Press release
HVDC Converter Station Market Share, Growth, Statistics, Competitor Landscape, Key Players Analysis, Trends and Forecast 2023
The global HVDC Converter Station market is a very dynamic market and is expected to witness high growth over the forecast period. Advanced technology in HVDC systems is able to provide transmission systems with benefits such as voltage stability and control, absence of reactive power, and the removal of rising disturbances which helps to grow the market. Moreover, the share of clean and emission-free power from hydro, wind, solar, and other renewable energy sources in the global energy mix is expected to rise. HVDC converter station will transmit clean electricity generated from renewable power plants to urban areas with minimum transmission losses.
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The prominent players in the HVDC converter station market are ABB Ltd. (Switzerland), Bharat Heavy Electricals Ltd. (India), Alstom (France), Siemens AG (Germany), Crompton Greaves Ltd. (India), General Electric (U.S.), Nissin Electric Co Ltd (Japan), Toshiba Corporation (Japan )and Hitachi Ltd. (Japan)
Market Research Future Analysis:
Market Research Future analysis states that the global market of HVDC converter station market is estimated to grow at USD 8.1 million by the end of year 2023. HVDC lines are less expensive, and losses are less as compared to AC transmission. It interconnects the networks that have different frequencies and characteristics. But, the initial cost of HVDC substation is very high and their substation equipment is quite complicated. Thus, for long distance transmission it is preferable that power is generated in AC, and for transmission, it is converted into DC and then again converted back into AC for final use. This system is economical and also improves the efficiency of the system.
Geographically, Europe dominates the market of HVDC converter station market. Existing transmission lines which designed for maximum transmission capacities, new interconnections are planned between the U.K., Germany, Poland, France and Sweden and others for electricity trading are some of the factors boosting the growth of the HVDC converter station market. Moreover, concerns over electricity security and reliability, as well as rising electricity prices, are promoting electricity trade between the countries in regions pushing the market towards growth.
HVDC Converter Station market is segmented on the basis of type, converter type, application and end-use in the regions of North America, Europe, Asia-Pacific and Rest of the World. On the basis of type, it is segmented into monopolar, bi-polar, back to back, and multi-terminal. On the basis of converter type, it is categorized into, Line Commutated Current Sourced Converters (LCC) and Voltage Source Converters (VSC). Line Commutated Converters (LCC) is the biggest market by converter type due to its use in bulk power HVDC transmission over several hundred MWs.
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On the basis of application, it is segmented into Power Industry, Powering Island and Remote Loads, Interconnecting Networks, Oil & Gas and Other. Geographically, Europe dominates the market of HVDC converter station market. The global HVDC Converter Station market has experienced a potential growth over the past few year and it has been analyzed that the market will grow at the same pace during the forecast period. Moreover, concerns over electricity security and reliability, as well as rising electricity prices, are promoting electricity trade between the countries in regions pushing the market towards growth.
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