Global HVDC Converter Market

HVDC Converter Market Size, Share, Growth Analysis, By Technology(Line Commutated Converter (LCC) technology and Voltage Source Converter (VSC) technology), By Application(Power transmission, offshore and railway), By Region - Industry Forecast 2024-2031


Report ID: SQMIG20E2023 | Region: Global | Published Date: February, 2024
Pages: 157 |Tables: 60 |Figures: 75

HVDC Converter Market Insights

Global HVDC Converter Market size was valued at USD 867.42 billion in 2021 and is poised to grow from USD 1000 billion in 2022 to USD 17000 billion by 2030, growing at a CAGR of 15.5% in the forecast period (2023-2030).

HVDC Converter is a technology used to transmit large amounts of electrical power over long distances. HVDC stands for High Voltage Direct Current, which means that the electrical power is transmitted in the form of direct current rather than alternating current (AC), which is commonly used for power transmission over shorter distances. The HVDC Converter technology consists of two main components; the converter station and the transmission line. The converter station converts the AC power from the power grid to DC power, which is then transmitted over the HVDC transmission line. At the receiving end, another converter station converts the DC power back to AC power for distribution to the local power grid. The use of HVDC Converter technology offers several advantages over AC power transmission. HVDC transmission lines have lower power losses than AC transmission lines, which mean that more of the generated power reaches its destination. HVDC transmission lines can be used to stabilize the power grid by transmitting power from areas with surplus power to areas with power deficits. HVDC transmission lines can be used to integrate renewable energy sources such as wind and solar power into the power grid. HVDC transmission lines can transmit power over longer distances than AC transmission lines, making them ideal for transmitting power over vast distances, such as across oceans.

The global HVDC converter market is expected to experience significant growth in the coming years, driven by several factors such as the increasing demand for renewable energy, the need for efficient and reliable power transmission systems, and government support for clean energy and energy efficiency measures. One of the primary drivers of the global market is the growing demand for renewable energy sources such as wind and solar. As the world shifts towards a low-carbon economy, there is a need to integrate more renewable energy sources into the power grid. HVDC transmission systems are well-suited for transmitting power generated from renewable sources over long distances with low losses, making them an attractive option for developers of renewable energy projects. Additionally, the aging infrastructure of the power grid in many regions is driving the demand for new transmission systems. Many transmission lines and transformers are nearing the end of their useful life, and replacing them with new AC infrastructure can be costly and disruptive. HVDC transmission systems can be a more cost-effective solution, as they can be installed alongside existing AC infrastructure, reducing the need for extensive upgrades. Another factor driving the growth of the HVDC converter market is government support for clean energy and energy efficiency measures. Governments in many regions have established policies and programs to encourage the development of clean energy sources and the modernization of the power grid. For example, the European Union has set targets to reduce greenhouse gas emissions, which has led to increased investments in renewable energy sources and advanced grid technologies such as HVDC transmission systems. However, there are also some challenges facing the global HVDC converter market. These include the high initial capital costs of HVDC systems, technical challenges related to high-frequency noise, harmonics, and stability issues and competition from alternative technologies such as FACTS.

US HVDC Converter Market is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

Global Market Size

USD 867.42 billion

Largest Segment

Line Commutated Converter (LCC) technology

Fastest Growth

Line Commutated Converter (LCC) technology

Growth Rate

15.5% CAGR

Global HVDC Converter Market ($ Mn)
Country Share for Asia Pacific Region (%)

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HVDC Converter Market Segmental Analysis

Global HVDC Converter Market is segmented on the basis of technology, application and region. By technology, the HVDC Converter Market is segmented into Line Commutated Converter (LCC) technology and Voltage Source Converter (VSC) technology. By application, HVDC Converter Market is segmented into power transmission, offshore and railway. By region, the HVDC Converter Market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

HVDC Converter Market Analysis by Technology

The largest segment of the Global HVDC Converter Market is Line Commutated Converter (LCC) technology. LCC technology is the traditional and most widely used HVDC Converter technology. In LCC technology, the power is converted from AC to DC using a thyristor-based converter, which is used to control the current flow. The LCC technology is preferred for long-distance power transmission over 600 km.

The Voltage Source Converter (VSC) technology is the fastest growing segment of the Global HVDC Converter Market. VSC technology is a newer and more advanced HVDC Converter technology. In VSC technology, the power is converted from AC to DC using an IGBT (Insulated Gate Bipolar Transistor) based converter, which is used to control the voltage and frequency of the power. The VSC technology is preferred for short-distance power transmission and for integrating renewable energy sources into the power grid. The growth of the VSC technology segment is driven by the increasing demand for renewable energy sources and the need for grid stability.

HVDC Converter Market Analysis by Application

The largest segment of the Global HVDC Converter Market is the power transmission segment. HVDC transmission lines are used to transmit power over long distances, making them ideal for connecting remote power sources to the grid. The power transmission segment is further divided into three sub-segments: overhead transmission, submarine transmission, and underground transmission.

The fastest growing segment of the Global HVDC Converter Market is the offshore segment. The offshore segment is a growing application segment of the HVDC Converter Market. HVDC transmission lines are used to connect offshore wind farms to the grid. The offshore segment is further divided into two sub-segments: offshore wind and oil and gas. The growth of the offshore segment is driven by the increasing demand for renewable energy sources and the need for more efficient power transmission systems.

Global HVDC Converter Market By Type, 2023 (%)

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HVDC Converter Market Regional Insights

The Asia-Pacific region is the largest and fastest-growing market for HVDC Converter technology globally. The Asia-Pacific region is home to some of the world's largest and most populous countries, including China and India. The increasing demand for electricity in these countries is driving the growth of the market. The need to interconnect power grids to meet the growing demand for electricity is driving the adoption of HVDC Converter technology in the region. The Asia-Pacific region is rapidly adopting renewable energy sources such as wind and solar power to meet the growing demand for electricity. The integration of renewable energy sources requires the use of HVDC Converter technology to ensure efficient and reliable transmission of power to the grid. The Asia-Pacific region is home to many countries with different power grid systems. Interconnecting power grids through HVDC Converter technology helps to improve the reliability and efficiency of the power transmission network in the region. Governments in the Asia-Pacific region are providing support for the development of renewable energy sources and the upgrading of the power transmission infrastructure. This support is expected to drive the adoption of HVDC Converter technology in the region. The Asia-Pacific region is witnessing significant investment in the power transmission and distribution sector. This investment is driving the growth of the HVDC Converter Market in the region. China is the largest market for HVDC Converter technology in the Asia-Pacific region, followed by India, Japan, and South Korea. The growth of the HVDC Converter Market in these countries is driven by the factors mentioned above. Overall, the Asia-Pacific region is expected to continue driving the growth of the Global HVDC Converter Market in the coming years.

North America is a significant market for the global HVDC converter market. The region is expected to experience steady growth in the coming years due to several factors, including government support for clean energy, increasing demand for electricity, and the need for efficient and reliable power transmission systems. One of the key drivers of the HVDC converter market in North America is the growing demand for renewable energy. Governments in the region have set targets to reduce greenhouse gas emissions, which has led to increased investments in renewable energy sources such as wind and solar. HVDC transmission systems are well-suited for transmitting power generated from renewable sources over long distances with low losses, which makes them an attractive option for developers of renewable energy projects. Another driver of the HVDC converter market in North America is the aging infrastructure of the power grid. Many transmission lines and transformers in the region are nearing the end of their useful life, and replacing them with new AC infrastructure can be costly and disruptive. HVDC transmission systems can be a more cost-effective solution, as they can be installed alongside existing AC infrastructure, reducing the need for extensive upgrades. Additionally, government support for clean energy and energy efficiency measures has created opportunities for the HVDC converter market. Governments in the region have established policies and programs that encourage the development of clean energy sources and the modernization of the power grid. For example, the US Department of Energy has established several initiatives to support the development of advanced grid technologies, including HVDC transmission systems. However, there are also some challenges facing the HVDC converter market in North America. These include regulatory barriers, technical challenges, and the availability of alternative technologies. In some cases, regulatory restrictions on cross-border power transmission and other regulatory barriers may hinder the adoption of HVDC systems. Technical challenges such as high-frequency noise, harmonics, and stability issues can also impact the performance and reliability of HVDC converters. Finally, alternative technologies such as FACTS (Flexible AC Transmission Systems) may be a more cost-effective solution in some cases, which could limit the demand for HVDC converters.

Global HVDC Converter Market By Region, 2024-2031
  • Largest
  • Fastest

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HVDC Converter Market Dynamics

HVDC Converter Market Drivers

Increasing demand for electricity

  • The increasing demand for electricity worldwide is a major driver of the Global HVDC Converter Market. The demand for electricity is being driven by several factors, including population growth, urbanization, and economic development. As countries become more developed and their economies grow, the demand for electricity increases. This demand is expected to continue growing in the coming years, particularly in emerging economies such as China, India, and Brazil. The growing demand for electricity requires the expansion of the power transmission infrastructure to ensure a reliable and secure supply of electricity to consumers. HVDC converter technology plays a crucial role in meeting this demand, particularly for long-distance transmission of power. HVDC transmission can efficiently and reliably transmit electricity over long distances and is particularly well-suited for interconnecting regional and national power grids. In addition, HVDC converter technology can help to address the issue of power losses during transmission. The use of HVDC technology can reduce power losses and increase the efficiency of the transmission system, which can result in significant cost savings over the long term. Furthermore, the increasing demand for electricity is driving the need for more sustainable and low-carbon sources of energy. Renewable energy sources such as wind and solar power are becoming increasingly important in meeting this demand. The integration of renewable energy sources requires the use of HVDC converter technology to ensure efficient and reliable transmission of power to the grid.

HVDC Converter Market Restraints

High Initial Capital Costs

  • One of the primary restraints on the global HVDC converter market is the high initial capital costs associated with these systems. HVDC converters are complex systems that require specialized components such as power electronics, transformers, and control systems. Additionally, they require specialized engineering expertise to design, install, and operate, which can add to the costs. The high capital costs of HVDC converters are due to several factors. First, HVDC systems are more complex than traditional AC transmission systems, which require fewer specialized components. Second, the specialized components used in HVDC systems are often more expensive than those used in AC systems. For example, power electronics components such as thyristors and IGBTs are costly, and the transformers used in HVDC systems are larger and more complex than those used in AC systems. Finally, the installation and operation of HVDC systems require specialized engineering expertise, which adds to the cost. The high initial capital costs of HVDC converters can be a significant barrier to their adoption, particularly in regions where the cost of electricity is relatively low. In these regions, traditional AC transmission systems may be more cost-effective, making it challenging to justify the higher costs of HVDC converters.

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HVDC Converter Market Competitive Landscape

The Global HVDC Converter Market is highly competitive with several key players operating in the market. The key companies are involved in the manufacturing, design, and development of HVDC converters, as well as providing after-sales services and support. The market is characterized by intense competition and rapid technological advancements, which has led to companies investing heavily in research and development to improve the efficiency and reliability of their products. Many companies are also focusing on developing more compact and cost-effective HVDC converter systems to meet the growing demand for renewable energy sources and to interconnect power grids across different regions and countries. In addition, partnerships, collaborations, and mergers and acquisitions are common strategies employed by companies to expand their market share and strengthen their position in the market. For example, in 2020, Hitachi and ABB merged their power grid businesses to form Hitachi ABB Power Grids, which has become a major player in the HVDC Converter Market.

HVDC Converter Market Top Player’s Company Profiles

  • ABB Ltd.
  • Siemens AG
  • General Electric Company
  • Toshiba Corporation
  • Mitsubishi Electric Corporation
  • Hitachi Ltd.
  • NR Electric Co., Ltd.
  • C-EPRI Electric Power Engineering Co., Ltd.
  • XJ Electric Co., Ltd.
  • Bharat Heavy Electricals Ltd.
  • Alstom SA
  • LS Industrial Systems Co., Ltd.
  • AMSC (American Superconductor Corporation)
  • China XD Group Corporation
  • HYOSUNG Corporation
  • Jiangsu Sieyuan Hertz Instrument Transformer Co., Ltd.
  • Toshiba Transmission & Distribution Systems Asia Sdn. Bhd.
  • Beijing Sifang Automation Co., Ltd.
  • GE Grid Solutions LLC
  • Powell Industries, Inc.

HVDC Converter Market Recent Developments

  • In January 2022, ABB announced that it had secured a contract from the Qatar General Electricity and Water Corporation (Kahramaa) to supply and install an HVDC converter station for a major transmission project in Qatar. The project will help to integrate renewable energy sources into the country's power grid.
  • In December 2021, Mitsubishi Electric Corporation announced that it had received an order for an HVDC converter system from the Taiwan Power Company for the Changuang off-shore wind farm project. The project will help to increase the integration of renewable energy into Taiwan's power grid.
  • In November 2021, Siemens Energy announced that it had been awarded a contract to supply an HVDC converter station for the DolWin5 offshore wind project in the North Sea. The project will have a transmission capacity of up to 900 MW and will help to integrate renewable energy into the European power grid.
  • In September 2021, Hitachi ABB Power Grids announced that it had won a contract to supply an HVDC converter system for the SuedLink project in Germany. The project is part of the country's efforts to expand its transmission infrastructure and integrate more renewable energy sources into its power grid.

HVDC Converter Key Market Trends

  • One of the key market trends driving the global HVDC converter market is the growing demand from emerging economies such as China, India, and Brazil. These economies are experiencing rapid economic growth, urbanization, and industrialization, leading to an increase in the demand for electricity. In these emerging economies, the development of the power grid is a priority to support economic growth and meet the rising demand for power. The use of HVDC converters is becoming increasingly common in these countries due to their ability to transmit electricity over long distances and their ability to improve the reliability and stability of the power grid. China, in particular, has been a major driver of the global HVDC converter market. The country has the world's largest installed capacity of HVDC transmission lines and is home to several of the world's largest HVDC transmission projects. The Chinese government has been investing heavily in the expansion and modernization of its power grid, and HVDC converters have played a critical role in this effort. India is also a significant market for HVDC converters, with the country experiencing rapid growth in renewable energy sources such as wind and solar power. The government has set ambitious targets for renewable energy generation, and HVDC converters are essential to transmitting this electricity efficiently over long distances. Brazil is another emerging economy where the demand for HVDC converters is growing. The country has a vast and complex power grid, and the use of HVDC converters is helping to improve the efficiency and reliability of the system.

HVDC Converter Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.

According to our Global HVDC Converter Market analyses, the global market is a growing market with significant potential for growth in the coming years. The market is primarily driven by the increasing demand for electricity, the need for efficient and reliable power transmission systems, and the growing adoption of renewable energy sources. The market is also driven by advancements in HVDC Converter technologies and increasing investments in the development of new transmission infrastructure. In terms of technology, the Line Commutated Converter (LCC) segment is the largest segment of the global market. However, the Voltage Source Converter (VSC) segment is the fastest growing segment due to its suitability for short-distance power transmission and integration of renewable energy sources into the grid. In terms of application, the power transmission segment is the largest segment, driven by the need for long-distance power transmission and remote power sources. However, the offshore segment is the fastest growing segment due to the increasing demand for renewable energy sources and the need for more efficient power transmission systems. Geographically, the Asia Pacific region is the largest market for HVDC Converters, driven by the increasing demand for electricity, the growing adoption of renewable energy sources, and the need for efficient power transmission systems. Europe and North America are also significant markets for HVDC Converters, driven by the increasing investments in renewable energy and grid modernization.

Report Metric Details
Market size value in 2023 USD 867.42 billion
Market size value in 2031 USD 17000 billion
Growth Rate 15.5%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Technology
    • Line Commutated Converter (LCC) technology and Voltage Source Converter (VSC) technology
  • Application
    • Power transmission, offshore and railway
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • ABB Ltd.
  • Siemens AG
  • General Electric Company
  • Toshiba Corporation
  • Mitsubishi Electric Corporation
  • Hitachi Ltd.
  • NR Electric Co., Ltd.
  • C-EPRI Electric Power Engineering Co., Ltd.
  • XJ Electric Co., Ltd.
  • Bharat Heavy Electricals Ltd.
  • Alstom SA
  • LS Industrial Systems Co., Ltd.
  • AMSC (American Superconductor Corporation)
  • China XD Group Corporation
  • HYOSUNG Corporation
  • Jiangsu Sieyuan Hertz Instrument Transformer Co., Ltd.
  • Toshiba Transmission & Distribution Systems Asia Sdn. Bhd.
  • Beijing Sifang Automation Co., Ltd.
  • GE Grid Solutions LLC
  • Powell Industries, Inc.
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on HVDC Converter Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on HVDC Converter Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the HVDC Converter Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the HVDC Converter Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the HVDC Converter Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the HVDC Converter Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

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FAQs

HVDC Converter Market size was valued at USD 867.42 billion in 2021 and is poised to grow from USD 1000 billion in 2022 to USD 17000 billion by 2030, growing at a CAGR of 15.5% in the forecast period (2023-2030).

The HVDC Converter Market is highly competitive with several key players operating in the market. The key companies are involved in the manufacturing, design, and development of HVDC converters, as well as providing after-sales services and support. The market is characterized by intense competition and rapid technological advancements, which has led to companies investing heavily in research and development to improve the efficiency and reliability of their products. Many companies are also focusing on developing more compact and cost-effective HVDC converter systems to meet the growing demand for renewable energy sources and to interconnect power grids across different regions and countries. In addition, partnerships, collaborations, and mergers and acquisitions are common strategies employed by companies to expand their market share and strengthen their position in the market. For example, in 2020, Hitachi and ABB merged their power grid businesses to form Hitachi ABB Power Grids, which has become a major player in the HVDC Converter Market. 'ABB Ltd.', 'Siemens AG', 'General Electric Company', 'Toshiba Corporation', 'Mitsubishi Electric Corporation', 'Hitachi Ltd.', 'NR Electric Co., Ltd.', 'C-EPRI Electric Power Engineering Co., Ltd.', 'XJ Electric Co., Ltd.', 'Bharat Heavy Electricals Ltd.', 'Alstom SA', 'LS Industrial Systems Co., Ltd.', 'AMSC (American Superconductor Corporation)', 'China XD Group Corporation', 'HYOSUNG Corporation', 'Jiangsu Sieyuan Hertz Instrument Transformer Co., Ltd.', 'Toshiba Transmission & Distribution Systems Asia Sdn. Bhd.', 'Beijing Sifang Automation Co., Ltd.', 'GE Grid Solutions LLC', 'Powell Industries, Inc.'

The increasing demand for electricity worldwide is a major driver of the HVDC Converter Market. The demand for electricity is being driven by several factors, including population growth, urbanization, and economic development. As countries become more developed and their economies grow, the demand for electricity increases. This demand is expected to continue growing in the coming years, particularly in emerging economies such as China, India, and Brazil. The growing demand for electricity requires the expansion of the power transmission infrastructure to ensure a reliable and secure supply of electricity to consumers. HVDC converter technology plays a crucial role in meeting this demand, particularly for long-distance transmission of power. HVDC transmission can efficiently and reliably transmit electricity over long distances and is particularly well-suited for interconnecting regional and national power grids. In addition, HVDC converter technology can help to address the issue of power losses during transmission. The use of HVDC technology can reduce power losses and increase the efficiency of the transmission system, which can result in significant cost savings over the long term. Furthermore, the increasing demand for electricity is driving the need for more sustainable and low-carbon sources of energy. Renewable energy sources such as wind and solar power are becoming increasingly important in meeting this demand. The integration of renewable energy sources requires the use of HVDC converter technology to ensure efficient and reliable transmission of power to the grid.

One of the key market trends driving the HVDC converter market is the growing demand from emerging economies such as China, India, and Brazil. These economies are experiencing rapid economic growth, urbanization, and industrialization, leading to an increase in the demand for electricity. In these emerging economies, the development of the power grid is a priority to support economic growth and meet the rising demand for power. The use of HVDC converters is becoming increasingly common in these countries due to their ability to transmit electricity over long distances and their ability to improve the reliability and stability of the power grid. China, in particular, has been a major driver of the HVDC converter market. The country has the world's largest installed capacity of HVDC transmission lines and is home to several of the world's largest HVDC transmission projects. The Chinese government has been investing heavily in the expansion and modernization of its power grid, and HVDC converters have played a critical role in this effort. India is also a significant market for HVDC converters, with the country experiencing rapid growth in renewable energy sources such as wind and solar power. The government has set ambitious targets for renewable energy generation, and HVDC converters are essential to transmitting this electricity efficiently over long distances. Brazil is another emerging economy where the demand for HVDC converters is growing. The country has a vast and complex power grid, and the use of HVDC converters is helping to improve the efficiency and reliability of the system.

The Asia-Pacific region is the largest and fastest-growing market for HVDC Converter technology globally. The Asia-Pacific region is home to some of the world's largest and most populous countries, including China and India. The increasing demand for electricity in these countries is driving the growth of the market. The need to interconnect power grids to meet the growing demand for electricity is driving the adoption of HVDC Converter technology in the region. The Asia-Pacific region is rapidly adopting renewable energy sources such as wind and solar power to meet the growing demand for electricity. The integration of renewable energy sources requires the use of HVDC Converter technology to ensure efficient and reliable transmission of power to the grid. The Asia-Pacific region is home to many countries with different power grid systems. Interconnecting power grids through HVDC Converter technology helps to improve the reliability and efficiency of the power transmission network in the region. Governments in the Asia-Pacific region are providing support for the development of renewable energy sources and the upgrading of the power transmission infrastructure. This support is expected to drive the adoption of HVDC Converter technology in the region. The Asia-Pacific region is witnessing significant investment in the power transmission and distribution sector. This investment is driving the growth of the HVDC Converter Market in the region. China is the largest market for HVDC Converter technology in the Asia-Pacific region, followed by India, Japan, and South Korea. The growth of the HVDC Converter Market in these countries is driven by the factors mentioned above. Overall, the Asia-Pacific region is expected to continue driving the growth of the HVDC Converter Market in the coming years.

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Global HVDC Converter Market

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