The hvdc converter stations market size has grown strongly in recent years. It will grow from $12.28 billion in 2023 to $13.39 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. The increase observed in the historical period can be ascribed to long-distance power transmission, urbanization and power demand, cross-border power transmission, government initiatives and policies, as well as 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 $18.23 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The expansion anticipated in the forecast period can be linked to global electrification trends, enhanced grid resilience, smart grid integration, carbon neutrality goals, and the interconnection of power networks. Major trends projected for the forecast period encompass growing renewable energy integration, advancements in voltage source converter (VSC) technology, cross-border power transmission projects, technological advancements, and digitalization with smart controls.
The HVDC converter stations market is poised for growth with the expansion of the renewable energy sector. As renewable energy accounts for a growing percentage of power generation worldwide, the demand for HVDC converters, facilitating effective integration and transmission of renewable energy, is expected to increase. According to the International Energy Agency, renewable energy's share in power generation is projected to reach 42.5% by 2030, underscoring the growth potential of the HVDC converter stations market.
The HVDC converter station market is expected to experience growth propelled by the increasing demand for cost-effective solutions for long-distance power transmission. Long-distance power transmission involves transferring electrical energy efficiently over significant distances. HVDC converter stations play a vital role in this process, transforming power between AC and DC for effective transmission. The European Network of Transmission System Operators for Electricity reported significant HVDC transmission capacity connected to the Nordic and Baltic power systems in 2021, underscoring the market's growth potential.
Premier companies in the HVDC converter station market are prioritizing strategic partnerships to enhance service reliability. These collaborations, such as the one in March 2023 between Hitachi Energy and the Gulf Cooperation Council Interconnection Authority (GCCIA), focus on upgrading HVDC converter stations to enable the exchange of electricity between different states in the Middle East. Similarly, Siemens Energy AG and Sumitomo Electric Industries, Ltd. partnered with Greenlink Interconnector Limited in September 2021 to supply HVDC technology for power links between Ireland and Great Britain, fostering renewable energy integration and increasing power supply security.
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 report are Hitachi Energy Ltd., Siemens Energy AG, Crompton Greaves Limited, Mitsubishi Electric Corporation, Schneider Electric SE, ABB Ltd., Toshiba Corporation, China XD Group, Hyosung Corporation, Prysmian Group, Shanghai Electric Group Co. Ltd., TBEA Co. Ltd., Alstom, 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., Excelitas Technologies, Nissin Electric Co. Ltd., Rongxin Power Electronic Co. Ltd., Xiamen Jiyi Electric Co. Ltd., XJ Group Corporation, Matsusada Precision Inc., NRH Research Inc., EFACEC, China Electric Power Research Institute (CEPRI), PSC Industries Limited, NR Electric Co. Ltd., BKK (Bergenshalvøens Kommunale Kraftselskap), NARI Group Corporation, Neelachal Ispat Nigam Limited (NINL), TGOOD Global Ltd., Ramboll Group A/S, ZTT International Limited, Energex Ltd., NKT A/S, Korea Electric Power Corporation.
Europe was the largest region in the HVDC converter station market in 2023. 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 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 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 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.
This product will be delivered within 3-5 business days.
The hvdc converter stations market size is expected to see strong growth in the next few years. It will grow to $18.23 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The expansion anticipated in the forecast period can be linked to global electrification trends, enhanced grid resilience, smart grid integration, carbon neutrality goals, and the interconnection of power networks. Major trends projected for the forecast period encompass growing renewable energy integration, advancements in voltage source converter (VSC) technology, cross-border power transmission projects, technological advancements, and digitalization with smart controls.
The HVDC converter stations market is poised for growth with the expansion of the renewable energy sector. As renewable energy accounts for a growing percentage of power generation worldwide, the demand for HVDC converters, facilitating effective integration and transmission of renewable energy, is expected to increase. According to the International Energy Agency, renewable energy's share in power generation is projected to reach 42.5% by 2030, underscoring the growth potential of the HVDC converter stations market.
The HVDC converter station market is expected to experience growth propelled by the increasing demand for cost-effective solutions for long-distance power transmission. Long-distance power transmission involves transferring electrical energy efficiently over significant distances. HVDC converter stations play a vital role in this process, transforming power between AC and DC for effective transmission. The European Network of Transmission System Operators for Electricity reported significant HVDC transmission capacity connected to the Nordic and Baltic power systems in 2021, underscoring the market's growth potential.
Premier companies in the HVDC converter station market are prioritizing strategic partnerships to enhance service reliability. These collaborations, such as the one in March 2023 between Hitachi Energy and the Gulf Cooperation Council Interconnection Authority (GCCIA), focus on upgrading HVDC converter stations to enable the exchange of electricity between different states in the Middle East. Similarly, Siemens Energy AG and Sumitomo Electric Industries, Ltd. partnered with Greenlink Interconnector Limited in September 2021 to supply HVDC technology for power links between Ireland and Great Britain, fostering renewable energy integration and increasing power supply security.
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 report are Hitachi Energy Ltd., Siemens Energy AG, Crompton Greaves Limited, Mitsubishi Electric Corporation, Schneider Electric SE, ABB Ltd., Toshiba Corporation, China XD Group, Hyosung Corporation, Prysmian Group, Shanghai Electric Group Co. Ltd., TBEA Co. Ltd., Alstom, 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., Excelitas Technologies, Nissin Electric Co. Ltd., Rongxin Power Electronic Co. Ltd., Xiamen Jiyi Electric Co. Ltd., XJ Group Corporation, Matsusada Precision Inc., NRH Research Inc., EFACEC, China Electric Power Research Institute (CEPRI), PSC Industries Limited, NR Electric Co. Ltd., BKK (Bergenshalvøens Kommunale Kraftselskap), NARI Group Corporation, Neelachal Ispat Nigam Limited (NINL), TGOOD Global Ltd., Ramboll Group A/S, ZTT International Limited, Energex Ltd., NKT A/S, Korea Electric Power Corporation.
Europe was the largest region in the HVDC converter station market in 2023. 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 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 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 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.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. HVDC Converter Stations Market Characteristics3. HVDC Converter Stations Market Trends and Strategies32. Global HVDC Converter Stations Market Competitive Benchmarking33. Global HVDC Converter Stations Market Competitive Dashboard34. Key Mergers and Acquisitions in the HVDC Converter Stations Market
4. HVDC Converter Stations Market - Macro Economic Scenario
5. Global HVDC Converter Stations Market Size and Growth
6. HVDC Converter Stations Market Segmentation
7. HVDC Converter Stations Market Regional and Country Analysis
8. Asia-Pacific HVDC Converter Stations Market
9. China HVDC Converter Stations Market
10. India HVDC Converter Stations Market
11. Japan HVDC Converter Stations Market
12. Australia HVDC Converter Stations Market
13. Indonesia HVDC Converter Stations Market
14. South Korea HVDC Converter Stations Market
15. Western Europe HVDC Converter Stations Market
16. UK HVDC Converter Stations Market
17. Germany HVDC Converter Stations Market
18. France HVDC Converter Stations Market
19. Italy HVDC Converter Stations Market
20. Spain HVDC Converter Stations Market
21. Eastern Europe HVDC Converter Stations Market
22. Russia HVDC Converter Stations Market
23. North America HVDC Converter Stations Market
24. USA HVDC Converter Stations Market
25. Canada HVDC Converter Stations Market
26. South America HVDC Converter Stations Market
27. Brazil HVDC Converter Stations Market
28. Middle East HVDC Converter Stations Market
29. Africa HVDC Converter Stations Market
30. HVDC Converter Stations Market Competitive Landscape and Company Profiles
31. HVDC Converter Stations Market Other Major and Innovative Companies
35. HVDC Converter Stations Market Future Outlook and Potential Analysis
36. Appendix
Executive Summary
HVDC Converter Stations Global Market Report 2024 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.
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
- Understand how the market has been affected by the coronavirus and how it is responding as the impact of the virus abates.
- Assess the Russia-Ukraine war’s impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
- Measure the impact of high global inflation on market growth.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
- Suitable for supporting your internal and external presentations with reliable high quality data and analysis.
- Report will be updated with the latest data and delivered to you with an Excel data sheet for easy data extraction and analysis.
- All data from the report will also be delivered in an excel dashboard format.
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? This report 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 market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Report Scope
Markets Covered: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
Key Companies Mentioned: Hitachi Energy Ltd.; Siemens Energy AG; Crompton Greaves Limited; Mitsubishi Electric Corporation; Schneider Electric SE
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes
Delivery Format: PDF, Word and Excel Data Dashboard
Companies Mentioned
- Hitachi Energy Ltd.
- Siemens Energy AG
- Crompton Greaves Limited
- Mitsubishi Electric Corporation
- Schneider Electric SE
- ABB Ltd.
- Toshiba Corporation
- China XD Group
- Hyosung Corporation
- Prysmian Group
- Shanghai Electric Group Co. Ltd.
- TBEA Co. Ltd.
- Alstom
- 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.
- Excelitas Technologies
- Nissin Electric Co. Ltd.
- Rongxin Power Electronic Co. Ltd.
- Xiamen Jiyi Electric Co. Ltd.
- XJ Group Corporation
- Matsusada Precision Inc
- NRH Research Inc.
- EFACEC
- China Electric Power Research Institute (CEPRI)
- PSC Industries Limited
- NR Electric Co. Ltd.
- BKK (Bergenshalvøens Kommunale Kraftselskap)
- NARI Group Corporation
- Neelachal Ispat Nigam Limited (NINL)
- TGOOD Global Ltd.
- Ramboll Group A/S
- ZTT International Limited
- Energex Ltd.
- NKT A/S
- Korea Electric Power Corporation
Methodology
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