LONDON--(BUSINESS WIRE)--The new HVDC converter stations market research report from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.
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"One of the primary growth drivers for this market is the increase in global power demand,” says a senior analyst for the Industrials industry at Technavio. As the markets recover, Technavio expects the HVDC converter stations market size to grow by USD 3.36 billion during the period 2020-2024.
HVDC Converter Stations Market Segment Highlights for 2020
- The HVDC converter stations market is expected to post a year-over-year growth rate of 8.25%.
- Based on the technology, the global HVDC converter stations market witnessed increased demand for LCC HVDC converter stations in 2019.
- The growth of the global HVDC converter stations market will be significant in the LCC segment during the forecast period.
- 74% of the growth will originate from the APAC region.
- The growth of the market in APAC will be driven by the development of super grids.
- China and India are the key markets for HVDC converter stations in APAC.
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- The HVDC converter stations market size is expected to accelerate at a CAGR of almost 14% during the forecast period.
- The HVDC converter stations market is segmented Technology (LCC and VSC) and Geography (APAC, Europe, North America, South America, and MEA).
- The market is fragmented due to the presence of many/few established vendors holding significant market share.
- The research report offers information on several market vendors, including ABB Ltd., Alstom Holdings SA, Bharat Heavy Electricals Ltd., General Electric Co., Hitachi Ltd., LS ELECTRIC Co. Ltd., Mitsubishi Electric Corp., NR Electric Co. Ltd., Siemens AG, and Toshiba Energy Systems & Solutions Corp.
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