The HVDC transmission market generated about a value of USD 11.3 billion in 2023. The industry will grow at a compound annual growth rate of 5.5% and touch USD 16.4 billion by 2030. This has a lot to do with the growing demand for electricity at a global level, gradual shift toward renewable energy sources, initiatives of the government for grid development, and tech progressions in T&D.
Of late, a major trend in the sector has been the fast progression in the VSC tech. HVDC systems based on it offers improved control, reliability, and competence, which makes them textbook for grid modernization and the incorporation of renewable energy sources.
Also, grid management systems can offer instantaneous monitoring, predictive upkeep, and sophisticated problem discovery with cutting-edge VSC tech. With it, the grid's reliability and performance can also be enhanced.
One substantial initiative by the Indian government regarding this is the NEP, which includes the construction of novel transmission lines and the advancement of the present HVDC lines. India launched its first HVDC system based on VSCs in June 2021, when a 320-kV, 2,000-MW line connecting Pugalur in Tamil Nadu to Thrissur in Kerala went online.
APAC HVDC transmission market is the leader of the pack, with 50% share, in 2023, because the region is developing at a fast pace and mounting economically too. This is itself because of a high awareness of manufacturing plants of several industries, as well as aerospace, chemicals, electronics, automotive, and general heavy engineering.
The main drivers for the regional industry are the tax breaks, lower labor costs, and other industry-friendly laws, which decrease the cost of the formed goods for customers.
China is the largest in the region, and it has a substantial industrial base, which powers the energy demand. Hence, it has introduced more than a few HVDC projects to help meet the rising energy requirements.
On the basis of project type, the point-to-point has the largest share. These projects are employed when a lot of power requirements to be sent amid two converter stations. As a result of their reliability in conveying heavy power loads, bipolar designs in point-to-point transmission have seen a key growth in acceptance in the APAC region recently. Additional factor powering the industry expansion in this category is the increasing importance of European nations on the usage of renewable energy and the subsequent need for effective energy transmission.
No comments:
Post a Comment