A high voltage
direct current (HVDC) converter is a distinctive type of substation
used as an equipment for HVDC transmission lines. These converter
stations are especially used to transmit bulk of power to long
distances and for converting alternating current (AC) to direct
current (DC) or vice versa. An HVDC converter station is generally
used for the transmission of electricity from renewable energy
sources situated at remote areas to metropolitan areas, with fewer
energy losses by converting AC to DC. Growing concerns over gradually
reducing fossil fuels and increasing carbon emissions have led to the
growth of offshore wind farms that require HVDC converter station for
connecting farms to the grid. HVDC system has the capability to
reduce costs and electrical losses, and is the single possible
solution to facilitate the use of renewable energy sources. HVDC
systems are installed at every possible voltage point which connects
the systems between two asynchronous grids.
The key drivers for
the HVDC
converter station market is the increasing adoption of
efficient power transmission systems, rising number of offshore wind
farms, growing requirement for connecting asynchronous grids, and
encouraging government policies to establish HVDC converter station.
Also, indirect factors such as growing GDP in emerging economies are
driving the growth of the HVDC converter station market. In the
coming years, a large number of offshore wind farms are anticipated
to be built in deep water with high efficiency and large capacity
which would support the growth of the HVDC converter station market.
HVDC cables are primarily used for submarine transmission. The share
of emission-free and clean power from solar, wind, hydro, and other
renewable energy sources in the global energy combination is expected
to increase.
The key factors that
challenge the growth of the HVDC converter station market includes
transmission congestion and instability, high initial cost, lack of
investment in grid infrastructure by power utilities, lengthy
approval processes for transmission projects, and limitations at the
technology level. However, increasing investments in HVDC systems is
the current major trend emerging in the HVDC converter station
market.
The HVDC converter
station market can be segmented on the basis of technology,
application and type. On the basis of technology, the HVDC converter
market can be segmented into line commutated converters (LCC) and
voltage source converters (VSC). Recently, high number of projects
were deployed by using line Commuted converter (LCC) technology. On
the other hand, the growing adoption of non-renewable energy sources
has improved the demand for voltage Source Converter (VSC)
technology.
The application
segmentation includes powering Island and remote loads, underground
power links, connecting wind forms, interconnecting networks, bulk
power transmissions, grid access for offshore applications, long
distance transmission via cables, and oil and gas platforms. Further,
on the basis of type, the market can be segmented into monopolar,
bi-polar, back-to-back, and multi-terminal. Currently, the bi-polar
HVDC configuration covered the largest market size and is estimated
to grow more in the coming years.
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The major players in
the global HVDC converter station market include TransGrid Solutions
Inc., Toshiba Corporation., Siemens A.G., Prysmian Group, NR Electric
Co., Ltd., Nexans SA, BHEL, Hitachi, Ltd., General Electric, American
Superconductor and ABB Ltd.
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