Global HVDC Converter Station Market: Overview
A high voltage direct current converter is a unique kind of substation which is majorly utilized as a tool for HVDC transmission lines. The converter stations are particularly utilized to transmit huge power to long distances.
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Global HVDC Converter Station Market: Growth Factors
Increasing number of offshore wind farms, growing energy demand, encouraging government regulations particularly towards DC transmission and requirement for efficient energy is propelling the global HVDC converter station market. On the other side, lack of sufficient technology and high initial costs are some of the aspects which are obstructing the market from developing. The key aspects that restrain the development of the global HVDC converter station market comprise instability and transmission congestion, lack of venture in grid infrastructure mainly by power utilities, high initial cost, limitations at the technology level, and lengthy approval methods for transmission projects. On the other hand, growing investments in HVDC systems is the existing most important trend for up-coming HVDC converter station market.
Global HVDC Converter Station Market: Segmentation
The global HVDC converter station market can be classified in terms of application, technology, and type. In terms of technology, the global HVDC converter market can be bifurcated into voltage source converters (VSC) and line commutated converters (LCC). Newly, several projects were organized by utilizing line commuted converter technology. Furthermore, the increasing implementation of non-renewable energy sources is likely to improve by the growing demand and requirement for voltage source converter technology.
The application division comprises remote loads and powering island, connecting wind forms, underground power links, bulk power transmissions, interconnecting networks, long-distance transmission via cables, grid access for offshore applications, and oil and gas platforms. In addition in terms of type, the global HVDC converter station market can be divided into bi-polar, monopolar, multi-terminal, and back-to-back.
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Global HVDC Converter Station Market: Regional Analysis
Europe is expected to be the biggest region for the global HVDC converter station market. Growing power demand & requirement and increasing offshore wind farms are likely to be the most important aspects driving the growth of the market in the province. Countries, for instance, Norway and the U.K., are projected to be the major key players in the global HVDC converter station market. The global high voltage direct current converter station market is likely to develop considerably in the coming future, propelled by the increasing demand and requirement for electrical energy in the Asia Pacific province and the expansion in renewable energy production. China is expected to be the largest market based on HVDC converter stations planned or installed. Asia Pacific is projected to lead and dominate the global HVDC converter station market in the years to come. The region is likely to be followed by Europe and North America based on market demand and requirement. Central and South Americas market is growing at a rapid rate. Countries, for instance, Japan, China, India, and the United States are projected to lead and dominate the global HVDC converter station market development in the coming years.
Global HVDC Converter Station Market: Competitive Players
Some of the most important market players in the global HVDC converter station market are Toshiba, Siemens, ABB, General Electric, C-EPRI, and NR-Electric, among others.
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Global HVDC Converter Station Market: Regional Segment Analysis
- North America
- The U.S.
- The UK
- The Asia Pacific
- Latin America
- The Middle East and Africa