Development of high-voltage dc converter stations market

As investor confidence grows and global economic conditions improve, the market for high-voltage dc converter stations is expected to see significant growth in the future, with a market value of $51.34 billion for the 2018-2022 period, according to GlobalData's latest report.

The growth will be driven by China, the us, India, Brazil, the UK and Germany, which will account for more than half of the global market share.

HVDC technology is shaping the future grid as a key driver of modern energy systems.

The need for high-voltage and long-distance power lines for large-capacity power transmission for long-distance power generation and the integration of renewable energy with the main grid will accelerate the global demand for HVDC converter stations.

Renewable energy is becoming a major source of global power generation to bridge the gap between capacity potential and generation.

Supportive government policies, major renewable energy initiatives and favorable financial measures are driving the development of renewable energy.

Examples include the European Union's energy target of 30% renewable electricity, Brazil's alternative power incentive scheme (PROINFA), India's 175 gigawatt renewable energy auction by 2020, and Germany's renewable energy act of 2017.

Countries such as Canada, Brazil, China and Norway have huge potential for hydropower.

Hydropower stations must be located where hydrology is feasible, usually away from urban demand centres.

Interconnection of alternative energy sources will accelerate demand for HVDC transmission lines, which will drive the HVDC converter station market.

HVDC technology is well suited for efficient power transmission from remote factories to city centres.

In 2017, the market of HVDC converter stations was dominated by five major enterprises, accounting for 83% of the global market, namely Swiss manufacturer ABB, German manufacturer Siemens, China ZMS Cable group, France grid solutions co LTD and Indian manufacturer bharat heavy electric.

Increased demand for electricity and cross-border power transmission, global initiatives to encourage the implementation of renewable smart grids, and the need to limit global carbon emissions will drive the HVDC market, thereby driving the HVDC converter station market.