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Key Emerging Trends in the HVDC Transmission Market
The escalating demand for electricity, fueled by factors such as increasing household incomes, electrification of transportation, and global digitalization trends, underscores the crucial role of electricity in economic development. According to the International Energy Agency (IEA), global electricity demand is projected to grow at an average annual rate of 2.1% until 2040, with a notable 5% increase in 2021 compared to 2020. This surge in electricity demand has significantly boosted the applications of High Voltage Direct Current (HVDC) transmission technologies, particularly for long-distance electricity transmission.
In response to the heightened electricity demands, there is a noteworthy trend toward converting existing High Voltage Alternating Current (HVAC) corridors to HVDC transmission systems. This shift is regarded as a cost-effective alternative to upgrading existing HVAC systems, offering the potential for a 50-150% increase in power capacity for distances of approximately 350 kilometers. The global HVDC transmission market has witnessed substantial expansion in recent years, driven by these strategic conversions to meet rising electricity needs efficiently.
The emergence of Voltage Source Converter-based High Voltage Direct Current (VSC-HVDC) technology has brought about significant advancements in HVDC transmission capabilities. VSC-HVDC systems, such as HVDC Light (ABB), HVDC Plus (Siemens), and MonSin (GE/Alstom), offer complete flow control in both directions, prevent fault propagation, enhance voltage stability, and reduce network losses. Notably, VSC technology surpasses the conventional line-commutated conversion (LCC) technology, offering advantages such as higher power and voltage at the same cost, a more compact physical size (20-30% smaller conversion stations compared to LCC-based stations), and black start capabilities. The demand for VSC-HVDC transmission capabilities is on the rise, further propelling the global HVDC transmission market.
As of 2019, there were 39 commissioned VSC-HVDC systems globally, with cumulative capacities exceeding 20 GW in 2019 and reaching 30 GW by 2020. Hitachi Ltd. projects that VSC-HVDC systems will add over 35 GW in capacity globally between 2020 and 2026, representing a doubling of the observed rate between 2010 and 2019. This substantial growth in VSC technology underscores its pivotal role as a driving force in the HVDC transmission market's expansion.
Covered Aspects:| Report Attribute/Metric | Details |
|---|---|
| Market Opportunities | · Growing opportunities for renewable energies. |
| Market Dynamics | · Rising demand for electricity transmissions and VSC technologies |
HVDC Transmission Market Highlights:
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