A fresh business and commerce study by Future Market Insights (FMI) has detected that the global market for high voltage direct current (HDVC) transmission system market is strikingly fragmented, owing to the presence of a large pool of players, big and small. A wide variety of products are offered by these vendors, ranging from cables to capacitors to transformers. Often, the vendors offer customized solutions in order to gain new demands. The report identifies Siemens AG, ABB Ltd., Hitachi Ltd., General Electric Co., Toshiba Corporation, Prysmian SpA, TransGrid Solutions Inc., ATCO Electric Ltd., and Abengoa S.A. as some of the most prominent companies currently operating in the global HVDC transmission system market.
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As per the evaluations of the FMI report, a revenue of US$6,000 mn was generated by the market for high voltage direct current transmission system in 2016, which was in itself an increase of 7.7% in comparison to 2015. The report has estimated that over the forecast period of 2016 to 2026, the demand for HDVC transmission system will increment at a CAGR of 8.8% and the final valuation by 2026 would be US$14,400 mn. Mitsubishi Electric Corporation, Nexans, NR Electric, American Semiconductor, HVDC Technologies, and LSIS are some of the other notable players identified by the report.
Some of the key factors augmenting the demand in the global HDVC transmission system market are: increasing demand for cost-effective solutions for long distance power transmission, decommissioning of nuclear and coal power plants, liberalization in the energy policies in Europe, and integration of VSC technology across grids enable system security. On the other hand, rise in the cost of components that affects the number of grid installations, requirement of high initial investment in grid infrastructure, need of uniformity in the standards of HDVC transmission equipment and systems, and controlling congestion and instability in HVDC systems are a few obstructions holding the prosperity of the global high voltage direct current transmission system market. Nevertheless, the vendors operating in this market will gain new opportunities from favorable government policies, particularly for offshore wind transmission projects, emergence of hybrid HVDC circuit breaker, shift towards offshore renewable energy generation, and recent technological advances in HVDC transmission system.
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Based on system component, the FMI report segments the global HVDC transmission system market into solutions and services. The solutions segment is further sub-segmented into AC and DC harmonic filters, converters, DC lines, circuit breakers, and others. Technology-wise, the market has been bifurcated into LCC, VSC, and others. On the basis of deployment, the market for HVDC transmission system has been classified into overhead, underground, subsea, and combination. Based on power rating, the market has been segmented into below 1,000 MWs, 1001 to 2000 MWs, and 2,001 MWs and above.
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Geographically, the report takes stock of the potential of high voltage direct current transmission system market in the regions of North America, Latin America, Western Europe, Eastern Europe, Asia Pacific except Japan (APEJ), and the Middle East and Africa (MEA) and in the country of Japan. While North America is highly lucrative region and Europe will continue to pose widespread opportunities owing to increasing number of grid connections, the APEJ region is expected to turn highly lucrative on the back of the emerging economies of India and China.