems for the groundbreaking SOO Green HVDC Link project. The project will be installed underground along existing railroad rights of way.

Global Key Players:

·         General Electric Company

·         Siemens AG

·         NR Electric Co. Ltd.

·         Mitsubishi Electric Corporation

·         Prysmian Group

·         Hitachi Ltd.

·         Schneider Electric SE.

·         ABB Ltd.

·         Nexans S.A.

·         Toshiba Corporation

·         LS Electric Co.

·         NKT A/S

·         Other Players

Attributes

Details

Base Year

2023

Trend Period

2024 – 2034

Forecast Period

2024 – 2034

Pages

215

By Technology Type

Voltage Source Converter, Line Commutated Converters, Capacitor Commutated Converters, Modular Multi-Level Converter

By Component Type

Valves and Valves System, Electronic CT/VT, Control and Protection System, Cables

By Configuration Type

Symmetric Monopole, Bipole, Point To Point, Multiterminal and Back-To-Back

By Application

Bulk Power Transmission, Interconnecting Grids, Infeed Urban Areas

By region

North America, Europe, Asia Pacific, the Middle East and Africa, and South America

Company Profiles

General Electric Company, Siemens AG, NR Electric Co. Ltd., Mitsubishi Electric Corporation, Prysmian Group, Hitachi Ltd. , Schneider Electric SE. , ABB Ltd.,  Nexans S.A., Toshiba Corporation, LS Electric Co., NKT A/S, Other Players

Edition

1st edition

Publication

October 2024

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