HVDC Converter Market Size, Share, Growth Analysis, By Technology(Line Commutated Converter (LCC) technology and Voltage Source Converter (VSC) technology), By Application(Power transmission, offshore and railway), By Region - Industry Forecast 2024-2031

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).

The HVDC Converter Market is highly competitive with several key players operating in the market. The key companies are involved in the manufacturing, design, and development of HVDC converters, as well as providing after-sales services and support. The market is characterized by intense competition and rapid technological advancements, which has led to companies investing heavily in research and development to improve the efficiency and reliability of their products. Many companies are also focusing on developing more compact and cost-effective HVDC converter systems to meet the growing demand for renewable energy sources and to interconnect power grids across different regions and countries. In addition, partnerships, collaborations, and mergers and acquisitions are common strategies employed by companies to expand their market share and strengthen their position in the market. For example, in 2020, Hitachi and ABB merged their power grid businesses to form Hitachi ABB Power Grids, which has become a major player in the HVDC Converter Market. '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.'

The increasing demand for electricity worldwide is a major driver of the HVDC Converter Market. The demand for electricity is being driven by several factors, including population growth, urbanization, and economic development. As countries become more developed and their economies grow, the demand for electricity increases. This demand is expected to continue growing in the coming years, particularly in emerging economies such as China, India, and Brazil. The growing demand for electricity requires the expansion of the power transmission infrastructure to ensure a reliable and secure supply of electricity to consumers. HVDC converter technology plays a crucial role in meeting this demand, particularly for long-distance transmission of power. HVDC transmission can efficiently and reliably transmit electricity over long distances and is particularly well-suited for interconnecting regional and national power grids. In addition, HVDC converter technology can help to address the issue of power losses during transmission. The use of HVDC technology can reduce power losses and increase the efficiency of the transmission system, which can result in significant cost savings over the long term. Furthermore, the increasing demand for electricity is driving the need for more sustainable and low-carbon sources of energy. Renewable energy sources such as wind and solar power are becoming increasingly important in meeting this demand. The integration of renewable energy sources requires the use of HVDC converter technology to ensure efficient and reliable transmission of power to the grid.

One of the key market trends driving the HVDC converter market is the growing demand from emerging economies such as China, India, and Brazil. These economies are experiencing rapid economic growth, urbanization, and industrialization, leading to an increase in the demand for electricity. In these emerging economies, the development of the power grid is a priority to support economic growth and meet the rising demand for power. The use of HVDC converters is becoming increasingly common in these countries due to their ability to transmit electricity over long distances and their ability to improve the reliability and stability of the power grid. China, in particular, has been a major driver of the HVDC converter market. The country has the world's largest installed capacity of HVDC transmission lines and is home to several of the world's largest HVDC transmission projects. The Chinese government has been investing heavily in the expansion and modernization of its power grid, and HVDC converters have played a critical role in this effort. India is also a significant market for HVDC converters, with the country experiencing rapid growth in renewable energy sources such as wind and solar power. The government has set ambitious targets for renewable energy generation, and HVDC converters are essential to transmitting this electricity efficiently over long distances. Brazil is another emerging economy where the demand for HVDC converters is growing. The country has a vast and complex power grid, and the use of HVDC converters is helping to improve the efficiency and reliability of the system.

The Asia-Pacific region is the largest and fastest-growing market for HVDC Converter technology globally. The Asia-Pacific region is home to some of the world's largest and most populous countries, including China and India. The increasing demand for electricity in these countries is driving the growth of the market. The need to interconnect power grids to meet the growing demand for electricity is driving the adoption of HVDC Converter technology in the region. The Asia-Pacific region is rapidly adopting renewable energy sources such as wind and solar power to meet the growing demand for electricity. The integration of renewable energy sources requires the use of HVDC Converter technology to ensure efficient and reliable transmission of power to the grid. The Asia-Pacific region is home to many countries with different power grid systems. Interconnecting power grids through HVDC Converter technology helps to improve the reliability and efficiency of the power transmission network in the region. Governments in the Asia-Pacific region are providing support for the development of renewable energy sources and the upgrading of the power transmission infrastructure. This support is expected to drive the adoption of HVDC Converter technology in the region. The Asia-Pacific region is witnessing significant investment in the power transmission and distribution sector. This investment is driving the growth of the HVDC Converter Market in the region. China is the largest market for HVDC Converter technology in the Asia-Pacific region, followed by India, Japan, and South Korea. The growth of the HVDC Converter Market in these countries is driven by the factors mentioned above. Overall, the Asia-Pacific region is expected to continue driving the growth of the HVDC Converter Market in the coming years.