HVDC Converter Station Market Size, Share and Global Trend By Type (Monopolar, Bi-Polar, Back-to-Back, Multi-Terminal), By Technology (Line Commutated Converters, Voltage Source Converters), By Application (Power Industry, Oil & Gas, Powering Island & Remote Loads, Interconnecting Networks) and Geography Forecast till 2030

An HVDC converter station is also called as simply converter station. It is a specific kind of substation that structures the terminal gear for a high-voltage direct current (HVDC) transmission line. It changes over direct current to exchanging current or the turnaround. These converter stations are mainly used to transmit a greater part of the capacity to long distances and for changing over direct current (DC) to alternating current (AC) or the other way around.

An HVDC converter station is commonly utilized for the transmission of power from sustainable power sources like wind energy etc. located at remote territories to urban regions. The power loss associated with the HVDC converter station during power transmission is very low. Owing to rising concerns regarding carbon emission during power generation by traditional methods. This resulted to increase in deployment of the HVDC converter station has been increased.

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On the basis of the type, the global HVDC converter station market can be segmented into monopolar, bi-polar, back to back, and multi-terminal. The bi-polar HVDC converter station is expected to dominate the market in the above segmentation. In the bi-polar HVDC converter station if any link stops working during power transmission, Then the link is converted into monopolar mode owing to the ground return system. Half of the system continues supplies the power.

On the basis of technology, the global HVDC converter station market is segmented into Line Commutated Converters (LCC), Voltage Source Converters. LCC is expected to dominate the market in the above segmentation. Owing to it is widely used in thyristor valves, and LCC increases the reliability of the thyristor valves. Also, increasing the use of thyristor valves as a switch and control electric current flow. This leads to an increase in the HVDC converter station.

On the basis of application, the global HVDC converter station market is segmented into power Industry, oil & gas, powering island & remote loads, interconnecting networks, and other. The Powering Island & Remote Loads Interconnecting Networks are expected to dominate the market in the above segmentation. HVDC converter station is widely used for transmission of power over long distances. Owing to its low power loss during the transfer of power.

The factor that is expected to drive the growth of the global HVDC converter station market is the increasing number of projects for transmission of power over a long distance. Also, owing to the rising harmful effect of carbon emission from electricity generated by traditional methods. This resulted in an increased requirement for the HVDC converter station. The HVDC converter station is durable as compared to other converter stations. The growing number of renewable sources of energy such as offshore wind farm to meet future energy demand. HVDC converter station harms less on the environment as compared to other converter station.

The factor that is expected to restrain the growth of the global HVDC converter station market is the high installation cost and long approval process for the installation of the HVDC converter station.

Key Players Covered

Some of the major companies in the global HVDC converter station market is Siemens, ABB, GE, C-EPRI China Electric Power Research Institute, Toshiba and Mitsubishi Electric, BHEL, NR Electric, Hyosung and Hitachi Ltd.

Segmentation

Regional Analysis

The global HVDC converter station market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe is one of the leading markets for the HVDC converter station. The countries like Germany and Norway are the major player of the HVDC converter station. Expanding in demand for power from the residential and industrial sectors and expanding the number of renewable sources of energy like solar energy, wind energy. In the Asia Pacific the countries like China that is more focusing on infrastructure for power grids. Also, the increase in the number of projects for grids construction to meet growing electricity needs and outage. Increasing more focus on renewable sources of energy such as offshore wind farms etc. also helps to increase in HVDC converter station market to grow. In North America owing to an increase in demand for energy and an increase in focus on renewable sources of energy to curb carbon emission. In the Middle East and Africa, owing to the increase in construction activities in a country like Dubai this leads to an increase in the number of power transmission projects.

Key Industry Developments

• In Jun 2019, ABB has secured a contract from Korea Electric Power Corporation to build two new HVDC converter stations to link the mainland with Jeju and one of its nine provinces. The converter stations will provide an additional 200 MW of power to Jeju, which currently receives most of its power from the mainland via two HVDC links that transport 700 MW of electricity.


• In Feb 2018, General Electric has secured a contract from Korea Electric Power Corporation to provide equipment and expertise to deliver a 4 GW HVDC transmission link from the power complex located East of South Korea, to Seoul’s metropolitan area. The worth of the contract is $320 million.


• In Sep 2018, ABB and Cobra have secured contract from the Inter-Governmental Council of the Central Asia-South Asia (Casa) 1,000 power supply project. The two companies will build two high-voltage direct currents (HVDC) converter stations in Tajikistan and Pakistan. The worth of the project is $330 million.