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Markets and Markets, the world's second largest market research institution, recently released a research report that the global HVDC converter station market size in 2018 was about 71.
1 billion US dollars, and this data is expected to increase to 129.
7 billion US dollars by 2025, with a compound annual growth rate of 7.
8%
during the period.
North America, Europe, China, and Japan are the key regional markets
for HVDC converter stations during the forecast period.
When power is transmitted over long distances, such as from offshore wind farms, AC lines are uneconomical due to the high power losses involved in such transmission
.
In this case, DC power transmission is used, and a converter station is used to realize the conversion of AC power to DC for transmission
.
Thus, increasing demand for cost-effective solutions for large-scale power transmission and increasing demand for connected asynchronous grids are the major reasons
contributing to the steady and rapid growth of the market during the forecast period.
For this reason, the rapid adoption of HVDC in Europe and Asia Pacific has created a market opportunity
for the HVDC converter station market.
The increased demand for long-distance transmission of high-capacity electricity and the connection of renewable energy to the national grid are driving the marketization of
HVDC converter stations.
Due to the higher reliability of thyristor technology, the use of thyristor valves has increased the demand
for LCC HVDC systems.
In recent years, technological improvements and compact designs using high-capacity thyristors (up to 8.
5 kV, 4 kA) have contributed to the progress of HVDC applications in the Asia-Pacific region, such as China's large-scale UHVDC transmission projects
using LCC technology.
This trend is expected to continue into 2022 as major economies in Asia and Europe, such as China and the United Kingdom, continue to struggle to meet the country's energy needs
.
Markets and Markets, the world's second largest market research institution, recently released a research report that the global HVDC converter station market size in 2018 was about 71.
1 billion US dollars, and this data is expected to increase to 129.
7 billion US dollars by 2025, with a compound annual growth rate of 7.
8%
during the period.
North America, Europe, China, and Japan are the key regional markets
for HVDC converter stations during the forecast period.
When power is transmitted over long distances, such as from offshore wind farms, AC lines are uneconomical due to the high power losses involved in such transmission
.
In this case, DC power transmission is used, and a converter station is used to realize the conversion of AC power to DC for transmission
.
Thus, increasing demand for cost-effective solutions for large-scale power transmission and increasing demand for connected asynchronous grids are the major reasons
contributing to the steady and rapid growth of the market during the forecast period.
For this reason, the rapid adoption of HVDC in Europe and Asia Pacific has created a market opportunity
for the HVDC converter station market.
The increased demand for long-distance transmission of high-capacity electricity and the connection of renewable energy to the national grid are driving the marketization of
HVDC converter stations.
Due to the higher reliability of thyristor technology, the use of thyristor valves has increased the demand
for LCC HVDC systems.
In recent years, technological improvements and compact designs using high-capacity thyristors (up to 8.
5 kV, 4 kA) have contributed to the progress of HVDC applications in the Asia-Pacific region, such as China's large-scale UHVDC transmission projects
using LCC technology.
This trend is expected to continue into 2022 as major economies in Asia and Europe, such as China and the United Kingdom, continue to struggle to meet the country's energy needs
.
