Global HVDC Converter Market Analysis and Forecast, 2019-2028

Introduction

The global High-Voltage Direct Current (HVDC) converter market is experiencing a significant growth, driven by the increasing demand for inter-regional power transmission, renewable energy integration, and increasing demand for clean energy solutions. HVDC converters are used to transmit high-voltage electricity over long distances and to connect two independent alternating current (AC) power systems. They are crucial in maintaining the stability of power systems and reducing transmission losses.

The global HVDC converter market is expected to grow significantly in the coming years, driven by the increasing demand for inter-regional power transmission, renewable energy integration, and the increasing demand for clean energy solutions. Companies operating in the market are expected to focus on research and development activities to bring new and innovative HVDC converters to the market. The Asia-Pacific region is expected to dominate the global HVDC converter market due to the increasing demand for electricity and the growing trend of renewable energy integration in the region.

Market Overview

The global HVDC converter market was valued at XX billion USD in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 15.5% from 2022 to 2027. The increasing demand for inter-regional power transmission, renewable energy integration, and the increasing demand for clean energy solutions are the major drivers for the growth of the global HVDC converter market.

Geographical Analysis

The Asia-Pacific region is expected to dominate the global HVDC converter market due to the increasing demand for electricity and the growing trend of renewable energy integration in the region. China, India, and Japan are among the largest markets for HVDC converters in the Asia-Pacific region. Europe and North America are also expected to show significant growth due to the increasing demand for inter-regional power transmission and renewable energy integration.

Competitive Landscape

The global HVDC converter market is highly competitive, with major players including Siemens AG, General Electric, Mitsubishi Electric Corporation, ABB Ltd., and Toshiba Corporation. These companies are focusing on research and development activities to bring new and innovative HVDC converters to the market.

Segmentation

The global HVDC converter market can be segmented based on voltage type, component, application, and geography.

Voltage Type

• DC/DC Converters
• DC/AC Converters

Component

• Converter Transformers
• Valves and Thyristors
• Cooling Systems
• Control and Protection Systems

Application

• Overhead Power Transmission
• Submarine Power Transmission
• Renewable Energy Integration

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.

Primary Intelligence

• RationalStat utilizes surveys, questionnaires, focus groups, and one-to-one interviews with CXOs, industry partners, trade bodies, association members, ex-employees, and industry professionals to collect insights and quantitative/qualitative data specific to client needs. RationalStat quickly gets to the ‘why’ behind the ‘what’ demonstrated by secondary data.
• RationalStat takes a unique approach to arrive at market conclusions and actionable insights for clients.
• We have the technology and strong in-house resource pool with extensive experience in the global and regional markets, across a wide variety of categories and stakeholders.
• Strong language proficiency and capability with coverage across more than 70 language areas.

Secondary Sources

• Annual reports, company filings, investor presentations, product catalogs, and company documents
• Industry and market-related documents available in the public domain
• Paid databases including Bloomberg, Factiva, S&P Capital IQ, FactSet, Refinitiv Eikon, ICIS, EUWID, and Thomson Reuters, among others
• Whitepapers, research papers, and industry blogs.