HVDC Converter Station Market: Global Industry Analysis and Forecast (2024-2030)

HVDC Converter Station Market size was valued at US$ 12.66 Bn. in 2023 and the total HVDC Converter Station Market revenue is expected to grow at 8 % from 2024 to 2030, reaching nearly US$ 21.71 Bn.

HVDC Converter Station Market Overview:

A unique kind of substation utilized as equipment for high voltage direct current (HVDC) transmission lines is a high voltage direct current (HVDC) converter. These converter stations are particularly useful for converting alternating current (AC) to direct current (DC) or vice versa as well as for sending large amounts of power across great distances. By converting AC to DC, an HVDC converter station is typically used to transmit electricity from renewable energy sources located in remote places to urban areas with lower energy losses. Growth in offshore wind farms, which need HVDC converter stations to link to the grid, is a result of growing worries over progressively lowering fossil fuel use and growing carbon emissions. The only viable option for facilitating the use of renewable energy sources is the HVDC system, which has the ability to lower prices and electrical losses. Every voltage point that can connect the systems between two asynchronous grids has an HVDC system installed.

Report scope:

The purpose of the research is to give market players a broad understanding of the market for HVDC converter stations. The study examines recent, ongoing, and expected future developments in the market. It also offers a straightforward analysis of complicated data. Followers and new market entrants are two of the main forces that actively and meticulously do research. The study presents the findings of the PESTEL and PORTER analyses in addition to possible outcomes of the microeconomic market components. Decision-makers will have a clear futuristic view of the market after accounting for internal and external elements that can have a beneficial or unfavorable impact on the organisation. Investors can better grasp market dynamics and structure thanks to the market segmentation analysis and market size forecast in the report. The research serves as a investor’s guide for investors by briefly laying out the comparative analysis of the top HVDC Converter companies in terms of price, financial position, product, product portfolio, growth strategies, and geographical presence.HVDC Converter Station MarketTo know about the Research Methodology :- Request Free Sample Report

HVDC Converter Station Market Dynamics:

Market Drivers: The main issue with long-distance transmission has always been the stability of the power systems. According to market trends for HVDC converters, consumers experience disruptions in their daily lives and financial losses as a result of power outages. HVDC technology is being used more frequently to transmit more power over longer distances as a result of its numerous ongoing technological developments. The introduction of converters has increased the transmission grids' dependability. As a result, for the same transmission capacity, HVDC transmission lines are less expensive than HVAC lines. However, because they run A.C., terminal stations in the case of HVDC are more expensive. to D.C. conversion, and the opposite. Market Restraints: The government or local authority may occasionally need to approve transmission from many nearby grids in order to verify the converter station's standards. The evaluating and approval procedure can occasionally take a while, which eventually has an impact on how quickly electricity is transmitted and how well the converter station operates. It consequently has an impact on power generation, which leaves some areas without electricity. Therefore, this conventional practice occasionally causes needless issues for the HVDC industry and end customers. For instance, it took nearly seven years for the DOE and the Tennessee Regulatory Authority to study and approve the Plains and Eastern Clean Line project after numerous assessments, community hearings, and regulatory clearances. Market Opportunities: The Global Wind Energy Council (GWEC), PGCIL, and EUROPA are expected to develop beneficial government policies that will significantly contribute to the growth of the offshore wind industry. Grid operators in India are requesting additional transmission corridors more frequently, particularly in light of the development of renewable energy sources. The government has prioritized regeneration in this context, and PGCIL has been selected to build an environmentally beneficial source for generating electricity from solar and wind power projects. Offshore HVDC power transmission systems have been installed in nations like Norway, Italy, and the Netherlands thanks to significant investments made by market giants like ABB and Siemens. Challenges: It is frequently necessary to customize HVDC transmission systems and equipment since they do not always meet national standards. This increases the price of the systems, which is ultimately charged to the end customers. To draw providers and increase the variety of solutions available, a standard is necessary. This, in turn, lowers the cost of the systems for end users. The following are some of the difficulties with HVDC systems: Hardware from multiple vendors can be integrated, and AC systems and technologies have high interoperability. With DC systems, however, every piece of gear must come from the same supplier. In addition, power devices for converter stations are expensive, scarcely available, and only available from major device makers. Therefore, standardization in HVDC is necessary since it could increase interoperability and lower costs both now and in the future, especially when maintenance and turnover are taken into account.

Competative Landscape:

Vertical integration is emphasized by manufacturers in order to reduce lead times, speed up product delivery, manage costs, and maintain quality standards. Companies in this sector use product development and regional growth tactics to grow and strengthen their businesses. ABB, Alstom, Excelitas Technologies, General Electric, Glassman Europe Ltd., Hi-Tek, Matsusada, Siemens, Spellman UltraVolt, Inc., Toshiba Corporation, and XP Power are notable businesses in the market (EMCO). Application-specific configurations that are not supported by the standard product line provided by other market participants are a focus of key manufacturers. Companies place a strong emphasis on setting up a customer service division to provide assistance with customized standards that can be trimmed, rearranged, outfitted with auxiliary outputs, or certified for operation at elevated temperatures.

HVDC Converter Station Market Segment Analysis:

Based on Type, The Bi- Polar segment is expected to grow at the highest CAGR during the forecast period. Owing to the ground return technology, a bi-polar HVDC converter station converts a link into monopolar mode if one of the links stops functioning during power transmission. The system's half continues to supply power. Additionally For overhead long-distance HVDC transmission lines and back-to-back HVDC systems, bipolar is the most commonly employed dc link. Based on Technology, The Volatge Source Converters segment is expected to grow at the highest CAGR during the forecast period. The advantages of the VSC include independent control of active power and reactive power, AC voltage compensation, and a compact size for installation. Thyristor valves are more reliable because of the widespread use of LCC, which also increases the use of thyristor valves as switches and controls the electric current flow. This all factors leads to an increase in the HVDC converter station market. Based on Application, In 2023, the industrial sector accounted for more than 42% of the total market share. This increase in demand for HVDC power for equipment production and other associated operations may be the cause of this. Government plans to develop high voltage DC converter stations along with fast industrialization, particularly in growing nations like China and India, may boost demand across the industrial segment. Owing to the advantages of HVDC supply, including dependable and long-distance transmission with minimal loss, the telecommunications sector is expected to develop at a CAGR of over 7 % during the forecast period. Fast infrastructure development brought on by widespread internet use combined with growing demand for high-speed and extensive broadband services could accelerate the segment's growth.

HVDC Converter Station Market Regional Insights:

North America dominated the HVDC Converter Station Market. In terms of electricity generation, North America is the second-largest electrical market worldwide. Processes for the generation, transmission, distribution, and use of electricity in the region are drastically changing. Significant reorganization of the electrical markets, notably of the transmission and distribution networks, has made the HVDC market more in demand. According to US Energy Information Administration predictions, the country's power production will rise from 4,009.22 TWh in 2020 to 4,133.33 TWh in 2022. Similar to this, the Canada Energy Regulator estimates that by 2050, Canada will generate up to 822 TWh of electricity, an increase of over 25% from 2020. In 2023, Asia Pacific contributed for more than 25% of total sales. The necessity to convey bulk energy with few conversion points will likely lead to robust growth in the area. Regional growth accelerated by the growth of the telecommunications infrastructure and the growth in manufacturing facilities. A large portion of Canada's electrical transmission and distribution system, including HVDC transmission lines, was constructed between the 1950s and 1980s, a time of rapid economic growth, and is now nearing the end of its useful life. Higher failure rates and more outages are brought on by outdated infrastructure. Because the country is expected to replace the outdated HVDC infrastructure as well as new HVAC transmission facilities because HVDC transmission can become more affordable over time, this presents a significant opportunity for HVDC transmission. Based on the aforementioned considerations, North America is consequently expected to have considerable growth in the worldwide HVDC converter station market during the forecast period.

HVDC Converter Station Market Scope: Inquire before buying

HVDC Converter Station Market
Report Coverage Details
Base Year: 2023 Forecast Period: 2024-2030
Historical Data: 2018 to 2023 Market Size in 2023: US $ 12.66 Bn.
Forecast Period 2024 to 2030 CAGR: 8% Market Size in 2030: US $ 21.71 Bn.
Segments Covered: by Type Bi- Polar Monopolar Back-to- Back Multi- Terminal
by Technology Volatge Source Converters Line Commutated Converters
by Application Industrial Telecommunication Medical Oil & gas industry
by Component Converter DC Equipment Converter Transformer Other Components (Reactive Power, Harmonic Filters, and AC Switchgear)

HVDC Converter Station Market, by Region

North America (United States, Canada and Mexico) Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe) Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC) Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A) South America (Brazil, Argentina Rest of South America)

HVDC Converter Station Market, Key Players are:

1. ABB Ltd. (Switzerland) 2. Alstom (France) 3. Bharat Heavy Electricals Ltd. (India) 4. General Electric (U.S.) 5. Nissin Electric Co Ltd (Japan) 6. Toshiba Corporation (Japan ) 7. Hitachi Ltd. (Japan) 8. Crompton Greaves Ltd. (India) 9. Mitsubishi Electric (Japan ) 10. N.R. Electric (China) 11. China Xian X.D. power system (China) 12. C-EPRI Power engineering company (China) 13. Siemens AG (Germany) 14. Xj Electrics (China) 15. HYOSUNG Corporation (South Korea) 16. LSIS (South Korea) 17. Excelitas Technologies (Canada) 18. Marubeni (Japan ) 19. HCDC Technologies Ltd. (UK) 20. Nexans SA (France) 21. NKT A/S (Denmark) 22. Prysmian S.p.a. (Italy) 23. Sumitomo Electric (Japan) FAQs: 1. Which is the potential market for the HVDC Converter Station Market in terms of the region? Ans. In North America region, the growing business and educational sectors are expected to help drive the use of collaborative screens. 2. What are the opportunities for new market entrants? Ans. The key opportunity in the market is new initiatives from governments that provide funding for HVDC Converter Station Market in educational institutes 3. What is expected to drive the growth of the HVDC Converter Station Market in the forecast period? Ans. A major driver in the HVDC Converter Station Market is the prevalence of work from home and remote collaboration created by the COVID-19 pandemic 4. What is the projected market size & growth rate of the HVDC Converter Station Market? Ans. The HVDC Converter Station Market size was valued at US$ 12.66 Billion in 2023 and the total HVDC Converter Station Market revenue is expected to grow at 8 % through 2024 to 2030, reaching nearly US$ 21.71 Billion. 5. What segments are covered in the HVDC Converter Station Market report? Ans. The segments covered are Type, Technology, Application and Region.
1. Global HVDC Converter Station Market: Research Methodology 2. Global HVDC Converter Station Market: Executive Summary 2.1 Market Overview and Definitions 2.1.1. Introduction to Global HVDC Converter Station Market 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Global HVDC Converter Station Market: Competitive Analysis 3.1 MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2 Consolidation in the Market 3.2.1 M&A by region 3.3 Key Developments by Companies 3.4 Market Drivers 3.5 Market Restraints 3.6 Market Opportunities 3.7 Market Challenges 3.8 Market Dynamics 3.9 PORTERS Five Forces Analysis 3.10 PESTLE 3.11 Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • South America 3.12 COVID-19 Impact 4. Global HVDC Converter Station Market Segmentation 4.1 Global HVDC Converter Station Market, by Type (2023-2030) • Bi- Polar • Monopolar • Back-to- Back • Multi- Terminal 4.2 Global HVDC Converter Station Market, by Technology (2023-2030) • Volatge Source Converters • Line Commutated Converters 4.3 Global HVDC Converter Station Market, by Application (2023-2030) • Industrial • Telecommunication • Medical • Oil & gas industry 4.4 Global HVDC Converter Station Market, by Component (2023-2030) • Converter • DC Equipment • Converter Transformer • Other Components (Reactive Power, Harmonic Filters, and AC Switchgear) 5. North America HVDC Converter Station Market(2023-2030) 5.1 North America HVDC Converter Station Market, by Type (2023-2030) • Bi- Polar • Monopolar • Back-to- Back • Multi- Terminal 5.2 North America HVDC Converter Station Market, by Technology (2023-2030) • Volatge Source Converters • Line Commutated Converters 5.3 North America HVDC Converter Station Market, by Application (2023-2030) • Industrial • Telecommunication • Medical • Oil & gas industry 5.4 North America HVDC Converter Station Market, by Component (2023-2030) • Converter • DC Equipment • Converter Transformer • Other Components (Reactive Power, Harmonic Filters, and AC Switchgear) 5.5 North America HVDC Converter Station Market, by Country (2023-2030) • United States • Canada • Mexico 6. Europe HVDC Converter Station Market (2023-2030) 6.1. European HVDC Converter Station Market, by Type (2023-2030) 6.2. European HVDC Converter Station Market, by Technology (2023-2030) 6.3. European HVDC Converter Station Market, by Application (2023-2030) 6.4. European HVDC Converter Station Market, by Component (2023-2030) 6.5. European HVDC Converter Station Market, by Country (2023-2030) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 7. Asia Pacific HVDC Converter Station Market (2023-2030) 7.1. Asia Pacific HVDC Converter Station Market, by Type (2023-2030) 7.2. Asia Pacific HVDC Converter Station Market, by Technology (2023-2030) 7.3. Asia Pacific HVDC Converter Station Market, by Application (2023-2030) 7.4. Asia Pacific HVDC Converter Station Market, by Component (2023-2030) 7.5. Asia Pacific HVDC Converter Station Market, by Country (2023-2030) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 8. Middle East and Africa HVDC Converter Station Market (2023-2030) 8.1 Middle East and Africa HVDC Converter Station Market, by Type (2023-2030) 8.2. Middle East and Africa HVDC Converter Station Market, by Technology (2023-2030) 8.3. Middle East and Africa HVDC Converter Station Market, by Application (2023-2030) 8.4. Middle East and Africa HVDC Converter Station Market, by Component (2023-2030) 8.5. Middle East and Africa HVDC Converter Station Market, by Country (2023-2030) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 9. South America HVDC Converter Station Market (2023-2030) 9.1. South America HVDC Converter Station Market, by Type (2023-2030) 9.2. South America HVDC Converter Station Market, by Technology (2023-2030) 9.3. South America HVDC Converter Station Market, by Application (2023-2030) 9.4. South America HVDC Converter Station Market, by Component (2023-2030) 9.5. South America HVDC Converter Station Market, by Country (2023-2030) • Brazil • Argentina • Rest Of South America 10. Company Profile: Key players 10.1 ABB Ltd. (Switzerland) 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2 Alstom (France) 10.3 Bharat Heavy Electricals Ltd. (India) 10.4 General Electric (U.S.) 10.5 Nissin Electric Co Ltd (Japan) 10.6 Toshiba Corporation (Japan ) 10.7 Hitachi Ltd. (Japan) 10.8 Crompton Greaves Ltd. (India) 10.9 Mitsubishi Electric (Japan ) 10.10 N.R. Electric (China) 10.11 China Xian X.D. power system (China) 10.12 C-EPRI Power engineering company (China) 10.13 Siemens AG (Germany) 10.14 Xj Electrics (China) 10.15 HYOSUNG Corporation (South Korea) 10.16 LSIS (South Korea) 10.17 Excelitas Technologies (Canada) 10.18 Marubeni (Japan ) 10.19 HCDC Technologies Ltd. (UK) 10.20 Nexans SA (France) 10.21 NKT A/S (Denmark) 10.22 Prysmian S.p.a. (Italy) 10.23 Sumitomo Electric (Japan