[Report Description]
“The HVDC converter station market is projected to grow at a CAGR of 7.92%, from 2017 to 2022”
The HVDC converter station market is projected to reach USD 11.57 billion by 2022 from USD 7.90 billion in 2017, at a CAGR of 7.92%, during the forecast period. The growth of the market is driven by certain parameters such as the increase in demand for cost-effective solutions for long distance power distribution, from major economies across the world. In addition to this, the capability of HVDC converter stations to integrate the renewable resource with the main grid is a market opportunity for HVDC converter stations.
Factors such as a lengthy process for approval of the project and the higher one-time installation cost can hinder the growth in the HVDC converter station market. The major advantage of HVDC converter stations is its capability to connect renewable power sources to the main grid and is also the driving force for the market.
“The >2,000 MW power rating segment, is expected to grow at the highest CAGR, from 2017 to 2022”
The >2000 MW power rating segment is likely to grow at the highest CAGR, from 2017 to 2022. The >2000 MW segment had the largest market share in 2016 and the trend is projected to continue till 2022.
The >2000 MW segment is driven by the development of the power transmission capacity of valves, because of which major economies such as India and China have led to a high demand for HVDC converter stations. Moreover, the European Union targets for power generation through renewable resources have created an increasing demand for connecting renewable power sources to the grid, which is further expected to drive the demand for HVDC converter stations in Europe.
“The LCC segment is expected to hold the largest share of the HVDC converter station market during the forecast period”
The LCC segment is expected to lead the HVDC converter station market, by technology from 2017 to 2022. The development of thyristor valves in the recent years have provided an edge for HVDC converter stations to transfer bulk power over long distances. Due to this, the LCC technology finds application in UHVDC projects proposed in major economies in Asia Pacific for bulk power transport.
“Asia Pacific: The fastest growing market for HVDC converter stations”
The market in Europe is currently the largest market for HVDC converter stations, followed by Asia Pacific. The market in Asia Pacific is primarily driven by China and India as these are the major economies in the region which have a huge demand for efficient power transmission systems. Asia Pacific has the largest installation of HVDC converter stations in the world owing to the requirement of bulk power transport. Moreover, China has a number of regional players as NR Electric and C-EPRI, among others in the HVDC converter station market to meet the requirement of its large UHVDC projects. China is planning to connect different power grids to a central line, driving the market for HVDC converter stations.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
By Company Type: Tier 1- 60%, Tier 2- 27%, and Tier 3- 13%
By Designation: C-Level- 35%, Manager Level- 25%, and D-Level- 40%
By Region: North America- 60%, Europe- 30%, Asia Pacific- 10%,
Notes: The tier for companies has been defined on the basis of their total revenue, as of 2016: Tier 1=>USD 5 billion, Tier 2=from USD 1 billion to USD 5 billion, and Tier 3=
Leading players in the HVDC converter station market include ABB (Switzerland), Siemens (Germany), General Electric (US), Mitsubishi (Japan), Toshiba (Japan), NE Electric (China), and C-EPRI (China).
Research Coverage:
The report defines, describes, and forecasts the global HVDC converter station market by technology, configuration, component, power rating, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of major market drivers, restraints, opportunities, challenges, and key issues. It also covers various important aspects of the market.
Why buy this report?
The report identifies and addresses key technology providers for HVDC converter stations which would help service providers, review the growth in the demand for services.
The report helps system providers understand the pulse of the market and provide insights into drivers, restraints, and challenges.
The report will help key players understand the strategies of their competitors better and will help in making strategic decisions.
TABLE OF CONTENTS
1 INTRODUCTION 13
1.1 OBJECTIVES OF THE STUDY 13
1.2 MARKET DEFINITION 13
1.3 MARKET SCOPE 14
1.3.1 MARKETS COVERED 14
1.3.2 REGIONAL SCOPE 15
1.3.3 YEARS CONSIDERED FOR THE STUDY 15
1.4 CURRENCY 16
1.5 LIMITATIONS 16
1.6 STAKEHOLDERS 16
2 RESEARCH METHODOLOGY 17
2.1 RESEARCH DATA 17
2.1.1 SECONDARY DATA 18
2.1.1.1 Secondary sources 18
2.1.2 PRIMARY DATA 19
2.1.2.1 Key data from primary sources 19
2.1.2.2 Key industry insights 20
2.1.2.3 Breakdown of primaries 20
2.2 MARKET SIZE ESTIMATION 21
2.2.1 BOTTOM-UP APPROACH 21
2.2.2 TOP-DOWN APPROACH 22
2.3 MARKET BREAKDOWN & DATA TRIANGULATION 23
2.4 RESEARCH ASSUMPTIONS 24
2.4.1 ASSUMPTIONS OF THE RESEARCH STUDY 24
3 EXECUTIVE SUMMARY 25
4 PREMIUM INSIGHTS 31
4.1 ATTRACTIVE OPPORTUNITIES IN THE HVDC CONVERTER STATION MARKET 31
4.2 HVDC CONVERTER STATION MARKET, BY COUNTRY 32
4.3 EUROPE HVDC CONVERTER STATION MARKET, BY CONFIGURATION & COUNTRY 33
4.4 HVDC CONVERTER STATION MARKET, BY TECHNOLOGY 33
4.5 HVDC CONVERTER STATION MARKET, BY COMPONENT 34
4.6 HVDC CONVERTER STATION MARKET, BY POWER RATING 34
5 MARKET OVERVIEW 35
5.1 INTRODUCTION 35
5.2 MARKET DYNAMICS 36
5.2.1 DRIVERS 37
5.2.1.1 Increasing demand for cost-effective solutions for long distance power transmission 37
5.2.1.2 Integration of the VSC technology across grids enables system security 38
5.2.1.3 Liberalization in energy policies in Europe 39
5.2.1.4 High initial capital to establish the HVDC converter station 39
5.2.1.5 Lengthy approval processes for transmission projects affect the growth of the HVDC substation 40
5.2.2 OPPORTUNITIES 40
5.2.2.1 Favorable government policies bring opportunities for growth in offshore wind transmission projects 40
5.2.2.2 Rapid adoption rate for the UHVDC technology in China 40
5.2.3 CHALLENGES 41
5.2.3.1 Maintaining uniformity in the standards of HVDC transmission equipment and systems 41
5.2.3.2 Controlling congestion & instability in HVDC systems 41
6 HVDC CONVERTER STATION MARKET, BY CONFIGURATION 42
6.1 INTRODUCTION 43
6.2 MONOPOLAR 44
6.3 BI-POLAR 44
6.4 BACK-TO-BACK 45
6.5 MULTI-TERMINAL 46
7 HVDC CONVERTER STATION MARKET, BY TECHNOLOGY 48
7.1 INTRODUCTION 49
7.2 LCC 50
7.3 VSC 50
8 HVDC CONVERTER STATION MARKET, BY COMPONENT 52
8.1 INTRODUCTION 53
8.2 VALVE 54
8.3 CONVERTER TRANSFORMERS 55
8.4 HARMONIC FILTERS 56
8.5 REACTORS 56
8.6 CIRCUIT BREAKERS 57
8.7 SURGE ARRESTERS 58
8.8 OTHERS 58
9 HVDC CONVERTER STATION MARKET, BY POWER RATING 60
9.1 INTRODUCTION 61
9.2 BELOW 500 MW 62
9.3 >500–1000 MW 62
9.4 >1000–1500 MW 63
9.5 >1500–2000 MW 64
9.6 ABOVE 2000 MW 65
10 HVDC CONVERTER STATION MARKET, BY REGION 66
10.1 INTRODUCTION 67
10.2 NORTH AMERICA 68
10.2.1.1 US 70
10.2.1.2 Canada 71
10.3 EUROPE 72
10.3.1.1 UK 76
10.3.1.2 Germany 77
10.3.1.3 France 77
10.3.1.4 Norway 78
10.3.1.5 Rest of Europe 79
10.4 ASIA PACIFIC 79
10.4.1.1 China 83
10.4.1.2 INDIA 84
10.4.1.3 Rest of Asia Pacific 85
10.5 REST OF THE WORLD 85
10.5.1.1 South America 88
10.5.1.2 Middle East & Africa 88
11 COMPETITIVE LANDSCAPE 90
11.1 INTRODUCTION 90
11.2 MARKET RANKING ANALYSIS 91
11.3 COMPETITIVE SCENARIO 92
11.3.1 CONTRACTS & AGREEMENTS 92
11.3.2 INVESTMENTS & EXPANSIONS 93
11.3.3 MERGERS & ACQUISITIONS 93
11.3.4 JOINT VENTURES 93
12 COMPANY PROFILES 94
(Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View)*
12.1 ABB 94
12.2 GE 98
12.3 SIEMENS 101
12.4 TOSHIBA 105
12.5 MITSUBISHI 107
12.6 BHEL 109
12.7 NR ELECTRIC 111
12.8 CHINA XIAN XD POWER SYSTEM 113
12.9 C-EPRI POWER ENGINEERING COMPANY 115
12.10 XJ ELECTRIC 117
12.11 HYOSUNG 119
12.12 LSIS 121
*Details on Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View might not be captured in case of unlisted companies.
13 APPENDIX 123
13.1 INSIGHTS OF INDUSTRY EXPERTS 123
13.2 DISCUSSION GUIDE 124
13.3 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 128
13.4 INTRODUCING RT: REAL-TIME MARKET INTELLIGENCE 130
13.5 AVAILABLE CUSTOMIZATIONS 131
13.6 RELATED REPORTS 131
13.7 AUTHOR DETAILS 132
