HVDC Converter Station Market Size, Share, Analysis, Trends, Growth Report, 2032

HVDC Converter Station Market Insights

According to Zion Market Research, the global HVDC Converter Station Market was worth USD 6.41 Billion in 2023. The market is forecast to reach USD 11.10 Billion by 2032, growing at a compound annual growth rate (CAGR) of 6.3% during the forecast period 2024-2032. The report offers a comprehensive analysis of the market, highlighting the factors that will determine growth, potential challenges, and opportunities that could emerge in the HVDC Converter Station industry over the next decade.

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HVDC Converter Station Market: Overview

Optimization of the capacity of current power transmitting corridors is best carried out through the conversion to HVDC. This conversion has also proved to be cost-efficient even over shorter distances and can result in enhanced capacity of current corridors. Apparently, need for reducing carbon emissions has translated into huge demand for expanding power transmission capacity, thereby creating massive preference for HVDC converter stations.

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Recently in 2019, the Ultranet HVDC conversion venture in Germany is transforming AC corridor into a hybrid AC/DC corridor, thereby transporting wind energy through northern part of the country to southern part. Earlier, HVDC conversion technology was used only for high-powered & long-distant transmission by the utilities as it incurred high operating costs for shorter distances. However, due to onset of new technologies and grid systems HVDC conversion has become cost-effective as well as feasible for shorter distances.  HVDC converter station has the ability to transfer huge amount of power in a corridor through utilization of current grid power lines & structures.

HVDC Converter Station Market: Report Scope

HVDC Converter Station Market: Growth Factors

Escalating demand for sustainable energy, cost-effective carbon-free power supply, and need for reducing GHG emissions & air pollution is likely to enhance the popularity of HVDC converter station. According to NCBI, the current studies in 2019 have demonstrated that HVDC transmission can offer lucrative advantages as a component of topological changes in the grid electricity business. Apparently, the studies have revealed that national HVDC overlay can be cost-effective course towards de-carbonization, offer interregional stability, and enhance resilience & reliability in the grid during offering sustenance against the altering climatic conditions. All these aforementioned factors will steer the growth of the HVDC converter station industry over the forthcoming years.

Furthermore, the HVDC transmission technology has matured due to its utilization over an elongated period. Nevertheless, it offers numerous benefits over HVAC over long distances. The benefit of DC-DC converter topology amongst current AC solutions for transmission of power over long distances has been already proved a long ago through various empirical studies & positive outcomes. Moreover, the most desirable benefits derived due to HVDC transmission line as compared to AC line cover are absence of negative impact on the skin, lower transmission losses, affordable manufacture procedure for DC cable production, and higher proportion of active power control. All these aspects will steer the growth of the HVDC converter station market in the near future.

In addition to this, rise in the number of offshore wind farms and need for linking asynchronous grids will impel the growth of the HVDC converter station market in the years ahead. Apart from this, government policies favoring DC transmission to meet the growing energy requirements will bring inflation in the market value during the forecast timeframe. Additionally, growing green energy trends will further enlarge the market scope over the forthcoming years.

HVDC Converter Station Market: Segmentation

The global HVDC converter station market is segmented based on by Technology, by Power Rating, and region.

By Power Rating Based on - The >2000 MW power rating section is expected to develop at the max CAGR. The >2000 MW section had the biggest share of the market and the trend is expected to carry on till 2025. The segment is powered by the growth of the power transmission ability of valves, due to which major countries such as China and India have resulted in a high requirement for such stations. In addition to this, the EU aims for power creation via renewable resources have generated a rising requirement for connecting renewable energy sources to the grid, which is additionally predicted to power the requirement in Europe for HVDC converter stations.

by technology Based on . The LCC section is predicted to dominate the global market for HVDC converter station, by technology. The growth of thyristor valves in the late times has offered an edge for such stations to transmit bulk power over remote distances. Owing to this, the LCC tech finds usage in UHVDC projects planned for bulk power transport in major nations in Asia Pacific.

HVDC Converter Station Market: Regional Insights

Europe To Account For Major Market Size Over Forecast Timeframe

The regional market growth over the period from 2024 to 2032 is attributed to surge in the number of offshore wind farms in the countries like the UK, Denmark, Germany, and Norway in Europe. As per the study published in April 2020 in MDPI journal, nearly 52 of the HVDC power stations, which account to 40% of the total HVDC power stations across the globe, are based in Europe. Reportedly, nearly 26 power stations have been launched in the region since last five years. Furthermore, presence of key players such as Siemens, Alstom, and ABB in the region will further boost regional market trends.

HVDC Converter Station Market: Competitive Space

Key players influencing the market growth are

• ABB
• HYOSUNG
• XJ Electric
• LSIS
• china Xian XD power system
• Siemens
• General Electric
• Toshiba
• Mitsubishi
• C-EPRI
• NR Electric
• BHEL.

The global HVDC converter station market is segmented as follows:

By Technology

• LCC
• VSC

By Component

• Valve
• Converter Transformer
• Circuit Breakers
• Harmonic Filters
• Surge Arresters
• Reactors
• Others

By Power Rating

• Below 500
• >500-1000
• >1000-1500
• >1500-2000
• >2000

By Configuration

• Bi-Polar
• Monopolar
• Back-to-back
• Multi Terminal

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa