The need for uninterrupted electricity supply is growing at a strong pace due to rising urbanization and industrialization. As companies are expanding their network domestically and internationally, there is a high demand for T&D systems that can endure the enormous load of operations carried out in factories.
Governments across the world are offering financial support to upgrade the power transmission and distribution infrastructure to meet the energy demands. HVDC cables are suitable for manufacturing plants set up in far-off locations as they are efficient in transmitting large amounts of electricity at longer distances.
According to recent study by Global Market Insights Inc., The global HVDC cables market is expected to record USD 16 Billion revenue by 2030.
The cables are useful for transmission projects that use desynchronized networks. Moreover, the dissipation loss is significantly lower as compared to the HVAC cables and also require lesser material because they use only one power line to transmit electricity. These features will boost global HVDC cables market value through 2022-2030.
HVDC cables used for underground installations:
The underground installation segment will capture a major share of global HVDC cables market by 2030 as the number of factories are increasing at a notable rate. It has accelerated the demand for electricity, thereby prompting organizations to install underground electric cables.
HVDC underground cables can greatly reduce transmission losses and safely transport large quantities of electricity over longer distances. This type of cable installation can save a lot of money and time for businesses as few cables are required. Advantages, such as high reliability in power supply, reduced electromagnetic fields which avoid health issues, and resistance to extreme weather conditions will amplify the demand for underground installation of HVDC cables.
UHVDC cables gain traction among end-users:
Ultra-high voltage DC cables industry share is predicted to surpass USD 8 billion by 2030. These cables can transmit power higher than 600 kV to longer distances as compared to the high voltage ones. Just like the high voltage cables, UHVDCs can play an important role in reducing the transmission or dissipation losses, which can help companies save money on their electricity bills.
Governments are adopting UHVDC technology as part of their transition towards green energy. For instance, China has confirmed that it will keep investing in expanding its domestic grid infrastructure, with a notable share towards ultra-high voltage transmission lines. The country aims to reinforce electricity stability to boost green power consumption using more reliable T&D networks.
Role of HVDC cables in cross-border connections:
Cross-border connections will capture a sizeable share of HVDC cables industry by 2030 as the concept of cross-border electricity trade is gradually picking pace. Several countries are gaining
awareness about the benefits of cross-border electric connections for their power infrastructure.
Cross-border power trade can support a nation’s goals, such as enhancing the resilience of the grid infrastructure and amplifying the reach or access of electrical networks to remote places.
The different projects undertaken by European governments to improve the quality and quantity of electricity transmission will have a positive impact on the adoption of HVDC cables to enable cross-border power connections.
Global HVDC cables industry outlook will be favored by the rising demand for a continuous supply of electricity and the introduction of favorable government initiatives to boost the overall power grid infrastructure. Eminent companies, such as Prysmian Group, NKT, Nexans, Mitsubishi Electric Corporation, Hitachi, Siemens AG, General Electric, and Toshiba Corporation, among several others, are the top producers of high, extra-high, and ultra-high HVDC cables. These products are being used in overhead, underground, and submarine installations and have robust applications in intra-regional and cross border deployments.
Credit: Source link