With the emergence and long-term Impact of COVID-19, Global HVDC Converter Station Market to reach USD xx Billion by 2030
Bizwit Research & Consulting LLP’s recent analysis on the Global HVDC Converter Station Market points towards a potential rise to USD xx Billion by 2030. An HVDC (High Voltage Direct Current) converter station is a crucial component of an HVDC transmission system. HVDC technology allows for the efficient transmission of large amounts of electrical power over long distances, typically over a few hundred kilometers or more. The converter station serves as an interface between the AC (Alternating Current) and DC (Direct Current) power systems. It converts AC power into DC power for transmission and then converts it back to AC power at the receiving end of the transmission line. The increasing use of efficient power transmission systems, the increasing number of offshore wind farms, the expanding need for connecting asynchronous grids, and supporting government policies to develop HVDC converter stations are the primary drivers for the HVDC converter station market. In addition, indirect factors such as rising GDP in emerging nations are propelling the HVDC converter station market forward. A large number of offshore wind farms with high efficiency and enormous capacity are expected to be built in deep water in the coming decades, supporting the expansion of the HVDC converter station market.
Geographically, the global HVDC Converter Station market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). Europe dominated the market in 2022 with largest market share owing to the presence of key market players, rise in the demand for power from the residential and industrial sectors and growing number of renewable sources of energy such as solar energy, wind energy in the region. Whereas, in terms of sales the Asia Pacific region is expected to grow at fastest growth rate during the forecast period, owing to factors such as the growing number of offshore wind farms projects, growing demand for energy and increase in focus on renewable sources of energy to curb carbon emission.
The global HVDC Converter Station market is highly competitive owing to the presence of several key manufacturers such as Siemens AG, ABB Ltd, General Electric, Mitsubishi Group, Toshiba, NR Electric Co., Ltd, china Xian, XD power system, C-EPRi Power engineering company, XJ Electric Co Ltd, HYOSUNG Corporation and others.
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Key findings of the study suggest:
- Global HVDC Converter Station Market is anticipated to grow with a healthy growth rate of more than xx% over the forecast period 2023-2030.
- In the Deployment Type segment, Cloud emerged out as the leading market segment in 2022.
- Europe is anticipated to drive regional growth owing to expanding demand for power from the residential and industrial sectors in the region.
- Asia Pacific is expected to grow at higher rate during 2022-2030 owing to rising focus on infrastructure for power grids and renewable sources of energy in the region.
Bizwit Research & Consulting has considered following segments for the study:
By Type:
- Monopolar
- Bi-Polar
- Back-to-Back
- Multi-Terminal
By Technology:
- Line Commutated Converters
- Voltage Source Converters
By Application:
- Power Industry
- Oil & Gas
- Powering Island & Remote Loads
- Interconnecting Networks
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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