HVDC converter station market to be worth $11.57B by 2022
A new market report titled “HVDC Converter Station Market by Configuration (Monopolar, Bi-Polar, Back-to-Back, Multi-Terminal), Technology (LCC, VSC), Component (Valve, Converter Transformer, Harmonic Filter, Reactor), Power Rating, and Region – Global Forecast to 2022″ projects that the market will grow at a CAGR of 7.92%, from 2017 to 2022.
The global HVDC converter station market is expected to grow from an estimated value of $7.9 billion in 2017 to $11.57 billion by 2022, according to the MarketsandMarkets report.
The major factors contributing to the market growth is the increasing requirement for cost-effective solutions for bulk power transfer and increasing need for connecting asynchronous grids, which has driven a rapid adoption of HVDC in Europe and Asia Pacific, creating new market opportunities.
Increasing requirement to transfer bulk power over long distances and the connection of the renewable energy resources to the national grid are also driving the market.
The above 2,000 MW segment is projected to grow at the highest CAGR during the forecast period, as the major problem faced by large economies such as India and China is to ensure efficient transfer of bulk electricity over long distances while maintaining the national electricity grid without any disturbance. Thus, a large number of projects in the countries are developed in UHVDC.
The Europe market is expected to dominate the global HVDC converter station market, with the highest share as the major economies in the region such as the UK, Germany, and France are developing interlinkage links between countries to maintain power efficiency.
The global players profiled in the report include ABB (Switzerland), Siemens (Germany), and General Electric (US), while the regional players include NR-Electric (China), C-EPRI (China) and Toshiba (Japan).
Source: PR Newswire