Overview:

The global market report with minute details of the HVDC transmission market predicts a rise by 6.5% CAGR during the forecast period covering 2018 to 2023. Market Research Future (MRFR) discussed several factors to understand how the market will proceed during the forecast period. These factors are the growing need for solutions to curb energy loss, better technological support, hike in investment to assist research and development facilities, rising demand in various offshore programs, government initiatives, and others. The threat posed by traditional transmission wires is also going to bolster the growth of the HVDC transmission market. 

Segmentation:

The global HVDC transmission market report, as discussed by MRFR analysts, has segments like configuration, application, technology, and voltage rating. Data gleaned from these segments would help in forming an idea about where the market stands and what benefits it can have in the coming years.

By technology, the global market understanding of the HVDC transmission market includes studies of Low Commuted Converter (LCC) and Voltage Sourced Converter (VSC). The LCC HVDC systems use semiconductors that are able to withstand voltage in either polarity, whereas the VSC HVDC system use semiconductors to pass the current in any direction. 

By application, the study on the global HVDC transmission market includes an understanding of segments like asynchronous grids, underground cables, and offshore cables. 

By configuration, the report on the HVDC transmission market has been studied on the basis of bi-polar, back-to-back, mono-polar, and multi-terminal links.

Regional Analysis:

Developing countries where the demand for safe power transmission is on the rise will witness a strong hike in the global HVDC transmission market revenues. Offshore infrastructural developments would also bolster the growing HVDC transmission market. 

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Competitive Landscape:

Hitachi (Japan), ABB (Switzerland), Siemens AG (Germany), Alstom (France), General Electric (U.S.), Prysmian Group (Italy), Schneider Electric (France), Toshiba (Japan), Adani (India), Nexans (France), DATC (U.S)., Mitsubishi (Japan), NKT Holdings (Denmark), and C-EPRI Electric Power Engineering Co., Ltd (China) are some of the known names in the global HVDC transmission market. These companies have plans to make a profit for themselves and secure growth for the market on a holistic level. 

Industry News:

In August 2020, the developer of the SOO Green project declared the initiation of an Open Solicitation process to assign transmission capacity rights for such an unprecedented project co-locating electric transmission line underground that uses an already existing railroad corridor. The project relies on companies like Copenhagen Infrastructure Partners, Jingoli Power, and Siemens Energy for financial support and shares a strategic bond with Canadian Pacific. 

This high voltage direct current (HVDC) transmission line displays features like 2,100 MW and 525KV, and it will connect energy markets in the Iowa (MISO) and Illinois (PJM), which will help in curbing Midwestern transmission constraints. The $2.5 billion interregional “backbone” transmission project is expected to start its operation in late 2024. 

In August 2020, the Sofia offshore wind farm, owned by German utility RWE, is getting constructed 200 km off the UK coast, known as the Dogger Bank in the North Sea area. The project will get its HDVC transmission line from GE. 

During the COVID-19 crisis, the global market for construction and other sectors faced serious slumps due to disruption in the workflow. This was triggered by lockdowns and rift in the supply chain. Such crises may have some adverse effects on the market. However, a resurgence in the market, initiated by governments, is expected to bring the market back on track.

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