Research and Markets has added the “Global HVDC Converter Station Market 2014-2018” report to their offering.
According to the report, the global HVDC Converter Station market will grow at a CAGR of 22.2% over the period 2013-2018.
A high-voltage, direct current (HVDC) converter station is a specialized type of substation, which is used as an end-to-end equipment for HVDC transmission lines. An HVDC converter station is generally used for the transmission of bulk power to long distances. These stations mainly transmit power from renewable energy sources located at remote areas to urban areas by converting alternate current (AC) to DC or vice versa.
One major trend emerging in this market is increased investment in HVDC systems. Huge investments are being made in the systems throughout the world, with China the leading investor.
According to the report, one of the major drivers in this market is the strong growth in offshore wind energy. Many upcoming offshore wind farms are of large capacity and are expected to be built in deep water, thereby benefiting the HVDC Converter Station market.
Further, the report states that one of the major challenges in this market is transmission congestion and instability. The adverse effects arising out of transmission system congestion and instability need to be abated.
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Press release; Image: SeaRenergy (Illustration)