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ENERGY & POWER

HVDC Converter Station Market Segmentation by Configuration (Monopolar, Bi-Polar, Back-to-Back, and Multi-Terminal); by Technology (Voltage Source Converter, and Line Commutated Converter); by Power Rating (Below 500 MW, >500-1000 MW, >1000-1500 MW, >1500-2000 MW, and >2000 MW); and by Component (Converter, DC Equipment, Converter Transformer, and Others) – Global Demand Analysis & Opportunity Outlook 2030

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Extensive insights into the Growth of HVDC Converter Station Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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IN THE NEWS

  • March 2021- Siemens commissioned India’s first HVDC power transmission link featuring voltage source converter technology between Pugalur in Tamil Nadu and Thrissur in Kerala.

  • April 2020- ABB, Ltd. announced that it has secured multiple orders from the State Grid Corporation of China for delivering HVDC converter transformers and other high voltage equipment for direct current transmission links owned by the corporation.

Global HVDC Converter Station Market Highlights 2022 – 2030

The global HVDC converter station market is estimated to garner a large amount of revenue and grow at a CAGR of ~8% over the forecast period, i.e., 2022 – 2030. Growing adoption of power transmission systems that provide improved grid asset utilization is a crucial factor expected to drive market growth in the upcoming years. Furthermore, favorable government policies for establishing HVDC converter stations, coupled with escalating number of offshore wind farms are projected to offer ample growth opportunities to the market in the near future.

HVDC Converter Station Market GraphAlong with these, the growth of the market can also be attributed to the increasing number of cross border power transmission activities, and rise in renewable energy generation capacity across the globe. According to the International Renewable Energy Agency (IRENA), the global renewable energy generation capacity at the end of 2020 was 2,799 GW, attaining a growth of 10.3 percent from the previous year. In addition, hydropower accounted for the largest share (43 percent) of this global energy total, valued at a capacity of 1,211 GW.

Renewable Energy Generation Capacity Graph

The market is segmented by power rating into below 500 MW, >500-1000 MW, >1000-1500 MW, >1500-2000 MW, and >2000 MW, out of which, the >2000 MW segment is anticipated to hold the largest share in the global HVDC converter station market. This can be accounted to the development of the power transmission capacity of valves in the last few years. Apart from these, requirement of high power for connecting renewable energy sources to the grid is also predicted to fuel the growth of the market segment in the future. Additionally, on the basis of technology, the line commutated converter segment is assessed to acquire the most significant share during the forecast period, which can be credited to the low cost and high reliability of this technology as compared to voltage source converter. CLICK TO DOWNLOAD SAMPLE REPORT

Major Macro-Economic Indicators Impacting the Market Growth

Electricity Consumption Graph

In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.

Global HVDC Converter Station Market Regional Synopsis

On the basis of geographical analysis, the global HVDC converter station market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the huge demand for power transmission systems in China and India, and increasing requirement for bulk transport power in the region. Moreover, the market in Europe is projected to acquire the largest share during the forecast period owing to the early and rapid adoption of advanced technologies, and growing number of offshore wind farms in the region. As per the data provided by the WindEurope Organization, the offshore wind capacity of Europe increased by 2.9 GW in 2020, i.e., 365 new offshore wind turbines were connected to the grid in the continent that year. In addition, rising demand for power is also anticipated to boost the market growth in the region in the coming years.

HVDC Converter Station Market Share Image

The global HVDC converter station market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global HVDC converter station market includes the following segments:

By Configuration

  • Monopolar
  • Bi-Polar
  • Back-to-Back
  • Multi-Terminal

By Technology

  • Voltage Source Converter
  • Line Commutated Converter

By Power Rating

  • Below 500 MW
  • >500-1000 MW
  • >1000-1500 MW
  • >1500-2000 MW
  • >2000 MW

By Component

  • Converter
  • DC Equipment
  • Converter Transformer
  • Others

Growth Drivers

  • Increasing Number of Cross Border Power Transmission Activities
  • Rising Renewable Energy Generation Capacity Globally

Challenges

  • High Cost of Installing HVDC Terminal Stations

Top Featured Companies Dominating the Market

  • ABB, Ltd.
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis 
  • Siemens AG
  • General Electric Company
  • XJ Group Corporation
  • Bharat Heavy Electricals Limited
  • Alstom SA
  • Nissin Electric Co Ltd.
  • Toshiba Corporation
  • Hitachi Ltd.
  • C-EPRI Electric Power Engineering Co. Ltd

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