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, Application Potential, Price Trend, Competitive Market Share & Forecast, 2019– 2025
Published Date: Jul 2019 | Report ID: GMI4015 | Authors: Ankit Gupta, Aditya Singh Bais
HVDC Converters Market capex was valued over USD 6 billion in 2018 with annual capacity installation is set to exceed 45 GW by 2025.
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HVDC converters industry is set to grow on account of stringent energy efficiency norms favored by rapid integration of renewable power generation technologies into the grid. Ongoing technological progression with an aim to curb the electrical losses across the electricity supply network will positively influence the business landscape. Furthermore, revamping and modernization of the aging electric infrastructure across developed economies will further complement the industry outlook.
Favorable government initiatives pertaining to the development of cross border & intra-regional electrical networks interconnection will stimulate the HVDC converters market growth. For instance, in 2015, the European Commission has set target to achieve a minimum interconnection of 15% of the generation capacity by 2030. In addition, ongoing efforts to minimize T&D losses by upgrading the conventional transmission infrastructure and regulatory measures to achieve energy efficiency targets will propel the industry growth.
|Base Year:||2018||Market Size in 2018:||6 Billion (USD)|
|Historical Data for:||2014 to 2018||Forecast Period:||2019 to 2025|
|Forecast Period 2019 to 2025 CAGR:||17.6%||2025 Value Projection:||13 Billion (USD)|
|Pages:||234||Tables, Charts & Figures:||430|
|Geographies covered (12):||U.S., Canada, China, India, South Korea, Australia, UK, Germany, France, Norway, Russia, Rest Of World|
|Segments covered:||Voltage, Power Rating, Configuration, Converter and Region|
|Companies covered (8):||Siemens AG, General Electric, Toshiba Corporation, ABB Limited, Bharat Heavy Electricals Limited, CG Power and Industrial Solutions Limited, C-EPRI Electric Power Engineering Co. Ltd, Mitsubishi Electric Corporation|
HVDC Converters Market, By Power Voltage
The <500 kV voltage market segment in 2018, was valued over USD 1 billion. Growing interconnection of power grids along with increasing government support toward installation and integration of renewable power plants will accelerate the product demand. For instance, in November 2017, the governments of France and Ireland announced to invest over USD 1 billion in the development of an HVDC interconnection link. Furthermore, growing incompetency of grid to maintain standard frequency and voltage levels will complement the product demand.
Growing market demand for bulk power transmission over long distances owing to development and grid integration of large-scale renewable power plants will stimulate the >1,000 kV HVDC converters market size. For instance, in 2018, State Grid Corporation of China (SGCC), began the construction of an 1,100 kV HVDC transmission line with a length of over 3,000 km. Moreover, ability to curb the carbon emissions on account of higher energy efficiency will enhance the product adoption.
HVDC Converters Industry, By Power Rating
3,000-6,000 MW HVDC converters market is anticipated to witness growth over 2% by 2025. Ongoing expansion of power generation facilities along with proliferating electricity demand are the key factors positive influencing the product deployment. For instance, in 2017, in India, construction of a 6,000 MW HVDC line was started with an aim to carry power from hydro-rich North Eastern states to the central part of the country.
HVDC Converters Market, By Configuration
Bipolar HVDC converters segment is predicted to grow over 20% by 2025. Ability to efficiently convey large amount of electrical power coupled with favorable government initiatives toward sustainable development will stimulate the product demand. Moreover, reliable operation and higher efficiency along with its ability to operate as a monopolar link in case of fault on one line are some of the key features that will further propel the product deployment.
Growing incompetency of electrical grid to maintain standard frequency in conjunction with rising penetration of intermittent renewable energy sources in the energy mix will significantly propel the back to back HVDC converters market size. Furthermore, effective frequency regulation, enhanced stability of system, maintenance of optimum power flow and higher active power are some of the market key factors stimulating the industry growth.
HVDC Converters Industry, By Converter
VSC converters are set to witness appreciable growth on account of increasing demand for offshore and underground transmission networks. In 2017, as per World Wind Energy Association, global installed offshore wind capacity surpassed 18 GW, witnessing a growth of over 50% from 2015. In addition, the ability to operate as a large synchronous machine, allowing the operator to regulate the flow of active and reactive power, will positively influence the product deployment.
Europe will witness substantial market growth on account of introduction of several regulatory measures to increase cross-border cooperation in regional electrical power industry. Ability to effectively deal with complications associated with cross border integration of electrical systems including multi-national transmission and harmonized grid safety standards, will further propel the product demand. In addition, ambitious renewable integration and energy efficiency targets across the region will positively influence the industry landscape.
Asia Pacific HVDC converters market is anticipated to witness a surge on account of exponential growth in power consumption along with rapid development of electrical infrastructure. For instance, in 2015, the Government of China announced to invest over USD 300 billion toward the modernization and development of electric grid infrastructure in a timespan of five years.
Competitive Market Share
Notable industry players across the global market share include Siemens, ABB, Toshiba, Mitsubishi Electric, C-EPRI and General Electric among others. Large scale investments in R&D to develop efficient and reliable converter systems coupled compliance with international technical standards have been the prime strategic assets for an industry participant to attain a competitive position.
An HVDC converter is an electronic device that converts High Voltage Alternating Current (HVAC) to High Voltage Direct Current (HVDC) and vice versa. A complete HVDC system includes minimum one converter operating as a rectifier (converts AC to DC) and one operating as an inverter (converts DC to AC). These systems are increasingly being installed by regulators for transmitting bulk current over long distance.
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