January 28, 2020
According to the research report titled ‘HVDC Converters Market Size By Voltage (<500 kV, 500-800 kV, 800-1,000 kV, >1,000 kV), By Power Rating (<3,000 MW, 3,000-6,000 MW, 6,000-10,000 MW, >10,000 MW), By Configuration (Monopolar, Bipolar, Back To Back, Others), By Converter (LCC, VSC, Others), Industry Analysis Report, Regional Analysis (U.S., Canada, China, India, South Korea, Australia, UK, Germany, France, Norway, Russia, Rest Of World), Application Potential, Price Trend, Competitive Market Share & Forecast, 2019- 2025’, available with Market Study Report LLC, the global HVDC converters market is expected to surpass USD 13 billion by the year 2025.
According to the report, growing inclination towards development of cross border and inter-regional electrical networks is a major factor driving the HVDC converters market growth. There has been an upsurge in renovation and remodeling of existing electrical grids to reduce energy loss in distribution and transmission lines. Strict government policies regarding energy conservation and rapid integration of green energy solutions is also stimulating the industry outlook.
Based on voltage, the report states that less than 500kV HVDC converters market segment was worth USD 1 billion in the year 2018. Favorable government initiatives which promote the development of renewable sources of energy in tandem with rising interconnection of electrical networks are fueling the segmental growth.
As per configuration, bipolar HVDC converters market segment is presumed to expand significantly during the estimated timeframe. Bipolar HVDC converters can distribute large volume of electricity efficiently. Moreover, they can function as a monopolar link in the event of a fault in single line. These factors in consort with favorable federal reforms pertaining to development of green infrastructure are facilitating the business scenario.
In terms of converter, the report states that the LCC HVDC converters market segment is poised to amass commendable gains in the ensuing years. Factors such as escalating investments in electrical infrastructure projects and large-scale grid expansion are propelling the growth of the segment.
Considering the geographical landscape, North America HVDC converters industry is expected to register substantial growth during the forecast period. Surging expenditure in reinforcing existing electrical networks in U.S. and Canada are contributing towards the popularity of HVDC converters across the region. Furthermore, advancements in technology and rising development of long-distance transmission grids are boosting the market growth.
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On the other hand, Europe HVDC converters market will witness robust growth in the forthcoming years. Favorable government policies which focus on developing cross-border network grids are propelling the growth of the market.
The prominent companies operating in the HVDC convertors market are Mitsubishi Electric Corporation, C-EPRI Electric Power Engineering Co. Ltd., CG Power & Industrial Solutions Ltd., Bharat Heavy Electricals Ltd., ABB Ltd., Toshiba Corporation, and General Electric.
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