PUNE, India, May 11, 2016 /PRNewswire/ --
According to the new market research report "High Voltage Direct Current (HVDC) Transmission Market by Technology (CCC, VSC, LCC & UHVDC), Component (Converter Station & Transmission Cable), Project Type (Point-to-Point, Back-to-Back, Multi-Terminal), Application, and Geography - Global Forecast to 2022", published by MarketsandMarkets, the HVDC transmission market is estimated to reach USD 10.77 Billion by 2022, at a CAGR of 8.4% between 2016 and 2022. In terms of power capacity, the market is estimated to reach 85.79 GW by 2022, at a CAGR of 9.8% between 2016 and 2022.
Browse 72 market data Tables and 78 Figures spread through 167 Pages and in-depth TOC on "High Voltage Direct Current (HVDC) Transmission Market"
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Factors such as better performance by HVDC systems than HVAC systems, integration of renewable energy into HVDC, growing demand for VSC-based & UHVDC technology, and increasing offshore wind transmission projects are driving the growth of the HVDC transmission market. However, high cost of installation and circuit breakers and standardization of HVDC systems are some of the major challenges faced by the HVDC transmission market at large.
VSC-based technology expected to lead the market during the forecast period
In the HVDC Transmission Market, the most used technology is VSC based; the market for this technology is expected to grow rapidly during the forecast period due to its increasing application in offshore, submarine, and underground transmission and the growing need for a reliable electricity supply that supports economic growth and environmentally friendly practices.
The market for offshore power transmission is expected to grow at the highest CAGR between 2016 and 2022
The market for offshore power transmission is growing over the past decades; it is also expected to grow during the forecast period because of the increase in number of wind power generation projects since wind energy can produce the major amount of power, which can be distributed to the locations where the demand for electricity is high.
The market in APAC expected to grow at a high CAGR during forecast period
The HVDC transmission market in APAC held the largest share of the global market in 2015; it is expected to grow at the highest CAGR between 2016 and 2022. This growth can be attributed can be attributed to the high investments made by both regional and global companies, such as ABB, Siemens, GE, and Hitachi among others, in this region.
Major players operating in the HVDC transmission market are ABB Ltd. (Switzerland), Siemens AG (Germany), General Electric (U.S.), Hitachi (Japan), Toshiba (Japan), Nexans (France), American Superconductor (U.S.), NR Electric (China), Prysmian (Italy), and Transgrid (U.S.) among others
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The report describes the market dynamics including the key drivers, restraints, challenges, and opportunities with respect to the smart home market and forecasts the market till 2022. This global report provides a detailed view of the market segmented on the basis of product, software and service, and geography.
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