PUNE, India, June 29, 2017 /PRNewswire/ --
According to this market research report "HVDC Transmission Market by Component (Convertor Stations, Transmission Cables, and Others), Technology (CCC, VSC, LCC, and UHVDC), Project Type, Power Rating, Application, and Geography - Global Forecast to 2023", published by MarketsandMarkets™ , the HVDC transmission market was valued at USD 6.79 Billion in 2016 and is expected to reach USD 11.52 Billion by 2023, at a CAGR of 7.31%. The increasing demand for cost-effective solutions for long distance power transmission and integration of VSC technology across grids to enable system security are the major factors that drives the HVDC transmission market.
Browse 62 market data tables and 63 figures spread through 198 pages and in-depth TOC on "HVDC Transmission Market - Global Forecast to 2023"
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Convertor stations expected to grow at a higher CAGR between 2017 and 2023
The converter station is expected to grow at the highest rate. This growth can be attributed to the rapidly growing market for valves and circuit breakers. The market for valves is expected to grow in the coming years due to the presence of insulated-gate bipolar transistor (IGBT) valves, which are majorly used in the voltage sourced converter (VSC) technology in HVDC projects. The increasing demand for VSC technology in HVDC projects is expected to fuel the growth of the market for valves present in converter stations.
HVDC transmission market for line commutate converter (LCC) technology expected to hold the largest share in 2017
An LCC station is ideal for high-power long distance transmission. Moreover, LCC station reduces power losses in the complete HVDC transmission systems. However, the LCC-based technology has its own limitations though it is widely used in HVDC transmission worldwide. The LCC-HVDC technology is used for submarine and underground transmission, asynchronous link between AC systems, and long distance bulk power transmission through overhead lines.
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HVDC transmission market in Asia Pacific likely to grow at a high rate during the forecast period
In Asia Pacific (APAC), China and India are the major contributors to the growth of the HVDC transmission market due to the growing demand for power in these countries. Some other factors affecting the growth of the market in this region include aging power infrastructure, increase in power consumption pattern, economic uncertainties, and low carbon emission initiatives. High power quality along with reliable and stable power transmission are some of the key requirements in the power industry. This factor is driving the growth of the HVDC transmission market in the APAC region.
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Major players operating in the HVDC transmission market are ABB Ltd. (Switzerland), Siemens AG (Germany), General Electric Co. (US), Toshiba Corporation (Japan), and Mitsubishi Electric Corporation (Japan).
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