Global 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.
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Analysis:
Global 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.
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.
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.
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.
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