PUBLISHER: The Business Research Company | PRODUCT CODE: 1436371
PUBLISHER: The Business Research Company | PRODUCT CODE: 1436371
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 $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 (Bergenshalvoens 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 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 2024 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.
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