PUBLISHER: The Business Research Company | PRODUCT CODE: 1675578
PUBLISHER: The Business Research Company | PRODUCT CODE: 1675578
High-voltage direct current (HVDC) converter stations convert electrical power between AC and DC formats in high-voltage transmission networks. Used for long-distance power transmission, integrating multiple power systems, and promoting renewable energy integration, these stations contribute to decreased transmission losses and improved grid stability.
The primary types of HVDC converter stations include monopolar, bi-polar, back-to-back, and multi-terminal. Monopolar configuration utilizes a single high-voltage conductor for transmitting direct current (DC) in HVDC transmission systems, offering efficient utilization of transmission assets and cost reduction. Major components include valves, converter transformers, circuit breakers, harmonic filters, surge arresters, reactors, and others, using technologies such as line commutated converters and voltage sources. Capacities range from < 500 MW to > 3,000 MW, applied in power industry, oil and gas, powering islands and remote loads, and interconnecting networks.
The HVDC converter stations market research report is one of a series of new reports from The Business Research Company that provides HVDC converter stations market statistics, including HVDC converter stations industry global market size, regional shares, competitors with a HVDC converter stations market share, detailed HVDC converter stations market segments, market trends and opportunities, and any further data you may need to thrive in the HVDC converter stations industry. This HVDC converter stations market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The HVDC converter stations market size has grown strongly in recent years. It will grow from $13.17 billion in 2024 to $14.21 billion in 2025 at a compound annual growth rate (CAGR) of 7.9%. 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 $19.39 billion in 2029 at a compound annual growth rate (CAGR) of 8.1%. 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.
The growth of the renewable energy sector is anticipated to drive the expansion of the HVDC converter stations market in the future. Renewable energy is derived from natural sources that replenish at a rate faster than their consumption. HVDC converters are essential for the effective integration, transmission, and distribution of renewable energy over long distances, enhancing grid stability and facilitating the transition to a more sustainable and decarbonized energy system with minimal energy loss. For example, in October 2023, the International Energy Agency, a Paris-based autonomous intergovernmental organization, reported that global power generation from renewable sources rose to 22.5% in 2021 and is expected to reach 42.5% by 2030. Therefore, the growth in the renewable energy sector is fueling the HVDC converter stations market.
The increasing need for long-distance power transmission is expected to boost the growth of the HVDC converter station market in the coming years. Long-distance power transmission refers to the movement of electrical energy over significant distances, usually from power generation plants to consumers or between interconnected power systems. HVDC converter stations facilitate the efficient transmission of electricity over long distances by functioning as the endpoints of an HVDC transmission system, converting power between AC and DC at both ends of the line. For instance, a report from the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, indicated that the United States saw a 2.6% rise in electricity demand in 2022 compared to 2021. Thus, the growing demand for cost-effective solutions for long-distance power transmission is propelling the HVDC converter station market.
Leading companies in the HVDC converter station market are prioritizing strategic partnerships to deliver reliable services to their customers. A strategic partnership involves an agreement between two or more companies or organizations that collaborate to help each other achieve their respective objectives. For example, in March 2023, Hitachi Energy, a Japan-based sustainable energy firm, teamed up with the Gulf Cooperation Council Interconnection Authority (GCCIA), a Saudi Arabian sustainable energy organization, to enhance the Al-Fadhili high-voltage direct current (HVDC) converter station, which will enable the exchange of up to 1,800 megawatts of electricity between various states in the Middle East. Additionally, in July 2024, GE Vernova, a US-based energy services provider, formed a partnership with German Transmission System Operators (TSOs) to improve the integration of renewable energy sources into the power grid and boost the reliability and efficiency of energy transmission across the country. This collaboration is crucial for advancing the energy transition in Germany, enhancing the reliability of the electricity grid, and supporting the growth of renewable energy sources.
Premier companies in the HVDC converter station market are concentrating on developing innovative solutions, such as frameworks, to provide reliable services to customers. Frameworks provide a structure or foundation for building something and offer guidelines, patterns, and tools for efficient and consistent development. National Grid PLC, a UK-based electricity and gas utility company, launched Frameworks for HVDC cable requirements in December 2023. This includes electronic equipment for converting AC to DC and vice versa at the ends of HVDC transmission lines.
In July 2022, Sensata Technologies, a US-based global industrial technology company, acquired Dynapower Company LLC for $580 million. The acquisition aims to expand Sensata's global footprint, invest in new technologies and markets, and accelerate the scaling of its electrification efforts. This strategic move will enable Dynapower to leverage Sensata's global resources and better support its customers worldwide. Dynapower Company LLC is a US-based trusted leader in power conversion and energy storage solutions.
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
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.
The countries covered in the hvdc converter stations market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The high-voltage direct current (HVDC) converter stations market consists of revenues earned by entities by providing services such as long-distance power transmission, grid access for onshore and offshore, transnational grid connections, controlled power supply, performance improvements and firewalling of AC grids. The market value includes the value of related goods sold by the service provider or included within the service offering. The high-voltage direct current HVDC converter stations market also includes sales of series line-commutated converters (LCC), voltage-sourced converters, and current-source converters. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
HVDC Converter Stations Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on hvdc converter stations market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for hvdc converter stations ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The hvdc converter stations market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.