The global HVDC converter market is expected to touch US$ 1,636.8 million by 2030, with an annual growth rate of more than 8.0%
Wilmington, Delaware, Oct. 10, 2023 (GLOBE NEWSWIRE) — Global HVDC Converter Market is estimated at a market size of US$ 952.3 million in 2023 and is expected to grow at a significant CAGR of over 8.0% over the forecast period of 2023-2030, according to the published market report by RationalStat
Market Definition, Market Scope, and Report Overview
HVDC stands for High-Voltage Direct Current, and an HVDC converter is a device used in high-voltage DC transmission systems. These converters are essential for transmitting electrical power over long distances with minimal losses and for connecting asynchronous or unsynchronized AC power grids. HVDC transmission is commonly used for interconnecting grids, transferring renewable energy from remote locations, and enhancing the stability and efficiency of power transmission.
In terms of business benefits, utilizing high-voltage direct current (HVDC) transmission offers cost advantages for large-scale power transmission. It allows for increased power transmission capacity per conductor and circuit, without being affected by skin effect or voltage stability issues. Additionally, HVDC systems result in reduced short-circuit fault levels and faster fault detection and resolution. The above-mentioned benefits make HVDC converters an attractive alternative, thus contributing to the expansion of HVDC convertor market.
- According to a deep-dive market assessment by RationalStat, the global HVDC converter market has been analyzed on the basis of market segments, including technology, voltage rating (in MW), application and geography/regions (including North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa, and Asia Pacific). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2030.
- Market intelligence for the global HVDC converter market covers market sizes on the basis of market value (US$/EUR Million) and volume (Units) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.
- In addition, the long-term sector and products/services 10-year outlook and its implications on the global HVDC converter market. It also includes the industry’s current state – Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.
Request A Customization- https://store.rationalstat.com/store/global-hvdc-converter-market/#tab-ux_global_tab
Global HVDC Converter Market: Segmental and Market Share Analysis
- On the basis of technology, Line Commutated Converter (LCC) is expected to take up a significant share of the HVDC converter market.
- On the basis of voltage rating (in MW), the market is sub-segmented into Less than 500, 500 – 1000, 1000 – 2000, and more than 2000.
- On the basis of application, the long-distance power transmission lines is expected to hold the major share in the HVDC converter market.
Report Synopsis
| Report Metrics | Details |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Base Year Market Size | US$ 952.3 million |
| Market Size Forecast | US$ 1,636.8 million |
| Growth Rate | 8.0% |
| Key Market Drivers | - Increasing adoption of renewable energy
- Grid interconnection
- Less energy losses with the adoption of HVDC converter
- Rapid urbanization coupled with increasing demand for electricity
|
| Companies Profiled | - ABB Group
- Siemens AG
- General Electric
- Hitachi Energy
- Mitsubishi Electric Corporation
- Nexans
- NR Electric Co., Ltd.
- NKT A/S
- Toshiba Energy Systems & Solutions Corporation
- LS ELECTRIC Co., Ltd.,
- Hyosung Heavy Industries
|
Explore more about this report- https://store.rationalstat.com/store/global-hvdc-converter-market/#tab-ux_global_tab
Competition Analysis and Market Structure
These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the global HVDC converter market include,
- In April 2023, Siemens Energy entered into an agreement TenneT, to deliver HVDC transmission technology for the latter company’s three grid connections located in the German North Sea.
Some of the prominent players and suppliers operating and contributing significantly to the global HVDC converter market growth include ABB Group, Siemens AG, General Electric, Hitachi Energy, Mitsubishi Electric Corporation, Nexans, NR Electric Co., Ltd., NKT A/S, Toshiba Energy Systems & Solutions Corporation, LS ELECTRIC Co., Ltd., and Hyosung Heavy Industries, among others.
Get A Free Sample-https://store.rationalstat.com/store/global-hvdc-converter-market/#tab-ux_global_tab
HVDC Converter Market: Market Segmentation and Detailed Table of Content
RationalStat has segmented the global HVDC converter market based on technology, voltage rating (in MW), application, and region
- Global HVDC Converter Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Technology
- Voltage Source Converter (VSC)
- Line Commutated Converter (LCC)
- Global HVDC Converter Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Voltage Rating (in MW)
- Less than 500
- 500 – 1000
- 1000 – 2000
- More than 2000
- Global HVDC Converter Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Application
- Submarine Cable Transmission
- Long Distance Power Transmission Lines
- Interconnection of Systems
- Others
- Global HVDC Converter Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Region
- North America HVDC Converter Market
- Latin America HVDC Converter Market
- Brazil
- Mexico
- Rest of Latin America
- Western Europe HVDC Converter Market
- Germany
- UK
- France
- Spain
- Italy
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe HVDC Converter Market
- Russia
- Poland
- Hungary
- Other CIS Countries
- Rest of Eastern Europe
- Asia Pacific HVDC Converter Market
- China
- Japan
- India
- South Korea
- Australia
- ASEAN
- Indonesia
- Thailand
- Philippines
- Vietnam
- Malaysia
- Rest of ASEAN
- Rest of Asia Pacific
- Middle East & Africa HVDC Converter Market
- GCC
- Saudi Arabia (KSA)
- United Arab Emirates (UAE)
- Rest of the GCC
- South Africa
- Nigeria
- Turkey
- Rest of the Middle East & Africa
For more information about this report- https://store.rationalstat.com/store/global-hvdc-converter-market/#tab-ux_global_tab
Key Questions Answered in the HVDC Converter Report:
- What will be the market value of the global HVDC converter market by 2030?
- What is the market size of the global HVDC converter market?
- What are the market drivers of the global HVDC converter market?
- What are the key trends in the global HVDC converter market?
- Which is the leading region in the global HVDC converter market?
- What are the major companies operating in the global HVDC converter market?
- What are the market shares by key segments in the global HVDC converter market?
Running a year End discount of 20%- https://store.rationalstat.com/store/global-hvdc-converter-market/#tab-ux_global_tab
Explore Our Trending Reports
- Global Cable EMI Core Market– Global cable EMI core market is expected to grow at a CAGR of around 5.3% during the forecast period of 2023-2028 and was valued at around US$ 3.2 billion in 2022.
- Global UL924 Central Lighting Inverters Market– Global UL924 Central Lighting Inverters Market is expected to grow at a significant CAGR of 5.2% over the forecast period of 2022-2028.
- Global Bus Duct Market– Global Bus Duct Market is expected to grow at a CAGR of 5.5% over the forecast period of 2022-2028.
- Global Portable Power Station Market– Global Portable Power Station Market is expected to grow at a CAGR of 6.6% over the forecast period of 2022-2028.
- Global Lead Acid Battery Separator Market– Global Lead Acid Battery Separator Market is expected to grow at a significant CAGR over the forecast period of 2022-2028.
- Global Automatic Voltage Stabilizer Market– Global Automatic Voltage Stabilizer Market is expected to grow at a CAGR of 3.8% over the forecast period of 2022-2028.
- Global Surge Arresters Market– Global Surge Arresters Market is expected to grow at a CAGR of 4.8% over the forecast period of 2022-2028.
- Global Telecom Towers Market– Global Telecom Towers Market is expected to grow at a CAGR of 3.3% over the forecast period of 2022-2028.
- Global Low Voltage Thermostat Market–Global Low Voltage Thermostat Market is expected to grow at a CAGR of 8.4% over the forecast period of 2022-2028.
- Global Solid Wires Market– Global Solid Wires Market is expected to grow at a significant CAGR of 4.8% over the forecast period of 2022-2028.
- Global Vacuum Pressure Impregnated (VPI) Transformer Market– Global Vacuum Pressure Impregnated (VPI) Transformer Market is expected to grow at a CAGR of 6.2% over the forecast period of 2022-2028.
Research Methodology
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
Download Key Insights and Market Data – Raise a Query
About RationalStat LLC
RationalStat is an end-to-end global market intelligence and consulting company that provides comprehensive market research reports, customized strategy, and consulting studies. The company has sales offices in India, Mexico, and the US to support global and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.
RationalStat has strategic partnerships with leading data analytics and consumer research companies to cater to the client’s needs. Additional services offered by the company include consumer research, country reports, risk reports, valuations and advisory, financial research, due diligence, procurement and supply chain research, data analytics, and analytical dashboards.
Contact
RationalStat LLC
Kimberly Shaw,
Content and Press Manager
sales@rationalstat.com
US Phone: +1 302 803 5429
UK Phone: +44 203-287-1245
LinkedIn | Facebook | Twitter | Instagram | Pinterest
GlobeNewswire,is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.
Latest posts by GlobeNewswire
(see all)