China to Lead the HVDC Converter Station Market Followed by the US and India
Global High-Voltage Direct Current (HVDC) converter station market held an aggregate value of $26.86 billion during the period 2012-2017. With increased investor confidence and improving global economic conditions, the market is expected to show considerable growth in the future and is expected to hold an aggregate market value of $51.34 billion during the period 2018-2022. This growth is expected to be driven by China, the US, India, Brazil, the UK,and Germany which together will account for more than half of the global market share during this period.
HVDC technology is shaping the grid of the future by acting as a key enabler in the modern energy system. The need for high-voltage and long distance power lines for transmission of bulk power from remote generation, and for integration of renewable energy capacity with the main grid, will accelerate the demand for HVDC converter stations globally. Renewable energy is becoming a major source for power generation worldwide to bridge the gap between the capacity potential and electricity generated.