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Global HVDC Converter Station Market to reach USD XX billion by the end of 2030

Global HVDC Converter Station Market Size study & Forecast, by Type (Monopolar, Bi-Polar, Back-to-Back, Multi-Terminal) by Technology (Line Commutated Converters, Voltage Source Converters), by Application (Power Industry, Oil & Gas, Powering Island & Remote Loads, Interconnecting Networks) and Regional Analysis, 2023-2030

Product Code: EPPGS-46908490
Publish Date: 10-08-2023
Page: 200

Global HVDC Converter Station Market is valued approximately at USD XX billion in 2022 and is anticipated to grow with a healthy growth rate of more than XX% over the forecast period 2023-2030. An HVDC (High Voltage Direct Current) converter station is a crucial component of an HVDC transmission system. HVDC technology allows for the efficient transmission of large amounts of electrical power over long distances, typically over a few hundred kilometers or more. The converter station serves as an interface between the AC (Alternating Current) and DC (Direct Current) power systems. It converts AC power into DC power for transmission and then converts it back to AC power at the receiving end of the transmission line. The increasing use of efficient power transmission systems, the increasing number of offshore wind farms, the expanding need for connecting asynchronous grids, and supporting government policies to develop HVDC converter stations are the primary drivers for the HVDC converter station market. In addition, indirect factors such as rising GDP in emerging nations are propelling the HVDC converter station market forward. A large number of offshore wind farms with high efficiency and enormous capacity are expected to be built in deep water in the coming decades, supporting the expansion of the HVDC converter station market.

Moreover, the growing number of offshore wind farms is indeed supporting the growth of the HVDC (High Voltage Direct Current) Converter Station market. HVDC Converter Stations play a crucial role in transmitting the electricity generated by offshore wind farms to the onshore grid. Thus, the growing number of offshore wind farms is anticipated to support the market growth. According to Statista, in 2019, the global offshore wind energy capacity was 28,303 megawatts and the energy capacity increased significantly and reached 63,200 megawatts in 2022. As a result, the rising offshore wind farms is anticipated to support the market growth. Additionally, cohesive government policies for offshore wind transmission projects, and growing power industry is anticipated to create the lucrative growth opportunity for the market during forecast period. However, the high installation cost and long approval process for the installation of the HVDC converter station stifles market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global HVDC Converter Station Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Europe dominated the market in 2022 with largest market share owing to the presence of key market players, rise in the demand for power from the residential and industrial sectors and growing number of renewable sources of energy such as solar energy, wind energy in the region. Whereas, the Asia Pacific region is expected to grow at fastest growth rate during the forecast period, owing to factors such as the growing number of offshore wind farms projects, growing demand for energy and increase in focus on renewable sources of energy to curb carbon emission.

Major market player included in this report are:
Siemens AG
General Electric
Mitsubishi Group
NR Electric Co., Ltd.
china Xian XD power system
C-EPRi Power engineering company
XJ Electric Co Ltd
HYOSUNG Corporation
Recent Developments in the Market:
Ø In Jan. 2022, Acradis NV received a USD 5.39 million contract with TenneT BV to develop three converter stations in the Netherlands. The converter stations will mostly be used to convert direct current generated by the proposed IJmuiden Ver offshore wind farm, which will be located about 62 kilometres off the west coast of the Netherlands.
Global HVDC Converter Station Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Type, Technology, Application, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Type:
By Technology:
Line Commutated Converters
Voltage Source Converters
By Application:
Power Industry
Oil & Gas
Powering Island & Remote Loads
Interconnecting Networks
By Region:

North America


Asia Pacific
South Korea

Latin America

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
1.2.1. HVDC Converter Station Market, by region, 2020-2030 (USD Billion)
1.2.2. HVDC Converter Station Market, by Type, 2020-2030 (USD Billion)
1.2.3. HVDC Converter Station Market, by Technology, 2020-2030 (USD Billion)
1.2.4. HVDC Converter Station Market, by Application, 2020-2030 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global HVDC Converter Station Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Industry Evolution
2.2.2. Scope of the Study
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global HVDC Converter Station Market Dynamics
3.1. HVDC Converter Station Market Impact Analysis (2020-2030)
3.1.1. Market Drivers Growing adoption of efficient power transmission systems Rising number of offshore wind farms Growing requirement for connecting asynchronous grids,
3.1.2. Market Challenges High installation cost Long approval process for the installation of the HVDC converter station
3.1.3. Market Opportunities Cohesive government policies for offshore wind transmission projects Growing technological advancement
Chapter 4. Global HVDC Converter Station Market: Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Porter’s 5 Force Impact Analysis
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economic
4.3.3. Social
4.3.4. Technological
4.3.5. Environmental
4.3.6. Legal
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. COVID-19 Impact Analysis
4.7. Disruptive Trends
4.8. Industry Expert Perspective
4.9. Analyst Recommendation & Conclusion
Chapter 5. Global HVDC Converter Station Market, by Type
5.1. Market Snapshot
5.2. Global HVDC Converter Station Market by Type, Performance – Potential Analysis
5.3. Global HVDC Converter Station Market Estimates & Forecasts by Type 2020-2030 (USD Billion)
5.4. HVDC Converter Station Market, Sub Segment Analysis
5.4.1. Monopolar
5.4.2. Bi-Polar
5.4.3. Back-to-Back
5.4.4. Multi-Terminal
Chapter 6. Global HVDC Converter Station Market, by Technology
6.1. Market Snapshot
6.2. Global HVDC Converter Station Market by Technology, Performance – Potential Analysis
6.3. Global HVDC Converter Station Market Estimates & Forecasts by Technology 2020-2030 (USD Billion)
6.4. HVDC Converter Station Market, Sub Segment Analysis
6.4.1. Line Commutated Converters
6.4.2. Voltage Source Converters
Chapter 7. Global HVDC Converter Station Market, by Application
7.1. Market Snapshot
7.2. Global HVDC Converter Station Market by Application, Performance – Potential Analysis
7.3. Global HVDC Converter Station Market Estimates & Forecasts by Application 2020-2030 (USD Billion)
7.4. HVDC Converter Station Market, Sub Segment Analysis
7.4.1. Power Industry
7.4.2. Oil & Gas
7.4.3. Powering Island & Remote Loads
7.4.4. Interconnecting Networks
Chapter 8. Global HVDC Converter Station Market, Regional Analysis
8.1. Top Leading Countries
8.2. Top Emerging Countries
8.3. HVDC Converter Station Market, Regional Market Snapshot
8.4. North America HVDC Converter Station Market
8.4.1. U.S. HVDC Converter Station Market Type breakdown estimates & forecasts, 2020-2030 Technology breakdown estimates & forecasts, 2020-2030 Application breakdown estimates & forecasts, 2020-2030
8.4.2. Canada HVDC Converter Station Market
8.5. Europe HVDC Converter Station Market Snapshot
8.5.1. U.K. HVDC Converter Station Market
8.5.2. Germany HVDC Converter Station Market
8.5.3. France HVDC Converter Station Market
8.5.4. Spain HVDC Converter Station Market
8.5.5. Italy HVDC Converter Station Market
8.5.6. Rest of Europe HVDC Converter Station Market
8.6. Asia-Pacific HVDC Converter Station Market Snapshot
8.6.1. China HVDC Converter Station Market
8.6.2. India HVDC Converter Station Market
8.6.3. Japan HVDC Converter Station Market
8.6.4. Australia HVDC Converter Station Market
8.6.5. South Korea HVDC Converter Station Market
8.6.6. Rest of Asia Pacific HVDC Converter Station Market
8.7. Latin America HVDC Converter Station Market Snapshot
8.7.1. Brazil HVDC Converter Station Market
8.7.2. Mexico HVDC Converter Station Market
8.8. Middle East & Africa HVDC Converter Station Market
8.8.1. Saudi Arabia HVDC Converter Station Market
8.8.2. South Africa HVDC Converter Station Market
8.8.3. Rest of Middle East & Africa HVDC Converter Station Market

Chapter 9. Competitive Intelligence
9.1. Key Company SWOT Analysis
9.1.1. Company 1
9.1.2. Company 2
9.1.3. Company 3
9.2. Top Market Strategies
9.3. Company Profiles
9.3.1. Siemens AG Key Information Overview Financial (Subject to Data Availability) Product Summary Recent Developments
9.3.2. ABB Ltd
9.3.3. General Electric
9.3.4. Mitsubishi Group
9.3.5. Toshiba
9.3.6. NR Electric Co., Ltd.
9.3.7. china Xian XD power system
9.3.8. C-EPRi Power engineering company
9.3.9. XJ Electric Co Ltd
9.3.10. HYOSUNG Corporation
Chapter 10. Research Process
10.1. Research Process
10.1.1. Data Mining
10.1.2. Analysis
10.1.3. Market Estimation
10.1.4. Validation
10.1.5. Publishing
10.2. Research Attributes
10.3. Research Assumption

At Bizwit Research and Consultancy, we employ a thorough and iterative research methodology with the goal of minimizing discrepancies, ensuring the provision of highly accurate estimates and predictions over the forecast period. Our approach involves a combination of bottom-up and top-down strategies to effectively segment and estimate quantitative aspects of the market, utilizing our proprietary data & AI tools. Our Proprietary Tools allow us for the creation of customized models specific to the research objectives. This enables us to develop tailored statistical models and forecasting algorithms to estimate market trends, future growth, or consumer behavior. The customization enhances the accuracy and relevance of the research findings.
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Data Collection:
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To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
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To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
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