According to a new report, titled, “HVDC Converter Station Market Insights, Trends, Opportunity & Forecast, 2022–2027,” HVDC Converter Station market size is anticipated to at a witness single digit growth during forecast period i.e. 2022-2027.
The HVDC converter station market is expected to reach US$1.52 billion by 2025 from US$7.20 billion in 2019, at a CAGR of 7.5% during 2020-2025.
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The global HVDC Converter Station market is predicted to develop due to the use of HVDC Converter Station in paints, plating chemicals, and catalysts. Furthermore, alloys, catalysts, pigments, magnets, and soaps all need cobalt carbonate. It’s utilized as a dietary supplement because it’s a necessary component for good health. HVDC Converter Station is also frequently utilized as a cathode material in batteries, cars, and electronic gadgets. Due to the alloy’s excellent heat resistant qualities, it’s also employed in the repair of alloys used in jet engines.
COVID-19’s Effects
Over the last 18 months, almost every industry on the planet has suffered a setback. This is due to major disruptions in their manufacturing and supply-chain operations as a result of numerous precautionary lockdowns and other restrictions imposed by governments around the world. The global HVDC Converter Station market is no exception. Furthermore, consumer demand has decreased as people have been more focused on removing non-essential expenses from their budgets as the general economic situation of most people has been badly impacted by the outbreak. The revenue trajectory of the worldwide HVDC Converter Station market is likely to be hampered by the aforementioned factors throughout the forecast period. The global HVDC Converter Station market, on the other hand, is predicted to rebound as separate regulatory bodies begin to relax these imposed restrictions.
The report investigates North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa in terms of geography. With growing demand in emerging economies such as India and China, the Asia-Pacific region has the greatest proportion of the HVDC Converter Station market. Due to its rising applications in the vehicle sector, Europe is a close second. In the foreseeable future, North American and Latin American markets are expected to see significant expansion.
Global HVDC Converter Station market analysed across different geographies i.e. North America (U.S. & Canada), Europe (Germany, United Kingdom, Italy, Spain, Russia, France and Rest of Europe), Asia Pacific (China, India, Japan, Indonesia, Taiwan, South Korea, Australia, New Zealand), Latin America (Brazil, Mexico, Argentina) & Middle East & Africa (GCC, North Africa, South Africa and Rest of Middle East & Africa).
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Market Segmentation
By Configuration (Monopolar, Multiterminal, Back to Back Station, Bipolar) By Technology (LCC-HVDC, VSC-HVDC) By Component (Valve, Converter Transformers, Harmonic Filters, Reactors, Circuit Breakers, Others)
Companies Profiled in Report
Some of the key players major HVDC Converter Station market companies profiled in the report include:
Mitsubishi Electric Corporation, Nissin Electric Co Ltd, ABB Ltd., General Electric Company, Siemens AG, Crompton Greaves Ltd., Toshiba Corporation, C-EPRI Electric Power Engineering Co. Ltd, NE Electric, Alstom, and Hitachi Ltd.
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