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.
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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.
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About Grand View
Research
Grand View Research, Inc. is a U.S. based market research and
consulting company, registered in the State of California and headquartered in
San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
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