HVDC Converter Station Market – Worldwide Drivers and New Opportunities Assessed
The growing adoption of proficient power transmission systems and increasing installations of offshore wind farms to transmit power over distant places without considerable power losses are some of the major growth factors, which are expected to fuel HVDC Converter Station market demand during the forecast period. High-voltage direct current (HVDC) is a technology used in the effective transmission of high power. It is an efficient and more convenient method to transmit power from sustainable sources, located in far-off areas. The HVDC converter stations are distinguished based on architecture and configuration of components. HVDC converter stations assist in the transmission of clean electricity generated from sustainable power plants to urban areas with least transmission losses.
As per the market report “Global HVDC Converter Station Market Research Report- Industry Analysis, Size, Share, Growth, Trends and Forecast”
added by DecisionDatabases.com the rising government initiatives & incentive policy to establish converter station and increasing concerns over hazardous emissions will further aid in the growth of the market over the coming years. With the rapid surge in HVDC converter station technology, end-users will pay more attention to obtaining HVDC components to enhance the efficiency of power system networks. The robust upsurge in the demand for electricity along with and the rising need to transmit power with fewer transmission losses is anticipated to augment market demand across the globe. However, high initial cost and lack of investment in power grid infrastructure are major challenges, which may hamper market growth in the forthcoming years.
In the report this global market has been segmented based on type into monopolar, bi-polar, back-to-back and multi-terminal. Bi-polar is a leading type segment and is expected to witness a significant growth over the forecast period on account of its widespread usage in power transmission system due to loss-free transmission of huge power from one terminal to another efficiently.
The market has been further segmented based on technology into line commutated converters (LCC) and voltage source converters (VSC). The Line Commutated Converter-based HVDC (LCC HVDC) is a leading technology segment and is projected to witness a double-digit growth over the forecast period owing to the increasing application scope due to its reliable, efficient and cost-effective power transmission through underground cables & submarine and. Furthermore, the market has been segmented based on application.
Europe is a major market and is expected to grow at a substantial rate during the forecast period due to rising installations of HVDV converter stations for electricity supply in adjacent countries and rising government initiative to combat global warming. Additionally increasing installations of offshore wind power generation farms to transmit power over long distances in the region.
The key industry players include TransGrid Solutions Inc., Toshiba Corporation., Siemens A.G., Prysmian Group, NR Electric Co., Ltd., Nexans SA, BHEL, Hitachi, Ltd., General Electric, American Superconductor and ABB Ltd.
In Feb 2016, Siemens has been awarded an order to supply an HVDC link “COBRA cable” between the Danish Energinet.dk and Dutch counterpart TenneT TSO to improve power supply dependability in both countries and encourage the integration of sustainable energy sources into the power grid.
In march 2016, ABB, the Swiss power electronics company will establish an HVDC converter station in Germany that will incorporate Danish and Germany clean energy projects with a capacity to connect 400 MW of power.
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