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HVDC Converter Stations Market Research, Size, Forecast To 2033
HVDC Converter Stations Market
The Business Research Company offers in-depth market insights through HVDC Converter Stations Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
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 growth in the historic period can be attributed to long-distance power transmission, urbanization and power demand, cross-border power transmission, government initiatives and policies, 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 growth in the forecast period can be attributed to global electrification trends, enhanced grid resilience, smart grid integration, carbon neutrality goals, interconnection of power networks. Major trends in the forecast period include growing renewable energy integration, advancements in voltage source converter (VSC) technology, cross-border power transmission projects, technological advancements, digitalization and smart controls.
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Market Segmentation:
The HCDC converter stations market covered in this report is segmented -
1) By Type: Monopolar, Bi-Polar, Back-To-Back, Multi-Terminal
2) By Component: Valve, Converter Transformer, Circuit Breakers, Harmonic Filters, Surge Arresters, Reactors, Other Components
3) By Technology: Line Commutated Converters, Voltage Source Converters
4) By Capacity: < 500 MW, ≥ 500 MW - 1,000 MW, 1,000 MW - 3,000 MW, 3,000 MW
5) By Application: Power Industry, Oil And Gas, Powering Island And Remote Loads, Interconnecting Networks
Major Driver - Renewable Energy Surge Fuels Robust Growth In HVDC Converter Stations Market
Growth in the renewable energy sector is expected to propel the growth of the HVDC converter stations market going forward. Renewable energy refers to the energy produced from natural sources that are replenished at a faster rate than it is consumed. HVDC converter is used for effective integration, transmission, and distribution of renewable energy over a longer distance, increases grid stability, and aids in the transition to a more sustainable and decarbonized energy system with minimum energy loss. For instance, in October 2023, according to a report by the International Energy Agency, a Paris-based autonomous intergovernmental organization, in world's power generation increased to 22.5% in 2021 and it is expected to increase to 42.5% by 2030. Therefore, the growth in the renewable energy sector is driving the growth of the HVDC converter stations market.
Competitive Landscape:
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 (Bergenshalvøens 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
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Top Trend - National Grid's Innovation In HVDC Converter Stations
Major companies operating in the HVDC converter station market are focusing on developing innovative solutions such as framework to provide reliable services to customers. Frameworks provide a structure or foundation for building something. They offer a set of guidelines, patterns, and tools to make development more efficient and consistent. For instance, in December 2023, National Grid plc, a UK-based electricity and gas utility company, launched Frameworks for high voltage direct current (HVDC) cable requirements. This includes the complex electronic equipment that converts AC to DC and vice versa at the ends of the HVDC transmission lines.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. HVDC Converter Stations Market Characteristics
3. HVDC Converter Stations Market Trends And Strategies
4. HVDC Converter Stations Market - Macro Economic Scenario
5. HVDC Converter Stations Market Size And Growth
…..
27. HVDC Converter Stations Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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