HVDC Converter Station Market to exceed $11.57 Billion by 2022

HVDC converter stations are specialized substations that form the terminal equipment for high voltage direct current transmission lines. They convert direct current to alternating current and vice versa. HVDC converter stations are economically beneficial for transferring bulk power over long distances as they lead to low power losses and lesser environmental impact as compared to HVAC converter stations.

The HVDC converter station market is expected to reach USD 11.57 billion by 2022 from an estimated USD 7.90 billion in 2017, at a CAGR of 7.92%, during the forecast period. The market in Asia Pacific is projected to be the fastest growing followed by Europe during the forecast period. The growth is attributed to the requirement of efficient and economical bulk power transfer from major economies in the region. The growth of the HVDC converter station market is driven by the growth of renewable power generation across the world and it is one of the cheapest and safest way of transferring power over large distances.

Europe is expected to dominate the market by 2022, owing to investments in power transmission by major economies such as the UK, Germany, and Italy, among others to develop interlinkage between countries to maintain energy efficiency. The market in Asia Pacific is expected to grow at the highest CAGR from 2017 to 2022. The growth is attributed to the growing requirement from major economies such as India and China, to meet the energy requirement in the country and increase energy efficiency without affecting the national grid.

The report segments the HVDC converter station market, based on component, into valves, converter transformers, circuit breakers, surge arresters, harmonic filters, reactors, and others. The valve segment is expected to account for the largest market share in the component segment as it is the most critical asset of converter stations. In the Asia Pacific region, the investments in power transmission are increasing due to increasing demand for power efficiency from major economies to meet energy requirement and increase the transmission efficiency.

The market in Asia Pacific is estimated to be the fastest growing market for HVDC converter stations from 2017 to 2022. The increasing demand for power and increasing number of wind farms are the parameters contributing to the development of the HVDC converter station market, as the most economical way to connect the renewable power generation to the grid is through the HVDC VSC technology. In addition to this, the investments in power transmission and increasing requirement for bulk power transfer to meet energy requirements in countries like China and India are driving the HVDC converter station market in Asia Pacific.

Leading players in the HVDC converter station market include Siemens (Germany), ABB (Switzerland) and General Electric (US).

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:

Mr. Shelly Singh

MarketsandMarkets™ INC.

630 Dundee Road

Suite 430

Northbrook, IL 60062

USA: 1-888-600-6441

Email: newsletter@marketsandmarkets.com

Content Source: https://www.marketsandmarkets.com/PressReleases/hvdc-converter-station.asp

Currently working as a Senior Research Associate with hands on experience in Market Research, Business Research, Consumer Research and Process Research