HOME Top Market Reports 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 - Global Forecast to 2022

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 - Global Forecast to 2022

By: marketsandmarkets.com
Publishing Date: December 2017
Report Code: EP 2577

 

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The HVDC converter station market was valued at USD 7.31 Billion in 2016 and is expected to grow at a CAGR of 7.92% to reach USD 11.57 Billion 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.

The years considered for the study are as follows:

  • Base Year- 2016
  • Estimated Year- 2017
  • Projected Year- 2022
  • Forecast Period- 2017 to 2022

The base year considered for company profiles is 2016. Whenever information was unavailable for the base year, the prior year has been considered.

Objectives of the Study

  • To provide detailed information on major factors influencing the growth of the HVDC converter stations market (drivers, restraints, opportunities, and industry-specific challenges)
  • To define, describe, analyze, segment, and forecast the HVDC converter station market by technology, end-user, flow rate, and region
  • To forecast the revenue of market segments with respect to four main regions, namely, North America, Europe, Asia Pacific, and the rest of the world
  • To analyze market opportunities for stakeholders in the HVDC converter station market and draw a competitive landscape for market players
  • To strategically analyze the HVDC converter station market with respect to individual growth trends, future expansions, and contributions to the market
  • To compare key market players with respect to market share, product specifications, and applications

Research Methodology

This research study involved the use of extensive secondary sources, directories, and databases, such as Hoover’s, Bloomberg Businessweek, Factiva, and OneSource, to identify and collect information useful for a technical, market-oriented, and commercial study of the HVDC converter station market. Primary sources are mainly industry experts from the core and related industries, service providers, technology developers, standard and certification organizations of companies, and organizations related to all the segments of this industry’s value chain. The points given below explain the research methodology.

  • Study of the annual revenue and market developments of major players providing HVDC converter stations
  • Analysis of major end-users and demand for HVDC converter stations
  • Assessment of future trends and growth of HVDC converter stations
  • Assessment of the HVDC converter station market with respect to the demand for different end-user segments
  • Analysis of market trends in various regions or countries by studying the end-user applications of HVDC converter stations
  • Study of contracts and developments related to HVDC converter stations by key players across different regions
  • Finalization of overall market sizes by triangulating the supply-side data, which includes product developments and annual revenues of companies providing HVDC converter stations across the globe

After arriving at the overall market size, the total market has been split into several segments and sub-segments. The figure given below illustrates the breakdown of primaries conducted during the research study based on company type, designation, and region.

HVDC Converter Station Market

To know about the assumptions considered for the study, download the pdf brochure

The HVDC converter station market is dominated by a few global players such as ABB (Switzerland), Siemens (Germany), and General Electric (US) but regional players such as NR-Electric (China), C-EPRI (China), Toshiba (Japan) are proposing competition to the global players in their respective countries, because of to their low-cost production facilities and favorable government norms in countries such as China.

Target Audience:

The target audience for this report includes:

  • Manufacturers in end-use industries
  • Manufacturing technology providers
  • HVDC converter station manufacturers
  • HVDC converter station providers
  • Raw material suppliers
  • Government agencies
  • Investors and financial community professionals
  • Market research and consulting firms

Scope of the Report:

  • By Configuration
    • Monopolar
    • Bi-Polar
    • Back-to-Back
    • Multi-Terminal
  • By Technology
    • LCC
    • VSC
  • By Component
    • Valve
    • Converter Transformer
    • Harmonic Filter
    • Reactor
    • Circuit Breaker
    • Surge Arrester
    • Others (Electrode and control and protection systems)
  • By Power Rating
    • Below 500 MW
    • >500–1000 MW
    • >1,000–1,500 MW
    • >1,500–2,000 MW
    • Above 2,000 MW
  • By Region
    • Asia Pacific
    • North America
    • Europe
    • Rest of the World

Available Customizations:

With the given market data, MarketsandMarkets offers customizations as per the client’s specific needs. The following customization options are available for this report:

Regional Analysis

Further breakdown of region- or country-specific analysis

Company Information

Detailed analysis and profiling of additional market players (up to five)

Table of Contents

1 Introduction (Page No. - 13)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Market Scope
           1.3.1 Markets Covered
           1.3.2 Regional Scope
           1.3.3 Years Considered for the Study
    1.4 Currency
    1.5 Limitations
    1.6 Stakeholders

2 Research Methodology (Page No. - 17)
    2.1 Research Data
           2.1.1 Secondary Data
                    2.1.1.1 Secondary Sources
           2.1.2 Primary Data
                    2.1.2.1 Key Data From Primary Sources
                    2.1.2.2 Key Industry Insights
                    2.1.2.3 Breakdown of Primaries
    2.2 Market Size Estimation
           2.2.1 Bottom-Up Approach
           2.2.2 Top-Down Approach
    2.3 Market Breakdown & Data Triangulation
    2.4 Research Assumptions
           2.4.1 Assumptions of the Research Study

3 Executive Summary (Page No. - 25)

4 Premium Insights (Page No. - 31)
    4.1 Attractive Opportunities in the HVDC Converter Station Market
    4.2 HVDC Converter Station Market, By Country
    4.3 Europe HVDC Converter Station Market, By Configuration & Country
    4.4 HVDC Converter Station Market, By Technology
    4.5 HVDC Converter Station Market, By Component
    4.6 HVDC Converter Station Market, By Power Rating

5 Market Overview (Page No. - 35)
    5.1 Introduction
    5.2 Market Dynamics
           5.2.1 Drivers
                    5.2.1.1 Increasing Demand for Cost-Effective Solutions for Long Distance Power Transmission
                    5.2.1.2 Integration of the VSC Technology Across Grids Enables System Security
                    5.2.1.3 Liberalization in Energy Policies in Europe
                    5.2.1.4 High Initial Capital to Establish the HVDC Converter Station
                    5.2.1.5 Lengthy Approval Processes for Transmission Projects Affect the Growth of the HVDC Substation
           5.2.2 Opportunities
                    5.2.2.1 Favorable Government Policies Bring Opportunities for Growth in Offshore Wind Transmission Projects
                    5.2.2.2 Rapid Adoption Rate for the UHVDC Technology in China
           5.2.3 Challenges
                    5.2.3.1 Maintaining Uniformity in the Standards of HVDC Transmission Equipment and Systems
                    5.2.3.2 Controlling Congestion & Instability in HVDC Systems

6 HVDC Converter Station Market, By Configuration (Page No. - 42)
    6.1 Introduction
    6.2 Monopolar
    6.3 BI-Polar
    6.4 Back-To-Back
    6.5 Multi-Terminal

7 HVDC Converter Station Market, By Technology (Page No. - 48)
    7.1 Introduction
    7.2 LCC
    7.3 VSC

8 HVDC Converter Station Market, By Component (Page No. - 52)
    8.1 Introduction
    8.2 Valve
    8.3 Converter Transformers
    8.4 Harmonic Filters
    8.5 Reactors
    8.6 Circuit Breakers
    8.7 Surge Arresters
    8.8 Others

9 HVDC Converter Station Market, By Power Rating (Page No. - 60)
    9.1 Introduction
    9.2 Below 500 MW
    9.3 >500–1000 MW
    9.4 >1000–1500 MW
    9.5 >1500–2000 MW
    9.6 Above 2000 MW

10 HVDC Converter Station Market, By Region (Page No. - 66)
     10.1 Introduction
     10.2 North America
             10.2.1 US
             10.2.2 Canada
     10.3 Europe
             10.3.1 UK
             10.3.2 Germany
             10.3.3 France
             10.3.4 Norway
             10.3.5 Rest of Europe
     10.4 Asia Pacific
             10.4.1 China
             10.4.2 India
             10.4.3 Rest of Asia Pacific
     10.5 Rest of the World
             10.5.1 South America
             10.5.2 Middle East & Africa

11 Competitive Landscape (Page No. - 90)
     11.1 Introduction
     11.2 Market Ranking Analysis
     11.3 Competitive Scenario
             11.3.1 Contracts & Agreements
             11.3.2 Investments & Expansions
             11.3.3 Mergers & Acquisitions
             11.3.4 Joint Ventures

12 Company Profiles (Page No. - 94)
(Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View)*
     12.1 ABB
     12.2 GE
     12.3 Siemens
     12.4 Toshiba
     12.5 Mitsubishi
     12.6 Bhel
     12.7 NR Electric
     12.8 China Xian XD Power System
     12.9 C-Epri Power Engineering Company
     12.10 XJ Electric
     12.11 Hyosung
     12.12 LSIS

*Details on Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View Might Not Be Captured in Case of Unlisted Companies.

13 Appendix (Page No. - 123)
     13.1 Insights of Industry Experts
     13.2 Discussion Guide
     13.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
     13.4 Introducing RT: Real-Time Market Intelligence
     13.5 Available Customizations
     13.6 Related Reports
     13.7 Author Details


List of Tables (60 Tables)

Table 1 HVDC Converter Station Market Snapshot
Table 2 HVDC Converter Station Market Size, By Configuration, 2015–2022 (USD Billion)
Table 3 Monopolar: HVDC Cnverter Station Market Size, By Region, 2015–2022 (USD Million)
Table 4 Bi-Polar: HVDC Converter Station Market Size, By Region, 2015–2022 (USD Million)
Table 5 Back-To-Back: HVDC Converter Station Market Size, By Region, 2015–2022 (USD Million)
Table 6 Multi-Terminal: HVDC Converter Station Market Size, By Region, 2015–2022 (USD Million)
Table 7 HVDC Converter Station Market Size, By Technology, 2015–2022 (USD Billion)
Table 8 LCC: HVDC Converter Station, By Region, 2015–2022 (USD Million)
Table 9 VSC: HVDC Converter Station Market Size, By Region, 2015–2022 (USD Million)
Table 10 HVDC Converter Station Market Size, By Component, 2015–2022 (USD Billion)
Table 11 Valve: HVDC Cnverter Station Market Size, By Region, 2015–2022 (USD Million)
Table 12 Converter Transformers: HVDC Converter Station Market Size, By Region, 2015–2022 (USD Million)
Table 13 Harmonic Filter: HVDC Converter Station Market Size, By Region, 2015–2022 (USD Million)
Table 14 Reactors: HVDC Converter Station Market Size, By Region, 2015–2022 (USD Million)
Table 15 Circuit Breaker: HVDC Converter Station Market Size, By Region, 2015–2022 (USD Million)
Table 16 Surge Arrester: HVDC Converter Station Market Size, By Region, 2015–2022 (USD Million)
Table 17 Others: HVDC Converter Station Market Size, By Region, 2015–2022 (USD Million)
Table 18 HVDC Converter Station Market Size, By Power Rating, 2015–2022 (USD Billion)
Table 19 Below 500 MW: HVDC Converter Station, By Region, 2015–2022 (USD Million)
Table 20 >500–1000 MW: HVDC Converter Station Market Size, By Region, 2015–2022 (USD Million)
Table 21 >1000–1500 MW: HVDC Converter Station Market Size, By Region, 2015–2022 (USD Million)
Table 22 >1500–1000 MW: HVDC Converter Station Market Size, By Region, 2015–2022 (USD Million)
Table 23 >2000 MW: HVDC Converter Station Market Size, By Region, 2015–2022 (USD Million)
Table 24 HVDC Converter Station Market, By Region 2015–2022 (USD Billion)
Table 25 North America: HVDC Converter Station Market Size, By Country, 2015–2022 (USD Million)
Table 26 North America: HVDC Converter Station Market Size, By Technology, 2015–2022 (USD Million)
Table 27 North America: HVDC Converter Station Market Size, By Component, 2015–2022 (USD Million)
Table 28 North America: HVDC Converter Station Market Size, By Power Rating, 2015–2022 (USD Million)
Table 29 North America: HVDC Converter Station Market Size, By Configuration, 2015–2022 (USD Million)
Table 30 US: HVDC Converter Station Market Size, By Technology, 2015–2022 (USD Million)
Table 31 Canada: HVDC Converter Station Market Size, By Technology, 2015–2022 (USD Million)
Table 32 Europe: HVDC Converter Station Market Size, By Country, 2015–2022 (USD Million)
Table 33 Europe: HVDC Converter Station Market Size, By Technology, 2015–2022 (USD Million)
Table 34 Europe: HVDC Converter Station Market Size, By Component, 2015–2022 (USD Million)
Table 35 Europe: HVDC Converter Station Market Size, By Power Rating, 2015–2022 (USD Million)
Table 36 Europe: HVDC Converter Station Market Size, By Configuration 2015–2022 (USD Million)
Table 37 UK: HVDC Converter Station Market Size, By Technology, 2015–2022 (USD Million)
Table 38 Germany: HVDC Converter Station Market Size, By Technology, 2015–2022 (USD Million)
Table 39 France: HVDC Converter Station Market Size, By Technology, 2015–2022 (USD Million)
Table 40 Norway: HVDC Converter Station Market Size, By Technology, 2015–2022 (USD Million)
Table 41 Rest of Europe: HVDC Converter Station Market Size, By Technology, 2015–2022 (USD Million)
Table 42 Asia Pacific: HVDC Converter Station Market Size, By Country, 2015–2022 (USD Million)
Table 43 Asia Pacific: HVDC Converter Station Market Size, By Technology, 2015–2022 (USD Million)
Table 44 Asia Pacific: HVDC Converter Station Market Size, By Component, 2015–2022 (USD Million)
Table 45 Asia Pacific: HVDC Converter Station Market Size, By Configuration, 2015–2022 (USD Million)
Table 46 Asia Pacific: HVDC Converter Station Market Size, By Power Rating, 2015–2022 (USD Million)
Table 47 China: HVDC Converter Station Market Size, By Technology, 2015–2022 (USD Million)
Table 48 India: HVDC Converter Station Market Size, By Technology, 2015–2022 (USD Million)
Table 49 Rest of Asia Pacific: HVDC Converter Station Market Size, By Technology, 2015–2022 (USD Million)
Table 50 RoW: HVDC Converter Station Market, By Region, 2015–2022 (USD Million)
Table 51 RoW: HVDC Converter Station Market, By Technology, 2015–2022 (USD Million)
Table 52 RoW: HVDC Converter Station Market Size, By Component, 2015–2022 (USD Million)
Table 53 RoW: HVDC Converter Station Market Size, By Power Rating, 2015–2022 (USD Million)
Table 54 RoW: HVDC Converter Station Market Size, By Configuration, 2015–2022 (USD Million)
Table 55 South America: HVDC Converter Station Market, By Technology, 2015–2022 (USD Million)
Table 56 Middle East & Africa: HVDC Converter Station Market, By Technology, 2015–2022 (USD Million)
Table 57 Contracts & Agreements, 2014–2017
Table 58 Investments and Expansions, 2015–2017
Table 59 Mergers & Acquisitions, 2014–2017
Table 60 Joint Ventures, 2014–2017


List of Figures (41 Figures)

Figure 1 Research Design
Figure 2 Bottom-Up Approach
Figure 3 Top-Down Approach
Figure 4 Data Triangulation Methodology
Figure 5 HVDC Converter Station Market in APAC is Expected to Grow at the Highest CAGR Between 2017 and 2022
Figure 6 VSC-Based HVDC Technology is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 7 Valve as A Component is Expected to Lead the HVDC Converter Station Market During the Forecast Period
Figure 8 >2000 MW Power Rating for the HVDC Converter Station Market is Expected to Lead the HVDC Converter Station Market, By Power Rating During the Forecast Period
Figure 9 BI-Polar Configuration is Expected to Hold the Largest Share of the HVDC Converter Station Market During the Forecast Period
Figure 10 Growing Demand for VSC Technology is Expected to Drive the HVDC Converter Station Market During the Forecast Period
Figure 11 China is Expected to Lead the HVDC Converter Station Market in 2017
Figure 12 The Bi-Polar Configuration is Expected to Dominate in Europe During the Forecast Period
Figure 13 The LCC-Based Technology is Expected to Dominate the HVDC Converter Station Market During the Forecast Period
Figure 14 The Valves Segment is Expected to Dominate the HVDC Converter Station Market During the Forecast Period
Figure 15 The >2000 MW Segment is Expected to Dominate the HVDC Converter Station Market During the Forecast Period
Figure 16 Market Dynamics: HVDC Converter Station Market
Figure 17 Cost Comparison Between HVDC & Hvac
Figure 18 The BI- Polar Configuration Segment is Expected to Hold the Largest Market Share During the Forecast Period
Figure 19 The LCC Segment is Expected to Hold the Largest Market Size During the Forecast Period
Figure 20 The Converter Valve Segment is Expected to Hold the Largest Market Size During the Forecast Period
Figure 21 The >2000 MW Segment is Expected to Hold the Largest Market Share During the Forecast Period
Figure 22 Asia Pacific is Expected to Grow at the Highest CAGR
Figure 23 Europe: Market Snapshot
Figure 24 Asia Pacific: Market Snapshot
Figure 25 Key Developments in the HVDC Converter Station Market, 2014–2017
Figure 26 Market Ranking Based on Revenue, 2016
Figure 27 ABB: Company Snapshot
Figure 28 ABB: SWOT Analysis
Figure 29 GE: Company Snapshot
Figure 30 GE: SWOT Analysis
Figure 31 Siemens: Company Snapshot
Figure 32 Siemens: SWOT Analysis
Figure 33 Toshiba: Company Snapshot
Figure 34 Mitsubishi: Company Snapshot
Figure 35 Bhel: Company Snapshot
Figure 36 NR-Electric: SWOT Analysis
Figure 37 China Xian XD Power System: Company Snapshot
Figure 38 C-Epri Electric: SWOT Analysis
Figure 39 XJ Electric: Company Snapshot
Figure 40 Hyosung: Company Snapshot
Figure 41 LSIS: Company Snapshot

The global HVDC converter station market is projected to grow at a CAGR of 7.92%, from 2017 to 2022, to reach a market size of USD 11.57 Billion by 2022 from an estimated USD 7.90 Billion in 2017. This growth is attributed to the increasing demand for cost-effective solutions, for transferring bulk power over long distances, and increasing the need for connecting asynchronous grids.

The report segments the HVDC converter station market, based on component, into valves, converter transformers, circuit breakers, surge arresters, harmonic filters, reactors, and others. The valve segment is expected to account for the largest market share in the component segment as it is the most critical asset of converter stations. In the Asia Pacific region, the investments in power transmission are increasing due to increasing demand for power efficiency from major economies to meet energy requirement and increase the transmission efficiency.

The HVDC converter station market has been segmented, based on technology, into LCC and VSC. The LCC technology held the largest market share in 2016. The advancement in the thyristor valve technology is expected to drive the market for the LCC technology. On the other hand, the VSC technology is projected to grow at the highest CAGR during the forecast period, due to its ability to connect the renewable power generation sources to the grid. In addition to this, the recent development in the VSC technology provides an opportunity to transfer bulk power over 1500 MW, providing the growth opportunity for the VSC technology.

In this report, the HVDC converter station market has been analyzed with respect to regions, namely, North America, Europe, Asia Pacific, and the rest of the world which includes South America and the Middle East and Africa. Europe is expected to dominate the HVDC converter station market by 2022, owing to investments in power transmission by major economies such as the UK, Germany, and Italy, among others to develop interlinkage between countries to maintain energy efficiency. The market in Asia Pacific is expected to grow at the highest CAGR from 2017 to 2022. The growth is attributed to the growing requirement from major economies such as India and China, to meet the energy requirement in the country and increase energy efficiency without affecting the national grid.

HVDC Converter Station Market

The high capital cost implied to install HVDC converter stations could be one of the restraint for the HVDC converter station market.

Leading players in the HVDC converter station market include Siemens (Germany), ABB (Switzerland) and General Electric (US). Contracts & agreements was the strategy most commonly adopted by top players, constituting 95.0% of the total developments, from 2014 to September 2017. It was followed by mergers & acquisitions and expansions.

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