VALLEY COTTAGE, New York, March 27, 2017 /PRNewswire/ --
Huge loads of electricity transmitted over long distances can cost millions of dollars for power distribution companies. In the Asia-Pacific (APAC) region, proliferating expanse of industrialisation and urbanisation has spiked its power consumption capacities. Power distribution systems operating in this region are adopting advanced technologies and alternative sources. Governments across several APAC countries are inducing higher investment in their offshore wind projects, and while doing so, they are compelled to use efficient power transmission systems. Thus, HVDC transmission systems are actively instated to provide power over long distances across multiple offshore wind projects in the APAC region. Revenues from these measures are projected to fuel the growth of the region's HVDC transmission systems market.
A recent report published by Future Market Insights projects that by the end of 2026, the HVDC transmission systems market in Asia-Pacific region will expand at a robust CAGR of 10.1%. Currently, the market is estimated to be valued at US$ 1,447.6 Mn, and is anticipated to surpass US$ 3,700 Mn towards the end of 2026. The report predicts that apart from rising adoption of HVDC transmission systems in APAC's offshore wind projects, the cost-effectiveness of HVDC transmission systems will also promote their adoption rate.
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Unlike HVAC systems, initial costs of installing HVDC transmission systems are high, but are immaterialised as setting up terminal stations and extending power lines saves quite a lot of capital. Furthermore, HVDC transmission systems are eco-friendly and highly-efficient in supplying power to the remotest of areas as they are deployed in multiple routes such as overhead, underground, subsea, or a combination of these. The report reveals that in 2016, more than one-third of HVDC transmission systems installed across the Asia-Pacific region were deployed as overhead transmission systems. However, towards the end of the forecast period, subsea deployment of HVDC transmission systems is likely to gain traction and rake in over US$ 1 Bn in revenues.
The report also reveals that throughout the forecast period, VSC technology will dominate the HVDC transmission systems market in APAC region by accounting for more than 60% revenue share. Likewise, HVDC transmission systems installed as power solutions will hold a major share of the market's value, while services offered for working of these systems are likely to register a 12.3% CAGR in terms of revenues.
Preview Analysis on APAC HVDC Transmission System Market Segmentation By System Component - Solutions, Services; By Deployment - Overhead, Underground, Subsea and Combination; By Technology - LCC, VSC, Others; By Power Rating - Below 1000 Mws, 1001-2000 Mws, 2000 Mws and Above: http://www.futuremarketinsights.com/reports/apac-hvdc-transmissions-system-market
The report has bifurcated the APAC region into Japan and Asia-Pacific excluding Japan (APEJ), and these sub-regions are expected to be demand higher power distribution and effective transmission. Another factor promoting the use of HVDC transmission systems over other alternatives is their efficacy in averting power outages or blackouts. Nearly 50% of the market's revenues are, thus, accounted by HVDC transmission systems with power ratings of 2,001 MWs and above. Also, more than three-fourth of the market's growth in concentrated in the APEJ region, making it the dominant region in Asia-Pacific.
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The report has also profiled prominent players in the APAC HVDC transmission systems market which include ABB Ltd., Siemens AG, Toshiba Corporation, TransGrid Solutions Inc., General Electric Co., Hitachi Ltd., Abengoa SA, ATCO Electric Ltd., and Prysmian SpA.
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SOURCE Future Market Insights