HVDC Converter Station Market Research Report- Forecast 2027

HVDC Converter Station Market, By Type (Monopolar, Bi-Polar, Back to Back, and Multi-Terminal), By Converter type (Line Commutated Current Sourced Converters (LCC), Voltage Source Converters), By Application (Power Industry, Powering Island and Remote Loads, Interconnecting Networks, Oil & Gas and Other) and Region - Forecast 2020-2027

ID: MRFR/E&P/3045-HCR | February 2021 | Region: Global | 110 pages

HVDC Converter Station Market Synopsis


HVDC Converter Station market is expected to grow with the CAGR of approximately 4.5% from 2017 to 2023, and with this it is predictable to cross USD 8.1 Billion by 2023.


The converter stations consists of all the needed equipment for going from AC to DC or vice versa. Converter substations generate current and voltage harmonics, while the conversion process is accompanied by reactive power consumption. As a result, it is necessary to install expensive filter-compensation units and reactive power compensation units. HVDC exists from long time but has become popular these days with weighing advantages for the traditional HVAC transmission technology. HVDC system uses direct current for the bulk transmission.


The HVDC (High Voltage Direct Current) transmission system is widely used to transmit long distance bulk power and connect two separate AC systems. Rising concerns over carbon emissions and steadily reducing fossil fuels will lead to have the requirement of HVDC systems. Moreover, the market is intended to grow with rapid increase in government incentive policies to establish HVDC converter stations. Increasing policies imposed acts as a major driving factor for the growth of the HVDC converter station market. Furthermore, high implementation costs and the lengthy approval processes for transmission projects are major barriers to the growth of  market.


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. 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  market. The global 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.


Key Players 


The major players operating in the market of global HVDC Converter Station 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) .


Global HVDC Converter Station Market: Segmentation 


  


Regional Analysis


The geographic market is segmented as North America, Europe, Asia-Pacific and Rest of the World (RoW). Europe is currently the largest market for HVDC converter stations. Increasing power demand and increasing number of offshore wind farms are the major factors which are leading the market in the region. Countries such as the U.K. and Norway are expected to be the major players in this market. The global High-Voltage Direct Current (HVDC) converter station market will expand significantly in the next few years, driven by the rising demand for electricity in the Asia-Pacific region and the growth in renewable energy generation. China will be the largest market in terms of HVDC converter stations installed or planned. Asia-Pacific is expected to lead HVDC converter station market in the forecast period.


The report for Global HVDC Converter Station Market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.



Report Scope:
Report Attribute/Metric Details
  Market Size   2023: USD 8.1 Billion
  CAGR   4.5%CAGR (2020-2027)
  Base Year   2019
  Forecast Period   2020-2027
  Historical Data   2018
  Forecast Units   Value (USD Billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Type ,Converter type and Application
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   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)
  Key Market Opportunities   New product launches and R&D Amongst major key Players
  Key Market Drivers   Rapid increase in government incentive policies


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Frequently Asked Questions (FAQ) :


Between 2017 and 2023, the HVDC converter station market can surge at 4.5% CAGR.

By 2023, the HVDC converter station market can generate a turnover of USD 8.1 Bn.

ABB Ltd. (Switzerland), Alstom (France), Bharat Heavy Electricals Ltd. (India), and Siemens AG (Germany) are some reputed names in the HVDC converter station market.

The growing concern over the need to curb carbon emission can impel the global market of HVDC converter stations.

In APAC, the high installation rate of HVDC converter stations can cause the regional market to surge.