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.
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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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