Global HVDC Converter Stations Market
Electrical And Electronics Manufacturing

Global HVDC Converter Stations Market Report 2023: Size, Drivers, And Top Segments

The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

According to The Business Research Company’s HVDC Converter Stations Global Market Report 2023, The global HVDC converter stations market is expected to grow from $11.23 billion in 2022 to $12.28 billion in 2023 at a compound annual growth rate (CAGR) of 9.3%. The global HVDC converter stations market size is expected to reach $16.8 billion in 2027 at a CAGR of 8.1%.

Europe held the largest HVDC converter stations market share, and North America was the fastest-growing region in 2022.

HVDC Converter Stations Market Driver
Growth in the renewable energy industry is predicted to drive future growth in the HVDC converter station market. Renewable energy is energy derived from natural sources that is replenished quicker than it is consumed. HVDC converters are utilised for successful renewable energy integration, transmission, and distribution over greater distances, increasing grid stability, and assisting in the transition to a more sustainable and decarbonized energy system with little energy loss. According to a forecast by the International Energy Agency, a Paris-based autonomous international organisation, renewable energy utilisation would increase by 3% by 2020. Furthermore, the share of renewable energy in global power generation climbed from 27% in 2019 to 29% in 2020. As a result, the rise of the renewable energy industry is propelling the market for HVDC converter stations.

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Key HVDC Converter Stations Market Segments

The global HVDC converter stations market 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

HVDC Converter Stations Market Prominent Players
Major players in the HVDC converter stations market are Hitachi Energy Ltd., Siemens Energy AG, Bharat Heavy Electricals Limited, GE Grid Solutions LLC, Mitsubishi Electric Corporation, Toshiba Corporation, NR Electric Co. Ltd., China Electric Power Research Institute (CEPRI), Hyosung Corporation, Alstom, Nissin Electric Co. Ltd., XJ Group Corporation, LS Industrial Systems Co. Ltd., Excelitas Technologies, and Matsusada Precision Inc.

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Prominent HVDC Converter Stations Market Trend
Strategic collaboration is a common trend in the HVDC converter station business. Major players in the HVDC converter station market are focusing on partnerships and collaborations to improve and sustain their market position. For example, in March 2023, Hitachi Energy, a Japanese sustainable energy company, partnered with the 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, which will be capable of exchanging up to 1,800 megawatts of electricity between different Middle Eastern states. Furthermore, in September 2021, Siemens Energy AG, a German energy firm, and Sumitomo Electric Industries, Ltd., a Japanese maker of electric wire and optical fibre cable, collaborated with Greenlink Interconnector Limited, an Irish power company. Companies hope to deliver HVDC technology for power links between Ireland and the United Kingdom, boost power supply security, and promote renewable energy integration through these collaborations.

The HVDC Converter Stations Global Market Report 2023  provides comprehensive insights on the HVDC converter stations market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the HVDC converter stations market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

View More Related Reports –
HVDC Capacitor Global Market Report 2023
High Voltage Direct Current (HVDC) Transmission System Global Market Report 2023
Electric Vehicle Charging Stations Global Market Report 2023

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