Rapid urbanization along with favorable government reforms across residential & commercial establishments will drive the HVDC market

According to a research report published by Azoth Analytics in December 2020, the Global HVDC Transmission Market was valued at USD 7831.55 Million in the year 2019. Rapid urbanization along with favorable government reforms across residential & commercial establishments will drive the HVDC Transmission market scenario. With the rising demand for electricity in Asia-Pacific countries and other developing nations, the need to transmit electricity over long distances with fewer transmission losses has increased, which will propel the market. Furthermore, growing community-based electrification demand along with increasing public and private funding toward the adoption of decentralized generation units will complement the industry outlook.  

Escalating high-end electricity consumption backed by the presence of new HVAC and heavy load machinery systems in the industrial sector will foster business growth. Rapid developments in energy technology and lower upfront investment costs mean that energy is becoming more measurable, decentralized, interconnected and intelligent than ever before.

Covid-19 is having an especially negative impact on the renewables sector. One of the main problems relates to the delivery of equipment to power plants. China, which is among the countries most heavily affected by the coronavirus, is the main global producer of many clean energy technologies, such as solar panels, wind turbines and batteries. Since coronavirus has delayed deliveries from China, renewable energy companies are not able to comply with deadlines for equipment installation.  

Governments of different countries are increasingly investing in the development of electricity infrastructure to provide low-cost and clean electricity. This has led to an increased demand for HVDC Transmissions in remote areas. There is a trend in offshore wind for plants to move further away from the coastline to reduce complaints about the unsightliness of wind farms. This will, over time, increase the adoption rate for HVDC connections for offshore wind farms.  

So far, LCC based HVDC systems have been the dominant technology; however, steady growth is expected in VSC market in the coming years. The LCC is a very economical technology based on Thyristor power semiconductors. These semiconductors enable the bulk transfer of power with very low losses. This technology also has inherent DC fault protection. The voltage source converter is a new technology in the HVDC transmission system market.  

The key drivers for the HVDC converter station market is the increasing adoption of efficient power transmission systems, rising number of offshore wind farms, growing requirement for connecting asynchronous grids, and encouraging government policies to establish HVDC converter station.

The Azoth Analytics research report titled “Global HVDC Transmission Market: Analysis By Technology, Component, Application, By Region, By Country (2020 Edition): Market Insights, Covid-19 Impact, Competition and Forecast (2020-2025)” has analysed the HVDC Transmission Market by Technology (Capacitor Commutated Converter, Voltage Source Converter, Line Commutated Converter), By Component (Converter Stations, Transmission Cables, Others) and By Application (Interconnecting Grids, City-Center Infeed, Bulk Power Transmission). The Global HVDC Transmission Market has been analysed By Region (Americas, Europe, Asia Pacific, MEA) and By Country (United States, Canada, Mexico, Brazil, Germany, France, U.K, China, Japan, India) for the historical period of 2015-2019 and the forecast period of 2020-2025.