HVDC Converter Stations Market Overview: Market Size, Major Drivers And Trends
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033
The HVDC converter stations market has seen significant growth in recent years, escalating from $12.28 billion in 2023 to $13.39 billion in 2024, demonstrating a compound annual growth rate (CAGR) of 9.0%. This growth in the historical period can be attributed to the increasing demand for long-distance power transmission solutions, urbanization trends driving power demand, cross-border power transmission initiatives, government policies supporting energy infrastructure development, and the emphasis on grid stability and reliability. Looking ahead, the market is poised for strong growth, reaching $18.23 billion by 2028, with a compound annual growth rate (CAGR) of 8.0%. The anticipated growth is fueled by global trends towards electrification, initiatives promoting enhanced grid resilience, integration of smart grid technologies, efforts towards achieving carbon neutrality, and the interconnection of power networks. Major trends in the forecast period include increased integration of renewable energy sources, advancements in voltage source converter (VSC) technology, cross-border power transmission projects, technological innovations, and the digitalization of grid controls.
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.
Get A Free Sample On The HVDC Converter Stations Market Report:
https://www.thebusinessresearchcompany.com/sample.aspx?id=10690&type=smp
What Are The Key Trends That Influence HVDC Converter Stations Market Share Analysis?
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.
Which Market Players Are Driving Growth In The HVDC Converter Stations Market?
Major companies operating in the HVDC converter stations market report are <b>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</b>
How Is The Global HVDC Converter Stations Market Segmented?
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
Read The Full HVDC Converter Stations Market Report Here
https://www.thebusinessresearchcompany.com/report/hvdc-converter-stations-global-market-report
The HVDC Converter Stations Global Market Report 2024 provides an overview of the hvdc converter stationsmarket for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The hvdc converter stations market forecast analyzes hvdc converter stations market size, hvdc converter stations market share, leading competitor and their market positions.
The Table Of Content For The HVDC Converter Stations Market Include
1. HVDC Converter Stations Market Executive Summary
2. HVDC Converter Stations Market Segments
3. HVDC Converter Stations Market Size And Template Market Growth Rate
4. Key HVDC Converter Stations Market Trends
5. Major HVDC Converter Stations Market Drivers
……
25. Key Mergers And Acquisitions In The HVDC Converter Stations Market
26. Top HVDC Converter Stations Companies
27. HVDC Converter Stations Market Opportunities And Strategies
28. HVDC Converter Stations Market, Conclusions And Recommendations
29. Appendix
Learn More About The Business Research Company
The Business Research Company has published over 15000+ reports in 27 industries, spanning 60+ geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
Contact us at:
The Business Research Company: https://www.thebusinessresearchcompany.com/
Americas +1 3156230293
Asia +44 2071930708
Europe +44 2071930708
Email us at info@tbrc.info
Follow us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model