Global HVDC Converter Station Market Key Insights
During the forecast period of 2023-2035, the global Hvdc Converter Station market is expected to reach an estimated value of ~USD 33 billion by 2035, by expanding at a CAGR of ~8%. The market further generated revenue of ~USD 12 billion in the year 2022. Major key factors propelling the growth of the HVDC converter station market worldwide are the burgeoning utilization of power transmission networks that enhance grid resource utilization, along with government initiatives for constructing an HVDC converter center.
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Market Definition of HVDC Converter Station
HVDC converter stations are also referred to as simple converter stations. It is a type of power station that houses the terminal equipment for a high-voltage direct current (HVDC) transmission line. It shifts from direct current to alternating current or the reversal. Such converter stations are principally used to transfer a larger proportion of the capacity over lengthy ranges and to transform direct current (DC) to alternating current (AC) or vice versa. An HVDC converter station is frequently used for transmitting power from renewable energy sources such as wind energy.
Global HVDC Converter Station Market: Growth Drivers
The growth of the global HVDC converter station market can majorly be attributed to the growing percentage of cross-border electricity distribution operations, and the emergence of renewable energy sources across the world. Based on the International Renewable Energy Agency (IRENA), worldwide renewable energy production capabilities were 2,799 GW at the end of 2020, portraying a 10.3 percent increase over the previous year. Furthermore, hydropower accounted for the majority (43%) of this world’s energy total, with a capacity of 1,211 GW. Moreover, the rising adoption of electricity transmission systems that strengthen grid resource utilization is anticipated to propel market expansion in the coming years.
The global HVDC converter station market is also estimated to grow majorly on account of the following:
- An increase in the number of cross-border power transmission practices
- A considerable number of offshore wind power projects and government initiatives
Global HVDC Converter Station Market: Restraining Factor
The high implementation cost and lengthy approval process for the configuration of the HVDC converter station are expected to stifle the expansion of the global HVDC converter station market. Hence this factor is expected to be the major hindrance to the growth of the global HVDC converter station market during the forecast period.
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The European market is predicted to expand the quickest during the forthcoming years, owing to the region’s initial and swift adoption of cutting-edge technologies and the increasing number of offshore wind turbines. According to statistics compiled by the Wind Europe Organization, Europe’s offshore wind capacity was enhanced by 2.9 GW in 2020, suggesting that 365 new offshore wind turbines were linked to the region’s grid in the same year. Moreover, spurring demand for power is projected to propel market growth in the region in the coming decades.
The market research report on global HVDC converter station also includes the market size, market revenue, Y-o-Y growth, and key player analysis applicable for the market in North America (U.S., and Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), and Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).
Key Market Players Featured in the Global HVDC Converter Station Market
Some of the key players of the global HVDC converter station market are ABB, Ltd., Siemens AG, General Electric Company, XJ Group Corporation, Bharat Heavy Electricals Limited, Alstom SA, Nissin Electric Co Ltd., Toshiba Corporation, Hitachi Ltd., C-EPRI Electric Power Engineering Co. Ltd and others.
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