LONDON--(BUSINESS WIRE)--#Converter--Technavio estimates the global HVDC converter stations market to grow by USD 3.36 billion, progressing at a CAGR of almost 14% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment.
The market is driven by the increase in global power demand. However, the ongoing slowdown in the Chinese economy might challenge growth.
HVDC Converter Stations Market: Technology Landscape
Based on technology, the market saw maximum growth in the LCC segment in 2019. The segment is driven by the increased use of LCC HVDC converter stations from underground and submarine connection applications. The market growth in the segment will be significant over the forecast period.
HVDC Converter Stations Market: Geography Landscape
74% of the market’s growth originated from APAC in 2019. The increasing emphasis on renewable energy is one of the key factors fueling the growth of the HVDC converter stations market in APAC.
China and India are the key markets for HVDC converter stations in APAC.
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Major Three HVDC converter stations Market Vendors:
ABB Ltd. operates its business through segments such as Electrification, Industrial Automation, Motion, Robotics & Discrete Automation, and Corporate and Other. The company builds HVDC converter stations such as 800 kV HVDC.
Alstom Holdings SA
Alstom Holdings SA operates its business through segments such as Rolling Stock, Signalling solutions, Integrated systems, and Services. The company builds HVDC converter stations such as 800 kV and 600kV HVDC.
Bharat Heavy Electricals Ltd.
Bharat Heavy Electricals Ltd. operates its business through segments such as Power and Industry. The company builds HVDC converter stations such as 500 kV HVDC.
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Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.
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