Global HVDC Converter Station Market Analysis
The global HVDC Converter Station market is a very dynamic market and is expected to witness high growth over the forecast period.
HVDC lines are less expensive, and losses are less as compared to AC transmission. It interconnects the networks that have different frequencies and characteristics. But, the initial cost of HVDC substation is very high and their substation equipment is quite complicated. Thus, for long distance transmission it is preferable that power is generated in AC, and for transmission, it is converted into DC and then again converted back into AC for final use. This system is economical and also improves the efficiency of the system. A detailed analysis report of COVID-19 impact on HVDC Converters Station Industry is provided with the report.
Global HVDC Converter Station Industry Segmental Analysis
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.
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).
On the basis of application, it is segmented into Power Industry, Powering Island and Remote Loads, Interconnecting Networks, Oil & Gas and Other.
The Line Commutated Converter-based HVDC (LCC HVDC) will continue to be used for bulk power HVDC transmission over several hundred MWs. This technology provides efficient, reliable, and cost-effective power transmission for many applications as well as also plays an important role in transmitting direct current over long distances through submarine and underground cables, and by overhead transmitting lines.
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Regional Outlook
Geographically, Europe dominates the market of HVDC converter station market. Existing transmission lines which designed for maximum transmission capacities, new interconnections are planned between the U.K., Germany, Poland, France and Sweden and others for electricity trading are some of the factors boosting the growth of the HVDC converter station market. Moreover, concerns over electricity security and reliability, as well as rising electricity prices, are promoting electricity trade between the countries in regions pushing the market towards growth.
Leading Players
We recognize the key players in the global HVDC Converter Station market as 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)