High Voltage Direct Current (HVDC) Transmission System Market: Global Industry Analysis and Opportunity Assessment 2016-2026 Research Report By Future Market Insights
Valley Cottage, NY -- (SBWIRE) -- 03/08/2017 -- According to Future Market Insights' report titled "High Voltage Direct Current (HVDC) Transmission System Market: Global Industry Analysis and Opportunity Assessment 2016-2026," the global market for high voltage direct current transmission systems, which is now valued at US$ 6,191.8 Mn, is likely to reach US$ 14.36 Bn in market value by the end of 2026 – attaining expansion at a CAGR of 8.8%. According to the report, North America, Western Europe and Asia Pacific excluding Japan (APEJ) are the leading markets for HVDC transmission systems globally. Key market players include ABB Ltd., TransGrid Solutions Inc., Siemens AG, Prysmian SpA, Toshiba Corporation, General Electric Co., Hitachi Ltd., Abengoa SA, and ATCO Electric Ltd.
Key Research Findings from Future Market Insights' Report on the Global HVDC Transmission System Market
Power Outages Continue to Fuel Demand
HVDC transmission is expected to become more efficient due to rampant popularity of advanced valve components such as insulated gate bipolar transistors (IGBT). Several such components that avert transmission failures can be categorised under the solution-based components. By 2026, global revenue share of such components is forecast to be about 60%, while revenues from sales of service-based HVDC transmission components will incur rapid growth at a 10.5% CAGR.
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Deployment Cost Benefits vs. High Installation Costs
According to a comprehensive cost analysis in the research report, high installation costs are a major drawback for adoption of high-voltage direct current over other electric transmission systems. HVDC transmission components are expensive and need to be replaced if damaged. With respect to deployment of HVDC transmission systems, subsea deployment is expected to gain adoption due to its comparatively lower installation cost and a rise in demand for offshore power distribution. By 2026, the 33% market value share attributed by overhead deployment model is likely to marginally surpass subsea deployment's share by 5 percent or less.
"Clean" Power Proliferation and Growth in Demand for Higher Power Ratings
Manufacturers of HVDC systems incur a competitive edge in the power supply industry as these systems provide efficient transmission with optimal electricity consumption. To extend the environmental impact of HVDC transmission systems, manufacturers are adopting renewable or "clean" energy for transmission and reducing pollution arising from unwanted electromagnetic energy emanating from electrical lines.
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In the power distribution industrial sector, managing the impact of energy transmission on the environment is now being considered with an utmost regard. A recent update on companies and governments undertaking steadfast measures on clean energy includes the approval of the US Department of Justice for the installation of a 3GW HVDC transmission system for the country's TransWest Express Transmission Project. A power ratings analysis included in the report indicates that power distribution above 2,000 MWs will witness a rise in market value share, accounting for nearly 40% of the global HVDC transmission system market value by the end of 2026. Owing to such power consumption trends, companies such as General Electric Co. and ABB Ltd. among others, have included Ultra high-voltage direct current (HVDC) transmission systems as part of their original offerings.
Advanced Technologies Demanding Skilled Workforce
Lack of proficient engineers to effectively operate as well as maintain HVDC transmission systems remains a longstanding challenge. Prominence of line-commutated converter (LCC) and voltage-source converter (VSC) technologies further necessitates the need for highly-qualified engineers. Comparatively, by the end of 2026, VSCs will be the dominant technology in the global market, accounting for nearly US$ 9 Bn in revenues.