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Straits Research, an international market research institution, recently released a report that in 2018, the global HVDC converter station market value was $8.
9 billion and is expected to reach $15.
29 billion by 2026, with a compound annual growth rate of 7.
1%
during 2019-2026.
HVDC converter stations are commonly used to convert renewable energy into electricity, reducing energy losses
by converting alternating current to direct current.
Global efforts to reduce fossil fuels and carbon emissions are boosting the development of renewable energy sources such as offshore wind, which is spurring the growth
in demand for HVDC converter stations, according to the report.
In addition, favorable government policies towards DC transmission, increasing number of offshore wind farms, demand for efficient power generation, and integration of cross-grid VSC technologies are all contributing to the development of this market
.
From the perspective of market area, the European market will become the largest regional market for the HVDC converter station market, mainly because Europe is the dominant market
for offshore wind.
Secondly, the prospects for the development of the European single energy market are promoting the development of grid interconnection projects between countries, thereby stimulating demand growth
in this market.
In addition, the Asia-Pacific region will also show significant growth
.
China, India, Japan and others are all vigorously developing renewable energy, such as offshore wind power
.
Among them, China's UHV construction is promoting the development of long-distance DC transmission systems, thereby promoting the growth of demand for HVDC converter stations
.
Due to the growing demand for electricity, investment in transmission and distribution in Japan is also increasing to meet higher demand, the need
to renovate and replace existing assets.
Major giants ABB and Hitachi announced an agreement to form a joint venture in Japan to jointly develop HVDC system solutions
.
From a global perspective, Siemens, ABB, General Electric, etc.
will become the world's leading HVDC converter station technology suppliers
.
Straits Research, an international market research institution, recently released a report that in 2018, the global HVDC converter station market value was $8.
9 billion and is expected to reach $15.
29 billion by 2026, with a compound annual growth rate of 7.
1%
during 2019-2026.
HVDC converter stations are commonly used to convert renewable energy into electricity, reducing energy losses
by converting alternating current to direct current.
Global efforts to reduce fossil fuels and carbon emissions are boosting the development of renewable energy sources such as offshore wind, which is spurring the growth
in demand for HVDC converter stations, according to the report.
In addition, favorable government policies towards DC transmission, increasing number of offshore wind farms, demand for efficient power generation, and integration of cross-grid VSC technologies are all contributing to the development of this market
.
From the perspective of market area, the European market will become the largest regional market for the HVDC converter station market, mainly because Europe is the dominant market
for offshore wind.
Secondly, the prospects for the development of the European single energy market are promoting the development of grid interconnection projects between countries, thereby stimulating demand growth
in this market.
In addition, the Asia-Pacific region will also show significant growth
.
China, India, Japan and others are all vigorously developing renewable energy, such as offshore wind power
.
Among them, China's UHV construction is promoting the development of long-distance DC transmission systems, thereby promoting the growth of demand for HVDC converter stations
.
Due to the growing demand for electricity, investment in transmission and distribution in Japan is also increasing to meet higher demand, the need
to renovate and replace existing assets.
Major giants ABB and Hitachi announced an agreement to form a joint venture in Japan to jointly develop HVDC system solutions
.
From a global perspective, Siemens, ABB, General Electric, etc.
will become the world's leading HVDC converter station technology suppliers
.
