Need help finding what you are looking for?
Contact Us
PUBLISHER: IMARC | PRODUCT CODE: 1675344
PUBLISHER: IMARC | PRODUCT CODE: 1675344
HVDC Converter Station Market Report by Component, Technology (Voltage Source Converter, Line Commutated Converter ), Type, Application, and Region 2025-2033
PUBLISHED:
PAGES: 135 Pages
DELIVERY TIME: 2-3 business days
SELECT AN OPTION
The global HVDC converter station market size reached USD 12.9 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 22.5 Billion by 2033, exhibiting a growth rate (CAGR) of 6.08% during 2025-2033. 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:
Component Insights:
- Converter
- DC Equipment
- Converter Transformer
- Others
Technology Insights:
- Voltage Source Converter (VSC)
- Line Commutated Converter (LCC)
Type Insights:
- Bi-Polar
- Monopolar
- Back-to-back
- Multi Terminal
Application Insights:
- Power Industry
- Oil and Gas
- Powering Island and Remote Loads
- Interconnecting Networks
- Others
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?
Product Code: SR112025A8149
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.
Product Code: SR112025A8149
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 USD), 2019-2024
- Figure 3: Global: HVDC Converter Station Market Forecast: Sales Value (in Billion USD), 2025-2033
- Figure 4: Global: HVDC Converter Station Market: Breakup by Component (in %), 2024
- Figure 5: Global: HVDC Converter Station Market: Breakup by Technology (in %), 2024
- Figure 6: Global: HVDC Converter Station Market: Breakup by Type (in %), 2024
- Figure 7: Global: HVDC Converter Station Market: Breakup by Application (in %), 2024
- Figure 8: Global: HVDC Converter Station Market: Breakup by Region (in %), 2024
- Figure 9: Global: HVDC Converter Station (Converter) Market: Sales Value (in Million USD), 2019 & 2024
- Figure 10: Global: HVDC Converter Station (Converter) Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 11: Global: HVDC Converter Station (DC Equipment) Market: Sales Value (in Million USD), 2019 & 2024
- Figure 12: Global: HVDC Converter Station (DC Equipment) Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 13: Global: HVDC Converter Station (Converter Transformer) Market: Sales Value (in Million USD), 2019 & 2024
- Figure 14: Global: HVDC Converter Station (Converter Transformer) Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 15: Global: HVDC Converter Station (Other Components) Market: Sales Value (in Million USD), 2019 & 2024
- Figure 16: Global: HVDC Converter Station (Other Components) Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 17: Global: HVDC Converter Station (Voltage Source Converter (VSC)) Market: Sales Value (in Million USD), 2019 & 2024
- Figure 18: Global: HVDC Converter Station (Voltage Source Converter (VSC)) Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 19: Global: HVDC Converter Station (Line Commutated Converter (LCC)) Market: Sales Value (in Million USD), 2019 & 2024
- Figure 20: Global: HVDC Converter Station (Line Commutated Converter (LCC)) Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 21: Global: HVDC Converter Station (Bi-Polar) Market: Sales Value (in Million USD), 2019 & 2024
- Figure 22: Global: HVDC Converter Station (Bi-Polar) Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 23: Global: HVDC Converter Station (Monopolar) Market: Sales Value (in Million USD), 2019 & 2024
- Figure 24: Global: HVDC Converter Station (Monopolar) Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 25: Global: HVDC Converter Station (Back-to-back) Market: Sales Value (in Million USD), 2019 & 2024
- Figure 26: Global: HVDC Converter Station (Back-to-back) Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 27: Global: HVDC Converter Station (Multi Terminal) Market: Sales Value (in Million USD), 2019 & 2024
- Figure 28: Global: HVDC Converter Station (Multi Terminal) Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 29: Global: HVDC Converter Station (Power Industry) Market: Sales Value (in Million USD), 2019 & 2024
- Figure 30: Global: HVDC Converter Station (Power Industry) Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 31: Global: HVDC Converter Station (Oil and Gas) Market: Sales Value (in Million USD), 2019 & 2024
- Figure 32: Global: HVDC Converter Station (Oil and Gas) Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 33: Global: HVDC Converter Station (Powering Island and Remote Loads) Market: Sales Value (in Million USD), 2019 & 2024
- Figure 34: Global: HVDC Converter Station (Powering Island and Remote Loads) Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 35: Global: HVDC Converter Station (Interconnecting Networks) Market: Sales Value (in Million USD), 2019 & 2024
- Figure 36: Global: HVDC Converter Station (Interconnecting Networks) Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 37: Global: HVDC Converter Station (Other Applications) Market: Sales Value (in Million USD), 2019 & 2024
- Figure 38: Global: HVDC Converter Station (Other Applications) Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 39: North America: HVDC Converter Station Market: Sales Value (in Million USD), 2019 & 2024
- Figure 40: North America: HVDC Converter Station Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 41: United States: HVDC Converter Station Market: Sales Value (in Million USD), 2019 & 2024
- Figure 42: United States: HVDC Converter Station Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 43: Canada: HVDC Converter Station Market: Sales Value (in Million USD), 2019 & 2024
- Figure 44: Canada: HVDC Converter Station Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 45: Asia-Pacific: HVDC Converter Station Market: Sales Value (in Million USD), 2019 & 2024
- Figure 46: Asia-Pacific: HVDC Converter Station Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 47: China: HVDC Converter Station Market: Sales Value (in Million USD), 2019 & 2024
- Figure 48: China: HVDC Converter Station Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 49: Japan: HVDC Converter Station Market: Sales Value (in Million USD), 2019 & 2024
- Figure 50: Japan: HVDC Converter Station Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 51: India: HVDC Converter Station Market: Sales Value (in Million USD), 2019 & 2024
- Figure 52: India: HVDC Converter Station Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 53: South Korea: HVDC Converter Station Market: Sales Value (in Million USD), 2019 & 2024
- Figure 54: South Korea: HVDC Converter Station Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 55: Australia: HVDC Converter Station Market: Sales Value (in Million USD), 2019 & 2024
- Figure 56: Australia: HVDC Converter Station Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 57: Indonesia: HVDC Converter Station Market: Sales Value (in Million USD), 2019 & 2024
- Figure 58: Indonesia: HVDC Converter Station Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 59: Others: HVDC Converter Station Market: Sales Value (in Million USD), 2019 & 2024
- Figure 60: Others: HVDC Converter Station Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 61: Europe: HVDC Converter Station Market: Sales Value (in Million USD), 2019 & 2024
- Figure 62: Europe: HVDC Converter Station Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 63: Germany: HVDC Converter Station Market: Sales Value (in Million USD), 2019 & 2024
- Figure 64: Germany: HVDC Converter Station Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 65: France: HVDC Converter Station Market: Sales Value (in Million USD), 2019 & 2024
- Figure 66: France: HVDC Converter Station Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 67: United Kingdom: HVDC Converter Station Market: Sales Value (in Million USD), 2019 & 2024
- Figure 68: United Kingdom: HVDC Converter Station Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 69: Italy: HVDC Converter Station Market: Sales Value (in Million USD), 2019 & 2024
- Figure 70: Italy: HVDC Converter Station Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 71: Spain: HVDC Converter Station Market: Sales Value (in Million USD), 2019 & 2024
- Figure 72: Spain: HVDC Converter Station Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 73: Russia: HVDC Converter Station Market: Sales Value (in Million USD), 2019 & 2024
- Figure 74: Russia: HVDC Converter Station Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 75: Others: HVDC Converter Station Market: Sales Value (in Million USD), 2019 & 2024
- Figure 76: Others: HVDC Converter Station Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 77: Latin America: HVDC Converter Station Market: Sales Value (in Million USD), 2019 & 2024
- Figure 78: Latin America: HVDC Converter Station Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 79: Brazil: HVDC Converter Station Market: Sales Value (in Million USD), 2019 & 2024
- Figure 80: Brazil: HVDC Converter Station Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 81: Mexico: HVDC Converter Station Market: Sales Value (in Million USD), 2019 & 2024
- Figure 82: Mexico: HVDC Converter Station Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 83: Others: HVDC Converter Station Market: Sales Value (in Million USD), 2019 & 2024
- Figure 84: Others: HVDC Converter Station Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 85: Middle East and Africa: HVDC Converter Station Market: Sales Value (in Million USD), 2019 & 2024
- Figure 86: Middle East and Africa: HVDC Converter Station Market: Breakup by Country (in %), 2024
- Figure 87: Middle East and Africa: HVDC Converter Station Market Forecast: Sales Value (in Million USD), 2025-2033
- 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, 2024 & 2033
- Table 2: Global: HVDC Converter Station Market Forecast: Breakup by Component (in Million USD), 2025-2033
- Table 3: Global: HVDC Converter Station Market Forecast: Breakup by Technology (in Million USD), 2025-2033
- Table 4: Global: HVDC Converter Station Market Forecast: Breakup by Type (in Million USD), 2025-2033
- Table 5: Global: HVDC Converter Station Market Forecast: Breakup by Application (in Million USD), 2025-2033
- Table 6: Global: HVDC Converter Station Market Forecast: Breakup by Region (in Million USD), 2025-2033
- Table 7: Global: HVDC Converter Station Market: Competitive Structure
- Table 8: Global: HVDC Converter Station Market: Key Players
Have a question?
SELECT AN OPTION
Have a question?
Questions? Please give us a call or visit the contact form.