The global HVDC converter station market size reached US$ 11.26 Billion in 2022. Looking forward, the publisher expects the market to reach US$ 17.19 Billion by 2028, exhibiting a growth rate (CAGR) of 7.50% during 2023-2028. 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.
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.
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:
The publisher provides an analysis of the key trends in each segment of the global HVDC converter station market, along with forecasts at the global, regional, and country levels from 2023-2028. Our report has categorized the market based on component, technology, type, and application.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
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.Market Overview:
The global HVDC converter station market size reached US$ 11.26 Billion in 2022. Looking forward, the publisher expects the market to reach US$ 17.19 Billion by 2028, exhibiting a growth rate (CAGR) of 7.50% during 2023-2028. 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:
The publisher provides an analysis of the key trends in each segment of the global HVDC converter station market, along with forecasts at the global, regional, and country levels from 2023-2028. Our report has categorized the market based on component, technology, type, and application.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
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?
Table of Contents
1 Preface3 Executive Summary12 Value Chain Analysis14 Price Analysis
2 Scope and Methodology
4 Introduction
5 Global HVDC Converter Station Market
6 Market Breakup by Component
7 Market Breakup by Technology
8 Market Breakup by Type
9 Market Breakup by Application
10 Market Breakup by Region
11 Drivers, Restraints, and Opportunities
13 Porters Five Forces Analysis
15 Competitive Landscape
List of Figures
List of Tables
Companies Mentioned
- 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
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 144 |
| Published | July 2023 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value ( USD | $ 11.26 Billion |
| Forecasted Market Value ( USD | $ 17.19 Billion |
| Compound Annual Growth Rate | 7.3% |
| Regions Covered | Global |
| No. of Companies Mentioned | 6 |
