The global HVDC converter station market is demonstrating tremendous opportunities. The market growth attributes to the advantages of modern HVDC converter stations over the traditional HVAC transmission technology.
Besides, rising concerns over carbon emissions and receding fossil fuel levels create a substantial market demand worldwide. Moreover, increasing government incentive policies for the deployments of HVDC converter stations escalate the market size.
According to Market Research Future (MRFR), the global HVDC converter station market is poised to create an approx valuation of USD 8.7 Billion by 2032, growing at 4.50% CAGR during the assessment period (2023 – 2032).
HVDC converter station provides reliable and safe conversion process of AC to DC or vice versa with reactive power consumption generating current and voltage harmonics. Rapid uptake of converter stations in power generation and renewable energy fosters the market share.
Conversely, high costs associated with deployments and maintenance of HVDC converter stations are the major factors projected to impede the market growth. Also, lengthy approval processes for transmission projects restrict the growth of the HVDC converter station industry. Nevertheless, the rising demand for electricity and growth in renewable energy generation would support the converter station market growth throughout the assessment period.
The growing number of renewable power plants is a major driving force pushing the growth of the converter station market. Furthermore, the growing installations of off-grid solar panels for commercial & industrial, and residential purposes requiring a reliable and safe power converter create a substantial demand for HVDC converter stations.
- ABB Ltd. (Switzerland)
- Bharat Heavy Electricals Ltd. (India)
- Alstom (France)
- Siemens AG (Germany)
- Crompton Greaves Ltd. (India)
- General Electric (U.S.)
- Nissin Electric Co Ltd (Japan)
- Toshiba Corporation (Japan )
- Hitachi Ltd. (Japan)
Global HVDC Converter Station Market – Segments
The report is segmented into four dynamics;
By Type : Monopolar, Bi-Polar, Back to Back, and Multi-Terminal.
By Converter Type: Line Commutated Current Sourced Converters (LCC), Voltage Source Converters, and others.
By Application : Power Industry, Powering Island & Remote Loads, Interconnecting Networks, Oil & Gas, and others.
By Regions : Americas, Europe, Asia Pacific, and the Rest-of-the-World.
Global HVDC Converter Station Market – Geographical Analysis
Europe dominates the global HVDC converter station market. The largest market share attributes to the increasing power demand and numbers of offshore wind farms. Besides, concerns over security and reliability of electricity supply & consumption, alongside the continually rising electricity prices, drive the market growth in the region.
Moreover, increasing electricity trade between the countries in regions push the market size. Countries like the UK and Norway are the major players in the regional market for HVDC converter stations. The European HVDC converter station market has experienced potential growth over the past few years and is projected to remain dominant globally throughout the forecast period.
The Asia Pacific region stands second in the global HVDC converter station market. Market growth is driven by the increased power generation stations and renewable energy plants in the region. Additionally, the increasing demand from end-use sectors such as the power industry, powering island & remote loads, and interconnecting networks boost the region’s market share.
The region accounts for over half of the total global population, which influences the market size, creating a substantial demand for increased power generation. The availability of ample renewable natural resources in the region fosters market growth driving renewable energy generation. The APAC HVDC converter station market is projected to register a healthy CAGR during the review period.
The North American HVDC converter station market is growing rapidly, experiencing a broad uptake of green energy generation systems. Furthermore, factors such as the rising production of renewable energy generation led by government initiatives support the regional market’s growth. The increasing focus on minimizing the costs of power generation and substantial investments made in renewable energy plants propel the regional market growth.
HVDC Converter Station Market – Competitive Analysis
Intensely competitive, the High Voltage Direct Current Converter Station market appears to be well-established with the presence of many large and small-scale players. Strategic initiatives such as acquisition, expansion, collaboration, and product launch remain the key trends to gain a larger competitive advantage. The competitive landscape of the market is based on the market participants, their production capacities, supply chain, and revenue generation.
November 18, 2020 —- an Italian multinational corporation, the Prysmian Group, announced signing a preferred bidder agreement with RWE Renewables GmbH (Italy) for the development of the high voltage submarine and land export cable connection for the Sofia offshore wind project in the UK.
Prysmian would be responsible for the design, supply, offshore route preparation, installation, commissioning, and protection of the HVDC cable system carrying power from Sofia’s offshore converter station to the onshore converter station in Teesside.
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