Market Size of HVDC Converter Station Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 10.00 % |
| Fastest Growing Market | North America |
| Largest Market | Europe |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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HVDC Converters Stations Market Analysis
The HVDC converter station market is expected to record a CAGR of more than 10% during the forecast period of 2022-2027. The COVID-19 pandemic had a moderate impact on the market growth due to the implementation of stringent lockdown protocols by respective governments. High voltage direct current (HVDC) technology is one of the catalysts driving the transformation of the electricity market. Increasing cross-border power transmission activities are expected to pave the way for the development of HVDC systems, which, in turn, is likely to drive the HVDC converter station market. Also, growth in the renewable energy sector is expected to drive the market during the forecast period as there is a significant rise in renewable energy generation capacity (onshore and offshore), supported by governmental objectives. However, the implementation of the distributed and off-grid power systems is reducing the demand for HVDC transmission lines. Therefore, the growing demand for these power plants is expected to restrain the market during the forecast period.
The HVDC converter segment is likely to witness significant demand for the global HVDC converter station market during the forecast period.
Growing number of offshore wind farm projects and favorable government policies are expected to create ample opportunities for the market studied.
Europe is expected to hold maximum market share, with most of the demand coming from major countries, such as the United Kingdom and Germany.
HVDC Converters Stations Industry Segmentation
The HVDC converter station market report includes:
| Technology | |
| Voltage Source Converter (VSC) | |
| Line Commutated Converter (LCC) |
| Component | |
| Converter | |
| DC Equipment | |
| Converter Transformer | |
| Other Components (Reactive Power, Harmonic Filters, and AC Switchgear) |
| Geography | |
| North America | |
| Asia-Pacific | |
| Europe | |
| South America | |
| Middle-East and Africa |
HVDC Converter Station Market Size Summary
The HVDC converter station market is poised for substantial growth, driven by the increasing demand for efficient power transmission solutions. High voltage direct current technology is transforming the electricity market, facilitating cross-border power transmission and supporting the expansion of renewable energy sources. This growth is further bolstered by favorable government policies and the rising number of offshore wind farm projects. However, the shift towards distributed and off-grid power systems poses a challenge, potentially restraining the market's expansion. The converter segment, in particular, is expected to see significant demand due to the need for reliable power supply and investments in power infrastructure. The market is moderately consolidated, with key players like Hitachi Energy Ltd, Siemens Energy AG, and Mitsubishi Electric Corporation leading the charge.
Regionally, Europe is anticipated to maintain a dominant position in the market, with substantial demand from countries such as the United Kingdom and Germany. North America is also expected to experience significant growth, driven by the restructuring of electricity markets and the need to upgrade aging infrastructure. The United States and Canada are focusing on increasing their renewable energy capacity, necessitating advancements in transmission and distribution systems. This shift presents a lucrative opportunity for HVDC technology, as it becomes more cost-effective over time. The market's expansion is supported by strategic contracts and projects, such as those undertaken by Acradis NV and Hitachi Energy, highlighting the ongoing investment in HVDC converter stations globally.
HVDC Converter Station Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, till 2027
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitute Products and Services
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Technology
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2.1.1 Voltage Source Converter (VSC)
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2.1.2 Line Commutated Converter (LCC)
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2.2 Component
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2.2.1 Converter
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2.2.2 DC Equipment
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2.2.3 Converter Transformer
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2.2.4 Other Components (Reactive Power, Harmonic Filters, and AC Switchgear)
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2.3 Geography
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2.3.1 North America
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2.3.2 Asia-Pacific
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2.3.3 Europe
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2.3.4 South America
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2.3.5 Middle-East and Africa
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HVDC Converter Station Market Size FAQs
What is the current HVDC Converter Station Market size?
The HVDC Converter Station Market is projected to register a CAGR of greater than 10% during the forecast period (2024-2029)
Who are the key players in HVDC Converter Station Market?
Bharat Heavy Electricals Limited, GE Grid Solutions LLC, Mitsubishi Electric Corporation, Siemens Energy AG and Hitachi Energy Ltd. are the major companies operating in the HVDC Converter Station Market.
