Pune, 05, Dec 2022: According to Maximize Market Research, the HVDC Converter Station Market is expected to grow at an 8% CAGR to USD 20.13 billion by 2029. Thanks to the growing concerns about offshore wind farms, which require HVDC converter stations to connect to the grid, the HVDC Converter Station Market is growing.
HVDC Converter Station Market Scope and Research Methodology
The report on the HVDC Converter Station Market investigates current market trends and highlights them to assist clients in exploring opportunities and developing market strategies. The goods and services of key market participants and new entrants are investigated, as well as their revenue, financial status, portfolio, growth strategies, and regional presence. Recent acquisitions and mergers, as well as company strategic stances and joint alliance data, paint a clear picture of the HVDC Converter Station Market’s competitive landscape. To comprehend the HVDC Converter Station Market’s Type, Technology, and Application a segment-by-segment analysis is performed, complete with market-influencing factors and current technological changes and innovations. The report also goes into great detail about the HVDC Converter Station Market’s drivers, challenges, restraints, and challenges. Market participants and new entrants can benefit from regional market analysis in developing pricing and marketing strategies at the local, regional, and global levels.
For market estimation and global market trend analysis, bottom-up approaches were used. Data was collected from a large sample using both primary and secondary research methods to obtain accurate inferences. Among the primary methods used were surveys, questionnaire distribution, and phone interviews with industry experts, market leaders, entrepreneurs, and marketing professionals. To ensure that the conclusions were correct, secondary data was meticulously gathered from a carefully selected set of sources. There are paid databases, industry journals, white papers, annual reports, product manufacturer and supplier releases, official databases of numerous organizations, and government websites with addition to white papers and annual reports. PESTLE analysis was used to understand various market factors, whereas SWOT analysis was used to understand the strengths and weaknesses of major corporations. As a result, the report delves deeply into the HVDC Converter Station market.
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HVDC Converter Station Market Overview
A high voltage direct current (HVDC) converter is a type of substation that is used as equipment for high voltage direct current (HVDC) transmission lines. These converter stations are especially useful for converting alternating current (AC) to direct current (DC) and vice versa, as well as for transmitting large amounts of power over long distances. An HVDC converter station is typically used to transmit electricity from remote renewable energy sources to urban areas with lower energy losses by converting AC to DC.
HVDC Converter Station Market Dynamics
The main issue with long-distance transmission has always been power system stability. According to market trends for HVDC converters, power outages cause disruptions in consumers’ daily lives as well as financial losses. As a result of its numerous ongoing technological developments, HVDC technology is increasingly being used to transmit more power over longer distances. The use of converters has improved the dependability of transmission grids. As a result, HVDC transmission lines are less expensive than HVAC lines for the same transmission capacity. However, because they operate on alternating currents, terminal stations in the case of HVDC are more expensive. to D.C. conversion, and vice versa.
Occasionally, transmission from numerous nearby grids may need to be approved by the government or local authority in order to confirm the converter station’s standards. Sometimes it takes a while for the evaluation and approval process, which eventually affects how quickly electricity is transmitted and how well the converter station runs. As a result, it affects power generation, which results in some areas being without electricity. Because of this, the HVDC industry and end users occasionally experience unnecessary problems as a result of this conventional practice. For instance, the Plains and Eastern Clean Line project was studied and approved by the DOE and the Tennessee Regulatory Authority after extensive evaluations, public hearings, and regulatory clearances nearly seven years ago.
HVDC Converter Station Market Regional Insights
The HVDC Converter Station Market was dominated by North America. North America is the world’s second-largest electrical market in terms of generation. Electricity generation, transmission, distribution, and use processes in the region are changing dramatically. Significant reorganization of the electricity markets, particularly of the transmission and distribution networks, has increased demand for the HVDC market.
HVDC Converter Station Market Segmentation
- Bi- Polar
- Back-to- Back
- Multi- Terminal
- Volatge Source Converters
- Line Commutated Converters
- Oil & gas industry
HVDC Converter Station Market Key Competitors:
- ABB Ltd.
- Bharat Heavy Electricals Ltd.
- General Electric
- Nissin Electric Co Ltd
- Toshiba Corporation
- Hitachi Ltd.
- Crompton Greaves Ltd.
- N.R. Electric
- China Xian X.D. power system
- C-EPRI Power engineering company
- Siemens AG
- X.J. Electrics
- Excelitas Technologies
- General Electric
- Glassman Europe Ltd
Key questions answered in the HVDC Converter Station Market are:
- What is HVDC Converter Station?
- What is the growth rate of the HVDC Converter Station Market over the forecast period?
- What is the nature of competition in the HVDC Converter Station industry in developed economies and developing economies?
- Who are the key players in the HVDC Converter Station Market?
- Who are the market leaders in HVDC Converter Station in Europe?
- Who are the market leaders in HVDC Converter Station in USA and Canada?
- Who are the market leaders in HVDC Converter Station in India, China, Japan, and South Korea?
- What are the factors affecting growth in the HVDC Converter Station Market?
- Who held the largest market share in the HVDC Converter Station Market?
- What are the factors for the growth of the Asia-Pacific region in the HVDC Converter Station Market?
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- Market Share, Size & Forecast by Revenue | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
- Market Segmentation – A detailed analysis by Type, Technology, Application and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
Maximize Market Research is leading research firm, has also published the following reports:
HVDC Power Supply Market– The HVDC Power Supply Market size is expected to reach USD 3667.16 million by 2029 at a CAGR of 4 percent during the forecast period. The HVDC Power Supply Market is expected to be driven by the increase in the number of feed-in nodes, and the complexity of electric systems increases as a result of the surge in demand for grid growth.
HVDC Cables Market– The HVDC Cables size is expected to reach USD 14.60 billion by 2029 at a CAGR of 5.31 percent during the forecast period. The HVDC Cables Market is expected to be driven by the growing demand for UHVDC cables.
HVDC Transmission Market– The HVDC Transmission Market size is expected to reach USD 17.47 billion by 2029 at a CAGR of 6.9 percent during the forecast period. The HVDC Transmission Market is expected to be driven by a rising need for cable-based transmission as an alternative of transmission.
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