HVDC Converter Station Market 2019 Is Estimated to Reach US$ 8.1 Billion and Growing At 4.5% CAGR by 2023
HVDC Converter Station Market By Type (Monopolar, Bi-Polar, Back to Back, and Multi-Terminal), By Converter type (Line Commutated Current Sourced Converters, Voltage Source Converters), By Application (Power Industry, Powering Island & Remote Loads, Interconnecting Networks, and Oil & Gas) and Region – Forecast to 2023
Pune, India – June 10, 2019 /MarketersMedia/ —
Market Research Future published a research report on HVDC converter station market. The global market for HVDC converter station is majorly driven by factors such as advanced technology, rising concerns over carbon emissions and steadily reducing fossil fuels. Global 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. 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.
Leading Players:
The prominent players in the HVDC converter station market 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)
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Market Highlights
The global HVDC Converter Station market is a very dynamic market and is expected to witness high growth over the forecast period. Advanced technology in HVDC systems is able to provide transmission systems with benefits such as voltage stability and control, absence of reactive power, and the removal of rising disturbances which helps to grow the market. Moreover, the share of clean and emission-free power from hydro, wind, solar, and other renewable energy sources in the global energy mix is expected to rise. HVDC converter station will transmit clean electricity generated from renewable power plants to urban areas with minimum transmission losses.
Industry Segmentation
HVDC Converter Station market is segmented on the basis of type, converter type, application and end-use and region.
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 HVDC converter station market.
On the basis of region, the global HVDC Converter Station market covers its growth opportunities and current trends across North America, Europe, Asia-Pacific and Rest of the World.
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.
Table of Contents
1. Executive Summary
2 Research Methodology
2.1 Scope Of The Study
2.1.1 Definition
2.1.2 Research Objective
2.1.3 Assumptions
2.1.4 Limitations
2.2 Research Process
2.2.1 Primary Research
2.2.2 Secondary Research
2.3 Market Size Estimation
2.4 Forecast Model
3. Market Dynamics
3.1 Market Drivers
3.2 Market Inhibitors
3.3 Supply/Value Chain Analysis
3.4 Porter’s Five Forces Analysis
4. Global HVDC Converter Station Market, By Type
4.1 Introduction
4.2 Monopolar
4.3 Bi-Polar
4.4 Back To Back
4.5 Multi-Terminal
5. Global HVDC Converter Station Market, By Converter Type
5.1 Introduction
5.2 Line Commutated Current Sourced Converters
5.3 Voltage Source Converters
Continued……..
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