HVDC Converters Market
Ongoing initiatives to renovate and modernize existing grid infrastructures is expected to boost HVDC converter market size. Lately, there have been numerous programs aimed at developing inter-regional & cross border electrical networks. For instance, in 2015, the European Commission (EC) announced goals to achieve at least 15% of interconnection from the generation capacity by 2030.
Implementation of energy efficiency norms backed by rapid integration of clean energy may stimulate product demand. Efforts to reduce energy loss across existing transmission and distribution lines is expected to further aid market growth in the coming years. A study conducted by Global Market Insights, Inc., suggests that global HVDC converter market size may exceed USD 13 billion by 2025.
A sizable part of this growth can be recorded from the <500 kV HVDC converter industry. According to reports, in 2018, the market was valued over USD 1 billion. Initiatives taken by numerous regions to install and integrate renewable energy plants may complement product demand. Active interconnection with energy grids would support market growth. In 2017, France and Ireland had made a similar development when its regulators spend over USD 1 billion for the development of HVDC interconnection link.
As per reports, the ability to efficiently distribute large amount of electricity may fuel the demand for of bipolar HVDC converters. Favorable regulations focused towards development of efficient power distribution infrastructure may drive product demand. Bipolar HVDC converters can efficiently distribute large amount of electrical power across supply lines. It can operate as a monopolar link in case when a fault occurs on a line. With higher operation efficiency being one of its key features, the bipolar HVDC converter market may register sizable growth in the forthcoming years.
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Increasing investment towards the extension of large scale grid infrastructures is anticipated to drive the LCC HVDC converter market. Its distinctive ability to move significant amount of electricity over long distances has encourage product adoption. Moreover, its extensive overload and black start capabilities makes LCC HVDC converters a preferred option over its counterparts.
Citing regional outlook, North America is anticipated to offer lucrative opportunities to the HVDC converter market. Growing initiatives across Canada and the U.S. to strengthen energy infrastructure may play a vital role in boosting regional market expansion. In fact, an estimate by Wisconsin Economic Development Corporation (WEDC) suggests that Canada would need USD 350 billion worth investment to upgrade its grid infrastructure up until 2037. Besides, technological innovations and improved long-distance transmission networks may further foster North America HVDC convert industry size.
As for Asia Pacific, intensifying need for electricity across countries like China is expected to bolster HVDC converter demand. To meet growing demand, governments across the region have also taken some ground-breaking decisions. For instance, in 2018, China announced plans to spend USD 6.4 billion for the development of rural power grids. The upgrade would comprise over 26 central and western regions.
Meanwhile, notable players such as ABB, Toshiba, Mitsubishi Electric, C-EPRI, Siemens, General Electric, CG Power, Bharat Heavy Electricals, and Industrial Solutions might help augment global HVDC convertor market size over the forecast period.
Author Name : Bipin Bangera