High Voltage Direct Current Converter
Station Market - Overview
The high voltage direct current (HVDC) transmission
system is gaining popularity across various industries owing to a resurgence in
the HVAC transmission technology. The system uses direct current for bulk
transmission. The global HVDC converter station market is estimated to secure a
4.5% CAGR during the forecast period (2017-2023). Market Research Future
(MRFR), in its report on the High
Voltage Direct Current Converter Station Market, makes an assessment where
it indicates a possibility to cross USD 8.1 billion valuation mark by the end
of 2023.
Several factors such as the growing practice of
renewable energy, stringent government policies to ensure eco-friendly power
output, determination to curb carbon emission, and intent to reduce the use of
fossil fuel can be considered effective to take the global HVDC converter
station market forward. However, there are factors like high initial
installation cost and lengthy approval process in many countries could restrain
the natural HVDC converter station market growth process. But government
subsidies to inspire its installation could safeguard the HVDC converter
station market from any long-time detrimental effect.
High Voltage Direct Current Converter
Station Market Segmentation:
MRFR’s take on the global HVDC market is based on
type, converter type, and application. These segmentations are further backed
by ample data, both in sync with volumes and values.
Based on the type, the global HVDC converter station
market is segmented into monopolar, bi-polar, back to back, and multi-terminal.
Based on the converter type, the global HVDC
converter station market includes Line Commutated Current Sourced Converters
(LCC) and Voltage Source Converters (VSC). The Line Commutated Converters (LCC)
segment is gaining market preference owing its increase makrye bulk power HVDC
transmission over several hundred MWs.
Based on the application, the global HVDC converter
station market is segmented into power industry, powering island and remote loads,
interconnecting networks, oil & gas and other. The power industry is
expected to gain notably as several renewable energy resources are employing
this mechanism to go green and reduce cost of production.
Regional Analysis:
Region-specific analysis of the HVDC converter
station market leads to the inclusion of namely, North America, Europe,
Asia-Pacific (APAC), and Rest of the World (RoW). This study, made by MRFR,
ensures a peek into regional prospects to track and chart growth opportunities
for the market.
Europe has the largest market for HVDC converter
stations. This is primarily due to initiatives taken to ensure green power
output and maintain a sustainable future. Increasing power demand and growing
installation of offshore wind can be considered major traction providers.
Countries such as the U.K. and Norway can be anticipated to lead the regional
market.
The APAC region is expected to register high growth
for the (HVDC) converter station market in the next few years. This would be
mainly promoted by the rising demand for electricity. This has also triggered
growing installation of renewable power stations. China’s market would be
substantial and it would contribute to the regional market transformation.
Competitive Landscape:
Several companies are gaining high momentum in the
global HVDC converter station market. This is the result of these companies
implementing strategic moves that would not just ensure individual prospect but
holistic growth for the market as well. MRFR enlisted a few to and profiled
them for a better understanding. These companies are Alstom (France), Bharat
Heavy Electricals Ltd. (India), General Electric (U.S.), Siemens AG (Germany),
ABB Ltd. (Switzerland), Toshiba Corporation (Japan), Crompton Greaves Ltd.
(India), Nissin Electric Co Ltd (Japan), and Hitachi Ltd. (Japan).
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