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Written by Elena Anderson » Updated on: November 25th, 2024
IMARC Group’s latest report, titled “HVDC Converter Station Market Report by Component (Converter, DC Equipment, Converter Transformer, and Others), Technology (Voltage Source Converter (VSC), Line Commutated Converter (LCC)), Type (Bi-Polar, Monopolar, Back-to-back, Multi Terminal), Application (Power Industry, Oil and Gas, Powering Island and Remote Loads, Interconnecting Networks, and Others), and Region 2024-2032”, offers a comprehensive analysis of the HVDC converter station market. The report also includes competitor and regional analysis, along with a breakdown of segments within the industry. the global HVDC converter station market size reached US$ 12.1 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 21.5 Billion by 2032, exhibiting a growth rate (CAGR) of 6.4% during 2024-2032.
Growing Needs Related to Long-Distance and Power Transmission Efficiency:
The worldwide increasing need for distant and dependable long-distance power transmission is among the determining factors for the growth of the HVDC (High Voltage Direct Current) converter stations segments. Most modern power systems based on AC transmission lines do AC transmission lines experience energy losses from impedance over distance, whilst HVDC technology is the most optimum that is utilized in areas where electricity has to be transmitted across extremely large geographical regions, which is usually the situation in the case where renewable energy resources are far away from the load centers. HVDC converter stations have become an important means of linking large quantities of power transmission with small levels of transmission loss and are frequently used in undersea cables, connected with many energy from potentials, and interconnection of diverse power systems Today, the demand for power is constantly rising globally, especially in developing countries, thus the substantial boost in the rate of demand for power transmission systems that are efficient and cost effective. This trend is also exacerbated by the trend of using wind and solar energy, whereby there is a need to more efficiently transmit energy from solar/wind farms to cities, and this creates more demand for HVDC converter stations.
Surge in Demand for HVDC Converter Stations owing to Efforts towards Renewable Energy Sources Incorporation:
The emphasis on renewable energy sources is expanding in demand for HVDC converter stations. As countries move forward to utilize the clean energy such as solar, wind, and hydropower, the question of how to economically transmit electricity produced in remote areas to where the load centers are located is even more acute. In converting these renewable energy forms into electricity and integrating them into the power grid, HVDC technology is crucial, particularly for offshore wind farms or solar power plants built in remote locations where conventional AC transmission systems are impractical due to long distances or geographical features. HVDC converter stations allow improved management of power flow and stability, as well as reduced transmission loss so that the renewable power can be easily incorporated into the other power system without much hassle. In addition to that, the linking of grids for renewable energy utilization worldwide and exchange of technologies among countries has given a boost to the use of HVDC technology in many countries since it is the most suitable and economical way of transmitting renewable energy over large distances.
Drivers and Challenges of HVDC Systems Intensification:
The encouragement of the deployment of HVDC converter stations is being supported with the advancement of HVDC systems due to the progress in semiconductor technology, power electronics, and system control. HVDC systems are now more efficient, smaller, and cost effective which facilitates their usage with existing power grids and enhances the efficiency of power generation. The advent of Voltage Source Converters (VSC) for HVDC is also expanding its application potentials in complex grid situations such as the integration of offshore wind farms or the stabilization of weak grids. In addition, due to the improvement in materials and manufacturing processes in the development of the HVDC infrastructure, costs associated with HVDC switchgear are also reducing. This phenomenon makes it both viable to both developing economies and advanced economies. As such systems are further improved both technologically and in terms of being affordable, the number of HVDC converter stations deployed around the world will continue to grow which will boost global energy transition efforts.
Leading key Players Operating in the HVDC Converter Station Industry:
New Trends in the HVDC Converter Station Market:
Infrastructure and energy generation efficiency is one of the core trends which is promoting the growth of the HVDC Converter Station market. Now a significant trend is the expansion of offshore wind sector where HVDC technology is essential to transfer energy generated by the wind refers integrated approach. This trend applies specifically to the European nations and parts of Asia which has strong wind resources. Offshore wind generation is not the only aspect driving the operators' interests, but also multi-terminal HVDC systems where several points can be interconnected enhancing stability and flexibility of the grid.
There is also visible shift towards hybrid AC-DC grids integrating traditional AC together with HVDC grids for increased reliability and better prospects for solar and other renewable energy sources integration. The trend towards digitalization of HVDC systems and smart grids is also maturing, making possible more efficient management of power flow and the overall system performance. These technologies are rapidly becoming the most favorable of the renewable energy sources integrated within the HVDC converter stations.
HVDC Converter Station Market Report Segmentation:
Component Insights:
DC equipment represents the largest segment by component due to its critical role in the conversion process within HVDC systems, including rectifiers and inverters, which are essential for the efficient transmission of high-voltage direct current over long distances.
Technology Insights:
The line commutated converter (LCC) technology constitutes the largest segment by technology, as it is a mature, reliable, and cost-effective solution for high-capacity power transmission projects, making it a preferred choice for many existing HVDC systems.
Type Insights:
Bi-polar represents the largest segment by type, offering higher reliability and lower power loss compared to mono-polar configurations, making it suitable for long-distance and high-capacity transmission projects.
Application Insights:
Powering island and remote loads is the largest segment by application, as HVDC systems are uniquely capable of efficiently delivering power over long distances and challenging terrains, where traditional AC transmission may not be viable.
Breakup by Region:
Europe emerges as the largest market by region, driven by its aggressive renewable energy targets, the need for grid interconnections among countries, and the presence of numerous ongoing and planned HVDC projects aimed at enhancing the continent's energy security and integration.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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