Market Analysis
The global High Voltage Direct Current Converter Station Market is predicted to touch USD 8.1 billion at a 4.5% CAGR between 2017- 2023, states the recent Market Research Future (MRFR) analysis. A high voltage direct current converter or HVDC, simply put, is a specific form of substation that is utilized as equipment for the HVDC transmission lines. Such converter stations are particularly used for transmitting the excessive amount of power to long distances as well as for converting AC (alternating current) to DC (direct current), or vice versa. Multi-terminal, back to back, bi-polar, and monopolar are the different types of HVDC converter stations. Voltage source converters and line commutated current sourced converters (LCC) are the different types of converter types. Owing to its alluring features and several benefits, HVDC converter stations have wide applications in various industries such as oil and gas, interconnecting networks, powering island and remote loads, power industry, and others.
Various factors are propelling the global HVDC converter station market share. According to the recent MRRF report, such factors include the growing concerns about carbon emissions, steadily falling fossil fuels, a rise in government incentive policies for establishing HVDC convertor stations, and increasing policies imposed.
On the contrary, transmission congestion, instability, lack of investment in grid infrastructure by power utilities, high initial cost, limitations at technology levels, and lengthy approval process for transmission projects may limit the global HVDC converter station market growth over the forecast period. Besides, the ongoing COVID-19 outbreak has also impacted market growth.
Market Segmentation
The MRFR report highlights an inclusive segmental analysis of the global HVDC converter station market based on type, convertor, and application.
By type, the global HVDC converter station market is segmented into multi-terminal, back to back, bi-polar, and monopolar.
By converter type, the global HVDC converter station market is segmented into voltage source converters and line commutated current sourced converters (LCC). Of these, the LCC segment will lead the market over the forecast period.
By application, the global HVDC converter station market is segmented into oil and gas, interconnecting networks, powering island and remote loads, power industry, and others.
Regional Analysis
Based on the region, the global HVDC converter station market report covers the growth opportunities and recent trends across the Asia Pacific (APAC), North America, Europe, & the Rest of the World (RoW). Among these, Europe will dominate the market over the forecast period. Rising prices of electricity, growing concerns about electricity reliability and security, electricity trade amid countries, new interconnection planned between Sweden, France, Poland, Germany, and the UK are adding to the global HVDC converter station market growth over the forecast period.
The global HVDC converter station market in the APAC region is predicted to have healthy growth over the forecast period. The presence of key economies such as India and China that have burgeoning demand for effective power transmissions systems, the largest installation of these stations due to the need for bulk power transport, and the presence of top regional players in China are adding to the global HVDC converter station market growth in the region.
The global HVDC converter station market in North America is predicted to have healthy growth over the forecast period while in the MEA is predicted to have sound growth over the forecast period.
Key Players
Eminent players profiled in the global HVDC converter station market report include Hitachi Ltd. (Japan), Toshiba Corporation (Japan), Nissin Electric Co Ltd (Japan), General Electric (U.S.), Crompton Greaves Ltd. (India), Siemens AG (Germany), Alstom (France), Bharat Heavy Electricals Ltd. (India), and ABB Ltd. (Switzerland). Industry players have encompassed several strategies to stay at the forefront, such as acquisitions, mergers, joint ventures, new product launches, and more.
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