Major Trends in HVDC Transmission Market

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MarketsandMarkets Presents

Major Trends in HVDC Transmission Market HVDC
Transmission Market by Component (Converter
Stations, Transmission Cables, and Others),
Project Type (Point-to-Point, Back-to-Back, and
Multi-Terminal), Technology (CCC, VSC, and lCC),
Application, and Geography - Global Forecast to
2024 https//www.marketsandmarkets.com/Market-Re
ports/hvdc-grid-market-1225.html
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The HVDC transmission market is projected to
reach USD 12.3 billion by 2024 from USD 8.2
billion in 2018, at a CAGR of 6.9 during
20182024. Major drivers for market growth are
optimal solutions for long distance transmission,
growing demand for VSC technology, shift toward
renewable energy, and supportive government
policies and initiatives for HVDC transmission.
However, the high cost of installing HVDC
transmission systems is the major restraint for
the growth of the market. Browse 91 market data
Tables and 48 Figures spread through 147 Pages
and in-depth TOC on "HVDC Transmission Market -
Global Forecast to 2024"
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Bulk power transmission to hold largest share of
HVDC transmission market during forecast
period HVDC systems are preferred for sending
bulk power across long distances, with fewer
power losses. That makes the underlying
technology valuable for overcoming an important
problem associated with renewable energy
generation, harvesting points for which are
seldom located near the population centers that
need them. HVDC is economical, which results in
higher efficiency, lesser conductor, no reactive
power compensation, and more stable and reliable
operations than an equivalent high voltage
alternating current (HVAC) system transmitting
the same amount of power. Download Free PDF
Brochure https//www.marketsandmarkets.com/pdfdow
nloadNew.asp?id1225 HVDC transmission market
for multi-terminal project type to grow at
highest CAGR during forecast period Of all the
project types, the market for multi-terminal is
expected to witness the highest CAGR.
Multi-terminal HVDC systems connect
non-synchronous power systems and offer
flexibility in interchanging power between 3 or
more converter stations. Multi-terminal HVDC
systems are one of the cost-effective ways to
aggregate large amounts of renewable energies
through HVDC land cables, sea cables, or overhead
lines on one side, and connect the aggregated
energy to the main AC system through a common DC
network.
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APAC to hold largest share of HVDC transmission
market during 20182024 The HVDC transmission
market in APAC is segmented into China, Japan,
India, and Australia. The demand for
uninterrupted power plays a crucial role in
driving the adoption of HVDC in the region. The
development of power infrastructure in this
region offers many growth opportunities for
market players. China is investing heavily in
renewable energy and implementing latest UHVDC
technology for power transmission. For instance,
2 of the worlds most powerful and longest HVDC
power transmission highways, each with a nominal
rating of 3,000 MW, are currently being installed
in China. The regions emerging economies, such
as China and India, provide power capacity
addition across the existing power
infrastructure, which is a major driving factor
for the increasing demand for HVDC transmission
in APAC. Request Free Sample Pages https//www.m
arketsandmarkets.com/requestsampleNew.asp?id1225
Key players in the HVDC transmission market ABB
(Switzerland), Siemens (Germany), General
Electric (US), Hitachi (Japan), Mitsubishi
Electric (Japan), Nexans (France), NKT A/S
(Denmark), NR Electric (China), C-EPRI Electric
Power Engineering (China), and Prysmian Group
(Italy).
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