Focused on real-world business use, this report highlights what’s changing in the hvdc converter stations market and what companies should prepare for next.
HVDC Converter Stations Market Valuation Forecast: What Will The Market Be Worth By 2025?
The hvdc converter stations market size has grown strongly in recent years. It will grow from $13.17 billion in 2024 to $13.98 billion in 2025 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to long-distance power transmission, urbanization and power demand, cross-border power transmission, government initiatives and policies, grid stability and reliability.
The hvdc converter stations market size is expected to see strong growth in the next few years. It will grow to $18.81 billion in 2029 at a compound annual growth rate (CAGR) of 7.7%. The growth in the forecast period can be attributed to global electrification trends, enhanced grid resilience, smart grid integration, carbon neutrality goals, interconnection of power networks. Major trends in the forecast period include growing renewable energy integration, advancements in voltage source converter (VSC) technology, cross-border power transmission projects, technological advancements, digitalization and smart controls.
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What Are The Key Factors Driving Growth In The HVDC Converter Stations Market?
Growth in the renewable energy sector is expected to propel the growth of the HVDC converter stations market going forward. Renewable energy refers to the energy produced from natural sources that are replenished at a faster rate than it is consumed. HVDC converter is used for effective integration, transmission, and distribution of renewable energy over a longer distance, increases grid stability, and aids in the transition to a more sustainable and decarbonized energy system with minimum energy loss. For instance, in October 2023, according to a report by the International Energy Agency, a Paris-based autonomous intergovernmental organization, in world's power generation increased to 22.5% in 2021 and it is expected to increase to 42.5% by 2030. Therefore, the growth in the renewable energy sector is driving the growth of the HVDC converter stations market.
Emerging And High-Growth Segments In The Global 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
HVDC Converter Stations Market Future Trends
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 July 2024, GE Vernova, a US-based company that offers energy services partnered with German Transmission System Operators (TSOs) to to enhance the integration of renewable energy sources into the power grid and improve the reliability and efficiency of energy transmission across the country. This collaboration is significant for advancing the energy transition in Germany, improving the reliability of the electricity grid, and facilitating the growth of renewable energy sources.
Key HVDC Converter Stations Company Insights:
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
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How Does HVDC Converter Stations Market Growth Vary Across Major Regions?
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.
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