A report from Navigant Research has found that 110 new HVDC lines are planned or under construction and will be completed worldwide by 2020, equating to the 333 GW of capacity. Navigant also forecasts that global cumulative HVDC converter revenue will amount to $56bn by 2020.
Navigant senior research analyst Kristoffer Torvik said: “Growth in electricity demand, transmission system congestion and grid instability are all helping drive new demand for HVDC transmission systems.”
He said the expansion of the market was largely being driven by the “increasing need for integration of new renewable resources, particularly offshore wind power”.
The report states that several European governments have established frameworks and even stipulated offshore wind targets and in turn, “utilities are implementing aggressive plans for offshore wind development, creating a market demand for advanced, offshore HVDC solutions”.