HVDC Cables Market Opportunities & Key Manufacturers Analysis To 2030
Over the last few decades, HVDC has been efficiently complementing AC power transmission. With a series of breakthroughs in the domain, HVDC transmission lines might soon replace AC platforms, which have certain limitations that DC grids can address effectively.
Due to the surging need for power transmission networks that ensure minimal losses over long distances, global high-voltage direct current (HVDC) cables market is expected to see a positive upswing over the next few years. Over the last few decades, HVDC has been efficiently complementing AC power transmission. With a series of breakthroughs in the domain, HVDC transmission lines might soon replace AC platforms, which have certain limitations that DC grids can address effectively.
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By 2030, the global ultra-high voltage DC cables market size is estimated to reach beyond $8 billion, triggered by the upcoming initiatives supporting low carbon electricity generation and transmission. Top HVDC cable manufacturers, including Toshiba Corporation, NKT, ZTT, Mitsubishi, Hitachi, Siemens AG, Prysmian Group, ZMS Cable, General Electric, Nexans, Taihan Electric Wire, and Gupta Power Infrastructure, have been signing contracts with clients to deliver environment-friendly solutions. The following recent contracts represent the positive outlook towards the industry:
U.K. subsea HVDC cables market: SSEN Transmission secures regulatory approval
U.K. is expected to see a significant upturn in its renewable generation and transmission networks over the next decade. Recently, in March 2022, Scotland-based utility Scottish and Southern Electricity Networks, better known as SSEN Transmission, announced that it has received Ofgem's approval for a 2GW High Voltage Direct Current (HVDC) subsea link that will connect Peterhead in Scotland to Yorkshire in England.
Worth over €2.1 billion, the project will address spiraling demands on electricity transmission networks, catering to over 2 million homes. SSEN will work in collaboration with the National Grid Electricity Transmission (NGET) for supporting zero emission ambitions of the British and Scottish governments.
U.K.’s HVDC infrastructure is undergoing substantial transformation, as Ofgem has also granted provisional approvals for another two gigawatts subsea link from the northeast of England to southeast of Scotland. NGET is collaborating with SP Energy Networks for connecting Torness in Scotland to Hawthorn Pit in England.
U.K. and Germany to welcome their first direct power connector
Owing to the ongoing Russia-Ukraine conflicts and its implication on energy shortages, a number of cross-border HVDC connections are likely to emerge in Europe over the next few years. In April 2022, Siemens Energy AG announced that it has been selected two construct two high voltage direct current converter stations across Germany and the UK.
The company will work in tandem with Prysmian SpA, which is expected to manufacture, design test, and install the subsea interconnector. The 725 km long connection will enable an exchange of more than 1.4 gigawatts of power across both the nations. With the two contracts estimated to be above GBP 1.5 billion (or $1.95 billion), Europe cross-border HVDC cables industry share will grow at a notable pace.
Green offshore production: Middle East to set high standards in green energy
The Middle East and Africa (MEA) market is anticipated to exhibit a promising CAGR between 2022 and 2030, driven by the rising investments in green offshore operations. Growing investments in a carbon-free future have been increasing the deployment of HVDC submarine power cables. Recently, in April 2022, Canada-based engineering, procurement, and construction (EPC) provider SNC-Lavalin received a contract from Abu Dhabi National Oil company (ADNOC) for providing sustainable power to its offshore operations.
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With a consortium consisting of Japan-based Kyushu Electric Power Co., Korea Electric Power Corporation (KEPCO), and Électricité de France (EDF), the first-of-its-kind HVDC- VSC (high-voltage, direct current) subsea transmission network is expected to power ADNOC’s offshore operations with a reliable and cleaner energy. The project involves replacement of existing gas turbine generators with greener alternatives in partnership with Abu Dhabi National Energy Company PJSC. Development of two subsea HVDC-VSC links will reduce ADNOC’s carbon footprint from offshore operations by nearly 30%.
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