HVDC Converter Station Market 2021 Global Insights and Business Scenario – ABB Ltd., Siemens AG, Bharat Heavy Electricals Limited, GE Grid Solutions LLC, and XJ Group Corporation

The Global HVDC Converter Station Market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies. We analyzed the impact of COVID-19 (Corona Virus) on the product industry chain based on the upstream and downstream markets, on various regions and major countries and on the future development of the industry are pointed out.

The market for HVDC converter station is expected to grow at a CAGR of more than 9.05% during the forecast period of 2020 – 2025. High voltage direct current (HVDC) technology is one of the catalysts driving the transformation of the electricity market. The increasing cross border power transmission activities are expected to pave a way for development of HVDC systems, which in turn, is likely to drive the HVDC converter station market. Also, growth in renewable energy sector is also expected to drive the market during the forecast period as there is a significant rise in renewable energy generation capacity (onshore and offshore), supported by government’s objectives. However, the implementation of the distributed and off-grid power systems is reducing the demand for HVDC transmission lines. Therefore, growing demand for these power plants is expected to restrain the market during the forecast period.

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The report presents the market competitive landscape and a corresponding detailed analysis of the major vendor/key players in the market. Top Companies in the Global HVDC Converter Station Market: ABB Ltd., Siemens AG, Bharat Heavy Electricals Limited, GE Grid Solutions LLC, and XJ Group Corporation.

Key Market Trends

Line Commutated Converter (LCC) to Dominate the Market

– Line commutated converter (LCC) is expected to dominate the HVDC converter station market due to its lower cost and higher reliability compared to voltage source converter (VSC).
– LCC uses thyristor, which converts AC to DC current. Thyristor is a silicon-based power semiconductor device, which is the heart of the converter station. Also, LCC converter for HVDC is also considered as a current-source converter due to the unidirectional flow of current.
– The thyristor technology has provided a big thrust to the demand for LCC HVDC systems on account of better reliability, which is likely to drive the demand for the market studied.
– The technological developments of thyristor have provided an edge for HVDC converter stations to transfer bulk power over long distances. Therefore, LCC technology finds applications in UHVDC projects proposed in major economies for bulk power transport.
– In August 2019, Siemens won a contract for two converter stations for Viking Link, the first high-voltage direct-current (HVDC) link between Great Britain and Denmark. Siemens will deliver a 1,400 mw converter system for DC voltage of 525 kV (kilovolts) using HVDC Plus technology.
– Therefore, increasing demand for converter stations is expected to promulgate the market for converter stations during the forecast period.

Europe to Dominate the Market

– Europe is expected to dominate the HVDC converter station market due to its increasing power demand and increasing number of offshore wind farms during the forecast period.
– Factors such as early and rapid adoption of advanced technologies and high investment made in the research and development field are expected to boost the market growth for HVDC converter station in Europe.
– The energy transition continues to be an integral part of Germany’s energy landscape with ambitious goals to cut CO2 emissions by 80% and increase the share of renewable energy in total energy consumption to 60%, and 80% of electricity generated from renewable sources, by 2050.
– In October 2019, the United Kingdom’s first HVDC system eyed for world’s biggest offshore wind farm i.e. Norwegian offshore contractor Aibel has won an order valued at over NKR 2.5bn to build two high voltage direct current (HVDC) converter stations for the giant Dogger Bank offshore wind power mega-project being developed in the United Kingdom North Sea by SSE Renewables and Equinor.
– The French government is also supporting the share of renewable energy (especially offshore wind) and has set a target to build approximately 6 GW of offshore wind power by 2020.
– Therefore, based on the above-mentioned factors, Europe is expected to dominate the HVDC converter stations market during the forecast period.

Influence Of The HVDC Converter Station Market Report:

-Comprehensive assessment of all opportunities and risk in the HVDC Converter Station market.

– HVDC Converter Station market recent innovations and major events.

-A detailed study of business strategies for growth of the HVDC Converter Station market-leading players.

-Conclusive study about the growth plot of HVDC Converter Station market for forthcoming years.

-In-depth understanding of HVDC Converter Station market-particular drivers, constraints and major micro markets.

-Favourable impression inside vital technological and market latest trends striking the HVDC Converter Station market.

The report has 150 tables and figures browse the report description and TOC:

What Are The Market Factors That Are Explained In The Report?

Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on The Global and regional scale.

Analytical Tools: The Global HVDC Converter Station Market Report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, SWOT analysis, feasibility study, and investment return analysis have been used to analyze the growth of the key players operating in the market.

Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.

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