HVDC Converter Station Market (Technology - Voltage Source Converter (VSCs), and Line-commutated Converter (LCCs); Configuration - Monopolar, Bipolar, Back-to-Back, and Multi-terminal; Application - Power Industry, Interconnection Networks, and Oil & Gas): Global Industry Analysis, Trends, Size, Share and Forecasts to 2032

A recent report published by Infinium Global Research on HVDC converter station market provides in-depth analysis of segments and sub-segments in the global as well as regional HVDC converter station market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional HVDC converter station market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global HVDC converter station market.

Market Insight:

The global HVDC converter station market was valued at USD 11.95 billion in 2023 and is expected to reach USD 17.90 billion in 2032, with a CAGR of 4.61% during the forecast period of 2024-2032.

HVDC (High-voltage Direct Current) converter station is a critical component in an HVDC transmission system that converts electrical power between alternating current (AC) and direct current (DC). It facilitates the efficient transmission of electricity over long distances and across different power grids. These stations play a vital role in modern power systems, enabling the integration of renewable energy sources, enhancing grid reliability, and supporting cross-border electricity exchanges. Growing urbanization and higher power demands are accelerating the need for efficient transmission solutions. Rising government funding for HVDC projects as part of their broader strategies for energy security, efficiency, and decarbonization is boosting the market.

The increasing demand for cost-effective solutions for long-distance power transmission is significantly driving the HVDC converter station market as the need to transport electricity over vast distances grows, particularly from remote renewable energy sources to urban centers. Traditional AC transmission systems face limitations due to higher losses and reduced efficiency over long distances. HVDC technology offers a compelling alternative by minimizing energy losses and improving transmission efficiency. Regulatory and policy support plays a pivotal role in accelerating the adoption of HVDC technology by creating a conducive environment for its deployment. Many governments and regulatory bodies are introducing targeted regulations and incentives to encourage the use of HVDC systems as part of broader energy and environmental strategies. Environmental regulations are also driving the adoption of HVDC by emphasizing the need to reduce greenhouse gas emissions and support decarbonization goals. Additionally, the limited skilled workforce significantly restrains the HVDC converter station market by impacting several critical project development and operation aspects, as maintaining and operating HVDC systems requires continuous, knowledgeable oversight to prevent issues and ensure reliability. Innovation in converter station design may create lucrative opportunities for the HVDC converter station market.

Europe is expected to witness significant growth during the forecast period as it has made significant investments in renewable energy sources, particularly wind and solar power. HVDC technology is essential for integrating these remote and variable renewable sources into the grid, driving demand for HVDC converter stations. European companies and research institutions have been at the forefront of HVDC technology development. Companies such as Siemens and ABB are key players in the global HVDC market, contributing to the regions dominance through innovation and project execution. Furthermore, Asia-Pacific is rapidly emerging as a significant player in the HVDC converter station market, driven by its ambitious infrastructure projects and growing energy needs. Countries like China and India are leading this expansion owing to their large-scale investments in HVDC technology to support extensive renewable energy deployments and enhance grid reliability.

Report Scope of the HVDC Converter Station Market:

Segment Covered

The report on provides a detailed analysis of segments in the market based on Technology, Configuration, and Application.

Segmentation Based on Technology

·       Power Industry

·       Interconnection Networks

·       Oil & Gas

Segmentation Based on Configuration

·       Power Industry

·       Interconnection Networks

·       Oil & Gas

Segmentation Based on Application

·       Power Industry

·       Interconnection Networks

·       Oil & Gas

Companies Profiled:

·       Hitachi Energy Ltd.

·       General Electric Company

·       ABB

·       Siemens Energy

·       Toshiba Energy Systems & Solutions Corporation

·       Bharat Heavy Electricals Limited (BHEL)

·       Mitsubishi Electric Corporation

·       NR Electric Co., Ltd.

·       TransGrid Solutions

·       American Superconductor

Report Highlights:

The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the HVDC converter station market. Moreover, the study highlights current market trends and provides forecasts from 2024-2032. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.