HVDC Converter Station - Global Market Outlook (2018-2027)
According to Stratistics MRC, the Global HVDC Converter Station Market is accounted for $8.73 billion in 2018 and is expected to reach $21.44 billion by 2027 growing at a CAGR of 10.5%. The need for high-voltage and long distance power lines for transmission of bulk power from remote generation and supportive government policies are likely to boost the growth of the HVDC converter station market. However, transmission congestion and instability, and high initial cost are likely to hamper the profit boundaries.
A high voltage direct current (HVDC) converter is a distinctive type of substation used as equipment for HVDC transmission lines. These converter stations are especially used to transmit bulk of power to long distances and for converting alternating current (AC) to direct current (DC) or vice versa. An HVDC converter station is generally used for the transmission of electricity from renewable energy sources situated at remote areas to metropolitan areas, with fewer energy losses by converting AC to DC. Growing concerns over gradually reducing fossil fuels and increasing carbon emissions have led to the growth of offshore wind farms that require HVDC converter station for connecting farms to the grid. HVDC system has the capability to reduce costs and electrical losses, and is the single possible solution to facilitate the use of renewable energy sources.
Based on technology, the Line-Commutated Converter (LCC) segment is estimated to have a lucrative growth due to the rise in the use of thyristor valves because of the better reliability of the thyristor technology. The technical improvements and compact designs with large-capacity thyristors (up to 8.5 kV, 4 kA) have contributed to the progress of HVDC applications. By geography, Europe is likely to have a huge demand due to the growing power demand & requirement and increasing offshore wind farms. Countries in Europe, for instance, Norway and the U.K are projected to be the major key players in the global HVDC converter station market.
Some of the key players in the HVDC Converter Station market include ABB, Alstom, BHEL, C-Epri Power Engineering Company, China Xian XD Power System, Crompton Greaves Ltd, General Electric, Hitachi, Hyosung, LSIS, Mitsubishi, Nissin Electric Co Ltd, NR Electric, Siemens AG, Toshiba, and XJ Electric.
• Line-Commutated Converter (LCC)
• Voltage Sourced Converter (VSC)
Power Ratings Covered:
• >1000–1500 MW
• >1500–2000 MW
• >500–1000 MW
• Above 2000 MW
• Below 500 MW
• Circuit Breakers
• Converter Transformers
• Harmonic Filters
• Surge Arresters
• Other Components
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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