Global HVDC Converter Station Market to See Huge Growth by 2022

According to the market report published by MarketsandMarkets™ ,“HVDC Converter Station Market by Configuration (Monopolar, Bi-Polar, Back-to-Back, Multi-Terminal), Technology (LCC, VSC), Component (Valve, Converter Transformer, Harmonic Filter, Reactor), Power Rating, and Region – Global Forecast to 2022”The HVDC converter station market is expected to grow at a CAGR of 7.92%, from 2017 to 2022, to reach a market size of USD 11.57 billion by 2022. The growth in the HVDC converter station market is driven by the increasing demand for cost-effective solutions for long distance power transmissions, liberalization in energy policies in Europe, and integration of renewable energy resources across the grids.
Browse and in-depth TOC on “HVDC Convertor Station Market”
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There are a few global players in the HVDC converter station market and they have a strong regional presence and are established brand names. Leading players in the HVDC converter station market, such as ABB, Siemens, and GE have been focusing on organic growth strategies which include developing new products to bolster their product portfolio and enhance their global reach.
On the basis of the technology segment, the VSC technology market is expected to be the fastest growing market from 2017 to 2022.  The VSC technology is being preferred over the mature LCC technology as it is capable of integrating renewable energy resources into the national grid. In addition, the recent developments in the VSC technology which provides VSC valves for power rating above 1500 MW are driving the market for the VSC technology.
The report segments the portable filtration systems market, based on power rating, into below 500 MW,> 500–1000 MW, >1000–1500 MW, >1500–2000 MW, and above 2000 MW segments. The >2000 MW segment is projected to grow at the highest CAGR by 2022. Major economies such as China in Asia Pacific and the UK in Europe are facing challenges to carry large power over long distances to meet energy requirements in their countries. This drives the market for large power networks in China and the UK, thus, creating an opportunity for HVDC converter stations as it is the most economical method to carry bulk power over long distances.
The configuration segment in the HVDC converter station market is categorized as monopolar, bi-polar, multi-terminal, and back-to-back. Bi-polar is the most preferred configuration for the HVDC converter station market as it offers a power rating of up to 10 GW and it can be operated as monopolar if required due to which, in the process of maintenance or outage of one pole, a portion of power can still be transmitted, thus, preventing the blackouts. It is also possible to convert bi-polar into multi-terminal if required in the future, thus, making it the most preferred configuration by the HVDC contractors.
Europe: The leading market for HVDC converter stations
In this report, the HVDC converter station market has been analyzed with respect to four regions, namely, North America, Europe, Asia Pacific, and the rest of the world. The HVDC converter station market is expanding in developing countries owing to the growing requirement to transfer bulk power over long distances and to connect the renewable energy resources to the national grid. The market in Europe is expected to dominate the global HVDC converter station market, with the highest share as the major economies in the region such as the UK, Germany, and France are developing interlinkage links between countries to maintain power efficiency. Thus, the region is expected to maintain its dominance in the HVDC converter station market during the forecast period.
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