Emerging Technologies and Opportunities in the HVDC Converter Station Market
The global HVDC converter station market is demonstrating tremendous opportunities. The market growth attributes to the advantages of modern HVDC converter stations over the traditional HVAC transmission technology.
Besides, rising concerns over carbon
emissions and receding fossil fuel levels create a substantial market demand
worldwide. Moreover, increasing government incentive policies for the
deployments of HVDC converter stations escalate the market size.
According to Market Research Future
(MRFR), the global HVDC converter station market is poised to create an approx
valuation of USD 8.7 Billion by 2032, growing at 4.50% CAGR during the
assessment period (2023 – 2032).
HVDC converter station provides
reliable and safe conversion process of AC to DC or vice versa with reactive
power consumption generating current and voltage harmonics. Rapid uptake of
converter stations in power generation and renewable energy fosters the market
share.
Conversely, high costs associated with
deployments and maintenance of HVDC converter stations are the major factors
projected to impede the market growth. Also, lengthy approval processes for
transmission projects restrict the growth of the HVDC converter station
industry. Nevertheless, the rising demand for electricity and growth in
renewable energy generation would support the converter station market growth
throughout the assessment period.
The growing number of renewable power
plants is a major driving force pushing the growth of the converter station
market. Furthermore, the growing installations of off-grid solar panels for
commercial & industrial, and residential purposes requiring a reliable and
safe power converter create a substantial demand for HVDC converter stations.
Major Players:
·
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 )
·
Hitachi
Ltd. (Japan)
Global HVDC Converter Station
Market - Segments
The report is segmented into four
dynamics;
By
Type
: Monopolar,
Bi-Polar, Back to Back, and Multi-Terminal.
By Converter Type: Line
Commutated Current Sourced Converters (LCC), Voltage Source Converters, and
others.
By
Application : Power Industry, Powering Island & Remote Loads,
Interconnecting Networks, Oil & Gas, and others.
By
Regions : Americas,
Europe, Asia Pacific, and the Rest-of-the-World.
Global HVDC Converter Station
Market - Geographical Analysis
Europe dominates the global HVDC
converter station market. The largest market share attributes to the increasing
power demand and numbers of offshore wind farms. Besides, concerns over
security and reliability of electricity supply & consumption, alongside the
continually rising electricity prices, drive the market growth in the region.
Moreover, increasing electricity trade
between the countries in regions push the market size. Countries like the UK
and Norway are the major players in the regional market for HVDC converter stations.
The European HVDC converter station market has experienced potential growth
over the past few years and is projected to remain dominant globally throughout
the forecast period.
The Asia Pacific region stands second
in the global HVDC converter station market. Market growth is driven by the
increased power generation stations and renewable energy plants in the region.
Additionally, the increasing demand from end-use sectors such as the power
industry, powering island & remote loads, and interconnecting networks
boost the region's market share.
The region accounts for over half of
the total global population, which influences the market size, creating a
substantial demand for increased power generation. The availability of ample
renewable natural resources in the region fosters market growth driving
renewable energy generation. The APAC HVDC converter station market is
projected to register a healthy CAGR during the review period.
The North American HVDC converter
station market is growing rapidly, experiencing a broad uptake of green energy
generation systems. Furthermore, factors such as the rising production of
renewable energy generation led by government initiatives support the regional
market's growth. The increasing focus on minimizing the costs of power
generation and substantial investments made in renewable energy plants propel
the regional market growth.
HVDC Converter Station
Market - Competitive Analysis
Intensely competitive, the High
Voltage Direct Current Converter Station market appears to be well-established with the presence of many
large and small-scale players. Strategic initiatives such as acquisition,
expansion, collaboration, and product launch remain the key trends to gain a
larger competitive advantage. The competitive landscape of the market is based
on the market participants, their production capacities, supply chain, and
revenue generation.
Industry/Innovation/Related
News:
November 18, 2020 ---- an Italian multinational corporation, the
Prysmian Group, announced signing a preferred bidder agreement with RWE
Renewables GmbH (Italy) for the development of the high voltage submarine and
land export cable connection for the Sofia offshore wind project in the UK.
Prysmian would be responsible for the
design, supply, offshore route preparation, installation, commissioning, and
protection of the HVDC cable system carrying power from Sofia's offshore
converter station to the onshore converter station in Teesside.
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