PUBLISHER: IMARC | PRODUCT CODE: 1519533
PUBLISHER: IMARC | PRODUCT CODE: 1519533
HVDC Converter Station Market Report by Component, Technology (Voltage Source Converter, Line Commutated Converter ), Type, Application, and Region 2024-2032
The global HVDC converter station market size reached US$ 12.1 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 21.5 Billion by 2032, exhibiting a growth rate (CAGR) of 6.4% during 2024-2032. The widespread adoption of renewable energy and HVDC converter stations for interconnecting power grids across different regions or countries, and the numerous government initiatives promoting renewable energy deployment represent some of the key factors driving the market.
An HVDC converter station, short for a high-voltage direct current converter station, is crucial in high-voltage direct current (HVDC) transmission systems. It functions as a bridge between various power systems, enabling the stable and effective transfer of electricity across great distances. Its primary duty is to change electricity from alternating current (AC) to direct current (DC) or vice versa, depending on the direction the power is flowing. The converter station consists of various key elements that work in harmony to facilitate the conversion process. One of the main components is the converter transformer, which is responsible for stepping up or down the AC power's voltage level. These transformers are typically designed to handle extremely high voltages, ranging from a few hundred kilovolts to several hundreds of kilovolts, depending on the specific HVDC transmission system. Additionally, it also incorporates smoothing reactors, which are used to smooth out any fluctuations in the DC power, reducing ripple effects and improving overall power quality. Moreover, the station includes filters and harmonic traps to mitigate harmonics and other electrical disturbances that may arise during the conversion process.
HVDC Converter Station Market Trends:
The growing trend of renewable energy majorly drives the global market. Coupled with the augmenting need for efficient transmission of power from remote renewable energy generation sites to population centers, this is significantly supporting the market. Along with this, the widespread adoption of HVDC converter stations for interconnecting power grids across different regions or countries is propelling the market as they enable the transfer of electricity between asynchronous AC grids, facilitating the exchange of power, improving grid stability, and enhancing overall energy security. In addition, the increasing inclination toward HVDC systems over AC transmission as they offer lower transmission losses, reduced voltage drops, and increased power transfer capacity over longer distances is positively influencing the market. As the demand for long-distance power transmission increases, the demand for HVDC converter stations grows, thereby creating a positive market outlook. Apart from this, government initiatives promoting renewable energy deployment, grid interconnections, and energy market liberalization are contributing to the market. Furthermore, the development of advanced power electronic devices, improved converter station designs, and enhanced control and protection systems are creating a positive market outlook. Some of the other factors driving the market include rapid industrialization and the increasing number of offshore wind farms.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the global HVDC converter station market, along with forecasts at the global, regional, and country levels from 2024-2032. Our report has categorized the market based on component, technology, type, and application.
Component Insights:
Converter
DC Equipment
Converter Transformer
Others
The report has provided a detailed breakup and analysis of the HVDC converter station market based on the component. This includes converter, DC equipment, converter transformer, and others. According to the report, the DC equipment represented the largest segment.
Technology Insights:
Voltage Source Converter (VSC)
Line Commutated Converter (LCC)
A detailed breakup and analysis of the HVDC converter station market based on the technology has also been provided in the report. This includes voltage source converter (VSC) and line commutated converter (LCC). According to the report, line commutated converter (LCC) accounted for the largest market share.
Type Insights:
Bi-Polar
Monopolar
Back-to-back
Multi Terminal
The report has provided a detailed breakup and analysis of the HVDC converter station market based on the type. This includes bi-polar, monopolar, back-to-back, and multi terminal. According to the report, the bi-polar represented the largest segment.
Application Insights:
Power Industry
Oil and Gas
Powering Island and Remote Loads
Interconnecting Networks
Others
A detailed breakup and analysis of the HVDC converter station market based on the application has also been provided in the report. This includes power industry, oil and gas, powering island and remote loads, interconnecting networks, and others. According to the report, powering island and remote loads accounted for the largest market share.
Regional Insights:
North America
United States
Canada
Asia Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Europe was the largest market for HVDC converter station. Some of the factors driving the Europe HVDC converter station market included the emerging trend of renewable energy, continual technological advancements, rapid industrialization, etc.
Competitive Landscape:
The report has also provided a comprehensive analysis of the competitive landscape in the global HVDC converter station market. Also, detailed profiles of all major companies have been provided. Some of the companies covered include GE Grid Solutions LLC (General Electric Company), Hitachi Energy Ltd. (Hitachi Ltd.), Hyosung Heavy Industries, Mitsubishi Electric Corporation, NR Electric Co. Ltd. (NARI Technology Co. Ltd.), Siemens Energy AG, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
Key Questions Answered in This Report:
- How has the global HVDC converter station market performed so far, and how will it perform in the coming years?
- What are the drivers, restraints, and opportunities in the global HVDC converter station market?
- What is the impact of each driver, restraint, and opportunity on the global HVDC converter station market?
- What are the key regional markets?
- Which countries represent the most attractive HVDC converter station market?
- What is the breakup of the market based on the component?
- Which is the most attractive component in the HVDC converter station market?
- What is the breakup of the market based on the technology?
- Which is the most attractive technology in the HVDC converter station market?
- What is the breakup of the market based on the type?
- Which is the most attractive type in the HVDC converter station market?
- What is the breakup of the market based on the application?
- Which is the most attractive application in the HVDC converter station market?
- What is the competitive structure of the global HVDC converter station market?
- Who are the key players/companies in the global HVDC converter station market?
Table of Contents
1 Preface
2 Scope and Methodology
- 2.1 Objectives of the Study
- 2.2 Stakeholders
- 2.3 Data Sources
- 2.3.1 Primary Sources
- 2.3.2 Secondary Sources
- 2.4 Market Estimation
- 2.4.1 Bottom-Up Approach
- 2.4.2 Top-Down Approach
- 2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
- 4.1 Overview
- 4.2 Key Industry Trends
5 Global HVDC Converter Station Market
- 5.1 Market Overview
- 5.2 Market Performance
- 5.3 Impact of COVID-19
- 5.4 Market Forecast
6 Market Breakup by Component
- 6.1 Converter
- 6.1.1 Market Trends
- 6.1.2 Market Forecast
- 6.2 DC Equipment
- 6.2.1 Market Trends
- 6.2.2 Market Forecast
- 6.3 Converter Transformer
- 6.3.1 Market Trends
- 6.3.2 Market Forecast
- 6.4 Others
- 6.4.1 Market Trends
- 6.4.2 Market Forecast
7 Market Breakup by Technology
- 7.1 Voltage Source Converter (VSC)
- 7.1.1 Market Trends
- 7.1.2 Market Forecast
- 7.2 Line Commutated Converter (LCC)
- 7.2.1 Market Trends
- 7.2.2 Market Forecast
8 Market Breakup by Type
- 8.1 Bi-Polar
- 8.1.1 Market Trends
- 8.1.2 Market Forecast
- 8.2 Monopolar
- 8.2.1 Market Trends
- 8.2.2 Market Forecast
- 8.3 Back-to-back
- 8.3.1 Market Trends
- 8.3.2 Market Forecast
- 8.4 Multi Terminal
- 8.4.1 Market Trends
- 8.4.2 Market Forecast
9 Market Breakup by Application
- 9.1 Power Industry
- 9.1.1 Market Trends
- 9.1.2 Market Forecast
- 9.2 Oil and Gas
- 9.2.1 Market Trends
- 9.2.2 Market Forecast
- 9.3 Powering Island and Remote Loads
- 9.3.1 Market Trends
- 9.3.2 Market Forecast
- 9.4 Interconnecting Networks
- 9.4.1 Market Trends
- 9.4.2 Market Forecast
- 9.5 Others
- 9.5.1 Market Trends
- 9.5.2 Market Forecast
10 Market Breakup by Region
- 10.1 North America
- 10.1.1 United States
- 10.1.1.1 Market Trends
- 10.1.1.2 Market Forecast
- 10.1.2 Canada
- 10.1.2.1 Market Trends
- 10.1.2.2 Market Forecast
- 10.1.1 United States
- 10.2 Asia-Pacific
- 10.2.1 China
- 10.2.1.1 Market Trends
- 10.2.1.2 Market Forecast
- 10.2.2 Japan
- 10.2.2.1 Market Trends
- 10.2.2.2 Market Forecast
- 10.2.3 India
- 10.2.3.1 Market Trends
- 10.2.3.2 Market Forecast
- 10.2.4 South Korea
- 10.2.4.1 Market Trends
- 10.2.4.2 Market Forecast
- 10.2.5 Australia
- 10.2.5.1 Market Trends
- 10.2.5.2 Market Forecast
- 10.2.6 Indonesia
- 10.2.6.1 Market Trends
- 10.2.6.2 Market Forecast
- 10.2.7 Others
- 10.2.7.1 Market Trends
- 10.2.7.2 Market Forecast
- 10.2.1 China
- 10.3 Europe
- 10.3.1 Germany
- 10.3.1.1 Market Trends
- 10.3.1.2 Market Forecast
- 10.3.2 France
- 10.3.2.1 Market Trends
- 10.3.2.2 Market Forecast
- 10.3.3 United Kingdom
- 10.3.3.1 Market Trends
- 10.3.3.2 Market Forecast
- 10.3.4 Italy
- 10.3.4.1 Market Trends
- 10.3.4.2 Market Forecast
- 10.3.5 Spain
- 10.3.5.1 Market Trends
- 10.3.5.2 Market Forecast
- 10.3.6 Russia
- 10.3.6.1 Market Trends
- 10.3.6.2 Market Forecast
- 10.3.7 Others
- 10.3.7.1 Market Trends
- 10.3.7.2 Market Forecast
- 10.3.1 Germany
- 10.4 Latin America
- 10.4.1 Brazil
- 10.4.1.1 Market Trends
- 10.4.1.2 Market Forecast
- 10.4.2 Mexico
- 10.4.2.1 Market Trends
- 10.4.2.2 Market Forecast
- 10.4.3 Others
- 10.4.3.1 Market Trends
- 10.4.3.2 Market Forecast
- 10.4.1 Brazil
- 10.5 Middle East and Africa
- 10.5.1 Market Trends
- 10.5.2 Market Breakup by Country
- 10.5.3 Market Forecast
11 Drivers, Restraints, and Opportunities
- 11.1 Overview
- 11.2 Drivers
- 11.3 Restraints
- 11.4 Opportunities
12 Value Chain Analysis
13 Porters Five Forces Analysis
- 13.1 Overview
- 13.2 Bargaining Power of Buyers
- 13.3 Bargaining Power of Suppliers
- 13.4 Degree of Competition
- 13.5 Threat of New Entrants
- 13.6 Threat of Substitutes
14 Price Analysis
15 Competitive Landscape
- 15.1 Market Structure
- 15.2 Key Players
- 15.3 Profiles of Key Players
- 15.3.1 GE Grid Solutions LLC (General Electric Company)
- 15.3.1.1 Company Overview
- 15.3.1.2 Product Portfolio
- 15.3.2 Hitachi Energy Ltd. (Hitachi Ltd.)
- 15.3.2.1 Company Overview
- 15.3.2.2 Product Portfolio
- 15.3.3 Hyosung Heavy Industries
- 15.3.3.1 Company Overview
- 15.3.3.2 Product Portfolio
- 15.3.3.3 Financials
- 15.3.4 Mitsubishi Electric Corporation
- 15.3.4.1 Company Overview
- 15.3.4.2 Product Portfolio
- 15.3.4.3 Financials
- 15.3.4.4 SWOT Analysis
- 15.3.5 NR Electric Co. Ltd. (NARI Technology Co. Ltd.)
- 15.3.5.1 Company Overview
- 15.3.5.2 Product Portfolio
- 15.3.6 Siemens Energy AG
- 15.3.6.1 Company Overview
- 15.3.6.2 Product Portfolio
- 15.3.6.3 Financials
- 15.3.1 GE Grid Solutions LLC (General Electric Company)
Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
List of Figures
- Figure 1: Global: HVDC Converter Station Market: Major Drivers and Challenges
- Figure 2: Global: HVDC Converter Station Market: Sales Value (in Billion US$), 2018-2023
- Figure 3: Global: HVDC Converter Station Market Forecast: Sales Value (in Billion US$), 2024-2032
- Figure 4: Global: HVDC Converter Station Market: Breakup by Component (in %), 2023
- Figure 5: Global: HVDC Converter Station Market: Breakup by Technology (in %), 2023
- Figure 6: Global: HVDC Converter Station Market: Breakup by Type (in %), 2023
- Figure 7: Global: HVDC Converter Station Market: Breakup by Application (in %), 2023
- Figure 8: Global: HVDC Converter Station Market: Breakup by Region (in %), 2023
- Figure 9: Global: HVDC Converter Station (Converter) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 10: Global: HVDC Converter Station (Converter) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 11: Global: HVDC Converter Station (DC Equipment) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 12: Global: HVDC Converter Station (DC Equipment) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 13: Global: HVDC Converter Station (Converter Transformer) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 14: Global: HVDC Converter Station (Converter Transformer) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 15: Global: HVDC Converter Station (Other Components) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 16: Global: HVDC Converter Station (Other Components) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 17: Global: HVDC Converter Station (Voltage Source Converter (VSC)) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 18: Global: HVDC Converter Station (Voltage Source Converter (VSC)) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 19: Global: HVDC Converter Station (Line Commutated Converter (LCC)) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 20: Global: HVDC Converter Station (Line Commutated Converter (LCC)) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 21: Global: HVDC Converter Station (Bi-Polar) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 22: Global: HVDC Converter Station (Bi-Polar) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 23: Global: HVDC Converter Station (Monopolar) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 24: Global: HVDC Converter Station (Monopolar) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 25: Global: HVDC Converter Station (Back-to-back) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 26: Global: HVDC Converter Station (Back-to-back) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 27: Global: HVDC Converter Station (Multi Terminal) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 28: Global: HVDC Converter Station (Multi Terminal) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 29: Global: HVDC Converter Station (Power Industry) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 30: Global: HVDC Converter Station (Power Industry) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 31: Global: HVDC Converter Station (Oil and Gas) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 32: Global: HVDC Converter Station (Oil and Gas) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 33: Global: HVDC Converter Station (Powering Island and Remote Loads) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 34: Global: HVDC Converter Station (Powering Island and Remote Loads) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 35: Global: HVDC Converter Station (Interconnecting Networks) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 36: Global: HVDC Converter Station (Interconnecting Networks) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 37: Global: HVDC Converter Station (Other Applications) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 38: Global: HVDC Converter Station (Other Applications) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 39: North America: HVDC Converter Station Market: Sales Value (in Million US$), 2018 & 2023
- Figure 40: North America: HVDC Converter Station Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 41: United States: HVDC Converter Station Market: Sales Value (in Million US$), 2018 & 2023
- Figure 42: United States: HVDC Converter Station Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 43: Canada: HVDC Converter Station Market: Sales Value (in Million US$), 2018 & 2023
- Figure 44: Canada: HVDC Converter Station Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 45: Asia-Pacific: HVDC Converter Station Market: Sales Value (in Million US$), 2018 & 2023
- Figure 46: Asia-Pacific: HVDC Converter Station Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 47: China: HVDC Converter Station Market: Sales Value (in Million US$), 2018 & 2023
- Figure 48: China: HVDC Converter Station Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 49: Japan: HVDC Converter Station Market: Sales Value (in Million US$), 2018 & 2023
- Figure 50: Japan: HVDC Converter Station Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 51: India: HVDC Converter Station Market: Sales Value (in Million US$), 2018 & 2023
- Figure 52: India: HVDC Converter Station Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 53: South Korea: HVDC Converter Station Market: Sales Value (in Million US$), 2018 & 2023
- Figure 54: South Korea: HVDC Converter Station Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 55: Australia: HVDC Converter Station Market: Sales Value (in Million US$), 2018 & 2023
- Figure 56: Australia: HVDC Converter Station Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 57: Indonesia: HVDC Converter Station Market: Sales Value (in Million US$), 2018 & 2023
- Figure 58: Indonesia: HVDC Converter Station Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 59: Others: HVDC Converter Station Market: Sales Value (in Million US$), 2018 & 2023
- Figure 60: Others: HVDC Converter Station Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 61: Europe: HVDC Converter Station Market: Sales Value (in Million US$), 2018 & 2023
- Figure 62: Europe: HVDC Converter Station Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 63: Germany: HVDC Converter Station Market: Sales Value (in Million US$), 2018 & 2023
- Figure 64: Germany: HVDC Converter Station Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 65: France: HVDC Converter Station Market: Sales Value (in Million US$), 2018 & 2023
- Figure 66: France: HVDC Converter Station Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 67: United Kingdom: HVDC Converter Station Market: Sales Value (in Million US$), 2018 & 2023
- Figure 68: United Kingdom: HVDC Converter Station Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 69: Italy: HVDC Converter Station Market: Sales Value (in Million US$), 2018 & 2023
- Figure 70: Italy: HVDC Converter Station Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 71: Spain: HVDC Converter Station Market: Sales Value (in Million US$), 2018 & 2023
- Figure 72: Spain: HVDC Converter Station Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 73: Russia: HVDC Converter Station Market: Sales Value (in Million US$), 2018 & 2023
- Figure 74: Russia: HVDC Converter Station Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 75: Others: HVDC Converter Station Market: Sales Value (in Million US$), 2018 & 2023
- Figure 76: Others: HVDC Converter Station Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 77: Latin America: HVDC Converter Station Market: Sales Value (in Million US$), 2018 & 2023
- Figure 78: Latin America: HVDC Converter Station Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 79: Brazil: HVDC Converter Station Market: Sales Value (in Million US$), 2018 & 2023
- Figure 80: Brazil: HVDC Converter Station Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 81: Mexico: HVDC Converter Station Market: Sales Value (in Million US$), 2018 & 2023
- Figure 82: Mexico: HVDC Converter Station Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 83: Others: HVDC Converter Station Market: Sales Value (in Million US$), 2018 & 2023
- Figure 84: Others: HVDC Converter Station Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 85: Middle East and Africa: HVDC Converter Station Market: Sales Value (in Million US$), 2018 & 2023
- Figure 86: Middle East and Africa: HVDC Converter Station Market: Breakup by Country (in %), 2023
- Figure 87: Middle East and Africa: HVDC Converter Station Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 88: Global: HVDC Converter Station Industry: Drivers, Restraints, and Opportunities
- Figure 89: Global: HVDC Converter Station Industry: Value Chain Analysis
- Figure 90: Global: HVDC Converter Station Industry: Porter's Five Forces Analysis
List of Tables
- Table 1: Global: HVDC Converter Station Market: Key Industry Highlights, 2023 & 2032
- Table 2: Global: HVDC Converter Station Market Forecast: Breakup by Component (in Million US$), 2024-2032
- Table 3: Global: HVDC Converter Station Market Forecast: Breakup by Technology (in Million US$), 2024-2032
- Table 4: Global: HVDC Converter Station Market Forecast: Breakup by Type (in Million US$), 2024-2032
- Table 5: Global: HVDC Converter Station Market Forecast: Breakup by Application (in Million US$), 2024-2032
- Table 6: Global: HVDC Converter Station Market Forecast: Breakup by Region (in Million US$), 2024-2032
- Table 7: Global: HVDC Converter Station Market: Competitive Structure
- Table 8: Global: HVDC Converter Station Market: Key Players
