APAC HVDC transmission systems Market- Restraint
Increase in the prices of components used in HVDC systems:
HVDC transmission systems requires the installation of various components including smoothing reactors, converters, harmonic filter, etc. These components are used in order to absorb or reduce the harmonics that are produced during the transmission process.
Lack of trained workforce required engineering and maintenance efforts:
HVDC transmission systems are deployed in various geographic regions which generate power using different methods. These systems are deployed in different terrains and have specific requirements and they have to follow different regulations as well based on the region they are deployed in. This makes it necessary that all the HVDC systems are designed differently taking into the consideration all these variables. For instance, S&P Global, a market intelligence firm, published an article in September 2022. According to the article the challenge of skill shortage is expected to hamper the global energy transition.
APAC HVDC Transmission Systems Market- Opportunity
Increasing efforts taken by governments towards rural electrification:
The region of Asia Pacific has the presence of many developing countries where penetration of electricity is not as extensive as the developed countries. This provides a huge scope for these countries to expand the electricity transmission systems in the areas that are still deprived of electricity supply. These countries are on the track of economic growth and experiencing significant development in industrial sector as well as standard of living. This lays a huge foundation for the HVDC Transmission system market to grow substantially. For instance, according to an article published by Official Energy Asia, in 2020, Asia as a region is increasingly working towards the expansion of electricity supply. India has also made a significant improvement in the spreading its electrification network across the country. Where the electricity supply coverage stood at 76% in 2010, now the number has reached around 99% in 2020. This shows the huge scope for the developing countries in spreading the electricity coverage across the country.
APAC HVDC Transmission Systems Market- Driver
Higher Efficiency and Low-Cost benefits of HVDC systems over HVAC and other transmission systems.
The HVDC transmission systems are based on the principle of direct current which ensures the flow of charge or current in a single direction. This enables uniformity in the flow of energy and hence, this technology is highly used in power and utility sector where the distribution of electricity over long geographical regions have to be done. These systems are used since a long time and hence, the systems have developed and evolved over a period which has led to these systems being cost-effective and efficient as compared to newer systems like HVAC that are based on Alternate Current. For instance, According to a report by Cence Power, In July 2022, EE Power, a digital publication house on technical articles and reports pointed out that the HVDC systems reduce energy losses up to 5-10% as compared to the HVAC systems and hence prove to be more efficient in electricity distribution. This advantage of cost-efficiency and reduced losses is expected to grow the market for HVDC transmission systems in the Asia Pacific region.
Better environmental sustainability offered by HVDC systems:
The HVDC systems are more efficient in the transmission of electricity over long distances. The reports prove that the system reduces energy losses and increases efficiency of the transmission processes as compared to HVAC systems. This increase in efficiency means the energy required to be produced for distributing required amount of electricity would be lesser leading to saving of energy and leading to better environmental sustainability. For instance, according to an article published by EE Power, a leading publisher of articles on technical topics, in October 2020, the HVDC systems are more environmentally friendly than AC, providing more energy per square metre over greater distances more efficiently that AC systems as well as lower losses and lower space requirements.
Market Drivers
Higher Efficiency and Low-Cost benefits of HVDC systems over HVAC and other transmission systems.
The HVDC transmission systems are based on the principle of direct current which ensures the flow of charge or current in a single direction. This enables uniformity in the flow of energy and hence, this technology is highly used in power and utility sector where the distribution of electricity over long geographical regions have to be done. These systems are used since a long time and hence, the systems have developed and evolved over a period which has led to these systems being cost-effective and efficient as compared to newer systems like HVAC that are based on Alternate Current. For instance, According to a report by Cence Power, In July 2022, EE Power, a digital publication house on technical articles and reports pointed out that the HVDC systems reduce energy losses up to 5-10% as compared to the HVAC systems and hence prove to be more efficient in electricity distribution. This advantage of cost-efficiency and reduced losses is expected to grow the market for HVDC transmission systems in the Asia Pacific region.
Better environmental sustainability offered by HVDC systems:
The HVDC systems are more efficient in the transmission of electricity over long distances. The reports prove that the system reduces energy losses and increases efficiency of the transmission processes as compared to HVAC systems. This increase in efficiency means the energy required to be produced for distributing required amount of electricity would be lesser leading to saving of energy and leading to better environmental sustainability. For instance, according to an article published by EE Power, a leading publisher of articles on technical topics, in October 2020, the HVDC systems are more environmentally friendly than AC, providing more energy per square metre over greater distances more efficiently that AC systems as well as lower losses and lower space requirements.
Apac Hvdc Transmission Systems Market Report Snapshots
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