HVDC Converters Market Size By Power Rating (< 500 MW, = > 500 MW - 1,000 MW, > 1,000 MW - 3,000 MW, > 3,000 MW), By Configuration (Monopolar, Bipolar, Back to Back), By Converter (LCC, VSC) & Forecast, 2023

Description

List of Tables

HVDC Converters Market is anticipated to register strong growth from 2023 to 2032 owing to the initiatives taken by various central governments to establish a sustainable electrical network in view of increasing electricity demand. Moreover, rising energy security and grid stability will bolster the industry scenario in the coming years. Besides, the adoption of several energy-efficient reforms by several economies across the globe owing to high energy demand and a flourishing industrial sector will also contribute to industry growth.

Pivotal to note that the constant product innovations and marketing strategies such as mergers, acquisitions, and partnerships by market vendors would add to the industry prospects. For instance, in 2023, Allseas has been commissioned by Dragados Offshore to deploy the HVDC converter platforms for the BorWin4 and DolWin4 offshore grid connection projects in the German North Sea.

Overall, the HVDC converter industry is segmented in terms of capacity, configuration, converter, and region.

Based on capacity, the > 1,000 MW - 3,000 MW segment will depict over 15% growth rate during the estimated time period. Constant expansion of ultra-high transmission networks over a long range with minimal losses and product features of converting the required electric current due to the high energy demand will complement the industry outlook.

By configuration, the monopolar configuration exhibited over 13% market share in 2022. The segment will benefit from product features such as high efficiency and the ability to function as a monopolar link during a specific transmission line fault.

On the basis of converter, the LCCs (line-commutated converters) segment will grow considerably over the next decade. Increasing energy efficiency concerns will contribute to expanding the deployment of LCC. Besides, increasing emphasis on incorporating wide-ranging frequency distribution links and growing market penetration will encourage product adoption.

Geographically, the North America HVDC converters market held over 11% market share in 2022. The region will experience high demand as more people look to adopt smart grid technologies for energy-efficient solutions. Besides, the rising inclination towards rebuilding and restructuring the existing transmission lines will bolster product deployment across the region.

For instance, in December 2022, Hitachi Energy announced that Hydro-Quebec had chosen it for their direct high-voltage current (HVDC) technology for power transmission to secure the long-term viability of the energy exchange between the Quebec network in eastern Canada and New York State in the northeastern United States.

Product Code: 4015

Chapter 1 Methodology & Scope

1.1 Market scope & definitions
1.2 Market estimates and forecast parameters
1.3 Forecast calculations
1.4 Data sources
- 1.4.1 Primary
- 1.4.2 Secondary
  - 1.4.2.1 Paid sources
  - 1.4.2.2 Public sources

Chapter 2 Executive Summary

2.1 HVDC converters industry 360 degree synopsis, 2019 - 2032
- 2.1.1 Business trends
- 2.1.2 Power rating trends
- 2.1.3 Configuration trends
- 2.1.4 Converter trends
- 2.1.5 Regional trends

Chapter 3 HVDC converters Industry Insights

3.1 Industry ecosystem analysis
- 3.1.1 Vendor Matrix
3.2 Regulatory landscape
- 3.2.1 IEEE Standards
  - 3.2.1.1 IEEE 1899-2017; IEEE guide for establishing basic requirements for high-voltage direct-current transmission protection and control equipment
  - 3.2.1.2 IEEE 60076-57-129-2017; EC/IEEE International Standard for transformers for HVDC applications
  - 3.2.1.3 IEEE P1378; Guide for commissioning HVDC converter stations and associated transmission systems
  - 3.2.1.4 P2656; guide for functional specification of voltage-sourced converter for HVDC stations
  - 3.2.1.5 1240-2000: IEEE guide for the evaluation of the reliability of HVDC converter stations
  - 3.2.1.6 1378-1997; IEEE Guide for Commissioning High-Voltage Direct-Current (HVDC) Converter Stations and Associated Transmission Systems
- 3.2.2 Europe
  - 3.2.2.1 Commission Regulation (EU) 2016/1447
    - 3.2.2.1.1 Scope of application
- 3.2.3 China
  - 3.2.3.1 HVDC Standards across China
- 3.2.4 IEC TS 63014-1:2018: HVDC power transmission system requirements for dc-side equipment using line-commutated converters (LCC)
3.3 COVID- 19 impact on the industry outlook
- 3.3.1 Growth drivers
  - 3.3.1.1 Increasing need for grid interconnection
  - 3.3.1.2 Rising electric infrastructure spending
  - 3.3.1.3 Stringent environmental & energy efficiency reforms
- 3.3.2 Industry Pitfalls and challenges
  - 3.3.2.1 Increasing need for grid interconnection
3.4 Growth potential analysis
3.5 Porter's Analysis
- 3.5.1 Bargaining power of supplier
- 3.5.2 Bargaining power of buyer
- 3.5.3 Threat of new entrant
- 3.5.4 Threat of substitutes
3.6 PESTEL Analysis

Chapter 4 Competitive Benchmarking

4.1 Competitive landscape, 2022
- 4.1.1 Strategy dashboard
  - 4.1.1.1 General Electric
    - 4.1.1.1.1 Agreement
  - 4.1.1.2 Hitachi Energy Ltd.
    - 4.1.1.2.1 Product supply
  - 4.1.1.3 Siemens Energy
    - 4.1.1.3.1 Product supply
    - 4.1.1.3.2 Order
  - 4.1.1.4 Toshiba Energy Systems & Solutions Corporation
    - 4.1.1.4.1 Project commissioning
- 4.1.2 Innovation & sustainability landscape

Chapter 5 HVDC converters Market, By Power Rating

5.1 Key power rating trends
5.2 > 500 MW
- 5.2.1 Global market from > 500 MW, 2019 - 2032
- 5.2.2 Global market from > 500 MW, by region, 2019 - 2032
5.3 ≥ 500 MW - 1,000 MW
- 5.3.1 Global market from ≥ 500 MW - 1,000 MW, 2019 - 2032
- 5.3.2 Global market from ≥ 500 MW - 1,000 MW, by region, 2019 - 2032
5.4 > 1,000 MW - 3,000 MW
- 5.4.1 Global market from > 1000 MW - 3000 MW, 2019 - 2032
- 5.4.2 Global market from > 1000 MW - 3000 MW, by region, 2019 - 2032
5.5 > 3,000 MW
- 5.5.1 Global market from > 3,000 MW, 2019 - 2032
- 5.5.2 Global market from > 3,000 MW, by region, 2019 - 2032

Chapter 6 HVDC converters Market, By Configuration

6.1 Key configuration trends
6.2 Monopolar
- 6.2.1 Global market from monopolar, 2019 - 2032
- 6.2.2 Global market from monopolar, by region, 2019 - 2032
6.3 Bipolar
- 6.3.1 Global market from bipolar, 2019 - 2032
- 6.3.2 Global market from bipolar, by region, 2019 - 2032
6.4 Back to back
- 6.4.1 Global market from back to back, 2019 - 2032
- 6.4.2 Global market from back to back, by region, 2019 - 2032
6.5 Others
- 6.5.1 Global market from others, 2019 - 2032
- 6.5.2 Global market from others, by region, 2019 - 2032

Chapter 7 HVDC converters Market, By Converters

7.1 Key converter trends
7.2 LCC
- 7.2.1 Global market from LCC, 2019 - 2032
- 7.2.2 Global market from LCC, by region, 2019 - 2032
7.3 VSC
- 7.3.1 Global market from VSC, 2019 - 2032
- 7.3.2 Global market from VSC, by region, 2019 - 2032
7.4 Others
- 7.4.1 Global market from others, 2019 - 2032
- 7.4.2 Global market from others, by region, 2019 - 2032

Chapter 8 HVDC converters Market, By Region

8.1 Key regional trends
8.2 North America
- 8.2.1 North America market, 2019 - 2032
- 8.2.2 North America market by power rating, 2019 - 2032
- 8.2.3 North America market by configuration, 2019 - 2032
- 8.2.4 North America market by converter, 2019 - 2032
- 8.2.5 U.S.
  - 8.2.5.1 U.S. market, 2019 - 2032
  - 8.2.5.2 U.S. market by power rating, 2019 - 2032
  - 8.2.5.3 U.S. market by configuration, 2019 - 2032
  - 8.2.5.4 U.S. market by converter, 2019 - 2032
- 8.2.6 Canada
  - 8.2.6.1 Canada market, 2019 - 2032
  - 8.2.6.2 Canada market by power rating, 2019 - 2032
  - 8.2.6.3 Canada market by configuration, 2019 - 2032
  - 8.2.6.4 Canada market by converter, 2019 - 2032
8.3 Europe
- 8.3.1 Europe market, 2019 - 2032
- 8.3.2 Europe market by power rating, 2019 - 2032
- 8.3.3 Europe market by configuration, 2019 - 2032
- 8.3.4 Europe market by converter, 2019 - 2032
- 8.3.5 UK
  - 8.3.5.1 UK market, 2019 - 2032
  - 8.3.5.2 UK market by power rating, 2019 - 2032
  - 8.3.5.3 UK market by configuration, 2019 - 2032
  - 8.3.5.4 UK market by converter, 2019 - 2032
- 8.3.6 Germany
  - 8.3.6.1 Germany market, 2019 - 2032
  - 8.3.6.2 Germany market by power rating, 2019 - 2032
  - 8.3.6.3 Germany market by configuration, 2019 - 2032
  - 8.3.6.4 Germany market by converter, 2019 - 2032
- 8.3.7 France
  - 8.3.7.1 France market, 2019 - 2032
  - 8.3.7.2 France market by power rating, 2019 - 2032
  - 8.3.7.3 France market by configuration, 2019 - 2032
  - 8.3.7.4 France market by converter, 2019 - 2032
- 8.3.8 Norway
  - 8.3.8.1 Norway market, 2019 - 2032
  - 8.3.8.2 Norway market by power rating, 2019 - 2032
  - 8.3.8.3 Norway market by configuration, 2019 - 2032
  - 8.3.8.4 Norway market by converter, 2019 - 2032
8.4 Asia Pacific
- 8.4.1 Asia Pacific market, 2019 - 2032
- 8.4.2 Asia Pacific market by power rating, 2019 - 2032
- 8.4.3 Asia Pacific market by configuration, 2019 - 2032
- 8.4.4 Asia Pacific market by converter, 2019 - 2032
- 8.4.5 China
  - 8.4.5.1 China market, 2019 - 2032
  - 8.4.5.2 China market by power rating, 2019 - 2032
  - 8.4.5.3 China market by configuration, 2019 - 2032
  - 8.4.5.4 China market by converter, 2019 - 2032
- 8.4.6 India
  - 8.4.6.1 India market, 2019 - 2032
  - 8.4.6.2 India market by power rating, 2019 - 2032
  - 8.4.6.3 India market by configuration, 2019 - 2032
  - 8.4.6.4 India market by converter, 2019 - 2032
- 8.4.7 South Korea
  - 8.4.7.1 South Korea market, 2019 - 2032
  - 8.4.7.2 South Korea market by power rating, 2019 - 2032
  - 8.4.7.3 South Korea market by configuration, 2019 - 2032
  - 8.4.7.4 South Korea market by converter, 2019 - 2032
- 8.4.8 Australia
  - 8.4.8.1 Australia market, 2019 - 2032
  - 8.4.8.2 Australia market by power rating, 2019 - 2032
  - 8.4.8.3 Australia market by configuration, 2019 - 2032
  - 8.4.8.4 Australia market by converter, 2019 - 2032
8.5 Rest of World
- 8.5.1 Rest of World market, 2019 - 2032
- 8.5.2 Rest of World market by power rating, 2019 - 2032
- 8.5.3 Rest of World market by configuration, 2019 - 2032
- 8.5.4 Rest of World market by converter, 2019 - 2032

Chapter 9 Company Profiles

9.1 Siemens Energy
- 9.1.1 Business Overview
- 9.1.2 Financial Data
- 9.1.3 Product Landscape
- 9.1.4 SWOT Analysis
9.2 General Electric
- 9.2.1 Business overview
- 9.2.2 Financial data
- 9.2.3 Product landscape
- 9.2.4 Strategy outlook
- 9.2.5 SWOT analysis
9.3 TOSHIBA CORPORATION
- 9.3.1 Business overview
- 9.3.2 Financial data
- 9.3.3 Product landscape
- 9.3.4 Strategy outlook
- 9.3.5 SWOT analysis
9.4 ABB
- 9.4.1 Business overview
- 9.4.2 Financial data
- 9.4.3 Product landscape
- 9.4.4 SWOT analysis
9.5 Bharat Heavy Electricals Limited (BHEL)
- 9.5.1 Business overview
- 9.5.2 Financial data
- 9.5.3 Product landscape
- 9.5.4 SWOT Analysis
9.6 CG Power & Industrial Solutions Ltd.
- 9.6.1 Business overview
- 9.6.2 Financial data
- 9.6.3 Product landscape
- 9.6.4 SWOT Analysis
9.7 Hitachi, Ltd.
- 9.7.1 Business overview
- 9.7.2 Financial data
- 9.7.3 Product landscape
- 9.7.4 SWOT Analysis