Global HVDC Converter Market Ready to Meet the Growing Energy Demands of the World
SkyQuest’s HVDC Converter market report is an excellent analysis for individuals interested in gaining insight into the valuable data, trends, and opportunities in a rapidly growing industry. Additionally, the report is written clearly and concisely, making it accessible to various audiences, from industry experts to market readers. Finally, one can gain an in-depth understanding of the primary and secondary market drivers, providing them with a comprehensive outlook of the current market situation and future projections.
Westford, USA, April 18, 2023 (GLOBE NEWSWIRE) — SkyQuest projects that the HVDC Converter market will attain a value of USD 20.60 billion by 2030, with a CAGR of 9.2% over the forecast (2022-2030). In the upcoming years, the demand for HVDC Converter is anticipated to rise significantly due to a number of factors, including the need for efficient and reliable power transmission systems, the rising demand for renewable energy and governmental support for energy-saving and clean energy initiatives. The rising need for renewable energy sources such as wind and solar is one of the main forces driving the global industry. The power system has to incorporate more renewable energy sources as the globe transitions to a low-carbon economy. HVDC transmission systems are an appealing alternative for developers of renewable energy projects because they are well-suited for transporting power generated from renewable sources over large distances with little losses.
According to the SkyQuest’s, In many areas, the electrical grid’s deteriorating infrastructure is also fueling a desire for new transmission lines. It can be expensive and disruptive to replace outdated AC infrastructure, which includes many transmission lines and transformers that are approaching the end of their useful lives. Since they can be constructed alongside existing AC infrastructure, HVDC transmission systems can be a more affordable alternative than major upgrades. Government support for energy efficiency and sustainable energy initiatives is another driver boosting the HVDC Converter industry.
Browse in-depth TOC on “HVDC Converter Market”
- Pages – 242
- Tables – 78
- Figures – 75
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HVDC Converter is a technology which is used to send enormous amounts of electrical power over vast distances. In contrast to alternating current (AC), which is frequently used for power transmission over shorter distances, high voltage direct current (HVDC) refers to the electrical power being conveyed as direct current. The converter station and the transmission line are the two primary parts of the HVDC Converter technology. The converter station changes the grid’s AC power to DC power, which is subsequently sent across the HVDC transmission line.
Prominent Players in HVDC Converter Market
- Siemens AG
- General Electric
- Toshiba Corporation
- Mitsubishi Electric Corporation
- Hitachi Ltd.
- NR Electric Co. Ltd.
- XJ Electric Co. Ltd.
- Hyosung Heavy Industries Corporation
- C-EPRI Electric Power Engineering Co. Ltd.
- Alstom SA
- Bharat Heavy Electricals Limited
- LSIS Co. Ltd.
- GE Grid Solutions
- Schneider Electric SE
- Beijing Sifang Automation Co. Ltd.
- China XD Group Corporation
- PSC Industries Limited
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Offshore Segment Is Expected to Grow Significantly in the Coming Years Due To Increasing Investments In Renewable Energy Projects
The offshore segment of the global HVDC Converter market is the one that is expanding the fastest. The HVDC Converter Market’s offshore segment is one of its expanding application segments. Offshore wind farms are wired to the grid using HVDC transmission lines. Offshore wind and oil and gas are the two sub-segments that make up the HVDC Converter market. The necessity for more effective power transmission systems and the rising demand for renewable energy sources are the main drivers of the market’s expansion.
The market for HVDC Converters worldwide is significantly dominated by North America. The region is anticipated to grow steadily in the upcoming years due to a number of causes, including government support for renewable energy, rising electricity demand and the need for effective and dependable power transmission networks. The rising need for renewable energy is one of the major factors driving the HVDC Converter market. Increased investments in renewable energy sources like wind and solar have resulted from the region’s governments setting goals to minimize greenhouse gas emissions.
Voltage Source Converter (VSC) Technology Segment Is Expanding at the Fastest Rate Due to the Increasing Demand For Renewable Energy Sources
The Voltage Source Converter (VSC) technology is the area of the global HVDC Converter market that is expanding at the highest rate. A more recent and sophisticated version of HVDC converter technology is VSC technology. Using an IGBT (Insulated Gate Bipolar Transistor) based converter, which is used to regulate the voltage and frequency of the power, VSC technology converts power from AC to DC. The VSC technology is chosen for incorporating renewable energy sources into the power grid and for short-distance power transmission. The requirement for grid stability and the rising demand for renewable energy sources are the main factors driving the expansion of the VSC technology segment.
The world’s largest and fastest-growing market for HVDC Converter is in the Asia-Pacific area. China and India, two of the biggest and most populous nations in the world, are located in the Asia-Pacific area. The market is expanding as a result of the rising demand for electricity in these nations. The use of HVDC Converter technology in the area is being driven by the requirement to connect power networks in order to fulfil the rising demand for electricity. To fulfil the rising need for electricity, the Asia-Pacific area is quickly embracing renewable energy sources including wind and solar power. Using HVDC Converter technology is necessary to enable efficient and trustworthy power transmission to the grid during the integration of renewable energy sources.
A comprehensive analysis of the major players in the HVDC Converter market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
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Key Developments in HVDC Converter Market
- In January 2022, For a significant transmission project in Qatar, the Qatar General Electricity and Water Corporation (Kahramaa) contracted ABB to provide and install an HVDC converter station. Incorporating renewable energy sources into the nation’s electricity system were made easier by the project.
- In December 2021, The Taiwan Electricity Company placed an order for an HVDC converter system from Mitsubishi Electric Corporation for the Changuang offshore wind farm project. The initiative contributed to a greater integration of renewable energy sources into Taiwan’s electrical system.
Key Questions Answered in HVDC Converter Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market’s future growth?
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