Some of the major companies dominating the global HVDC market are ABB (Switzerland) Siemens (Germany), Alstom (France), Toshiba (Japan), and others. ABB (Switzerland) and Siemens (Germany) are the key players of power generation, in the transmission market; and it is found that these companies cover more than 80% of the overall market share of the global HVDC market.
According to a new market research report of "HVDC Transmission Market - by Technology (LCC / VSC), by 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)".
Browse 117 market data tables and 55 figures spread through 303 pages and in-depth TOC on "HVDC Transmission Market".
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The increasing wind farms, focusing on power trading and reliable power transmission in the continent have been driving HVDC grid 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 grid as they have set a target of 20% of electricity from renewable sources by 2020, and much of this will come from wind farms.
The current power systems infrastructure that belongs to developed economies needs to be looked at for infrastructure up gradation, owing to the ageing infrastructureprocess, since these systems have existedfor several years now.Thus, there is a need for continuedinvestmentsin order to comply with the consistency of throughput for effective power transmission.
The increased power demand and widespread distributed power generation has put enormous pressure on the existing power infrastructure.Stable power supply is needed for long distance transmission which may be hampered due to increased power failures, thereby causing economic hardships and issues for citizens residing in the city.
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Ever increasing population is what drivesthe need foradequate power transmission to satiate the demand for power in urban cities. Also, limited availability of fossil fuel resources such as coal posesa serious concern for the future by being able to generate adequate power. This has opened up opportunities for high voltage direct current to transmit bulk power over long distances with minimum transmission losses.
HVDC is widely adopted universally, as beingadvantageous for asynchronous interconnections, long submarine cable crossings, and has the capability to deliver bulk power for long distance.
Advancement in converter technologies such as power semiconductors has opened new vistas in HVDC transmission. This encompasses underground, offshore andvoltage stabilization applications. These applications have fuelled increased demand for the HVDC transmission market.
There is an increased need to have grids that are interconnected to each other in such a manner that power can be harnessed through each of these systems, allowing it to become more integrated, flexible,and stable.
An HVDC tie becomesessential for asynchronous transmission stability in interconnection systems. These interconnections supply powerto remote areas, where the prevailing AC power systems are weak.
The HVDC enabled power transmission and generation industry can generate power byexploiting the enormous potentialthat exists in renewableenergysources such as wind, solar and hydel energy. Existing renewable energy powersystems are transforming significantly to comply with an efficient and reliable transmission network to help power urban centres. The power sector is also planninginnovative waysto generate clean electricity, as well as to reduce the emission of CO2 from power generation.
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Harnessing power from renewable sources is the key reason behind the surge of the HVDC transmission market. The existing AC power gridsare inefficient to handle power generated through renewable sources. Thus, efficient and reliable power grids are needed to transmit bulk power generated from these sources to load centers. This provides an impetus towards the installation of HVDC grids.
Leading market players such as ABB (Switzerland) and Siemens (Germany) are making huge investments in their research & development initiatives to develop sound technologiesthat are expected to change the landscape of the power industry.
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