Press release
HVDC Converter Station Market Growth Insights, SWOT Analysis, Industry Share, Size, and Forecast 2023-2028
HVDC Converter Station Market
IMARC Group's latest report, titled "HVDC Converter Station Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", the global HVDC converter station market size reached US$ 11.26 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 17.19 Billion by 2028, exhibiting a growth rate (CAGR) of 7.50% during 2023-2028
HVDC Converter Station Trends :
High-Voltage Direct Current (HVDC) converter stations play a vital role in enabling the efficient transmission of electricity over long distances. These stations serve as key components in HVDC systems, facilitating the conversion of alternating current (AC) to direct current (DC) and vice versa. They ensure the seamless and reliable transmission of electricity across different grids, allowing for efficient power transfer and minimizing transmission losses. HVDC Converter Stations consist of various equipment, including converters, transformers, filters, and control systems, which collectively enable the conversion and transmission of high-voltage electricity.
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Who are the key Players Operating in the Industry ? :
• GE Grid Solutions LLC (General Electric Company)
• Hitachi Energy Ltd. (Hitachi Ltd.)
• Hyosung Heavy Industries
• Mitsubishi Electric Corporation
• NR Electric Co. Ltd. (NARI Technology Co. Ltd.)
• Siemens Energy AG
What are the Growth Prospects and Trends in the HVDC Converter Station Industry ? :
The market is majorly driven by the increasing demand for long-distance power transmission, especially from renewable energy sources. In line with this, the rising need for interconnecting power grids and integrating renewable energy into existing transmission systems is providing a boost to the demand for HVDC Converter Stations. Moreover, the growing focus on energy efficiency and the need to reduce transmission losses, particularly for long-distance transmission or transmission across challenging terrains are driving the product adoption. In addition to this, the implementation of favorable initiatives regarding clean energy and the transition towards a low-carbon economy by government bodies of several countries are fueling the market. Furthermore, the augmenting need to strengthen grid resilience and enhance grid stability is driving market growth.
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Key Market Segmentation:
Component Insights:
• Converter
• DC Equipment
• Converter Transformer
• Others
Technology Insights:
• Voltage Source Converter (VSC)
• Line Commutated Converter (LCC)
Type Insights:
• Bi-Polar
• Monopolar
• Back-to-back
• Multi Terminal
Application Insights:
• Power Industry
• Oil and Gas
• Powering Island and Remote Loads
• Interconnecting Networks
• Others
Breakup by Region:
• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape
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Contact us:
IMARC Group
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Email: sales@imarcgroup.com
Tel No:(D) +91 120 433 0800
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About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
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