What Has Been the Growth Trajectory for the HVDC Converter Stations Market in Recent Years?
The hvdc converter stations market has seen considerable growth due to a variety of factors.
• The market size of HVDC converter stations has seen considerable growth in the recent past. The market is poised to expand from $13.17 billion in 2024 to reach $14.21 billion in 2025, showing a compound annual growth rate (CAGR) of 7.9%.
Factors such as long-distance power transmission, increased urbanization and power demand, cross-border power transmission, governmental initiatives and policies, and the need for grid stability and reliability have contributed to the growth recorded in the historic period.
What Are The Predictions for The HVDC Converter Stations Market Size In The Coming Years?
The hvdc converter stations market is expected to maintain its strong growth trajectory in upcoming years.
• It is anticipated that the HVDC converter stations market will experience robust growth in the near future, rising to the value of $19.39 billion by 2029, with a compound annual growth rate (CAGR) of 8.1%.
Factors that drive this growth through the forecast years include global trends towards electrification, stronger grid resilience, integration of smart grids, goals of carbon neutrality and power networking interconnection. Looking forward, trends like the growing incorporation of renewable energy, advancements in Voltage Source Converter (VSC) technology, international power transmission projects, technological innovation, and the introduction of digitalization and smart controls are expected to continue shaping the market.
What Are the Critical Driver Fuelling the HVDC Converter Stations Market's Growth?
The rise in the renewable energy sector is projected to spur on the expansion of the HVDC converter stations market. Renewable energy, energy produced from natural resources that regenerate more quickly than they are depleted, employs HVDC converters. These converters efficiently integrate, transmit, and distribute renewable energy over vast distances, bolster grid stability, and aid in the shift toward a more sustainable, low-carbon energy system with minimal energy wastage. For example, a report from the Paris-based autonomous intergovernmental organization, the International Energy Agency, stated in October 2023 that the share of global power generated increased to 22.5% in 2021. Furthermore, this share is anticipated to augment to 42.5% by 2030. Accordingly, the burgeoning renewable energy sector fuels the growth of the HVDC converter stations market.
What Are The Core Segments Of The Globa HVDC Converter Stations Market?
The HVDC 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
Subsegments:
1) By Monopolar: Monopolar Converter Stations (Single Terminal), Application-Specific Monopolar Systems
2) By Bi-Polar: Bi-Polar Converter Stations (Dual Terminal), Integrated Bi-Polar Systems
3) By Back-To-Back: Back-To-Back Converter Stations (Interconnection Systems), Applications For Short-Distance Transmission
4) By Multi-Terminal: Multi-Terminal DC Systems, Hybrid Multi-Terminal Converter Stations
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Which Emerging Trends Are Reshaping The HVDC Converter Stations Market?
Major firms involved in the HVDC converter station market are emphasizing strategic collaborations to provide dependable services to their clients. A strategic collaboration is a mutual understanding between two or more corporations or entities that obliges them to assist each other in achieving their individual objectives. For example, in March 2023, Hitachi Energy, a sustainable energy company from Japan, entered an agreement with the Gulf Cooperation Council Interconnection Authority (GCCIA), a sustainable energy firm from Saudi Arabia. This partnership aimed to upgrade the Al-Fadhili high-voltage direct current (HVDC) converter station, enabling it to transfer up to 1,800 megawatts of electricity among various middle-eastern states. Moreover, in July 2024, GE Vernova, a US-based company providing energy services, partnered with German Transmission System Operators (TSOs). The partnership was aimed at bolstering the integration of renewable energy sources into the power grid and augmenting the reliability and efficiency of energy transmission throughout the nation. This collaboration holds considerable significance in propelling Germany's energy transition, enhancing electricity grid reliability, and fostering the expansion of renewable energy sources.
Who Are the Key Players in the HVDC Converter Stations Market?
Major companies operating in the HVDC converter stations market include:
• Hitachi Energy Ltd.
• Siemens Energy AG
• Mitsubishi Electric Corporation
• Schneider Electric SE
• ABB Ltd.
• Toshiba Corporation
• China XD Group
• Hyosung Corporation
• Shanghai Electric Group Co. Ltd.
• TBEA Co. Ltd.
• 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.
• Nissin Electric Co. Ltd.
• Rongxin Power Electronic Co. Ltd.
• Xiamen Jiyi Electric Co. Ltd.
• XJ Group Corporation
• EFACEC
• China Electric Power Research Institute (CEPRI)
• NR Electric Co. Ltd.
• NARI Group Corporation
• TGOOD Global Ltd.
• Ramboll Group A/S
• ZTT International Limited
• NKT A/S
• Korea Electric Power Corporation
What are the Regional Insights into the HVDC Converter Stations Market?
Europe was the largest region in the HVDC converter station market in 2024. North America is expected to be the fastest-growing region in the global HVDC converter stations market report during the forecast period. The regions covered in the HVDC converter stations market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
