The global HVDC power supply market is expected to reach USD 4.88 billion by 2022, according to a new report by Grand View Research, Inc. These systems, integrate easily with renewable or alternative energy sources such as photovoltaic, fuel cells, and wind power, and provide considerable avenues for industry growth.
The emergence of the hybrid HVDC circuit technology that utilizes Voltage Source Converters (VSC), and is compact in design when compared to traditional design is anticipated to fuel product demand over the next seven years.
Further, the HVDC supply industry has also witnessed the development of high power Insulated Gate Bipolar Transistors (IGBT) that has reduced the HVDC system size resulting in substantial economic benefits.
HVDC supply enhance the reliability of an electrical system and is the only possible solution available in the market today; which can be utilized in renewable energy sources.
The ability of these products to efficiently transmit bulk power over long distance has significantly contributed to the development of direct-drive wind turbine, which supports the sustainable development of the current energy infrastructure.
Further key findings from the report suggest:
- The industrial segment accounted for over 40% of the overall revenue in 2014 and is estimated to grow at a CAGR exceeding 11% over the forecast period. It can be ascribed to rapid industrialization in emerging countries, such as India and China, along with rising demand for efficient power supply.
- The telecommunication application segment is anticipated to witness healthy growth and accounted for over 25% of the market in 2014. It can be primarily attributed to the reliable and long-distance transmission with minimal loss offered by these products. The rapid infrastructure development owing to the widespread usage of the internet may also contribute significantly towards the segment growth.
- Over 4,000 V voltage segment accounted for more than 45% of the overall revenue in 2014. It may be primarily ascribed to the enhanced features such as low output noise, creation of an automated high voltage test system, and improved sourcing precision and measurement sensitivity provided by these products.
- Asia Pacific HVDC power supply market accounted for over 20% of the overall revenue share in 2014, which may increase over the next seven years. Healthy demand across the transmission grids owing to the ability of these products to connect remotely located electricity generation plants is expected to fuel the demand over the next seven years. Europe is also projected to witness a significant growth owing to increasing emphasis on the use of renewable energy resources in the region.
- The notable companies in the market include ABB Ltd., Excelitas Technologies, General Electric, Glassman Europe Ltd., Siemens AG, Spellman, General Electric, UltraVolt, Inc., Toshiba Corporation, and Alstom SA. The leading industry participants emphasize on quality control and testing, wherein manufacturing activities are monitored right up to final testing to ensure that the product is manufactured in conformance with specific customer requirements and industry standards.