2014-01-23 04:03:03 - HVDC Transmission Market: 2013-2018 - a new market research report on companiesandmarkets.com
The global HVDC transmission market is forecast to grow to a value of around $9.62 billion by the end of 2018. This value suggests a CAGR growth rate of 16.97% between 2013 and 2018. The major driving factors for HVDC transmission market are the growth in offshore wind farms installation and increasing the government incentivization.
The increasing wind farms, focusing on power trading and reliable power transmission in the continent have been driving HVDC transmission market. It is expected that wind farms would produce 10,000 MW of power â 50 times more than today´s offshore farms. Even the European Union, also focusing on the adoption rate of the HVDC as they have set a target of 20% of electricity from renewable
sources by 2020, and much of this will come from wind farms.
Europe and APAC are considered to be the fastest growing markets due to high development in power transmission networks. American market also constitutes as a substantial share in high voltage direct current market where as the U.S. is considered as the major contributor. The ageing infrastructure and recent blackout in the U.S. is the reason behind the adoption of HVDC in the region. From these factors, it is believed that these markets will grow at a significant rate for the forecast period of 2013 and 2018.
The depleting conventional power generation has drawn attention towards exploring the new prospects of power generation sources. Across the globe power consumption, demand tends to increase in near future. The major economies such as China and India, are continuously striving to develop scope to generate power from new sources such as wind farms, solar panel and tidal to satiate the power consumption demand of the cities.
The increasing demand of electricity has laid enormous pressures on the existing infrastructure of the power generation capacity. Beside power generation, transmission loss is also one of the major concerns as heavy transmission losses are being incurred by the AC system. Hence, HVDC transmission becomes an interesting preposition across the globe due to its lower transmission losses, asynchronous interconnection and the capability to deliver bulk power for long distance transmission.
Some of the major companies dominating the global HVDC market are ABB (Switzerland) Siemens (Germany), Alstom (France), Toshiba (Japan), and others. ABB (Switzerland) and Siemens (Germany) are the key players of power generation and transmission market and it is found that these companies covers more than 80% of the overall market share in the global HVDC market.
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