The HVDC converter stations market is experiencing significant growth, forecasted to rise from $12.28 billion in 2023 to $13.39 billion in 2024, with a CAGR of 9.0%. Factors contributing to this growth include the demand for long-distance power transmission and government support for energy infrastructure. By 2028, the market is anticipated to reach $18.23 billion, fueled by electrification trends and smart grid technology integration.
Major Driver In The HVDC Converter Stations Market
The expected growth of the HVDC converter stations market is intricately linked to the burgeoning renewable energy sector. Renewable energy, sourced from rapidly replenishing natural sources, is driving the need for HVDC converters, enabling effective integration, transmission, and distribution of renewable energy over longer distances. According to the International Energy Agency's report in October 2023, the global power generation from renewable sources increased to 22.5% in 2021 and is projected to further rise to 42.5% by 2030. This robust growth in the renewable energy sector positions HVDC converter stations as crucial components, propelling the growth of the HVDC converter stations market. The market sizes in 2023, 2024, and 2028 align with the trajectory of the renewable energy sector.
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HVDC Converter Stations Market Competitive Landscape
Hitachi Energy Ltd., Siemens Energy AG, Crompton Greaves Limited, Mitsubishi Electric Corporation, Schneider Electric SE, ABB Ltd., Toshiba Corporation, China XD Group, Hyosung Corporation, Prysmian Group, Shanghai Electric Group Co. Ltd., TBEA Co. Ltd., Alstom, ZTT Group, SNC-Lavalin Group Inc., GE Grid Solutions LLC, LS Industrial Systems Co. Ltd., Fuji Electric Co. Ltd., Bharat Heavy Electricals Limited, Hyundai Electric & Energy Systems Co. Ltd., Excelitas Technologies, Nissin Electric Co. Ltd., Rongxin Power Electronic Co. Ltd., Xiamen Jiyi Electric Co. Ltd., XJ Group Corporation, Matsusada Precision Inc, NRH Research Inc., EFACEC, China Electric Power Research Institute (CEPRI), PSC Industries Limited, NR Electric Co. Ltd., BKK (Bergenshalvøens Kommunale Kraftselskap), NARI Group Corporation, Neelachal Ispat Nigam Limited (NINL), TGOOD Global Ltd., Ramboll Group A/S, ZTT International Limited, Energex Ltd., NKT A/S, Korea Electric Power Corporation
Key HVDC Converter Stations Market Trend
Major companies operating in the HVDC converter station market are focusing on strategic partnership, to provide reliable services to customers. A strategic partnership is an arrangement between two or more companies or organizations that helps each other or work together to achieve their respective goals. For instance, in March 2023, Hitachi Energy, a Japan-based sustainable energy company, partnered with Gulf Cooperation Council Interconnection Authority (GCCIA), a Saudi-Arabia-based sustainable energy company, to upgrade the Al-Fadhili high-voltage direct current (HVDC) converter station will be able to exchange up to 1,800 megawatts of electricity between different states in middle-east. Furthermore, in September 2021, Siemens Energy AG, a Germany-based energy company, and Sumitomo Electric Industries, Ltd., a Japan-based electric wire and optical fiber cable manufacturer, partnered with Greenlink Interconnector Limited, an Ireland-based electricity company. Through these partnerships, companies aim to supply HVDC technology for power links between Ireland and Great Britain, increase power supply security, and foster the integration of renewable energy.
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HVDC Converter Stations Market Segmentation
The HCDC converter stations market covered in this report is segmented –
1) By Type: Monopolar, Bi-Polar, Back-To-Back, Multi-Terminal
2) By Component: Valve, Converter Transformer, Circuit Breakers, Harmonic Filters, Surge Arresters, Reactors, Other Components
3) By Technology: Line Commutated Converters, Voltage Source Converters
4) By Capacity: < 500 MW, = 500 MW - 1,000 MW, > 1,000 MW - 3,000 MW, > 3,000 MW
5) By Application: Power Industry, Oil And Gas, Powering Island And Remote Loads, Interconnecting Networks
By Geography:The regions covered in the hvdc converter stations market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Europe was the largest region in the HVDC converter station market in 2023.
The HVDC Converter Stations Global Market Report 2024 furnishes information about the global hvdc converter stations market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
