HVDC Transmission Market by Component (Convertor Stations, Transmission Cables, and Others), Technology (CCC, VSC, LCC, and UHVDC), Project Type, Power Rating, Application, and Geography - Global Forecast to 2023

“The HVDC transmission market is likely to grow at a CAGR of 7.31% between 2017 and 2023”
The HVDC transmission market was valued at USD 6.79 billion in 2016 and is expected to reach USD 11.52 billion by 2023, at a CAGR of 7.31%. The market growth can be attributed to several factors such as integration of voltage sourced converter (VSC) technology across grids to enable system security, liberalization in the energy policies in Europe, and decommissioning of nuclear and coal power plants.
“The market for point-to-point is expected to grow in terms of value during the forecast period”
The bipolar configurations in the point-to-point project type are increasing being adopted in Asia Pacific (APAC) due to their reliability in carrying high power loads. The point-to-point project type is likely to be used in future transmission and distribution systems. Moreover, the point-to-point project type is used if high power energy is required or lower load rejection power makes it necessary to split the capacity between the two poles.
“The market in APAC is expected to grow at the highest rate during the forecast period”
The increasing demand for cost-effective solutions for long distance power transmission acts as driving force for the growth of the HVDC transmission market. APAC is considered to be the fastest growing market due to the high development in power transmission networks and the various initiatives taken by the government to integrate wind energy in power grids to ensure clean energy generation.

The countries considered in APAC are China, Japan, India, Australia, and Rest of APAC. APAC holds the largest share of the HVDC transmission market as there is strong support for HVDC transmission development from the governments of China and India.

Breakdown of primary participants’ profile by different parameters:
‧ By Company Type: Tier 1 – 50%, Tier 2 – 33%, and Tier 3 –17%
‧ By Designation: C-Level Executives – 50%, Directors – 33%, and Others –17%
‧ By Region: Americas – 34%, Europe – 33%, and APAC – 33%
The key players operating in this market are ABB Ltd. (Switzerland), Siemens AG (Germany), General Electric Co. (US), Toshiba Corporation (Japan), Mitsubishi Electric Corporation (Japan), Nexans SA (France), Hitachi Ltd. (Japan), NKT A/S (Denmark), Prysmian Group (Italy), NR Electric Co., Ltd. (China), Sumitomo Electric industries, Ltd. (Japan), C-EPRI Electric Power Engineering Co., Ltd. (China), American Superconductor Corp. (US), and Schneider Electric (France).

Research Coverage:
In this report, various segments such as component, technology, project type, power rating, application, and geography have been covered. Moreover, the report discusses the drivers, restraints, opportunities, and challenges of the HVDC transmission market. Furthermore, the report provides a detailed view of the market across four main regions, namely, the Americas, Europe, Asia Pacific (APAC), and Rest of the World (RoW). A competitive analysis section has been included in the report, which provides the details of the visionary leaders, innovators, dynamic, and emerging players in the HVDC transmission market.

Reasons to Buy the Report:
‧ This report includes the statistics pertaining to the HVDC transmission market in terms of component, technology, project type, power rating, application, and geography, along with their respective market size (in terms of value for the components segment).
‧ The competitive analysis section provides the details of the visionary leaders, innovators, dynamic, and emerging players in the HVDC transmission market.
‧ The report provides a detailed analysis of the major drivers, restraints, opportunities, and challenges of the HVDC transmission market.
‧ The report includes the illustrative segmentation, analysis, and forecast of the HVDC transmission market based on its segments and subsegments.

TABLE OF CONTENTS

1 INTRODUCTION 15
1.1 OBJECTIVES OF THE STUDY 15
1.2 MARKET DEFINITION 15
1.3 STUDY SCOPE 16
1.3.1 MARKETS COVERED 16
1.3.2 HVDC TRANSMISSION MARKET, BY REGION 17
1.3.3 YEARS CONSIDERED FOR THE STUDY 17
1.4 CURRENCY 18
1.5 LIMITATIONS 18
1.6 STAKEHOLDERS 18
2 RESEARCH METHODOLOGY 19
2.1 RESEARCH DATA 19
2.1.1 SECONDARY DATA 20
2.1.1.1 Major secondary sources 20
2.1.1.2 Key data from secondary sources 21
2.1.2 PRIMARY DATA 21
2.1.2.1 Primary interviews with experts 21
2.1.2.2 Breakdown of primaries 22
2.1.2.3 Key data from primary sources 22
2.2 SECONDARY AND PRIMARY RESEARCH 23
2.2.1 KEY INDUSTRY INSIGHTS 24
2.3 MARKET SIZE ESTIMATION 24
2.3.1 BOTTOM-UP APPROACH 25
2.3.1.1 Approach for capturing the market share by bottom-up analysis (demand side) 25
2.3.1.2 Approach for capturing the market share with the help of various players in the value chain of the HVDC transmission market 26
2.3.2 TOP-DOWN APPROACH 26
2.3.2.1 Approach for capturing the market share by top-down analysis (supply side) 27
2.4 MARKET BREAKDOWN AND DATA TRIANGULATION 28
2.5 RESEARCH ASSUMPTIONS 29
3 EXECUTIVE SUMMARY 30
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4 PREMIUM INSIGHTS 36
4.1 GROWING DEMAND FOR VSC TECHNOLOGY IN HVDC TRANSMISSION MARKET 36
4.2 OVERALL HVDC TRANSMISSION MARKET, BY POWER RATING 36
4.3 APAC HELD LARGEST SHARE OF OVERALL HVDC TRANSMISSION MARKET IN 2017 37
4.4 CHINA DOMINATED HVDC TRANSMISSION MARKET IN APAC IN 2017 38
4.5 OFFSHORE POWER TRANSMISSION APPLICATION IN HVDC TRANSMISSION MARKET 39
5 MARKET OVERVIEW 40
5.1 INTRODUCTION 41
5.2 MARKET DYNAMICS 41
5.2.1 DRIVERS 42
5.2.1.1 Increasing demand for cost-effective solutions for long distance power transmission 42
5.2.1.2 Integration of VSC technology across grids enable system security 43
5.2.1.3 Liberalization in the energy policies in Europe 44
5.2.1.4 Decommissioning of nuclear and coal power plants 44
5.2.2 RESTRAINTS 45
5.2.2.1 Rise in the cost of components affects the grid installations 45
5.2.2.2 High initial investment in grid infrastructure 45
5.2.3 OPPORTUNITIES 45
5.2.3.1 Favorable government policies bring opportunities for growth in offshore wind transmission projects 45
5.2.3.2 Rapid adoption rate for UHVDC technology in China 46
5.2.4 CHALLENGES 47
5.2.4.1 Maintaining an uniformity in the standards of HVDC transmission equipment and systems 47
5.2.4.2 Controlling congestion and instability in HVDC systems 47
6 INDUSTRY TRENDS 48
6.1 VALUE CHAIN ANALYSIS 48
6.2 REGULATORY STANDARDS 50
7 HVDC TRANSMISSION MARKET, BY COMPONENT 51
7.1 INTRODUCTION 52
7.2 CONVERTER STATIONS 53
7.2.1 VALVES 54
7.2.1.1 Thyristor valves 55
7.2.1.2 VSC valves 55
7.2.2 TRANSFORMERS 56
7.2.3 HARMONIC FILTERS 56
7.2.3.1 AC filters 56
7.2.3.2 DC filters 56
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7.2.4 CIRCUIT BREAKERS 57
7.2.5 REACTORS 57
7.2.6 SURGE ARRESTERS 57
7.3 TRANSMISSION CABLES 57
7.3.1 HVDC SUBMARINE CABLES 58
7.4 OTHERS 58
8 HVDC TRANSMISSION MARKET, BY TECHNOLOGY 59
8.1 INTRODUCTION 60
8.2 CAPACITOR COMMUTATED CONVERTER (CCC) BASED 61
8.3 VOLTAGE SOURCE CONVERTER (VSC) BASED 62
8.4 LINE COMMUTATED CONVERTER (LCC) BASED (THYRISTOR BASED) 64
8.5 UHVDC 66
9 HVDC TRANSMISSION MARKET, BY PROJECT TYPE 68
9.1 INTRODUCTION 69
9.2 POINT-TO-POINT TRANSMISSION 70
9.2.1 MONOPOLAR 72
9.2.2 BIPOLAR 75
9.3 BACK-TO-BACK STATIONS 77
9.4 MULTI-TERMINAL SYSTEMS 80
9.4.1 SERIES MULTI-TERMINAL SYSTEMS 82
9.4.2 PARALLEL MULTI-TERMINAL SYSTEMS 82
10 HVDC TRANSMISSION MARKET, BY POWER RATING 83
10.1 INTRODUCTION 84
10.2 BELOW 500 MW 85
10.3 501–1000 MW 86
10.4 1001–1500 MW 86
10.5 1501–2000 MW 87
10.6 ABOVE 2001 MW 87
11 HVDC TRANSMISSION MARKET, BY APPLICATION 88
11.1 INTRODUCTION 89
11.2 UNDERGROUND POWER TRANSMISSION 90
11.2.1 ISLANDS 91
11.2.2 URBAN AREAS 92
11.2.3 INDUSTRIAL LOCATIONS 92
11.3 ASYNCHRONOUS GRID INTERCONNECTION 92
11.4 OFF-SHORE POWER TRANSMISSION 93
11.4.1 WIND PROJECTS 96
11.4.2 OIL & GAS 97
12 GEOGRAPHIC ANALYSIS 99
12.1 INTRODUCTION 100
12.2 AMERICAS 102
12.2.1 HVDC EXPECTED TO BE THE BACKBONE FOR POWER TRANSMISSION IN THE AMERICAS IN FUTURE 102
12.2.2 NORTH AMERICA 106
12.2.2.1 Increasing demand for renewable energy brings growth opportunities in North America 106
12.2.2.2 US 107
12.2.2.2.1 Growing demand for HVDC transmission projects 107
12.2.2.3 CANADA 107
12.2.2.3.1 Implementation of HVDC interconnections in the Canadian national electrical grid 107
12.2.2.4 MEXICO 108
12.2.2.4.1 Development of power grids to meet the growing demand for electricity 108
12.2.3 SOUTH AMERICA 108
12.2.3.1 Stringent regulations for generating electricity using renewables 108
12.2.3.2 Brazil 109
12.2.3.2.1 Huge potential for HVDC transmission projects 109
12.2.3.3 Rest of South America 109
12.3 EUROPE 110
12.3.1 DEPLOYMENT OF HVDC TRANSMISSION PROJECTS USING RENEWABLES 110
12.3.2 UK 113
12.3.2.1 Reduction in greenhouse gas emission to improve the transmission and distribution network 113
12.3.3 GERMANY 114
12.3.3.1 Accelerated shift from nuclear power and fossil fuels to renewables 114
12.3.4 RUSSIA 114
12.3.4.1 Potential growth for HVDC projects in the country 114
12.3.5 FRANCE 114
12.3.5.1 Increasing adoption of HVDC Technology for long-distance power transmissions 114
12.3.6 REST OF EUROPE 115
12.4 APAC 115
12.4.1 CAPACITY ADDITION ACROSS THE EXISTING POWER INFRASTRUCTURE TO DRIVE HVDC TRANSMISSION MARKET IN APAC 115
12.4.2 CHINA 118
12.4.2.1 Policy structure attracting more investments for HVDC projects 118
12.4.3 JAPAN 118
12.4.3.1 Investments by leading players driving the growth of the HVDC transmission market 118
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12.4.4 INDIA 119
12.4.4.1 Government initiatives to facilitate economic benefits and energy security 119
12.4.5 AUSTRALIA 119
12.4.5.1 Government policies for the development and commercialization of solar energy resources 119
12.4.6 REST OF APAC 120
12.5 ROW 120
12.5.1 DEVELOPMENT IN POWER INFRASTRUCTURE TO MEETS THE INCREASING DEMANDS FOR POWER 120
12.5.2 MIDDLE EAST 122
12.5.2.1 Emerging market for HVDC technology 122
12.5.3 AFRICA 122
12.5.3.1 Upcoming HVDC projects contributing to the overall growth of
the country 122
13 COMPETITIVE LANDSCAPE 123
13.1 INTRODUCTION 123
13.2 MARKET RANKING ANALYSIS: HVDC TRANSMISSION MARKET 124
13.3 HVDC TRANSMISSION MARKET (GLOBAL) COMPETITIVE LEADERSHIP MAPPING, 2017 125
13.3.1 VISIONARY LEADERS 125
13.3.2 DYNAMIC DIFFERENTIATORS 125
13.3.3 INNOVATORS 125
13.3.4 EMERGING COMPANIES 125
13.4 HVDC TRANSMISSION MARKET: STRENGTH OF PRODUCT PORTFOLIO (25 COMPANIES) 127
13.5 HVDC TRANSMISSION MARKET: BUSINESS STRATEGY EXCELLENCE (25 COMPANIES) 128
*Top 25 companies analyzed for this study are - ABB Ltd., Siemens AG, General Electric, Toshiba Corporation, Mitsubishi Electric Corporation, Nexans SA, Nkt A/S, Hitachi Ltd., Schneider Electric, NR Electric Co., Ltd., Prysmian Group, Sumitomo Electric Industries, Ltd., C-EPRI Electric Power Engineering Co., Ltd, ATCO Electric Ltd, American Superconductor Corp., LS Industrial Systems, TransGrid Solutions Inc., Europacable, Preferred Power Solutions, Double Engineering Company, EMCO Limited, Eltek, HVDC Technology Ltd., Epcos, Origin Electric Co., Ltd.
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14 COMPANY PROFILES 129
(Business Overview, Products offered & Services strategies, Key Insights, Recent Developments, MnM View)*
14.1 ABB LTD. 129
14.2 SIEMENS AG 133
14.3 GENERAL ELECTRIC 136
14.4 TOSHIBA CORPORATION 140
14.5 MITSUBISHI ELECTRIC CORPORATION 143
14.6 NEXANS SA 146
14.7 NKT A/S 149
14.8 HITACHI LTD. 152
14.9 SCHNEIDER ELECTRIC 155
14.10 NR ELECTRIC CO., LTD. 158
14.11 PRYSMIAN GROUP 161
14.12 C-EPRI ELECTRIC POWER ENGINEERING CO., LTD 164
14.13 KEY INNOVATORS AND START-UPS 166
14.13.1 AMERICAN SUPERCONDUCTOR CORP. 166
14.13.2 TRANSGRID SOLUTIONS INC. 167
14.13.3 ATCO ELECTRIC LTD. 168
14.13.4 DOUBLE ENGINEERING COMPANY 169
14.13.5 HVDC TECHNOLOGIES LTD. 170
*Details on Business Overview, Products offered & Services strategies, Key Insights, Recent Developments, MnM View might not be captured in case of unlisted companies.
15 APPENDIX 171
15.1 INSIGHTS OF INDUSTRY EXPERTS 171
15.2 DISCUSSION GUIDE 172
15.3 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 175
15.4 INTRODUCING RT: REAL-TIME MARKET INTELLIGENCE 177
15.5 AVAILABLE CUSTOMIZATIONS 179
15.6 RELATED REPORTS 179
15.7 AUTHOR DETAILS 180