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HVDC Converter Station Market Growing at CAGR of 7.92% | Key Players ABB, Siemens, General Electric

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HVDC Converter Station Market Growing at CAGR of 7.92% | Key Players ABB, Siemens, General Electric

October 15
18:58 2019
HVDC Converter Station Market Growing at CAGR of 7.92% | Key Players ABB, Siemens, General Electric

Leading players in the HVDC converter station market include ABB (Switzerland), Siemens (Germany), General Electric (US), Mitsubishi (Japan), Toshiba (Japan), NE Electric (China), and C-EPRI (China).
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 HVDC Converter Station Market was valued at USD 7.31 billion in 2016 and is expected to grow at a CAGR of 7.92% to reach USD 11.57 billion by 2022 as per a report by MarketsandMarkets. 

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Why rapid adoption rate for the UHVDC technology in China continue to offer more opportunities?

In today’s world, there is a high demand for energy reliability and availability. Unfortunately, in a large number of cases worldwide, the energy resources capable of coping with the future electricity demand are not near to the load centers. The need of interconnecting the power plants has encouraged the development of new generation UHVDC transmission systems.

China is the first among all to have developed and implemented new high voltage systems at the AC and DC levels. After 2020, China plans to develop seven hydropower projects in Xizang of almost 110 GW for transmission to the east and south provinces of China. To enable bulk transmission of the required electricity, the country has imposed the demand for next-generation UHVDC systems at newly rated voltages, i.e., 1,100 kV DC or at existing voltage rating with high current capabilities.

Currently, the global adoption rate for new UHVDC transmission systems is low except in China. However, the deployment of hydro and solar generation systems in Africa, India, the US, and South America is expected to propel the development of new-generation UHVDC converter stations.

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Why maintaining uniformity in the standards of HVDC transmission equipment and systems remain a major challenge?

Often the standard of HVDC transmission equipment and systems does not match the national standards, which is required to be customized accordingly. This adds up to the cost of the systems, which is eventually passed on to the end-users. A standard is required to attract the suppliers and broaden the range of options available, which ultimately leads to the lowering of the cost of the systems for the end-users. Some of the challenges with HVDC systems are as follows: AC systems and technologies have good interoperability and various pieces of hardware from different vendors can be integrated. This is not the case with DC systems where all hardware needs to be from the same manufacturer. Further, power devices in converter station have limited availability and are only accessible through large‐device manufacturers and are costly. Therefore standardization is required in HVDC, as it could improve interoperability and reduce costs in the near‐term and into the future, especially when considering maintenance and turnover.

The major players in the HVDC Converter Station Market are ABB (Switzerland), Siemens (Germany) and General Electric (US). The market is dominated by these players due to their technologically advanced products and services.

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About MarketsandMarkets™

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Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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