Market Size of HVDC Converter Station Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 10.00 % |
| Fastest Growing Market | North America |
| Largest Market | Europe |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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HVDC Converters Stations Market Analysis
The HVDC converter station market is expected to record a CAGR of more than 10% during the forecast period of 2022-2027. The COVID-19 pandemic had a moderate impact on the market growth due to the implementation of stringent lockdown protocols by respective governments. High voltage direct current (HVDC) technology is one of the catalysts driving the transformation of the electricity market. Increasing cross-border power transmission activities are expected to pave the 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 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 governmental 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.
The HVDC converter segment is likely to witness significant demand for the global HVDC converter station market during the forecast period.
Growing number of offshore wind farm projects and favorable government policies are expected to create ample opportunities for the market studied.
Europe is expected to hold maximum market share, with most of the demand coming from major countries, such as the United Kingdom and Germany.
