High Voltage Direct Current (HVDC) transmission
system is a type of power system used to transmit large amounts of electricity,
characterized by the use of direct current rather than alternating current for
long-distance or cross-border power transmission.
In a high voltage direct current (HVDC)
transmission system, electrical energy is converted into direct current at a
power station, then transmitted to the destination through high-voltage
transmission lines, where it is converted back into alternating current for use
by users.This transmission method has
the advantages of reducing energy loss in the transmission line, increasing
transmission capacity, and reducing interference with the AC power grid.
Introduction to HVDC Classification
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Types
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Introduction
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HVDC based on line converter
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Also known as conventional HVDC or first-generation
HVDC
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Using a six-pulse converter, typically based on
thyristor technology
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A filter on the AC side is needed to reduce
harmonics
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Usually used for long-distance, high-power
transmission, such as the connection between large hydropower stations and
remote loads
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HVDC based on voltage source converter
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Also known as the new generation HVDC or Flexible
Direct Current Transmission (FDC)
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Using switchable devices such as insulated gate
bipolar transistors (IGBTs)
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No need for filters on the AC side
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It can independently control active and reactive
power.
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Suitable for scenarios such as urban power grids,
wind farms, and island power supply, as it can better meet the needs of
distributed energy and short-distance transmission
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Source: www.globalmarketmonitor.com
Analysis of market driving factors
Firstly, from the perspective of energy transformation, renewable energy sources such as solar and wind energy have been vigorously promoted globally. However, these energy sources have discontinuity and instability, requiring long-distance transmission and grid connection through HVDC transmission systems to solve the problem of uneven energy distribution. Therefore, with the popularization of renewable energy, the market demand for HVDC transmission systems will continue to grow.
Secondly, the interconnection of regional power grids is also an important factor driving the growth of the HVDC transmission system market. Through the HVDC transmission system, different regional power grids can be connected to achieve the sharing and optimization of power resources. This can not only improve the stability and reliability of the power system but also promote the opening and competition of the electricity market.
In addition, with the increasing demand for power transmission, HVDC transmission systems are also playing an increasingly important role. Some regions with abundant electricity resources but limited consumption capacity need to transmit electricity to areas with stronger consumption capacity through HVDC transmission systems. This can not only alleviate the tense situation of local power supply but also promote economic cooperation and development between regions.
Overview of Market Development
The HVDC transmission system plays a crucial role in the global energy market, especially in achieving access to renewable energy, regional grid interconnection, and power transmission, which is irreplaceable. With the transformation of the global energy structure and the development of smart grids, the market demand for HVDC transmission systems is showing a steady growth trend.
According to our research data, the global HVDC transmission system market revenue reached $9.56 billion in 2023, an increase of 5.23% compared to 2022. In the future, with continuous breakthroughs in new energy technology and the deepening development of smart grids, the performance of HVDC transmission systems will be further improved, and costs will also continue to decrease. This will further promote the popularization and application of HVDC transmission systems on a global scale. By 2029, the global HVDC transmission system market revenue is expected to increase to $12.56 billion.
Global HVDC Transmission System Market Revenue and Competitive Landscape Analysis
Source: www.globalmarketmonitor.com
Analysis of Market Competitive Landscape
From the perspective of market competition, the concentration of the global HVDC transmission system market is high. Data shows that in 2023, the total revenue of the HVDC transmission system market of the top 3 enterprises in the industry was $7.07 billion, with a total revenue share of 74.00%. The top 3 companies are ABB, Siemens, and Toshiba. In 2023, these three companies accounted for 44.61%, 25.57%, and 3.82% of the global HVDC transmission system market revenue, respectively.
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