The global HVDC Converter Station Market is expected to foresee significant growth. APAC to lead the growth!
- Himanshu Patni
- August 12, 2023
- ENERGY & POWER, NEWS
- HVDC Converter Station Market, HVDC Converter Station Market growth, HVDC Converter Station Market size, HVDC Converter Station Marketshare, HVDC Converter Station Markettrends
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An HVDC converter station, also known as a converter station, is a specialized type of substation that forms the terminal equipment for a high-voltage direct current (HVDC) transmission line. Electricity is converted in the converter station from alternating current to direct current and vice versa. This is achieved using high-power, high-voltage electronic semiconductor valves. The HVDC transmission system consists of a converter station, converter unit, converter valves, converter transformers, filters, a reactive power source, a smoothing reactor, and an HDFC system pole.
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The HVDC Converter Station Market is expected to grow at a steady rate of around 7.3% owing to the increasing demand for electricity coupled with the growing allocation of government funds to electricity generation infrastructure. New HVDC converter stations with high power ratings are being constructed in major developing economies such as India and China. Furthermore, the net zero emission plan of the European Union by 2050, along with their energy conversion towards renewable resources has created a demand for connecting renewable power sources to the grid. Increasing allocation of government funds towards building new electricity generation infrastructure is acting as a catalyst towards the growth of HVDC converter stations during the forecast period. COVID-19 affected the HVDC converter station market as the pandemic outbreak affected the production and manufacturing facilities of many players and they couldn’t keep up with the demand for the HDVC converters in the market. However, the market recovered post-2022 as the lockdown was lifted in majority of countries and the bottleneck of production was lifted.
Based on type, the HVDC Converter Station market is segmented into Monopolar, Bi-polar, Back-to-Back, and Multi-terminal. The bi-polar segment accounted for a significant market share and is projected to grow significantly during the projected timeframe. Bipolar links are HVDC connections that transport power and current using two conductors. These systems typically employ two conductors: one is polarised positively and the other is polarised negatively. A single bipolar high-voltage direct current line is equal to two ac transmission lines. The voltage in a bipolar link is double when compared to a monopolar link.
Based on converter type, the HVDC Converter Station market is bifurcated into Line Commutated Converter and Voltage Source Converters. Among them, the Line Commutated Converter captured a significant market share in the HVDC Converter Station market. The Line Commutated Converter is widely used in thyristor valves as it increases its efficiency and reliability. The thyristor valves are currently experiencing a surge in demand due to their high functionality to control electric current flow, the rising demand for thyristor valves is acting as a catalyst in the growth of the line commutated converter during the projected period.
Based on application, the HVDC Converter Station market is segmented into Power Industry, Powering Island and Remote Loads, Interconnecting Networks, Oil & Gas, and Others. The powering land and remote loads segment dominate in the HVDC Converter Station market. It is mainly owing to the wide usage of HVDC converters to be installed for transmission of power over long distances. Power is supplied to long distances is achieved by radial transmission from meshed network or can be done locally by using diesel gensets. Most of the transmission lines built in developed countries are aging with old technology leading to high failure rate and increasing outrages, the countries are expected to upgrade their current HDVC converter stations leading to an increased revenue in the market during the projected period.
For a better understanding of the market adoption of the HVDC Converter Station industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, India, Japan, Australia Rest of Asia-Pacific), Rest of World. Asia Pacific caters extensive share of the HVDC Converter Station market and would showcase a considerable growth during the forecasted period. Countries such as India and China due to their growing population coupled with rising living standards has led to an increase in energy consumption, which is anticipated to drive industry growth in APAC during the forecast period. Moreover, Europe would show considerable growth as countries such as Germany and Norway have invested heavily in renewable energy generation sources such as solar and wind energy plants due to their Net Zero scheme of being a region of zero greenhouse gas emissions by 2050, which in turn would increase the market for HVDC converter station market.
Some of the major players operating in the market include Hitachi Energy Ltd, Siemens Energy AG, Bharat Heavy Electricals Limited, GE Grid Solutions LLC, Mitsubishi Electric Corporation, Toshiba Corporation, NR Electric Co. Ltd, Crompton Greaves Ltd, C-EPRI Electric Power Engineering Co. Ltd and ABB Ltd.
For a detailed analysis of the Global HVDC Converter Station Market browse through – https://univdatos.com/report/hvdc-converter-station-market/
Global HVDC Converter Station Market Segmentation
Market Insight, by Type
Market Insight, by Converter Type
· Line Commutated Converter
· Voltage Source Converters
Market Insight, by Application
· Power Industry
· Powering Island and Remote Loads
· Interconnecting Network
· Oil & Gas
Market Insight, by Region
· North America
o Rest of North America
o Rest of Europe
o Rest of Asia-Pacific
· Rest of the World
Top Company Profiles
· Hitachi Energy Ltd
· Siemens Energy AG
· Bharat Heavy Electricals Limited
· GE Grid Solutions LLC
· Mitsubishi Electric Corporation
· Toshiba Corporation
· NR Electric Co. Ltd
· Crompton Greaves Ltd
· C-EPRI Electric Power Engineering Co. Ltd
· ABB Ltd.