The global HVDC converter station market is driven by several factors that have a significant impact on its growth and development. Some of the key drivers of the HVDC converter station market include:
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Increasing demand for renewable energy: As the world shifts towards renewable energy sources like wind and solar, the demand for HVDC converter stations is expected to rise. HVDC technology is essential for transmitting power over long distances from remote locations where renewable energy sources are abundant to urban areas where energy demand is high.
Growing demand for efficient power transmission: HVDC converter stations provide efficient and cost-effective transmission of large amounts of power over long distances with minimal loss. This makes them a popular choice for interconnecting regional power grids and integrating renewable energy sources into the grid.
Need for grid modernization: The aging power infrastructure in many countries is in need of modernization, and HVDC converter stations can play a vital role in upgrading the grid. HVDC technology enables the integration of decentralized energy sources and facilitates the development of smart grids, making the grid more resilient and reliable.
Increasing cross-border energy trade: Cross-border energy trade is becoming more common, and HVDC converter stations are essential for transmitting power across international borders. HVDC technology can provide a stable and reliable connection between power grids in different countries, facilitating the exchange of energy and improving energy security.
Government initiatives and incentives: Governments around the world are investing in the development of renewable energy sources and modernizing their power grids. This has led to the implementation of various policies and incentives that encourage the adoption of HVDC converter stations and other clean energy technologies.
HVDC Converter Station Market Analysis
The HVDC Converter Station Market is expected to grow at a CAGR of 4.5% during forecast period 2022-2030, due to rapid increase in government incentive policies.
A high voltage direct current converter or HVDC, simply put, is a specific form of substation that is utilized as equipment for the HVDC transmission lines. Such converter stations are particularly used for transmitting the excessive amount of power to long distances as well as for converting AC (alternating current) to DC (direct current), or vice versa.
Multi-terminal, back to back, bi-polar, and monopolar are the different types of HVDC converter stations. Voltage source converters and line commutated current sourced converters (LCC) are the different types of converter types. Owing to its alluring features and several benefits, HVDC converter stations have wide applications in various industries such as oil and gas, interconnecting networks, powering island and remote loads, power industry, and others.
Market Segmentation
The MRFR report highlights an inclusive segmental analysis of the global HVDC converter station market based on type, convertor, and application.
- By type, the global HVDC converter station market is segmented into multi-terminal, back to back, bi-polar, and monopolar.
- By converter type, the global HVDC converter station market is segmented into voltage source converters and line commutated current sourced converters (LCC). Of these, the LCC segment will lead the market over the forecast period.
- By application, the global HVDC converter station market is segmented into oil and gas, interconnecting networks, powering island and remote loads, power industry, and others.
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Key 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)
