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HVDC Transmission Market Size Share Analysis 2023-2030

HVDC transmission market size is growing at a high CAGR of 8% during the forecast period (2023-2030).

2022-08-04

The rapidly growing popularity of VSC technology

The market for HVDC transmission is expanding due to rising demand for VSC technology, improved HVDC transmission performance over HVAC transmission systems and integration of renewable energy sources. The new HVDC technology, based on the Voltage Source Converter (VSC), is an all-around appealing method of transporting electricity. 

The HVDC VSC transmission technology allows for autonomous control of both active and reactive power and quick emergency response times. 

Future technological advancements have also ensured that power transmission businesses take full advantage of this technology's benefits and do away with its disadvantages, such as excessive losses. 

VSC technology converts AC to DC voltage with insulated gate bipolar transistors (IGBTs), pulse width modulation (PWM) or by switching in and out of smaller DC capacitors. Voltage inverters and voltage rectifiers are the two different categories of voltage converters. A VSC-HVDC system's primary purpose is to transfer steady DC power from a rectifier to an inverter. 

Insulated gate bipolar transistors, employed in VSC technology, address the shortcomings of conventional approaches and are growing in popularity. Because VSC technology is becoming increasingly popular among utility companies, ABB Ltd. and Siemens AG are developing HVDC transmission strategies. 

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HVDC transmission in renewable energy generation

The developed economies have long recognized the need for a reliable and adaptable electrical transmission system. 

Policymakers and business organizations have various options, with high voltage direct current (HVDC) transmission systems evolving as a practical energy management method. 

HVDC transmission systems have lower emissions and cost savings advantages when used overhead for long distances and underground or underwater for short distances. 

Developing and implementing a new energy system based on renewable sources has been built atop the foundation of HVDC transmission lines. 

For example, solar and wind power installations are examples of renewable energy sources that are frequently quite unstable and situated in remote places. 

With long-haul HVDC transmission lines that can carry power with optimum efficiency and minimal losses, the ever-evolving HVDC technology is making strides in the new energy economy. 

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Sai Kiran
Sales Manager at DataM Intelligence
Email: [email protected]
Tel: +1 877 441 4866

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Global HVDC Transmission, HVDC Transmission Market Size, HVDC Transmission Market Share, HVDC Transmission Market Revenue, HVDC Transmission Companies, HVDC Transmission Key players, HVDC Transmission DataM Intelligence Reports

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