Tag Archives: HVDC Converter Station Market

HVDC Converter Station Market to Witness a Massive Growth by 2022

HVDC converter stations are specialized substations that form the terminal equipment for high voltage direct current transmission lines. They convert direct current to alternating current and vice versa. HVDC converter stations are economically beneficial for transferring bulk power over long distances as they lead to low power losses and lesser environmental impact as compared to HVAC converter stations.

 

HVDC Converter Station Market Progresses for Huge Profits of $11.57 Billion by 2022

The HVDC converter station market is projected to reach USD 11.57 billion by 2022 from an estimated USD 7.90 billion in 2017, at a CAGR of 7.92%, during the forecast period. The market in Asia Pacific is projected to be the fastest growing followed by Europe during the forecast period. The growth is attributed to the requirement of efficient and economical bulk power transfer from major economies in the region. 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.

HVDC Converter Station Market Revenue to hit $11.57 Billion by 2022

According to the new market research report  “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 – ****** Forecast to 2022”,  published by MarketsandMarkets™, The HVDC converter station market is expected to grow from an estimated value of USD 7.90 Billion in 2017 to USD 11.57 Billion by 2022, registering a CAGR of 7.92%, from 2017 to 2022. The major factors driving the growth of the market is the increasing requirement for cost-effective solutions for bulk power transfer and increasing need for connecting asynchronous grids. Due to these, there has been a rapid adoption of HVDC in Europe and Asia Pacific creating a market opportunity for the HVDC converter station market. Increasing requirement to transfer bulk power over long distances and the connection of the renewable energy resources to the national grid is driving the market for HVDC converter stations.