The HVDC converter station market is expected to grow at a CAGR of 7.92%, from 2017 to 2022, to reach a market size of USD 11.57 billion by 2022. The growth in the HVDC converter station market is driven by the increasing demand for cost-effective solutions for long distance power transmissions, liberalization in energy policies in Europe, and integration of renewable energy resources across the grids.
The target audience for this report includes:
- Manufacturers in end-use industries
- Manufacturing technology providers
- HVDC converter station manufacturers
- HVDC converter station providers
- Raw material suppliers
- Government agencies
- Investors and financial community professionals
- Market research and consulting firms
There are a few global players in the HVDC converter station market and they have a strong regional presence and are established brand names. Leading players in the HVDC converter station market, such as ABB, Siemens, and GE have been focusing on organic growth strategies which include developing new products to bolster their product portfolio and enhance their global reach.
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On the basis of the technology segment, the VSC technology market is expected to be the fastest growing market from 2017 to 2022. The VSC technology is being preferred over the mature LCC technology as it is capable of integrating renewable energy resources into the national grid. In addition, the recent developments in the VSC technology which provides VSC valves for power rating above 1500 MW are driving the market for the VSC technology.
The report segments the portable filtration systems market, based on power rating, into below 500 MW,> 500–1000 MW, >1000–1500 MW, >1500–2000 MW, and above 2000 MW segments. The >2000 MW segment is projected to grow at the highest CAGR by 2022. Major economies such as China in Asia Pacific and the UK in Europe are facing challenges to carry large power over long distances to meet energy requirements in their countries. This drives the market for large power networks in China and the UK, thus, creating an opportunity for HVDC converter stations as it is the most economical method to carry bulk power over long distances.
The configuration segment in the HVDC converter station market is categorized as monopolar, bi-polar, multi-terminal, and back-to-back. Bi-polar is the most preferred configuration for the HVDC converter station market as it offers a power rating of up to 10 GW and it can be operated as monopolar if required due to which, in the process of maintenance or outage of one pole, a portion of power can still be transmitted, thus, preventing the blackouts. It is also possible to convert bi-polar into multi-terminal if required in the future, thus, making it the most preferred configuration by the HVDC contractors.
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The market in Asia Pacific is estimated to be the fastest growing market for HVDC converter stations from 2017 to 2022. The increasing demand for power and increasing number of wind farms are the parameters contributing to the development of the HVDC converter station market, as the most economical way to connect the renewable power generation to the grid is through the HVDC VSC technology. In addition to this, the investments in power transmission and increasing requirement for bulk power transfer to meet energy requirements in countries like China and India are driving the HVDC converter station market in Asia Pacific.
