Enjoy complimentary customisation on priority with our Enterprise License!
The UK high voltage direct current (HVDC) transmission systems market size is forecast to increase by USD 393.4 billion at a CAGR of 8.09% between 2023 and 2028. The market is witnessing significant growth due to its role as an optimal solution for long-distance power transmission. With the increasing focus on grid interconnections and electricity trading, HVDC systems are becoming increasingly important for power grid connectivity. Two primary types of HVDC converters, Line Commutated Converters (LCC) and Voltage Source Converters (VSC), are used in these systems. Self-commutation and reactive power control are essential features of these converters. Submarine cables and overhead transmission lines are commonly used for HVDC projects. The clean hydropower sector is a major contributor to the market, with many power rating projects underway. However, there are challenges to the market growth, including the limited power ratings for IGBTs and issues with circuit breakers. Despite these challenges, the market is expected to continue growing due to the need for efficient and reliable power transmission solutions.
_Transmission_Systems_Market_in_UK_size_abstract_2024_v1.jpg?format=webp)
The UK energy landscape is undergoing significant transformation with a growing emphasis on renewable energy sources and the need for efficient power transmission. High Voltage direct current(HVDC) transmission systems have emerged as a viable solution to address the challenges of transmitting electrical energy from renewable sources to the powergrid and ensuring energy security. HVDC transmission systems utilize advanced converter technology to convert electrical energy from alternating current (AC) to DC and vice versa at the point of transmission. This technology offers several advantages, including efficient energy transfer over long distances, improved grid stability, and reduced carbon emissions.
Moreover, submarine power cables and converter stations play a crucial role in HVDC transmission systems, enabling the transfer of electrical energy across bodies of water and interconnecting grids. The UK, with its extensive coastline and Renewable energy resources, presents a significant opportunity for the growth of HVDC transmission systems. The integration of intermittent energy sources, such as wind energy, into the grid requires advanced energy flow regulation and interconnection. Moreover, power is mainly used for cooling, lighting, and running appliances and equipment in the residential sector. HVDC transmission systems offer a solution by enabling the efficient and reliable transfer of electrical energy from renewable sources to the grid, even during periods of low demand or high generation.
Furthermore, electricity exchange between grids is another critical application of HVDC transmission systems. These systems enable the transfer of electrical energy between national grids, ensuring energy security and promoting clean energy solutions. Infrastructure investment in HVDC transmission systems is essential to support the growing demand for renewable energy and ensure grid stability. The UK government's commitment to net-zero carbon emissions by 2050 further underscores the importance of investing in HVDC transmission systems to support the integration of clean energy solutions and reduce carbon emissions. Energy storage systems and distributed generation are also gaining popularity in the market.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The Converter stations segment is estimated to witness significant growth during the forecast period.HVDC transmission systems, which utilize High Voltage Direct Current (HVDC) converter stations to facilitate the conversion of Alternating Current (AC) to DC and vice versa, are witnessing substantial growth in the US market. The primary reasons driving this trend include the increasing electricity consumption, the expansion of renewable energy production, and the need for enhanced grid interconnections. Furthermore, the integration of asynchronous grids and the extension of power grid connectivity over long distances are also significant factors contributing to the market expansion. HVDC converter stations play a vital role in these systems by converting electricity between AC and DC, thereby increasing overall system efficiency.
Additionally, the market is witnessing the implementation of advanced Submarine Cables and Overhead Transmission Lines for clean hydropower projects with high power rating. These advancements are expected to continue driving the growth of the HVDC transmission systems market.
_Transmission_Systems_Market_in_UK_segments_abstract_2024_v2.jpg?format=webp)
Get a glance at the market share of various segments Request Free Sample
The converter stations segment accounted for USD 415.60 million in 2018 and showed a gradual increase during the forecast period.
Our market researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Optimal solution for long-distance transmission is the key driver of the market. High Voltage Direct Current (HVDC) transmission systems have gained significant traction in the power industry for transmitting electricity over long distances in the US market. The increasing energy demand for commercial, industrial, and residential uses necessitates the expansion of power generation sources. HVDC technology enables the efficient transmission of large power volumes with minimal power loss compared to Alternating Current (AC) systems. Submarine, overhead, and underground HVDC transmission lines are widely used to transport electricity over long distances. Voltage Source Converters (VSC), Line Commutated Converters (LCC), and Capacitor Commutated Converters (CCC) are essential components of HVDC systems that facilitate power flow regulation.
Interconnecting grids using AC lines presents challenges due to the need for synchronizing two different AC systems operating on distinct frequencies. HVDC systems eliminate this issue, allowing seamless integration of intermittent energy sources such as wind, solar, and hydroelectric power. Rooftop solar panels and other distributed energy resources can also be integrated into the power grid more efficiently using HVDC technology. With its ability to minimize power loss, ensure grid stability, and facilitate the integration of renewable energy sources, the adoption of HVDC transmission systems is poised to grow in the US market.
Growing focus on energy efficiency is the upcoming trend in the market. In the shift towards carbon neutral energy, the demand for High Voltage Direct Current (HVDC) transmission systems is on the rise in the US market. HVDC technology enables the efficient transmission of electrical energy over long distances, reducing energy losses and enhancing grid stability. Renewable energy sources, such as wind and solar, are increasingly being integrated into the power grid, necessitating the need for advanced power transmission solutions. HVDC systems are particularly beneficial for the transmission of renewable energy from remote locations to urban centers. Submarine power cables, a critical component of HVDC systems, facilitate the transmission of electrical energy across bodies of water.
The asynchronous AC grids of different regions can be connected through HVDC systems, ensuring energy security and grid stability. HVDC converter stations convert the alternating current (AC) to direct current (DC) for transmission and vice versa, enabling the seamless integration of renewable energy into the power grid. Energy efficiency is a crucial consideration in the power sector, and HVDC systems play a vital role in minimizing energy losses during transmission. HVDC systems are a key enabler in this transition, offering a more efficient and reliable solution for power transmission.
Limited power ratings for IGBTs and issues with circuit breakers is a key challenge affecting the market growth. HVDC transmission systems have gained significant attention in the US market due to their efficiency and ability to transport large amounts of clean energy from renewable sources, such as wind turbines, to urban centers. Distributed electricity systems, including HVDC, play a crucial role in power flow control during the clean energy transition towards environmental sustainability. Semiconductor technology is a vital component in HVDC systems, enabling switching operations in these systems. However, challenges persist in improving the reliability and reducing the number of components in HVDC substations. One of the primary concerns in HVDC technology is the switching capabilities of circuit breakers.
These components must be able to handle high voltage levels while adapting to insulation system coordinates. The maximum voltage generated in the circuit breaker should be minimized to prevent damage and ensure uninterrupted electricity supply. Power losses are a concern in long-distance HVDC transmission, and reducing these losses is a key focus area for industry players. Offshore wind farms are a significant source of renewable energy, and HVDC transmission systems are essential for transporting this energy to urban centers. By addressing the challenges in HVDC technology, the US can further its commitment to environmental sustainability and energy independence.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
_Transmission_Systems_Market_in_UK_customer_landscape_abstract_2023_geo_v1.jpg?format=webp)
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ABB Ltd: The company offers high voltage direct current transmission system solutions namely HVDC Light technology
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
High Voltage Direct Current (HVDC) transmission systems have gained significant attention in the power transmission industry due to their ability to efficiently transport electrical energy over long distances with minimal losses. The UK, with its focus on carbon neutral energy and renewable energy sources, is at the forefront of this trend. HVDC transmission systems are crucial for integrating intermittent energy sources like wind and solar into the power grid, ensuring energy security and grid stability. Submarine power cables and converter stations play a vital role in HVDC transmission, enabling the transfer of electrical energy between countries and regions. Voltage source converters (VSC) and line commutated converters (LCC) are key components of HVDC systems, providing self-commutation, reactive power control, and power grid connectivity.
Furthermore, the integration of renewable energy sources into the power grid poses challenges such as grid interconnections, electricity trading, and power flow control. HVDC transmission systems offer solutions to these challenges by enabling the efficient transfer of electrical energy from renewable energy sources to urban centers and other areas of demand. Additionally, it also offers real-time price information to consumers when connected to wireless sensor networks. Investment in HVDC infrastructure, including standardization, interoperability, and fault detection, is essential for ensuring the reliable and efficient operation of power grids. The use of semiconductor technology in converter stations, such as IGBTs and circuit breakers, contributes to the clean energy transition and environmental sustainability. HVDC transmission systems also play a crucial role in rural electrification and interconnecting grids, enabling the integration of distributed generation and energy storage systems into the power grid.
|
Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
137 |
|
Base year |
2023 |
|
Historic period |
2018-2022 |
|
Forecast period |
2024-2028 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 8.09% |
|
Market growth 2024-2028 |
USD 393.4 million |
|
Market structure |
Fragmented |
|
YoY growth 2023-2024(%) |
7.32 |
|
Key companies profiled |
ABB Ltd., Aker Solutions ASA, ALSTOM SA, Aquind Ltd., Balfour Beatty Plc, EirGrid Plc, General Electric Co., Hitachi Ltd., Mitsubishi Electric Corp., National Grid plc, Nexans SA, NR Electric Co. Ltd., Prysmian Spa, Rochling SE and Co. KG, Rongxin Power Ltd., Roxtec International AB, Siemens AG, Sumitomo Electric Industries Ltd., Tele Fonika Kable SA, and Toshiba Corp. |
|
Market dynamics |
Parent market analysis, market growth inducers and obstacles,market forecast , fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
|
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
We can help! Our analysts can customize this market research report to meet your requirements Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Component
7 Market Segmentation by Type
8 Customer Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
Get the report (PDF) sent to your email within minutes.
Complimentary full Excel data with your report purchase.
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.
