High Voltage Direct Current (HVDC) Transmission Market by Technology (CCC, VSC, LCC & UHVDC), Component (Converter Station & Transmission Cable), Project Type (Point-to-Point, Back-to-Back, Multi-Terminal), Application, and Geography - Global Forecast to 2022

 Published On: May, 2016 |    No of Pages: 169 |  Published By: MarketsandMarkets | Format: PDF
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The HVDC transmission market is expected to grow at a CAGR of 8.4% during the forecast period

The HVDC transmission market is expected to reach USD 10.77 billion by 2022, at a CAGR of 8.4% between 2016 and 2022. In terms of power capacity, the market is estimated to reach 85.79 GW by 2022, at a CAGR of 9.8% between 2016 and 2022. HVDC transmission solutions increase energy efficiency and reduce transmission losses; they require less use of land and are flexible in changing the flow direction of power. In addition, HVDC transmission helps in the network integration for connecting renewable energy sources beyond the national boundaries. These factors are expected to drive the growth of the market during the forecast period.

VSC-based technology is at the growth stage; while UHVDC is at the introductory stage

The market for VSC-based technology is estimated to grow at a significant pace during the forecast period. The UHVDC technology is still at its introductory stage; currently, there is not much interest for the new UHVDC transmissions systems across the world, except China. Thorough investigations are being carried out to fulfill the future demand for electricity, which is not reachable or nearby to the load centers. However, countries such as China, India, Brazil, the U.S., and South America might utilize far away located hydro and solar generation plants of UHVDC transmissions systems.

The market in APAC is expected to grow at the highest rate during the forecast period

The market in APAC is expected to grow at the highest CAGR between 2016 and 2022. The growth can be attributed to the high investments made by both the regional and global companies, such as ABB, Siemens, GE, and Hitachi among others, in this region.

Breakdown of profile of primary participants:

• By Company Type: Tier 1 - 14%, Tier 2 - 29%, and Tier 3 - 57%
• By Designation: C-Level - 28%, Director Level - 29%, and Others - 43%
• By Region: North America - 29%, Europe - 57%, and APAC - 14%

The key players operating in this market include ABB Ltd. (Switzerland), Siemens AG (Germany), General Electric (U.S.), Hitachi (Japan), Toshiba (Japan), Nexans (France), Prysmian (Italy), NR Electric (China), American Superconductor (U.S), and Transgrid (U.S.) among others.

Reasons to buy the report:

• This report includes the market statistics pertaining to the HVDC transmission market, by technology, component, project type, application, and geography, along with their respective market size (in terms of value) and power generation capacity.
• The Porter’s five forces analysis, value chain analysis, and key strategies adopted by the market players have been provided for the HVDC transmission market.
• Major drivers, restraints, opportunities and, challenges for the HVDC transmission market have been detailed in this report.
• The report includes illustrative segmentation, analysis, and forecast for the HVDC transmission market based on its segments and subsegments.

Table of Contents

1 Introduction (Page No. - 15)
1.1 Study Objectives
1.2 Market Definition
1.3 Study Scope
1.3.1 Markets Covered
1.3.2 Years Considered for the Study
1.4 Currency & Pricing
1.5 Limitations
1.6 Stakeholders

2 Research Methodology (Page No. - 18)
2.1 Research Data
2.1.1 Secondary Data
2.1.1.1 Key Data From Secondary Sources
2.1.2 Primary Data
2.1.2.1 Key Data From Primary Sources
2.1.2.2 Key Industry Insights
2.1.2.3 Breakdown of Primary Interviews
2.2 Market Size Estimation
2.2.1 Bottom-Up Approach
2.2.2 Top-Down Approach
2.3 Market Breakdown and Data Triangulation
2.4 Research Assumptions

3 Executive Summary (Page No. - 26)

4 Premium Insight (Page No. - 31)
4.1 Market Capacity of HVDC Transmission, 2016–2022
4.2 HVDC Transmission Market, By Technology
4.3 APAC Held the Largest Market Share of the HVDC Tranmission Market in 2015
4.4 China Dominated the HVDC Transmission Market in APAC in 2015
4.5 Offshore Power Transmission Application in HVDC Market
4.6 Life Cycle Analysis, By Geography

5 Market Overview (Page No. - 36)
5.1 Market Segmentation
5.1.1 HVDC Transmission Market, By Technology
5.1.2 Market, By Component
5.1.3 Market, By Project Type
5.1.4 Market, By Application
5.1.5 Market, By Geography
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Better Performance of HVDC Systems Compared to Hvac Systems
5.2.1.2 Renewable Energy Integrated Into HVDC Systems
5.2.1.3 Growing Demand for VSC Technology
5.2.2 Restraints
5.2.2.1 High Cost of Circuit Breakers
5.2.2.2 High Installation Cost
5.2.3 Opportunities
5.2.3.1 Increase in the Number of Offshore Wind Transmission Projects
5.2.3.2 Emerging UHVDC Technology
5.2.4 Challenges
5.2.4.1 Standardization of HVDC Transmission Systems

6 Industry Trends (Page No. - 45)
6.1 Introduction
6.2 Value Chain Analysis
6.3 Porter’s Five Forces Analysis
6.3.1 Intensity of Competitive Rivalry
6.3.2 Threat of Substitutes
6.3.3 Bargaining Power of Buyers
6.3.4 Bargaining Power of Suppliers
6.3.5 Threat of New Entrants
6.4 Regulatory Landscape

7 HVDC Transmission Market, By Component (Page No. - 55)
7.1 Introduction
7.2 Convertor Stations
7.2.1 Valves
7.2.1.1 Thyristor Valves
7.2.1.2 VSC Valves
7.2.2 Transformers
7.2.3 Harmonic Filters
7.2.3.1 AC Filters
7.2.3.2 DC Filters
7.2.4 Circuit Breakers: Breakthrough Innovation
7.2.5 Reactors
7.2.6 Surge Arresters
7.3 Transmission Cables
7.3.1 HVDC Submarine Cables
7.4 Others

8 HVDC Transmission Market, By Technology (Page No. - 63)
8.1 Introduction
8.2 Capacitor Commutated Converter (CCC) Based
8.3 Voltage Source Converter (VSC) Based
8.3.1 HVDC Light: ABB
8.3.2 HVDC Plus: Siemens
8.4 Line Commutated Converter (LCC) Based (Thyristor Based)
8.4.1 HVDC Classic: ABB
8.4.2 HVDC Classic: Siemens
8.5 UHVDC-Upcoming Technology

9 HVDC Transmission Market, By Project Type (Page No. - 75)
9.1 Introduction
9.2 Point-To-Point Transmission
9.2.1 Bipolar
9.2.2 Monopolar
9.3 Back-To-Back Stations
9.4 Multi-Terminal Systems
9.4.1 Series Multi Terminal Systems
9.4.2 Parallel Multi-Terminal Systems

10 HVDC Transmission Market, By Application (Page No. - 92)
10.1 Introduction
10.2 Underground Power Transmission
10.2.1 Islands
10.2.2 Urban Areas
10.2.3 Industrial Locations
10.3 Asynchronous Grid Interconnection
10.4 Off-Shore Power Transmission
10.4.1 Wind Projects
10.4.2 Oil & Gas

11 Geographic Analysis (Page No. - 102)
11.1 Introduction
11.2 Americas
11.2.1 North America
11.2.1.1 Nafta has Promised the Development of A Green Economy Throughout North America
11.2.1.2 U.S.
11.2.1.2.1 HVDC Transmission Market in the U.S. Undergoing Changes and Developments
11.2.1.3 Canada
11.2.1.3.1 Potential Applications of HVDC in the Canadian National Electrical Grid
11.2.1.4 Mexico
11.2.1.4.1 Electricity Bond Between the U.S. and Mexico Strengthens
11.2.2 South America
11.2.2.1 Increased Growth and Adoption of Renewable Power Observed in South America
11.2.2.2 Brazil
11.2.2.2.1 A Highly Potential Country for HVDC Deployment
11.2.2.3 Rest of South America
11.3 Europe
11.3.1 HVDC Expected to Be the Transmission Backbone of Europe’s Future Power Systems
11.3.2 U.K.
11.3.2.1 Increasing Integration of Offshore Wind Energy Into the U.K.’S Electricity Transmission Networks
11.3.3 Germany
11.3.3.1 Increasingly Adopting HVDC Technology
11.3.4 Russia
11.3.4.1 Potential Market for HVDC Systems
11.3.5 France
11.3.5.1 Potential for Further Interconnection to Contribute to Security of Supply
11.3.6 Rest of Europe
11.4 APAC
11.4.1 Presently Following an Exponential Growth Curve
11.4.2 China
11.4.2.1 Leading Country in the Global HVDC Transmission Market
11.4.3 Japan
11.4.3.1 Significant Growth and Use of Renewable Sources of Energy
11.4.4 India
11.4.4.1 Government Initiatives to Enhance the Energy Security
11.4.5 Australia
11.4.5.1 Initiatives Being Taken Up By Arena to Drive the PV Cells Market
11.4.6 Rest of APAC
11.5 RoW
11.5.1 Huge Potential for Renewable Resources in the Middle East and Africa
11.5.2 Middle East
11.5.3 Africa

12 Competitive Landscape (Page No. - 125)
12.1 Overview
12.2 Market Ranking for HVDC Transmission Market
12.3 Competitive Scenario
12.4 Recent Developments
12.4.1 Partnerships/Joint Ventures/Agreements
12.4.2 Expansions
12.4.3 Mergers & Acquisitions
12.4.4 New Product Launches

13 Company Profiles (Page No. - 131) (Overview, Products and Services, Financials, Strategy & Development)*
13.1 Introduction
13.2 ABB Ltd.
13.3 Siemens AG
13.4 General Electric
13.5 Toshiba Corporation
13.6 Hitachi, Ltd.
13.7 Prysmian Group
13.8 Nexans SA
13.9 American Superconductor Corp.
13.10 NR Electric Co., Ltd.
13.11 Transgrid Solutions, Inc.

*Details on Overview, Products and Services, Financials, Strategy & Development Might Not Be Captured in Case of Unlisted Companies.

14 Appendix (Page No. - 159)
14.1 Insights of Industry Experts
14.2 Discussion Guide
14.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
14.4 Introducing RT: Real-Time Market Intelligence
14.5 Available Customizations
14.6 Related Reports

List of Tables

Table 1 Growing Demand for VSC-Based HVDC Technology Expected to Propel the Growth of the HVDC Transmission Market During the Forecast Period
Table 2 High Installation Cost Acts as A Restraint in the HVDC Transmission Market
Table 3 Increase in Number of Offshore Wind Transmission Projects Poses as A Huge Opportunity for the HVDC Transmission Market
Table 4 Function and Stakeholders in A HVDC Transmission Value Chain
Table 5 Porter’s Five Forces Analysis: Threat of Substitutes Likely to Have Minimum Impact on the Overall Market During the Forecast Period
Table 6 Market: Regulatory Landscape
Table 7 Market, in Terms of Value and Volume, 2013–2022
Table 8 HVDC Transmission Market, By Component, 2013–2022 (USD Billion)
Table 9 Market for Converter Stations,2013–2022 (USD Billion)
Table 10 Market for Valves, 2013–2022 (USD Billion)
Table 11 Market, By Technology, 2013–2022 (USD Billion)
Table 12 Market, By Technology, 2013–2022 (In Gw)
Table 13 VSC-Based Technology Market, By Project Type, 2013–2022 (USD Billion)
Table 14 VSC-Based Technology Market, By Point-To-Point Project Type,2013–2022 (USD Billion)
Table 15 LCC-Based Technology Market, By Project Type, 2013–2022 (USD Billion)
Table 16 LCC-Based Technology Market, By Point-To-Point Project Type,2013–2022 (USD Billion)
Table 17 Difference Between LCC and VSC
Table 18 UHVDC Market, By Project Type, 2013–2022 (USD Billion)
Table 19 UHVDC Market, By Point-To-Point Project Type, 2013–2022 (USD Billion)
Table 20 HVDC Transmission Market, By Project Type, 2013–2022 (USD Billion)
Table 21 Market for Point-To-Point Project Type, By Technology, 2013–2022 (USD Billion)
Table 22 Market for Point-To-Point Project Type, By Application, 2013–2022 (USD Billion)
Table 23 Market for Point-To-Point Project Type, By Offshore Power Transmission, 2013–2022 (USD Billion)
Table 24 Market for Point-To-Point Project Type, By Region, 2013–2022 (USD Billion)
Table 25 Market, By Point-To-Point Project Type,2013–2022 (USD Billion)
Table 26 Market for Bipolar Point-To-Point Project Type, By Technology, 2013–2022 (USD Billion)
Table 27 Market for Bipolar Point-To-Point Project Type, By Application, 2013–2022 (USD Billion)
Table 28 HVDC Transmission Market for Bipolar Point-To-Point Project Type,By Offshore Power Transmission, 2013–2022 (USD Billion)
Table 29 Market for Bipolar Point-To-Point Project Type, By Region, 2013–2022 (USD Billion)
Table 30 Market for Monopolar Point-To-Point Project Type, By Technology, 2013–2022 (USD Billion)
Table 31 Market for Monopolar Point-To-Point Project Type, By Application, 2013–2022 (USD Billion)
Table 32 Market for Monopolar Point-To-Point Project Type, By Offshore Power Transmission, 2013–2022 (USD Billion)
Table 33 HVDC Transmission Market for Monopolar Point-To-Point Project Type, By Region, 2013–2022 (USD Billion)
Table 34 Market for Back-To-Back Project Type, By Technology, 2013–2022 (USD Billion)
Table 35 Market for Back-To-Back Project Type, By Application, 2013–2022 (USD Billion)
Table 36 Market for Back-To-Back Project Type, By Offshore Power Transmission, 2013–2022 (USD Billion)
Table 37 HVDC Transmission Market for Back-To-Back Project Type, By Region, 2013–2022 (USD Billion)
Table 38 Market for Multi-Terminal Project Type, By Technology, 2013–2022 (USD Billion)
Table 39 HVDC Transmission Market for Multi-Terminal Project Type, By Application, 2013–2022 (USD Billion)
Table 40 HVDC Transmission Market for Multi-Terminal Project Type, By Offshore Power Transmission, 2013–2022 (USD Billion)
Table 41 Market for Multi-Terminal Project Type, By Region, 2013–2022 (USD Billion)
Table 42 HVDC Transmission Market, By Application, 2013–2022 (USD Billion)
Table 43 Market for Underground Power Transmission, By Project Type, 2013–2022 (USD Billion)
Table 44 Market for Underground Power Transmission, By Point-To-Point Project Type, 2013–2022 (USD Billion)
Table 45 Market for Asynchronous Grid Interconnection, By Project Type, 2013–2022 (USD Billion)
Table 46 HVDC Transmission Market for Asynchronous Grid Interconnection, By Point-To-Point Project Type, 2013–2022 (USD Billion)
Table 47 Market for Offshore Power Transmission,2013–2022 (USD Billion)
Table 48 Market for Offshore Power Transmission, By Project Type, 2013–2022 (USD Billion)
Table 49 HVDC Transmission Market for Offshore Power Transmission, By Point-To-Point Project Type, 2013–2022 (USD Billion)
Table 50 Market for Wind Projects Offshore, By Point-To-Point Project Type, 2013–2022 (USD Billion)
Table 51 Market for Oil & Gas Offshore, By Point-To-Point Project Type, 2013–2022 (USD Billion)
Table 52 Market, By Region, 2013–2022 (USD Billion)
Table 53 Market, By Region, 2013–2022 (In Gw)
Table 54 Market in the Americas, By Project Type,2013–2022 (USD Billion)
Table 55 HVDC Transmission Market in the Americas, By Point-To-Point Project Type, 2013–2022 (USD Billion)
Table 56 Market in the Americas, By Region,2013–2022 (USD Billion)
Table 57 Market in North America, By Country,2013–2022 (USD Billion)
Table 58 Market in South America, By Country,2013–2022 (USD Billion)
Table 59 Market in Europe, By Project Type,2013–2022 (USD Billion)
Table 60 Market in Europe, By Point-To-Point Project Type, 2013–2022 (USD Billion)
Table 61 Market in Europe, By Country,2013–2022 (USD Billion)
Table 62 Market in APAC, By Project Type,2013–2022 (USD Billion)
Table 63 Market in APAC, By Point-To-Point Project Type, 2013–2022 (USD Billion)
Table 64 HVDC Transmission Market in APAC, By Country, 2013–2022 (USD Billion)
Table 65 Market in RoW, By Project Type,2013–2022 (USD Billion)
Table 66 Market in RoW, By Point-To-Point Project Type, 2013–2022 (USD Billion)
Table 67 Market in RoW, By Region, 2013–2022 (USD Billion)
Table 68 Market Ranking of the Top 5 Players in the HVDC Transmission Market, 2015
Table 69 Partnerships/Joint Ventures/Agreements, 2013–2015
Table 70 Expansions, 2014–2015
Table 71 Mergers & Acquisitions, 2013–2015
Table 72 New Product Launches, 2013–2015

List of Figures

Figure 1 HVDC Transmission Market Segmentation
Figure 2 Research Design
Figure 3 Market Size Estimation Methodology: Bottom-Up Approach
Figure 4 Market Size Estimation Methodology: Top-Down Approach
Figure 5 Data Triangulation
Figure 6 HVDC Transmission Market Expected to Grow Moderately During The Forecast Period
Figure 7 Point-To-Point Project Type Expected to Hold the Largest Market Size During the Forecast Period
Figure 8 Offshore Power Transmission Expected to Grow at the Highest Rate Between 2016 and 2022
Figure 9 Multi-Terminal Project Type for HVDC Offshore Power Transmission Expected to Grow at the Highest Rate Between 2016 and 2022
Figure 10 VSC-Based HVDC Technology, in Terms of Market Capacity (In Gw), Expected to Grow at the Highest Rate During the Forecast Period
Figure 11 HVDC Transmission Market in APAC Expected to Grow at the Highest CAGR Between 2016 and 2022
Figure 12 Attractive Market Opportunities for the HVDC Transmission Market During the Forecast Period
Figure 13 Market for VSC-Based Technology Expected to Grow at the Highest CAGR During the Forecast Period
Figure 14 India Expected to Exhibit the Highest Growth Rate During the Forecast Period
Figure 15 Back-To-Back Transmission Held the Largest Share Of The Hvdc Transmission Market in APAC in 2015
Figure 16 Offshore Wind Projects Estimated to Grow at the Highest CAGR Between 2016 and 2022
Figure 17 HVDC Transmission Market is Currently at the Growth Stage in APAC
Figure 18 Geographical Segmentation of Market
Figure 19 Increasing Demand for VSC Technology Expected to Spur the Growth of the HVDC Transmission Market
Figure 20 Cost Comparison Between HVDC and Hvac Grids
Figure 21 ABB & Siemens’ LCC- & VSC-Based HVDC Projects Since 2000
Figure 22 VSC-Based HVDC Transmission Solution at Growth Phase in 2015
Figure 23 Major Value Added During the Project Installation & Commissioning Phase
Figure 24 Impact of Intensity of Competitive Rivalry Was Moderate In The HVDC Transmission Market in 2015
Figure 25 Market: Porter’s Five Forces Analysis
Figure 26 Intensity of Competitive Rivalry: Moderate Competition in the Market Owing to the Presence of Less Number of Players
Figure 27 Threat of Substitutes: Impact Likely to Be Low During the Forecast Period
Figure 28 Bargaining Power of Buyers: Impact Likely to Be Medium During the Forecast Period Due to the Availability of High-Customized Solutions
Figure 29 Bargaining Power of Suppliers: Impact Likely to Be High During the Forecast Period Due to High Brand Value of Suppliers
Figure 30 Threat of New Entrants: Impact Likely to Be Medium During the Forecast Period Due to High Capital Requirement
Figure 31 HVDC Transmission Market, By Component
Figure 32 Converter Stations Expected to Grow at the Highest Rate Between 2016 and 2022
Figure 33 HVDC – Converter Stations
Figure 34 Type of Valves
Figure 35 Types of Harmonic Filters
Figure 36 Market, By Technology
Figure 37 VSC-Based Technology Expected to Grow at the Highest Rate Between 2016 and 2022
Figure 38 CCC-Based Technology Market, By Project Type, 2013–2022 (USD Billion)
Figure 39 The VSC-Based Technology Market, By Bipolar Point-To-Point Project Type, Expected to Grow at the Highest Rate Between 2016 and 2022
Figure 40 UHVDC Market, By Multi-Terminal Project Type, Expected to Grow at the Highest Rate Between 2016 and 2022
Figure 41 Market, By Project Type
Figure 42 Multi-Terminal Systems Expected to Grow at the Highest Rate Between 2016 and 2022
Figure 43 Point-To-Point Transmission Dominating Market Among All HVDC Project Types
Figure 44 Offshore Power Transmission Expected to Grow at the Highest Rate Between 2016 and 2022
Figure 45 Offshore Power Transmission Expected to Grow at the Highest Rate Between 2016 and 2022
Figure 46 Multi-Terminal Systems: Highest Growing Market Among All HVDC Project Types
Figure 47 HVDC Transmission Market, By Application
Figure 48 Offshore Power Transmission Expected to Grow at the Highest Rate Between 2016 and 2022
Figure 49 HVDC Transmission Application: Underground Power Transmission
Figure 50 HVDC Transmission Application: Off-Shore Power Transmission
Figure 51 Market, By Region
Figure 52 APAC Expected to Register the Highest Growth Rate During the Forecast Period
Figure 53 HVDC Transmission Market in India Estimated to Grow at the High Rate Between 2016 and 2022
Figure 54 Regions Covered in the Market in the Americas
Figure 55 Increasing Demand for Reliable and Secure Power Supply Expected to Drive the Market in the Americas
Figure 56 Brazil to Grow at the Highest Rate in the HVDC Transmission Market in South America Between 2016 and 2022
Figure 57 Regions Covered in the HVDC Transmission Market in Europe
Figure 58 Regions Covered in the HVDC Transmission Market in APAC
Figure 59 Demand for Continuous and Uninterrupted Power Expected to Drive the Growth of the Market in APAC
Figure 60 Regions Covered in the Market in RoW
Figure 61 Key Growth Strategies Adopted By the Leading Players in the Market Between 2013 and 2016
Figure 62 General Electric Grew Rapidly Between 2013 and 2015
Figure 63 Market Evaluation Framework: Partnerships/ Agreements/Joint Ventures Fuelled the Growth and Innovation Between 2013 and 2015
Figure 64 Battle for Market Share: Partnerships/Joint Ventures/Agreements Were the Key Strategies Between 2013 and 2015
Figure 65 Geographic Revenue Mix of Top 5 Market Players
Figure 66 ABB Ltd.: Company Snapshot
Figure 67 ABB Ltd.: SWOT Analysis
Figure 68 Siemens AG: Company Snapshot
Figure 69 Siemens AG: SWOT Analysis
Figure 70 General Electric: Company Snapshot
Figure 71 General Electric: SWOT Analysis
Figure 72 Toshiba Corporation: Company Snapshot
Figure 73 Toshiba Corporation: SWOT Analysis
Figure 74 Hitachi, Ltd.: Company Snapshot
Figure 75 Hitachi Ltd.: SWOT Analysis
Figure 76 Prysmian Group: Company Snapshot
Figure 77 Nexans SA: Company Snapshot
Figure 78 American Superconductor Corp.: Company Snapshot


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