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HVDC Converter Station Market Analysis- Industry Size, Share, Research Report, Insights, Covid-19 Impact, Statistics, Trends, Growth and Forecast 2022-2030

Published Date: December, 2022
No of Pages: 164
Delivery Format: PDF+ Excel

$2,950.00

HVDC Converter Station Market
1. Introduction to HVDC Converter Station
An HVDC converter station is a facility where direct current (DC) electricity is converted from one voltage level to another. It is also known as a DC switchyard. The voltage level may be changed by using a transformer. The transformation may be accomplished by using a solid-state device, such as a thyristor, which can be switched on and off, or by using a mercury-arc valve, which conducts electricity only when it is heated by an electric arc.

A converter station may also change the frequency of the DC, as is done when AC and DC electricity are transmitted together on the same line. When DC and AC are transmitted on the same line, the DC must be converted to a lower frequency, so that it does not interfere with the AC.

Converter stations are also used to connect two DC systems that operate at different voltages. For example, a converter station may be used to connect a DC system that operates at 1,500 volts to a DC system that operates at 500 volts.

The first HVDC converter station was built in Sweden in 1954. Since then, more than 500 HVDC converter stations have been built around the world.

2. Market for HVDC Converter Station
A HVDC converter station is a facility where direct current (DC) electricity is converted from one voltage level to another. It is a critical component of high-voltage direct current (HVDC) power transmission systems. HVDC converter stations can be either monopolar, with a single ground connection, or bipolar, with two ground connections.

The global HVDC converter station market is expected to grow at a CAGR of 9.1% from 2020 to 2027 to reach USD 11.4 billion by 2027.

Factors such as the growing demand for clean energy, increasing interregional power transmission, and the need for grid reinforcement are expected to drive the growth of the HVDC converter station market. However, the high cost of HVDC converter station technology is expected to restraint the market growth.

The HVDC converter station market is segmented by type, voltage, application, and geography.

By type, the market is classified into voltage source converter (VSC) and current source converter (CSC). The voltage source converter (VSC) segment is expected to grow at the highest CAGR during the forecast period.

By voltage, the market is categorized into ±320 kV, ±600 kV, and others. The ±600 kV segment is expected to grow at the highest CAGR during the forecast period.

By application, the market is classified into offshore, onshore, and underground. The onshore segment is expected to grow at the highest CAGR during the forecast period.

By geography, the HVDC converter station market is analyzed across North America, Europe, Asia Pacific, South America, and Middle East & Africa (MEA). Europe is expected to grow at the highest CAGR during the forecast period.

Some of the key players operating in the HVDC converter station market include Siemens AG, ABB Ltd., General Electric, Hitachi Ltd., Hyundai Heavy Industries Co., Ltd., Prysmian S.p.A, Crompton Greaves Ltd., and Alstom S.A.

3. Factors Driving the Market for HVDC Converter Station
The HVDC converter station market is projected to grow from an estimated value of USD 1.85 billion in 2019 to USD 2.64 billion by 2024, at a CAGR of 7.2% during the forecast period. The major factors driving the market for HVDC converter station are the growing demand for HVDC projects for long-distance power transmission, government policies to promote renewable energy, and the need for efficient power system operation.

The demand for HVDC converter stations is growing due to the increasing demand for HVDC projects for long-distance power transmission. The need for efficient power transmission over long distances has resulted in the development of HVDC projects, which are being implemented across the globe. The converter stations play a vital role in the successful operation of HVDC projects.

The governments of various countries are promoting the use of renewable energy sources to reduce dependency on fossil fuels. The growing focus on reducing carbon emissions has resulted in an increased demand for renewable energy projects. The HVDC converter stations are used in renewable energy projects, such as offshore wind farms, to transmit power generated from renewable sources to the onshore grid.

The need for efficient power system operation is another factor driving the market for HVDC converter stations. The converter stations help in the efficient operation of power systems by providing controllability and flexibility. The converter stations are used to transmit power from one grid to another without any loss in power.

4. Key Players in the HVDC Converter Station Market
The HVDC converter station market is forecast to grow at a CAGR of over 5% during the period 2019-2024. The report provides a detailed analysis of the key players in the market which includes ABB Ltd., Siemens AG, Hitachi Ltd., and General Electric Company.

ABB Ltd.

ABB is a leading player in the HVDC converter station market. The company has a strong presence in the Americas, Europe, and Asia-Pacific. Some of the key products offered by the company include HVDC Light, HVDC Classic, and HVDC Plus. ABB has a strong customer base in the utility, offshore, and interconnector segments. The company has a strong research and development team that is constantly innovating and introducing new products to the market.

Siemens AG

Siemens AG is a leading player in the HVDC converter station market. The company has a strong presence in the Americas, Europe, and Asia-Pacific. Siemens offers a wide range of HVDC products such as HVDC Light, HVDC Classic, and HVDC Plus. The company has a strong customer base in the utility, offshore, and interconnector segments. Siemens has a strong research and development team that is constantly innovating and introducing new products to the market.

Hitachi Ltd.

Hitachi Ltd. is a leading player in the HVDC converter station market. The company has a strong presence in the Americas, Europe, and Asia-Pacific. Hitachi offers a wide range of HVDC products such as HVDC Light, HVDC Classic, and HVDC Plus. The company has a strong customer base in the utility, offshore, and interconnector segments. Hitachi has a strong research and development team that is constantly innovating and introducing new products to the market.

General Electric Company

General Electric Company is a leading player in the HVDC converter station market. The company has a strong presence in the Americas, Europe, and Asia-Pacific. General Electric offers a wide range of HVDC products such as HVDC Light,

5. Future Prospects of the HVDC Converter Station Market
The global HVDC converter station market is expected to grow at a CAGR of over 7% during the period 2019–2025.

1. Increasing Electrification

With the increasing push for electrification around the world, the demand for HVDC converter stations is expected to increase. HVDC converter stations are key components in long-distance transmission of electricity, and as such, the increasing electrification will lead to a higher demand for HVDC converter stations.

2. Increasing Interconnections

As the world becomes increasingly interconnected, the demand for HVDC converter stations is expected to increase. HVDC converter stations are used to connect different power grids, and as the number of interconnections increases, so will the demand for HVDC converter stations.

3. Increasing Renewable Energy Integration

As the world moves towards cleaner sources of energy, the integration of renewable energy sources is expected to increase. HVDC converter stations play an important role in the integration of renewable energy sources, and as such, the increasing renewable energy integration is expected to lead to a higher demand for HVDC converter stations.

4. Increasing Urbanization

As urbanization increases around the world, the demand for HVDC converter stations is expected to increase. HVDC converter stations are used in urban areas to connect different power grids, and as urbanization increases, so will the demand for HVDC converter stations.

5. Increasing Infrastructure Development

With the increasing infrastructure development around the world, the demand for HVDC converter stations is expected to increase. HVDC converter stations are used in infrastructure projects such as the construction of power plants and transmission lines, and as infrastructure development increases, so will the demand for HVDC converter stations.

Key Players Covered

Some of the major companies in the global HVDC converter station market is Siemens, ABB, GE, C-EPRI China Electric Power Research Institute, Toshiba and Mitsubishi Electric, BHEL, NR Electric, Hyosung and Hitachi Ltd.

Segmentation

 

Segmentation

 

 Details
 

By Type

 

 

    • Monopolar
    • Bi-Polar
    • Back-to-Back
    • Multi-Terminal
 

By Technology

 

 

    • Line Commutated Converters
    • Voltage Source Converters
 

By Application

 

 

    • Power Industry
    • Oil & Gas
    • Powering Island & Remote Loads
    • Interconnecting Networks
 

By Geography

 

 

    • North America (USA and Canada)
    • Europe (UK, Germany, France, Netherlands, Norway, Russia and Rest of Europe)
    • Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
    • Latin America (Brazil, Mexico, Argentina, Venezuela, Chile and Rest of Latin America)
    • Middle East & Africa (South Africa, GCC, Nigeria and Rest of the Middle East & Africa)
 

By Type

 

 

    • Monopolar
    • Bi-Polar
    • Back-to-Back
    • Multi-Terminal
 

By Technology

 

 

    • Line Commutated Converters
    • Voltage Source Converters
 

By Application

 

 

    • Power Industry
    • Oil & Gas
    • Powering Island & Remote Loads
    • Interconnecting Networks

Siemens, ABB, GE, C-EPRI China Electric Power Research Institute, Toshiba and Mitsubishi Electric, BHEL, NR Electric, Hyosung and Hitachi Ltd.

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