HVDC Converter Station Market: Current Analysis and Forecast (2022-2028)
Emphasis on Type (Monopolar, Bi-polar, Back-to-Back and Multi-terminal); Converter Type (Line Commutated Converter and Voltage Source Converters); Application (Power Industry, Powering Island and Remote Loads, Interconnecting Network, Oil & Gas and Others); and Region/Country
The HVDC Converter Station Market is expected to grow at a steady rate of around 7.3% owing to the increasing demand for electricity coupled with the growing allocation of government funds to electricity generation infrastructure. New HVDC converter stations with high power ratings are being constructed in major developing economies such as India and China. Furthermore, the net zero emission plan of the European Union by 2050, along with their energy conversion towards renewable resources has created a demand for connecting renewable power sources to the grid. Increasing allocation of government funds towards building new electricity generation infrastructure is acting as a catalyst towards the growth of HVDC converter stations during the forecast period. Renewable energy is on the rise worldwide which is driving the growth of HVDC converter stations. For instance, wind energy is being promoted by favorable government policies and organizations such as the EUROPA (European Commission), Global Wind Energy Council (GWEC), and Power Grid Corporation of India Limited (PGCIL).
Hitachi Energy Ltd, Siemens Energy AG, Bharat Heavy Electricals Limited, GE Grid Solutions LLC, Mitsubishi Electric Corporation, Toshiba Corporation, NR Electric Co. Ltd, Crompton Greaves Ltd, C-EPRI Electric Power Engineering Co. Ltd, and ABB Ltd. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst type, the bi-polar segment accounted for a significant market share”
Based on type, the HVDC Converter Station market is segmented into Monopolar, Bi-polar, Back-to-Back, and Multi-terminal. The bi-polar segment accounted for a significant market share and is projected to grow significantly during the projected timeframe. Bipolar links are HVDC connections that transport power and current using two conductors. These systems typically employ two conductors: one is polarised positively and the other is polarised negatively. A single bipolar high-voltage direct current line is equal to two ac transmission lines. The voltage in a bipolar link is double when compared to a monopolar link.
“Amongst converter types, the Line Commutated Converter caters to a significant market share in the HVDC Converter Station market”
Based on converter type, the HVDC Converter Station market is bifurcated into Line Commutated Converter and Voltage Source Converters. Among them, the Line Commutated Converter captured a significant market share in the HVDC Converter Station market. The Line Commutated Converter is widely used in thyristor valves as it increases its efficiency and reliability. The thyristor valves are currently experiencing a surge in demand due to their high functionality to control electric current flow, the rising demand for thyristor valves is acting as a catalyst in the growth of the line commutated converter during the projected period.
“Amongst application, the powering land and remote loads segment accounted for a significant market share”
Based on application, the HVDC Converter Station market is segmented into Power Industry, Powering Island and Remote Loads, Interconnecting Networks, Oil & Gas, and Others. The powering land and remote loads segment dominate in the HVDC Converter Station market. It is mainly owing to the wide usage of HVDC converters to be installed for the transmission of power over long distances. Power supplied to long distances is achieved by radial transmission from a meshed network or can be done locally by using diesel gensets.
“APAC constitutes a major market for the HVDC Converter Station industry”
Asia Pacific caters extensive share of the HVDC Converter Station market and would showcase considerable growth during the forecasted period. Countries such as India and China due to their growing population coupled with rising living standards have led to an increase in energy consumption, which is anticipated to drive industry growth in APAC during the forecast period. For instance, China built a 660 kV Matiari-Lahore HVDC transmission line project under the China-Pakistan Economic Corridor which started its operation in September 2021. It has the maximum capacity to transmit electricity at 35 billion kilowatt-hours annually.
HVDC Converter Station Market Report Coverage
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global HVDC Converter Station market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the HVDC Converter Station Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global HVDC Converter Station market were the three major steps undertaken to create and analyze the adoption of HVDC Converter Stations in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global HVDC Converter Station market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the HVDC Converter Station market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the HVDC Converter Station market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type, converter type, and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the HVDC Converter Station market. Further, we conducted factor analysis using dependent and independent variables such as various types, converter types, and applications of HVDC Converter Stations. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the HVDC Converter Station market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global HVDC Converter Station market, and market shares of the segments. All the required percentage shares split and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the HVDC Converter Station market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global HVDC Converter Station market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global HVDC Converter Station market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type, converter type, and application in the global HVDC Converter Station market.
The main objective of the Global HVDC Converter Station Market Study
The current & future market trends of the global HVDC Converter Station market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the HVDC Converter Station market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of type, converter type, and application.
- Define and analysis of the regulatory framework for the HVDC Converter Station
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the HVDC Converter Station market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the HVDC Converter Station market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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