The HVDC converter station market is projected to reach USD 11.57 billion by 2022 from an estimated USD 7.90 billion in 2017, at a CAGR of 7.92%, during the forecast period. The market in Asia Pacific is projected to be the fastest growing followed by Europe during the forecast period. The growth is attributed to the requirement of efficient and economical bulk power transfer from major economies in the region. The growth of the HVDC converter station market is driven by the growth of renewable power generation across the world and it is one of the cheapest and safest way of transferring power over large distances.
The report segments the HVDC converter station market, based on component, into valves, converter transformers, circuit breakers, surge arresters, harmonic filters, reactors, and others. The valve segment is expected to account for the largest market share in the component segment as it is the most critical asset of converter stations. In the Asia Pacific region, the investments in power transmission are increasing due to increasing demand for power efficiency from major economies to meet energy requirement and increase the transmission efficiency.
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The report segments the HVDC converter station market, based on power rating, into below 500 MW,> 500–1000 MW, >1000–1500 MW, >1500–2000 MW, and above 2000 MW segments. The >2000 MW segment is projected to grow at the highest CAGR by 2022. Major economies such as China in Asia Pacific and the UK in Europe are facing challenges to carry large power over long distances to meet energy requirements in their countries. This drives the market for large power networks in China and the UK, thus, creating an opportunity for HVDC converter stations as it is the most economical method to carry bulk power over long distances.
Asia Pacific: The fastest growing market for HVDC converter stations
The market in Asia Pacific is estimated to be the fastest growing market for HVDC converter stations from 2017 to 2022. The increasing demand for power and increasing number of wind farms are the parameters contributing to the development of the HVDC converter station market, as the most economical way to connect the renewable power generation to the grid is through the HVDC VSC technology. In addition to this, the investments in power transmission and increasing requirement for bulk power transfer to meet energy requirements in countries like China and India are driving the HVDC converter station market in Asia Pacific.
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There are a few global players in the market and they have a strong regional presence and are established brand names. Leading players in the HVDC converter station market such as ABB, Siemens and General Electric.