HVDC Transmission Market Worth USD 9.62 Billion by 2018, Report Says (USA)
According to a new market research report of “HVDC Transmission Market – By Technology (LCC/VSC), Configuration (Back To Back, Monopolar, Bipolar, Multi-Terminal), Power Rating (Below 500 MW, 501 MW – 999 MW, 1000 MW – 2000 MW & Above 2000 MW), Application, Component & Geography (2013 – 2018)”.
The increasing wind farms, focusing on power trading and reliable power transmission in the continent have been driving HVDC transmission market. It is expected that wind farms would produce 10,000 MW of power – 50 times more than today’s offshore farms. Even the European Union, also focusing on the adoption rate of the HVDC as they have set a target of 20% of electricity from renewable sources by 2020, and much of this will come from wind farms.
Europe and APAC are considered to be the fastest growing markets due to high development in power transmission networks. American market also constitutes as a substantial share in high voltage direct current market where as the U.S. is considered as the major contributor. The ageing infrastructure and recent blackout in the U.S. is the reason behind the adoption of HVDC in the region. From these factors, it is believed that these markets will grow at a significant rate for the forecast period of 2013 and 2018.
The HVDC transmission market is broadly segmented into: technology, configuration, component, power rating, application, and geography. All the major segments are further segmented into sub segments. All the segments and sub segments are separately described in the report.
Global HVDC transmission market is expected to reach $9.62 billion by 2018, at an estimated CAGR of 16.97% from 2013 to 2018. The major driving factors for HVDC transmission market are the growth in offshore wind farms installation and increasing the government incentivization. In the report, different technologies are discussed like line commutated converters and voltage source converters. The configuration includes back to back, monopolar, bipolar and multi-terminal. The HVDC’s component comprises thyristor, IGBT (insulated gate bipolar transistor), surge arrester, converter transformer, smoothing reactors, harmonic filters, DC circuit, control & protection. The power rating market is categorized into below 500 MW, 501 MW – 999 MW, 1000 MW – 2000 MW, above 2000 MW.
Press release, August 27, 2013; Image: britnet