HVDC Converter Stations Market Size, Share, Outlook, Opportunities And Strategies 2024

"The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

HVDC Converter Stations Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $18.23 billion In 2028 At A CAGR Of 8.0% :

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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HVDC Converter Stations Market Major Segments
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

Key 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.

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Prominent Trend - Strategic Partnerships Fueling Growth In The HVDC Converter Station Market

Major companies operating in the HVDC converter station market are focusing on strategic partnership, to provide reliable services to customers. A strategic partnership is an arrangement between two or more companies or organizations that helps each other or work together to achieve their respective goals. For instance, in March 2023, Hitachi Energy, a Japan-based sustainable energy company, partnered with Gulf Cooperation Council Interconnection Authority (GCCIA), a Saudi-Arabia-based sustainable energy company, to upgrade the Al-Fadhili high-voltage direct current (HVDC) converter station will be able to exchange up to 1,800 megawatts of electricity between different states in middle-east. Furthermore, in September 2021, Siemens Energy AG, a Germany-based energy company, and Sumitomo Electric Industries, Ltd., a Japan-based electric wire and optical fiber cable manufacturer, partnered with Greenlink Interconnector Limited, an Ireland-based electricity company. Through these partnerships, companies aim to supply HVDC technology for power links between Ireland and Great Britain, increase power supply security, and foster the integration of renewable energy.

HVDC Converter Stations Market Players
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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Largest And Fastest Growing Region In The Market
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 Table Of Content For The Market Report Include:
1. Executive Summary
2. HVDC Converter Stations Market Report Structure
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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