DUBLIN--(BUSINESS WIRE)--The "HVDC Converter Station Market -By Technology, By Power Rating and By Region - Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 - 2026" report has been added to ResearchAndMarkets.com's offering.
The global HVDC Converter Station market is slated to accrue revenue worth nearly 14.58 (USD Billion) by 2026 and record the CAGR of about 8% over the period from 2020 to 2026.
The report offers assessment and analysis of the HVDC Converter Station market on a global and regional level. The study offers a comprehensive assessment of the market competition, constraints, sales estimates, opportunities, evolving trends, and industry-validated data. The report offers historical data from 2017 to 2019 along with a forecast from 2020 to 2026 based on revenue (USD Billion).
Optimization of the capacity of current power transmitting corridors is best carried out through the conversion to HVDC. This conversion has also proved to be cost-efficient even over shorter distances and can result in enhanced capacity of current corridors. Apparently, need for reducing carbon emissions has translated into huge demand for expanding power transmission capacity, thereby creating massive preference for HVDC converter stations.
Recently in 2019, the Ultranet HVDC conversion venture in Germany is transforming AC corridor into a hybrid AC/DC corridor, thereby transporting wind energy through northern part of the country to southern part. Earlier, HVDC conversion technology was used only for high-powered & long-distant transmission by the utilities as it incurred high operating costs for shorter distances. However, due to onset of new technologies and grid systems HVDC conversion has become cost-effective as well as feasible for shorter distances. An HVDC converter station has the ability to transfer huge amount of power in a corridor through utilization of current grid power lines & structures.
Market Growth Dynamics
Escalating demand for sustainable energy, cost-effective carbon-free power supply, and need for reducing GHG emissions & air pollution is likely to enhance the popularity of HVDC converter station. According to NCBI, the current studies in 2019 have demonstrated that HVDC transmission can offer lucrative advantages as a component of topological changes in the grid electricity business. Apparently, the studies have revealed that national HVDC overlay can be a cost-effective course towards de-carbonization, offer inter-regional stability, and enhance resilience & reliability in the grid during offering sustenance against the altering climatic conditions. All these aforementioned factors will steer the growth of the HVDC converter station industry over the forthcoming years.
Furthermore, the HVDC transmission technology has matured due to its utilization over an elongated period. Nevertheless, it offers numerous benefits over HVAC over long distances. The benefit of DC-DC converter topology amongst current AC solutions for transmission of power over long distances has been already proven a long time ago through various empirical studies & positive outcomes.
Moreover, the most desirable benefits derived due to HVDC transmission line as compared to AC line cover are absence of negative impact on the skin, lower transmission losses, affordable manufacture procedure for DC cable production, and higher proportion of active power control. All these aspects will steer the growth of the HVDC converter station market in the near future.
In addition to this, rise in the number of offshore wind farms and need for linking asynchronous grids will impel the growth of the HVDC converter station market in the years ahead. Apart from this, government policies favoring DC transmission to meet the growing energy requirements will bring inflation in the market value during the forecast timeframe. Additionally, growing green energy trends will further enlarge the market scope over the forthcoming years.
Europe To Account For Major Market Size Over Forecast Timeframe
The regional market growth over the period from 2020 to 2026 is attributed to a surge in the number of offshore wind farms in countries like the UK, Denmark, Germany, and Norway in Europe. As per the study published in April 2020 in MDPI journal, nearly 52 of the HVDC power stations, which account to 40% of the total HVDC power stations across the globe, are based in Europe. Reportedly, nearly 26 power stations have been launched in the region in the last five years. Furthermore, presence of key players such as Siemens, Alstom, and ABB in the region will further boost regional market trends.
Key players influencing the market growth are
- XJ Electric
- China Xian XD Power System
- General Electric
- NR Electric
The global HVDC converter station market is segmented as follows:
- Converter Transformer
- Circuit Breakers
- Harmonic Filters
- Surge Arresters
By Power Rating
- Below 500
- Multi Terminal
- North America
- The U.S.
- The UK
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
For more information about this report visit https://www.researchandmarkets.com/r/tzsucd