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HVDC Converters Market from bipolar segment is to grow over 20% by 2025.

Author : Rahul Sankrityayan | Published Date : 2019-09-03 

HVDC Converters Market share from bipolar segment is expanding at 20% CAGR during 2019-2025 owing to ability to efficiently convey large amount of electrical power coupled with favorable government initiatives toward sustainable development.

The <500 kV HVDC converter market was valued over USD 1 billion in 2018. Favorable measures toward integration & installation of renewable power plant along with increasing interconnection of power grid will stimulate the product adoption. For instance, in November 2017, the regulators of Ireland and France announced to spend more than USD 1 billion in the development of high voltage direct current interconnection link.

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Introduction of energy efficiency norms supported by rapid integration of clean energy into grid will stimulate the HVDC converter market share. In addition, ongoing investments toward modernization and renovation of the existing power infrastructure across the developed nation will augment the industry dynamics.

Favorable government initiatives toward sustainable development along with ability to efficiently distribute large amount of electrical power will fuel the Bipolar HVDC converter market. Furthermore, ability to operate as a monopolar link in case of fault on one line, with reliable operation and higher efficiency are few highlighted parameters positively influencing the product adoption.

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HVDC Converter Market is predicted to surpass USD 13 billion by 2025. Positive outlook toward development of inter-regional & cross border electrical networks will propel the industry growth. For instance, in 2015, the EC has set aim to attain minimum interconnection of 15% of the generation capacity by 2030. In addition, increasing efforts to reduce energy losses across transmission and distribution line by advancing the aging transmission infrastructure to achieve energy efficiency targets will complement the business landscape.

Increasing capital investments toward expansion of large-scale grid integration and electrical infrastructure project will fuel the LCC HVDC converter market. Ability to transfer large amount electricity over long distances, with extensive overload and black start capability are some of the indispensable parameters making its adoption preferable over its counterparts.

Ongoing capital spending toward the strengthening of existing electrical infrastructure across Canada and the U.S. will drive the North America HVDC converter market share. According to the Wisconsin Economic Development Corporation (WEDC), Canada will require capital spending of worth USD 350 billion to modernize its grid infrastructure between 2017 to 2037. Technological innovation along with increasing investments in the development of long-distance transmission networks will further complement the industry landscape.

Surging demand for electricity coupled with increasing investments toward development of electrical infrastructure will fuel the China HVDC converter market.

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Introduction of ambitious renewable electricity targets and favorable measures to enhance cross-border cooperation in regional power sector will propel Europe power HVDC converter market share. Ability to deal with complications associated with cross border integration of electrical systems including harmonized grid safety standards and multi-national transmission will further complement the industry growth.

Notable players across HVDC converter market include Mitsubishi Electric, C-EPRI, Siemens, ABB, Toshiba, General Electric, Bharat Heavy Electricals, CG Power and Industrial Solutions among others.

By Voltage

  • < 500 kV
  • 500-800 kV
  • >800-1000 kV
  • > 1000 kV

By Power Rating

  • < 3,000 MW
  • 3,000-6,000 MW
  • >6,000-10,000 MW
  • > 10,000 MW

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

 

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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