HVDC converter market to reach $13B by 2025
The 2019 HVDC Converters Market report from Global Market Insights sees growth of 17.6% CAGR up to 2025. Issues of grid stability and security of supply across developing economies owing to rapid increase in peak demand will drive the market.
Growing demand for an effective and efficient grid interconnection systems for an integration of renewable technologies, mostly the rapid penetration of offshore wind farms, will drive growth. In 2018, according to Eurostat, Europe saw 2.6 GW of offshore wind energy capacity installed, up 18% on 2017.
The market for converters in the 800kV to 1,000 kV range is set to grow on account of ongoing deployment of large scale renewable power generation facilities at large distances from their load centres. For instance, in January 2017, Government of Indiahas signed an agreement with ABB to build 800kV UHVDC transmission line for providing electricity access to over 80 million people. The government of Singapore is also plannng an HVDC link 3800km long from a solar farm in Australia to provide power.
The LCC HVDC converter market is set to witness appreciable momentum on account of ongoing capital spending toward expansion of electrical infrastructure with large scale grid integration projects. For instance, in 2017, the Power Grid Corporation of India Limited (PGCIL) commissioned a 6,000 MW, 1728 km long HVDC link with an aim to connect the hydro-rich northeastern state to the nation. In addition, ongoing technological advancements across the industry will further boost the product deployment.
www.gminsights.com/industry-analysis/hvdc-converters-market
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