Hvdc Converter Station
HVDC Converter Station Market Forecasts to 2030 - Global Analysis By Component (Surge Arresters, Converter Transformers, Circuit Breakers, Harmonic Filters and Other Components), Configuration (Back-To-Back, Multi-Terminal and BI-Polar), Technology and By Geography
According to Stratistics MRC, the Global HVDC Converter Station Market is accounted for $17.89 billion in 2024 and is expected to reach $36.65 billion by 2030 growing at a CAGR of 12.70% during the forecast period. A High Voltage Direct Current (HVDC) Converter Station is a crucial component of an HVDC transmission system, which enables the efficient transmission of large amounts of electrical power over long distances. These stations serve as interfaces between AC (alternating current) and DC (direct current) systems, facilitating the conversion of electricity from AC to DC for transmission and vice versa for distribution. In essence, they convert AC power from a power plant or grid into DC power for transmission via high-voltage lines and then back into AC power at the receiving end.
According to projections by the US Energy Information Administration, the United States is expected to increase its electricity generation from 4,009.22 TWh in 2020 to 4,133.33 TWh in 2022.
Market Dynamics:
Driver:
Increasing adoption of renewable energy sources
HVDC converter stations play a crucial role in facilitating the efficient transmission of renewable energy over long distances, addressing the intermittent nature of these sources and enabling their integration into existing power grids. Unlike traditional alternating current (AC) transmission, HVDC systems offer lower transmission losses over long distances, making them particularly suitable for connecting remote renewable energy generation sites to urban centers. Additionally, HVDC technology allows for the interconnection of asynchronous grids, enabling the seamless exchange of renewable energy between regions.
Restraint:
High initial investment
HVDC converter stations play a crucial role in facilitating long-distance power transmission with minimal losses. Their construction demands substantial upfront capital for equipment procurement, land acquisition, and infrastructure development. This significant financial outlay often deters potential investors and project developers, slowing down the market's growth. However, the complex engineering involved in HVDC systems adds to the overall cost, further complicating the investment landscape.
Opportunity:
Growing adoption of electric vehicles
As EVs become increasingly popular, the demand for efficient and reliable charging infrastructure rises. HVDC converter stations play a crucial role in enabling the transmission of large amounts of power over long distances with minimal losses, making them ideal for connecting renewable energy sources to the grid and facilitating high-power EV charging stations. These converter stations can efficiently convert alternating current (AC) to direct current (DC), which is essential for EV charging infrastructure as many EV batteries require DC charging.
Threat:
Lengthy approval processes for transmission projects
Lengthy approval processes for transmission projects significantly impede the growth of the High-Voltage Direct Current (HVDC) Converter Station Market. These protracted approval procedures often involve navigating complex regulatory frameworks, environmental impact assessments, and community consultations. As a result, the development timeline for HVDC converter stations stretches considerably, delaying their deployment and market entry. Consequently, the HVDC Converter Station Market faces stagnation, hindering the expansion of renewable energy integration, grid reliability improvements, and the overall modernization of power infrastructure essential for transitioning to a sustainable energy future.
Covid-19 Impact:
Disruptions in global supply chains caused delays in the production and delivery of HVDC equipment, leading to project delays and cost overruns. Travel restrictions and social distancing measures hindered on-site installation and commissioning activities, further delaying project timelines. Economic uncertainties and reduced investment appetites among utilities and project developers slowed down the initiation of new HVDC projects. However, the pandemic also highlighted the importance of resilient and efficient power transmission infrastructure, driving a long-term demand for HVDC technologies.
The Converter Transformers segment is expected to be the largest during the forecast period
Converter Transformers segment is expected to be the largest during the forecast period by facilitating efficient energy transmission over long distances. These transformers are key components within HVDC systems, converting AC (alternating current) to DC (direct current) for transmission and vice versa, ensuring minimal power losses during the process. Their ability to handle high voltages and currents makes them indispensable in converting electricity between different voltage levels, enabling smoother integration of renewable energy sources, interconnecting power grids, and enhancing grid stability.
The Multi-Terminal segment is expected to have the highest CAGR during the forecast period
Multi-Terminal segment is expected to have the highest CAGR during the forecast period by offering increased flexibility and efficiency in power transmission networks. Unlike traditional point-to-point HVDC systems, Multi-Terminal HVDC allows for the connection of multiple transmission points, enabling the creation of complex meshed networks. This flexibility is particularly beneficial for integrating renewable energy sources and balancing uneven power distribution across regions. Additionally, these systems offer higher power transmission capacity over long distances compared to AC transmission lines, making them ideal for interconnecting distant power grids.
Region with largest share:
Asia Pacific region commanded the largest share of the market over the extrapolated period due to the region's rapid urbanization, industrialization, and increasing energy needs. HVDC Converter Stations offer several advantages over traditional alternating current (AC) systems, such as lower transmission losses over long distances and the ability to interconnect asynchronous grids. As a result, the market for HVDC Converter Stations in the region is witnessing remarkable expansion, attracting investments from both domestic and international players.
Region with highest CAGR:
Europe region is poised to hold profitable growth over the projection period as the region has been at the forefront of implementing stringent environmental policies aimed at reducing carbon emissions and transitioning towards sustainable energy sources. In this context, regulations promoting the regional adoption of high voltage direct current (HVDC) technology have been instrumental. European governments have incentivized the development and deployment of HVDC infrastructure through subsidies, mandates and regulatory frameworks that encourage investment in clean energy projects. Moreover, regulatory measures ensuring grid reliability and interoperability further bolster the market by creating a conducive environment for the expansion of HVDC networks. These elements are boosting the regional growth.
Key players in the market
Some of the key players in HVDC Converter Station market include Siemens AG, General Electric, Toshiba, Crompton Greaves Ltd, Mitsubishi Electric Corporation, China Xian XD Power System, XJ Electric, ABB Ltd, BHEL, Hitachi and Hyosung.
Key Developments:
In January 2022, Acradis NV signed a contract with TenneT BV worth USD 5.39 million to design three converter stations in the Netherlands. The converter stations will primarily be used for the conversion of direct current generated from the planned IJmuiden Ver offshore wind farm, located approximately 62 km from the Netherlands' west coast.
Components Covered:
• Surge Arresters
• Converter Transformers
• Circuit Breakers
• Harmonic Filters
• Other Components
Configurations Covered:
• Back-To-Back
• Multi-Terminal
• BI-Polar
Technologies Covered:
• Voltage Sourced Converter (VSC)
• Line-Commutated Converter (LCC)
• Other Technologies
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Technology Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global HVDC Converter Station Market, By Component
5.1 Introduction
5.2 Surge Arresters
5.3 Converter Transformers
5.4 Circuit Breakers
5.5 Harmonic Filters
5.6 Other Components
6 Global HVDC Converter Station Market, By Configuration
6.1 Introduction
6.2 Back-To-Back
6.3 Multi-Terminal
6.4 BI-Polar
7 Global HVDC Converter Station Market, By Technology
7.1 Introduction
7.2 Voltage Sourced Converter (VSC)
7.3 Line-Commutated Converter (LCC)
7.4 Other Technologies
8 Global HVDC Converter Station Market, By Geography
8.1 Introduction
8.2 North America
8.2.1 US
8.2.2 Canada
8.2.3 Mexico
8.3 Europe
8.3.1 Germany
8.3.2 UK
8.3.3 Italy
8.3.4 France
8.3.5 Spain
8.3.6 Rest of Europe
8.4 Asia Pacific
8.4.1 Japan
8.4.2 China
8.4.3 India
8.4.4 Australia
8.4.5 New Zealand
8.4.6 South Korea
8.4.7 Rest of Asia Pacific
8.5 South America
8.5.1 Argentina
8.5.2 Brazil
8.5.3 Chile
8.5.4 Rest of South America
8.6 Middle East & Africa
8.6.1 Saudi Arabia
8.6.2 UAE
8.6.3 Qatar
8.6.4 South Africa
8.6.5 Rest of Middle East & Africa
9 Key Developments
9.1 Agreements, Partnerships, Collaborations and Joint Ventures
9.2 Acquisitions & Mergers
9.3 New Product Launch
9.4 Expansions
9.5 Other Key Strategies
10 Company Profiling
10.1 Siemens AG
10.2 General Electric
10.3 Toshiba
10.4 Crompton Greaves Ltd
10.5 Mitsubishi Electric Corporation
10.6 China Xian XD Power System
10.7 XJ Electric
10.8 ABB Ltd
10.9 BHEL
10.10 Hitachi
10.11 Hyosung
List of Tables
1 Global HVDC Converter Station Market Outlook, By Region (2022-2030) ($MN)
2 Global HVDC Converter Station Market Outlook, By Component (2022-2030) ($MN)
3 Global HVDC Converter Station Market Outlook, By Surge Arresters (2022-2030) ($MN)
4 Global HVDC Converter Station Market Outlook, By Converter Transformers (2022-2030) ($MN)
5 Global HVDC Converter Station Market Outlook, By Circuit Breakers (2022-2030) ($MN)
6 Global HVDC Converter Station Market Outlook, By Harmonic Filters (2022-2030) ($MN)
7 Global HVDC Converter Station Market Outlook, By Other Components (2022-2030) ($MN)
8 Global HVDC Converter Station Market Outlook, By Configuration (2022-2030) ($MN)
9 Global HVDC Converter Station Market Outlook, By Back-To-Back (2022-2030) ($MN)
10 Global HVDC Converter Station Market Outlook, By Multi-Terminal (2022-2030) ($MN)
11 Global HVDC Converter Station Market Outlook, By BI-Polar (2022-2030) ($MN)
12 Global HVDC Converter Station Market Outlook, By Technology (2022-2030) ($MN)
13 Global HVDC Converter Station Market Outlook, By Voltage Sourced Converter (VSC) (2022-2030) ($MN)
14 Global HVDC Converter Station Market Outlook, By Line-Commutated Converter (LCC) (2022-2030) ($MN)
15 Global HVDC Converter Station Market Outlook, By Other Technologies (2022-2030) ($MN)
16 North America HVDC Converter Station Market Outlook, By Country (2022-2030) ($MN)
17 North America HVDC Converter Station Market Outlook, By Component (2022-2030) ($MN)
18 North America HVDC Converter Station Market Outlook, By Surge Arresters (2022-2030) ($MN)
19 North America HVDC Converter Station Market Outlook, By Converter Transformers (2022-2030) ($MN)
20 North America HVDC Converter Station Market Outlook, By Circuit Breakers (2022-2030) ($MN)
21 North America HVDC Converter Station Market Outlook, By Harmonic Filters (2022-2030) ($MN)
22 North America HVDC Converter Station Market Outlook, By Other Components (2022-2030) ($MN)
23 North America HVDC Converter Station Market Outlook, By Configuration (2022-2030) ($MN)
24 North America HVDC Converter Station Market Outlook, By Back-To-Back (2022-2030) ($MN)
25 North America HVDC Converter Station Market Outlook, By Multi-Terminal (2022-2030) ($MN)
26 North America HVDC Converter Station Market Outlook, By BI-Polar (2022-2030) ($MN)
27 North America HVDC Converter Station Market Outlook, By Technology (2022-2030) ($MN)
28 North America HVDC Converter Station Market Outlook, By Voltage Sourced Converter (VSC) (2022-2030) ($MN)
29 North America HVDC Converter Station Market Outlook, By Line-Commutated Converter (LCC) (2022-2030) ($MN)
30 North America HVDC Converter Station Market Outlook, By Other Technologies (2022-2030) ($MN)
31 Europe HVDC Converter Station Market Outlook, By Country (2022-2030) ($MN)
32 Europe HVDC Converter Station Market Outlook, By Component (2022-2030) ($MN)
33 Europe HVDC Converter Station Market Outlook, By Surge Arresters (2022-2030) ($MN)
34 Europe HVDC Converter Station Market Outlook, By Converter Transformers (2022-2030) ($MN)
35 Europe HVDC Converter Station Market Outlook, By Circuit Breakers (2022-2030) ($MN)
36 Europe HVDC Converter Station Market Outlook, By Harmonic Filters (2022-2030) ($MN)
37 Europe HVDC Converter Station Market Outlook, By Other Components (2022-2030) ($MN)
38 Europe HVDC Converter Station Market Outlook, By Configuration (2022-2030) ($MN)
39 Europe HVDC Converter Station Market Outlook, By Back-To-Back (2022-2030) ($MN)
40 Europe HVDC Converter Station Market Outlook, By Multi-Terminal (2022-2030) ($MN)
41 Europe HVDC Converter Station Market Outlook, By BI-Polar (2022-2030) ($MN)
42 Europe HVDC Converter Station Market Outlook, By Technology (2022-2030) ($MN)
43 Europe HVDC Converter Station Market Outlook, By Voltage Sourced Converter (VSC) (2022-2030) ($MN)
44 Europe HVDC Converter Station Market Outlook, By Line-Commutated Converter (LCC) (2022-2030) ($MN)
45 Europe HVDC Converter Station Market Outlook, By Other Technologies (2022-2030) ($MN)
46 Asia Pacific HVDC Converter Station Market Outlook, By Country (2022-2030) ($MN)
47 Asia Pacific HVDC Converter Station Market Outlook, By Component (2022-2030) ($MN)
48 Asia Pacific HVDC Converter Station Market Outlook, By Surge Arresters (2022-2030) ($MN)
49 Asia Pacific HVDC Converter Station Market Outlook, By Converter Transformers (2022-2030) ($MN)
50 Asia Pacific HVDC Converter Station Market Outlook, By Circuit Breakers (2022-2030) ($MN)
51 Asia Pacific HVDC Converter Station Market Outlook, By Harmonic Filters (2022-2030) ($MN)
52 Asia Pacific HVDC Converter Station Market Outlook, By Other Components (2022-2030) ($MN)
53 Asia Pacific HVDC Converter Station Market Outlook, By Configuration (2022-2030) ($MN)
54 Asia Pacific HVDC Converter Station Market Outlook, By Back-To-Back (2022-2030) ($MN)
55 Asia Pacific HVDC Converter Station Market Outlook, By Multi-Terminal (2022-2030) ($MN)
56 Asia Pacific HVDC Converter Station Market Outlook, By BI-Polar (2022-2030) ($MN)
57 Asia Pacific HVDC Converter Station Market Outlook, By Technology (2022-2030) ($MN)
58 Asia Pacific HVDC Converter Station Market Outlook, By Voltage Sourced Converter (VSC) (2022-2030) ($MN)
59 Asia Pacific HVDC Converter Station Market Outlook, By Line-Commutated Converter (LCC) (2022-2030) ($MN)
60 Asia Pacific HVDC Converter Station Market Outlook, By Other Technologies (2022-2030) ($MN)
61 South America HVDC Converter Station Market Outlook, By Country (2022-2030) ($MN)
62 South America HVDC Converter Station Market Outlook, By Component (2022-2030) ($MN)
63 South America HVDC Converter Station Market Outlook, By Surge Arresters (2022-2030) ($MN)
64 South America HVDC Converter Station Market Outlook, By Converter Transformers (2022-2030) ($MN)
65 South America HVDC Converter Station Market Outlook, By Circuit Breakers (2022-2030) ($MN)
66 South America HVDC Converter Station Market Outlook, By Harmonic Filters (2022-2030) ($MN)
67 South America HVDC Converter Station Market Outlook, By Other Components (2022-2030) ($MN)
68 South America HVDC Converter Station Market Outlook, By Configuration (2022-2030) ($MN)
69 South America HVDC Converter Station Market Outlook, By Back-To-Back (2022-2030) ($MN)
70 South America HVDC Converter Station Market Outlook, By Multi-Terminal (2022-2030) ($MN)
71 South America HVDC Converter Station Market Outlook, By BI-Polar (2022-2030) ($MN)
72 South America HVDC Converter Station Market Outlook, By Technology (2022-2030) ($MN)
73 South America HVDC Converter Station Market Outlook, By Voltage Sourced Converter (VSC) (2022-2030) ($MN)
74 South America HVDC Converter Station Market Outlook, By Line-Commutated Converter (LCC) (2022-2030) ($MN)
75 South America HVDC Converter Station Market Outlook, By Other Technologies (2022-2030) ($MN)
76 Middle East & Africa HVDC Converter Station Market Outlook, By Country (2022-2030) ($MN)
77 Middle East & Africa HVDC Converter Station Market Outlook, By Component (2022-2030) ($MN)
78 Middle East & Africa HVDC Converter Station Market Outlook, By Surge Arresters (2022-2030) ($MN)
79 Middle East & Africa HVDC Converter Station Market Outlook, By Converter Transformers (2022-2030) ($MN)
80 Middle East & Africa HVDC Converter Station Market Outlook, By Circuit Breakers (2022-2030) ($MN)
81 Middle East & Africa HVDC Converter Station Market Outlook, By Harmonic Filters (2022-2030) ($MN)
82 Middle East & Africa HVDC Converter Station Market Outlook, By Other Components (2022-2030) ($MN)
83 Middle East & Africa HVDC Converter Station Market Outlook, By Configuration (2022-2030) ($MN)
84 Middle East & Africa HVDC Converter Station Market Outlook, By Back-To-Back (2022-2030) ($MN)
85 Middle East & Africa HVDC Converter Station Market Outlook, By Multi-Terminal (2022-2030) ($MN)
86 Middle East & Africa HVDC Converter Station Market Outlook, By BI-Polar (2022-2030) ($MN)
87 Middle East & Africa HVDC Converter Station Market Outlook, By Technology (2022-2030) ($MN)
88 Middle East & Africa HVDC Converter Station Market Outlook, By Voltage Sourced Converter (VSC) (2022-2030) ($MN)
89 Middle East & Africa HVDC Converter Station Market Outlook, By Line-Commutated Converter (LCC) (2022-2030) ($MN)
90 Middle East & Africa HVDC Converter Station Market Outlook, By Other Technologies (2022-2030) ($MN)
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
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