HVDC Converter Station Market is expected to grow at an Impressive CAGR through 2028
Global HVDC Converter
Station Market is expected to grow due to the growing number of offshore wind
farm projects and favorable government policies, during the forecast period of
2024-2028.
According to
TechSci Research report, “HVDC Converter Station
Market - Global Industry Size, Share, Trends, Opportunity, and Forecast,
2028F”, the global HVDC converter station market is anticipated to register
robust growth during the forecast period, 2024-2028.
An HVDC converter
station (or simply converter station) is a special type of substation that
forms the terminal equipment for high voltage direct current (HVDC)
transmission lines. Converts direct current to alternating current and vice
versa. In addition to converters, stations usually include: three-phase AC
switchgear, transformer, capacitor for reactive power or synchronous capacitor,
filters for harmonic suppression, and DC switching device. The purpose of HVDC
converter stations is to enable the transmission of large amounts of power over
long distances, often more efficiently and economically than using conventional
AC transmission systems. HVDC transmission systems are used to transmit power
from remote renewable sources such as offshore wind farms and hydroelectric
power plants to urban centers, or to interconnect power grids operating on
different frequencies or in different regions. will be used. An HVDC converter
station is a special piece of equipment used to convert alternating current
(AC) to direct current (DC) and vice versa in high voltage direct current
(HVDC) transmission systems. A substation usually consists of several
components such as transformers, converters, filters, switchgear, and control
systems.
Browse over XX
market data Figures spread through XX Pages and an in-depth TOC on " Global HVDC Converter Station Market "
Based on region, the market is bifurcated into North America, Asia-Pacific, Europe,
South America, Middle East & Africa. North America region
is expected to have the largest market share during the forecast period. North
America is the world's second largest electricity market in terms of power
generation. The processes of power generation, transmission, distribution and
consumption in this region have changed significantly. The electricity market,
especially the transmission and distribution grid, is undergoing significant
restructuring, paving the way for increased demand in the HVDC market. According
to projections from the US Energy Information Administration, US electricity
generation was expected to grow from 4,009.22 TWh in 2020 to 4,133.33 TWh in
2022. Similarly, Canada can generate up to 822 TWh of electricity by her 2050,
an increase of more than 25% compared to 2020, according to the Canadian Energy
Regulator. The United States aims to increase the share of renewable energy in
the electricity generation mix to 80% by 2030, followed by 100% electricity
from renewable sources by 2035. Similarly, Canada wants 90% of its electricity
to come from clean energy sources. Meanwhile, Mexico's General Law on Climate
Change sets a goal for Mexico to generate her 35% of its electricity from clean
energy sources by 2024. Therefore, subsequent development of transmission and
distribution systems shall be required. Much of Canada's transmission and
distribution grid (including HVDC lines) was developed during the period of
high economic growth (1950s to 1980s) and is nearing the end of its useful
life. Aging infrastructure leads to higher failure rates and more breakdowns.
This represents a huge opportunity for HVDC transmission as countries are
expected to build HVAC transmission infrastructure not only to replace legacy
HVDC infrastructure, but as HVDC transmission may become cheaper over time.
Therefore, based on the above factors, North America is expected to witness
significant growth in the global HVDC converter station market during the
forecast period.
The key market players
in the global
HVDC converter station market are:
- Hitachi Energy Ltd
- Siemens Energy AG
- Bharat Heavy Electricals Limited
- GE Grid Solutions LLC
- Mitsubishi Electric Corporation
- Toshiba Corporation
- NR Electric Co. Ltd
- Crompton Greaves Ltd
- C-EPRI Electric Power Engineering Co.
Ltd
- ABB Ltd
Download Free Sample Report
Customers can also request for 10% free
customization on this report.
"During the
forecast period,
North
America region is expected to have the largest market share. North America is
the world’s second largest electricity market in terms of power generation. The
processes of power generation, transmission, distribution, and consumption in
this region have changed significantly. The electricity market, especially the
transmission and distribution grid, is undergoing significant restructuring,
paving the way for increased demand in the HVDC market.” said Mr. Karan Chechi, Research Director
with TechSci Research, a research-based global management consulting firm.
“HVDC Converter Station Market – Global Industry Size, Share, Trends,
Opportunity, and Forecast, 2018–2028 Segmented By Configuration (Monopolar, Multi-Terminal, BI-Polar,
Back-To-Back), By Application (LCC, VSC), By Power Rating (Below 500 MW,
>500–1000 MW, >1000–1500 MW, >1500–2000 MW, Above 2000 MW), By
Component (Valve, Others), By Region and Competition” has
evaluated the future growth potential of HVDC Converter Station Market and
provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global HVDC Converter Station Market.
Contact
Mr. Ken Mathews
708 Third Avenue,
Manhattan, NY,
New York – 10017
Tel: +1-646-360-1656
Email: [email protected]
Web: https://www.techsciresearch.com