ABB (Switzerland) and Siemens (Germany) are the Major Players in the HVDC Converter Station Market
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.
The major players in the HVDC converter station market are ABB (Switzerland), Siemens (Germany) and General Electric (US). The market is dominated by these players due to their technologically advanced products and services.
Major strategies adopted by the players include contracts & agreements, mergers & acquisitions, and investments and expansions. Contracts & agreements was the most commonly adopted strategy from 2014 to September 2017. Industry players also adopted mergers & acquisitions and investments and expansions during the same period.
ABB was founded in 1988 and is headquartered in Switzerland. The company is among the leading manufacturers of HVDC converter stations. ABB operates in more than 100 countries through a wide network of distributors and dealers. The company operates through its electrification products, discrete motion and automation, process automation, and power grid segments. It offers HVDC converter stations through its power grid business unit. ABB has entered into partnerships with companies such as Hitachi in Japan and BHEL in India, along with other regional companies to cater to clients across the globe. In February 2017 ABB was awarded a contract by Power Grid Corporation for a turnkey UHVDC project for approximately USD 640 Million. The scope of the project includes designing, engineering, supply, installation, and commissioning, as well as providing major equipment, including transformers, converter valves, cooling systems, and the control and protection technology.
Siemens was founded in 1847 and is headquartered in Germany. Siemens is a manufacturing and engineering company that provides its services to various industries such as infrastructure, healthcare, and energy. The company operates through eight segments, namely, power and gas, healthcare, energy management, and digital factory, among others. The energy management division is further segmented into power generation, high voltage power transmission, and renewable energy divisions, among others. The company offers HVDC transmission systems and high voltage devices under its high voltage power transmission segment. The company operates through 289 products facilities in 190 countries. The company is the leading provider of HVDC converter stations across the globe. It has been adopting inorganic growth strategies and secured many projects based on technical expertise since the installation of converter stations. In February 2017 Siemens was awarded a contract to supply a link between the French and British power grids by ElecLink Limited, a wholly owned subsidiary of Groupe Eurotunnel SE. The ElecLink HVDC link will enhance power supply reliability in France and the UK and promote the integration of renewable energy sources with the power grid.
Related 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
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