HVDC Transmission Systems Market Set for Rapid Expansion during Forecast Period 2021-2031
The approximately US$ 7.5 billion HVDC transmission systems market is anticipated to observe strong growth in the revenue in 2019 and ahead. FMI has conducted structured market research on the global HVDC transmission systems market. The report, titled ‘HVDC Transmission Systems Market Global Industry Analysis 2013–2017 and Opportunity Assessment 2018–2028,’ evaluates the market and projects a promising growth outlook for the market in the course of coming years.
On the basis of FMI’s study, the global market for HVDC transmission systems will witness prominent demand generation from power transmission industries. Increasing demand for HVDC transmission systems in emerging economies is expected to particularly drive the revenue growth of global HVDC transmission systems market in the near future, according to the report.
Increasing demand for HVDC transmission systems in offshore wind projects is expected to contribute to the growth of the HVDC transmission systems market over the forecast period. Moreover, the expenditure incurred by the total direct current transmission line over long distances is considerably lower than the alternating current transmission line installed over the same distance. Growing demand for HVDC transmission systems for long-distance transmission is thus expected to fuel the growth of the HVDC transmission systems market in the coming years.
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Expensive Installation Remains Longstanding Factor Limiting Rapid Growth of HVDC Transmission Systems Market
On the flip side, HVDC transmission systems require the installation of various components, such as converters, smoothing reactors, and harmonic filters, to reduce or absorb the harmonics that are produced during the transmission process. These components, which are costly, add to the already high cost of installation. High installation cost of HVDC transmission systems is thus estimated to be a prime factor hampering the growth of the market over the forecast period. Moreover, HVDC transmission systems require expensive conversion stations and spare parts for maintenance, which is also expected to challenge the growth of the global HVDC transmission systems market during the forecast period.
North America & APEJ to Remain Key Markets for HVDC Transmission Systems Manufacturers
An in-depth analysis of the market suggests that the overall size of the global HVDC transmission systems market will grow at a substantial rate during the forecast period. Several optimistic variations are likely to contribute to the growth of the HVDC transmission systems market.
By region, North America is estimated to dominate the global HVDC transmission systems market throughout the forecast period. North America, followed by Asia Pacific excluding Japan (APEJ), is estimated to remain among the dominant regions. APEJ, followed by Japan, is expected to expand at a high CAGR over the forecast period.
By system component, the solution segment is estimated to dominate the HVDC transmission systems market with a value of US$ 5,278.8 Mn in 2018. Among the solution segments, the AC & DC harmonic filters segment is expected to create an incremental $ opportunity worth US$ 674.6 Mn during the forecast period. However, the services segment is estimated to expand at a significant CAGR in the global HVDC transmission systems market over the forecast period.
By technology, the Voltage Source Converters (VSC) segment is expected to hold a dominant value share in the global HVDC transmission systems market. The segment is projected to expand with a high CAGR owing to the increasing applications of VSCs in wind farm grids for underground power transmission.
By deployment, subsea & underground cables are gaining popularity as these cables transmit lower losses than overhead cables. In value terms, the subsea segment is projected to create an incremental $ opportunity worth US$ 3,068.8 Mn in the global HVDC transmission systems market over the forecast period.
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Global HVDC Transmission Systems Market: Competitive Landscape
Some of the key players involved in the manufacturing of HVDC transmission systems, which are included in this study, are ABB Ltd., Toshiba Corporation, Siemens AG, General Electric, Mitsubishi Electric Corporation, Prysmian SpA, Abengoa S.A., TransGrid Solutions Inc., ATCO Ltd., and LS Industrial Systems Co., Ltd.