HVDC Converter Station Market Segmentation:
Power Rating Segment Analysis
>2000 MW segment is poised to hold over 35% HVDC converter station market share by the end of 2035, accredited to the recent improvements in the power transmission capacity of valves. Apart from that, the need for high performance to connect renewable energy sources to the grid is also expected to drive the growth of the market segment in the future. Moreover, the line rectifier converter segment is estimated based on the technology to capture the largest share during the forecast period. This is owing to the low cost and high reliability of this technology compared to voltage source converters. The >2000 MW segment refers to large-scale power transmission projects that have a capacity of 2000 megawatts or more. The majority of >2000 MW projects are located in Asia, with China, India, and Pakistan leading the way. The most common technology used for >2000 MW projects is high-voltage direct current (HVDC) transmission, which is more efficient than traditional alternating current (AC) transmission over long distances.
Component Segment Analysis
DC equipment segment is expected to hold over 30% HVDC converter station market share by the end of 2035. DC is an abbreviation for direct current, which is a current that flows in one direction. In DC circuits, current flows in one direction, as opposed to alternating current (AC), where the current reverses 50 or 60 times per second, depending on the frequency of the power source. The growth of the segment can be accredited to the fact that production of DC equipment is growing rapidly as demand for renewable energy, energy storage, and electric vehicles continues to increase. According to a report by the International Energy Agency (IEA), global EV charger installations grew by 40% in the year 2020, reaching a total of 1.4 million chargers. While the COVID-19 pandemic may have temporarily slowed production and installation rates, the long-term trend is towards continued growth in the DC equipment segment.
Our in-depth analysis of the global market includes the following segments:
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By Component |
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By Power Rating |
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By Technology |
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By Configuration
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