HVDC Converter Station Market Synopsis:
Market Research Future (MRFR), in its latest report on the HVDC (High Voltage Direct Current) market 2020, discuss different factors that can impact the market. A detailed analysis of the impact of COVID 19 on the HVDC market is offered with the report. As per MRFR analysis, the HVDC (High Voltage Direct Current) market can rise at 4.5% CAGR across the analysis period 2017 to 2023. The HVDC converter station market value can touch USD 8.1 Billion by 2023.
The rise in the need to implement carbon emissions can spur the expansion of the market in the years to come. The reduction in fossil fuels can impel the expansion of the market as it is creating the need for HVDC systems. The market rise can be attributed to the increase in the implementation of government incentive policies regarding HVDC converter stations.
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Segment Analysis
The segment study of the HVDC Converter Station market is based on converter type, type, end-user, and application.
The type based, HVDC Converter Station market segments are monopolar, multi-terminal, and bi-polar, back to back.
The converter type based segments of the HVDC Converter Station market are Voltage Source Converters (VSC) and Line Commutated Current Sourced Converters (LCC). The growing adoption of Line Commutated Converters (LCC) can promote the market in the years to come. The increase in the demand for converters due to the rise in the need for bulk power HVDC transmission can promote the expansion of the market.
The application based segments of the HVDC converter station market are Powering Island, Power Industry, Interconnecting Networks, Remote Loads, Oil & Gas, and Other. The rise in the concerns for electricity security and reliability, along with increase in electricity prices can promote electricity trade between countries that can pushing the market.
Regional Analysis
The HVDC Converter Stations Market trends are studied across Americas, EU, APAC, and the Rest of the World (RoW). In Europe, the increase in the expansion of the converter station market can be attributed to the expansion of the energy and power sector.
As per MRFR study, Europe HDV converter market can rise at the highest pace in the years. The regional market is expected to secure the highest share of the market in the years to come. The growing number of HVDC converter stations can support the rise of the regional market. The increase in the demand for power rise in the number of offshore wind farms are observed as major factors that can promote the rise of the regional market in the years to come. The U.K. is likely to rise at the highest pace in the years to come. The increase in the number of players that can bolster the expansion of the market is expected to contribute largely to the rise of the market.
In North America, the rise in the demand for HVDC converter station is expected to contribute largely to the growth of the regional market in the years to come. In APAC, the pent-up demand for electricity and increase in renewable energy generation initiatives can promote the growth of the market across the analysis period. India is expected to head APAC HVDC converter stations regional market due rise in the number of installation in the country.
Key Players
Hitachi Ltd. (Japan), ABB Ltd. (Switzerland), Alstom (France), Bharat Heavy Electricals Ltd. (India), Siemens AG (Germany), Crompton Greaves Ltd. (India), Nissin Electric Co Ltd (Japan), General Electric (U.S.), and Toshiba Corporation (Japan) are major players operating in the global HVDC Converter Station market as registered by MRFR.
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