HVDC Converter Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis

MARKET INTRODUCTION

An HVDC converter converts electric power from high voltage alternating current (AC) to high-voltage direct current (HVDC), or vice versa. HVDC is used as an alternative to AC for transmitting electrical energy over long distances or between AC power systems of different frequencies. HVDC converters capable of converting up to two gigawatts (GW) and with voltage ratings of up to 900 kilovolts (kV) have been built, and even higher ratings are technically feasible. A complete converter station may contain several such converters in series and/or parallel to achieve total system DC voltage ratings of up to 1,100 kV.

MARKET DYNAMICS

High voltage direct current (HVDC) technology is one of the catalysts driving the transformation of the electricity market. The increasing cross border power transmission activities are expected to pave a way for the development of HVDC systems, which, in turn, is likely to drive the HVDC converter station market. Also, growth in the renewable energy sector is also expected to drive the market during the forecast period as there is a significant rise in renewable energy generation capacity (onshore and offshore), supported by the government's objectives. However, the implementation of the distributed and off-grid power systems is reducing the demand for HVDC transmission lines. Therefore, the growing demand for these power plants is expected to restrain the market during the forecast period.

MARKET SCOPE

The ˜Global HVDC converter Market Analysis to 2031" is a specialized and in-depth study of the consumer goods industry with a particular focus on the global market trend analysis. The report aims to provide an overview of the HVDC converter market with detailed market segmentation by voltage, power rating, configuration, and converter. The global HVDC converter market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading HVDC converter market players and offers key trends and opportunities in the market.

MARKET SEGMENTATION

1. By Voltage: The global market is categorized into < 500 kV, 500-800 kV, >800-1000 kV and > 1000 kV.
2. By Power rating: The global market is categorized into < 3,000 MW, 3000-6000 MW, >6000-10000 MW and > 10,000 MW.
3. By Configuration: The global market is categorized into Monopolar, Bipolar, Back to Back and Others.
4. By Converter: The global market is categorized into LCC, VSC and Others.

REGIONAL FRAMEWORK

The report provides a detailed overview of the industry, including both qualitative and quantitative information. It also provides market size and forecast estimates from the year 2021 to 2031 concerning five major regions, namely; North America, Europe, Asia- Pacific (APAC), Middle East and Africa (MEA), and South America. The HVDC converter market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.

The report analyzes factors affecting the HVDC converter market from both the demand and supply sides. Further, it evaluates market dynamics affecting the market during the forecast period, i.e., drivers, restraints, opportunities, and future trends. The report also provides an exhaustive best analysis for all five regions, namely; North America, Europe APAC, MEA, and South America, after evaluating political, economic, social, and technological factors affecting the HVDC converter market in these regions.
IMPACT OF COVID 19
Amid the COVID-19 crisis, the global market for HVDC Converter Stations estimated at US$8.9 Billion in the year 2021, is projected to reach a revised size of US$14 Billion by 2031, growing at a CAGR of 6.6% over the period 2021-2031. LCC, one of the segments analyzed in the report, is projected to record 6.3% CAGR and reach US$9.3 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the VSC segment is readjusted to a revised 7.3% CAGR for the next 7-year period.

MARKET PLAYERS

The report covers vital developments in the HVDC converter market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals, and others, such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions and partnerships and collaborations. These activities have paved the way for the expansion of businesses and the customer base of market players. The market players from the HVDC converter market are anticipated to have lucrative growth opportunities in the future with the rising demand for HVDC converter in the global market. Below mentioned is the list of a few companies engaged in the HVDC converter market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the HVDC converter market. Decide the report focuses on leading industry players with information such as company profiles, products, and services offered, financial information of the last three years, the critical development in the past five years.

•   ABB
  
•   C-EPRI
  
•   china Xian XD power system
  
•   C-EPRi Power engineering company
  
•   General Electric
  
•   Mitsubishi
  
•   NR Electric
  
•   Siemens
  
•   Toshiba
  
•   XJ Electric
  
  

The Insight Partners dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.

HVDC Converter Report Scope