Our latest research report entitled HVDC Converter Station Market (by technology (voltage source converter (VSC) and line commutated converter (LCC)), components (converter station, converter unit, converter valves, converter transformers, and others), configuration (monopolar, and multi-terminal) and application (power industry, interconnecting networks, and oil & gas)) provides complete and deep insights into the market dynamics and growth of HVDC converter station.
The latest information on market risks, industry chain structure HVDC converter station cost structure and opportunities are offered in this report. The past, present and forecast market information will lead to investment feasibility by studying the essential HVDC converter station growth factors. According to the report the global HVDC converter station market is projected to grow at a CAGR of 8.0% over the forecast period of 2018-2024.
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HVDC Converter Station Market: Insights
The HVDC (High Voltage Direct Current) is widely used to transmit long-distance bulk power and connect two separate AC systems. As a result, it is necessary to install expensive filter-compensation units and reactive power compensation units. These converter stations are specially used for converting alternating current (AC) to direct current (DC). Mercury arc valves were used at the beginning of every HVDC system. The HVDC system is less expensive and has minimum losses and it transmits power between the unsynchronized AC systems.
HVDC Converter Station Market: Drivers, Restraints, and Opportunities
Increasing demand for cost-effective solutions for long-distance power transmission and government policies towards DC transmission are the factors driving the growth of the HVDC converter station market. Additionally, an increasing number of renewable energy generation plants such as solar farms are anticipated to have a positive impact on the growth of the HVDC converter station market.
However, transmission congestion, instability, and high initial setup cost are the factors likely to hamper the growth of the HVDC converter market during the forecast period. On the other hand, lengthy approval processes for transmission projects are also the factor having a negative impact on the growth of the market.
Furthermore, growing concerns over reducing fossil fuels and increasing carbon emissions have led to the growth of offshore wind farms that require HVDC converter to connect their farms to the grids. This, in turn, is anticipated to provide several growth opportunities for the key players in the HVDC converter station market. Moreover, rapid adoption rate for UHVDC Technology in China is also providing opportunities for the HVDC converter market over the Upcoming years.
HVDC Converter Station Market: Regional Insights
Among the geographies, Europe dominated the HVDC converter station market owing to the investments in power transmission by major economies such as the UK, Germany, and Italy. Moreover, Asia Pacific is anticipated to lead the HVDC converter station market over the upcoming years.
HVDC Converter Station Market: Segmentation
The report on the global HVDC converter station market covers segments such as technology, components, configuration, and application. On the basis of technology the global HVDC converter station market is categorized into voltage source converter (VSC) and line commutated converter (LCC). On the basis of components the global HVDC converter station market is categorized into the converter station, converter unit, converter valves, converter transformers, filters, reactive power source, smoothing reactor and HVDC system pole.
On the basis of configuration the global HVDC converter station market is categorized into monopolar, bi-polar, back-to-back and multi-terminal. On the basis of application the global HVDC converter station market is categorized into the power industry, interconnecting networks, and oil & gas.
HVDC Converter Station Market: Competitive Landscape
The report provides profiles of the companies in the global HVDC converter station market such as, GE, ABB Ltd., Siemens A.G., Toshiba Corporation, BHEL, Mitsubishi Electric, NR Electric Co., Ltd., TransGrid Solutions Inc., Prysmian Group, Nexans SA and American Superconductor.
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Reasons to Buy this Report:
- Comprehensive analysis of global as well as regional markets of the HVDC converter station.
- Complete coverage of all the product type and application segments to analyze the trends, developments, and forecast of market size up to 2024.
- Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
- Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.