HVDC converter stations: Key market research findings
- EMEA dominates the market geographically
- Bipolar segment accounts for a majority of the market’s revenue
- Key vendors – ABB, BHEL, GE-Alstom Grid, and Siemens
Technavio’s market research analysts predict the global market for HVDC converter stations to grow at a CAGR of more than 24% between 2016 and 2020. The growth of this market is augmented by the recent rise in offshore wind installations. Power generated from offshore wind power plants needs to be transmitted over long distances, which results in substantial technical losses. As a result, the demand for HVDCs is increasing as it can carry power over long distances without significant transmission losses. In 2015, the global HVDC converter stations market was dominated by EMEA with a market share of more than 36%. The high number of grid interconnections between countries in this region, especially in Europe, coupled with the high renewable power generation will fuel the growth of the HVDC converter stations market in EMEA in the coming years.
The new market research report from Technavio presents a breakdown and analysis of the HVDC converter segments based on the configuration type.
“Massive investments are being made in HVDC systems across the globe, with China leading the way. Several of these projects have been finalized or are in the process of finalization. Currently, a number of HVDC lines are present in South America, Australia, Russia, and Africa. According to our analysts, the majority of new construction will be carried out in Europe, North America, India, and especially China,” says Vishu Rai, Lead Analyst, Energy, Technavio Research.
By 2020, the bipolar segment will continue its dominance over the global HDVC converter stations market by accounting for more than 41% of the overall market revenue. The bipolar configuration is the most widely used type of configuration for HVDC converter station systems. This configuration harnesses power from renewable energy sources and transports the electricity generated from these sources to remote places. The process requires well-equipped and advanced technologies for the efficient and loss-free transmission of power from one terminal to another.
The key vendors in the global HVDC converter stations market include ABB, BHEL, GE-Alstom Grid, and Siemens. These vendors have an extensive portfolio of HVDC system products, including transformers, capacitors, and cables and provide complete turnkey development. The solutions offered are customized and installed based on the needs of the project in question. Furthermore, the market is categorized by the presence of diversified international, regional, and local vendors.
A more detailed analysis is available in the Technavio report, Global HVDC Converter Stations Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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