HVDC 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 HVDC 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.
HVDC Converter Station Industry
Segmentation:
MRFR’s
take on the HVDC
Converter Station 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).
Related
Reports:
No comments:
Post a Comment