HVDC Converter Station

HVDC Converter Station Market by Technology (Line Commutated Converter, Voltage Source Converter), Component (Converter Transformers, Converter Unit, Converter Valves), System Configuration, Application - Global Forecast 2024-2030

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[183 Pages Report] The HVDC Converter Station Market size was estimated at USD 11.84 billion in 2023 and expected to reach USD 12.81 billion in 2024, at a CAGR 8.25% to reach USD 20.63 billion by 2030.

HVDC Converter Station Market
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High voltage direct current (HVDC) converter station refers to a specialized facility that forms the terminal component for an HVDC transmission line. It is designed for the efficient conversion of electrical power from one form to another, typically alternating current (AC) to direct current (DC) or vice versa. The primary application of HVDC converter stations is facilitating power transmission between regions, countries, and continents. The need for efficient long-distance energy transmission with minimal energy loss propels investment in HVDC converter station installations. Growing urbanization and government initiatives to propel the adoption of renewable energy sources have resulted in increased investments in power infrastructure development. However, the substantial initial investment required for HVDC converter station installations may deter private entities from adopting this technology. Furthermore, the absence of standardized components and designs across various HVDC technologies may hinder interoperability between different systems. Moreover, efforts by major providers of HVDC converter stations to harmonize HVDC design can propel standardization of the converter stations and increase the rate of adoption among end users. R&D initiatives and funding to support continued advancements and innovations in converter technologies can expand the applications of the HVDC converter stations. Furthermore, offshore wind installations are gaining traction due to their large-scale generation potential, and HVDC technology is a feasible solution for connecting these offshore installations to onshore grids.

HVDC Converter Station Market - Global Forecast 2024-2030
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Technology: Growing adoption of voltage source converter (VSC) technology to power renewable energy projects

A line commutated converter (LCC) uses naturally commutated thyristor devices to convert AC power to DC power for transmission purposes. LCC technology has been the traditional choice for HVDC systems and is preferred in applications where there is a need for long-distance bulk power transfer, such as interconnecting large grids or remote power generation sources. Voltage source converter (VSC) technology is an advanced form of HVDC converter that uses self-commutated semiconductor devices such as insulated-gate bipolar transistors (IGBTs) for conversion. VSC technology offers the ability to operate in weak or isolated grids, reduce harmonic emissions, and lower reactive power consumption.

Component: Ability of converter values to withstand high current losses during HVDC operation

Converter stations and converter units are essential components of HVDC systems responsible for converting high-voltage alternating current (AC) to direct current (DC) and vice versa. The converter transformers are a crucial component of HVDC systems that are designed to withstand DC voltage stresses and increased eddy current losses due to harmonic currents. Converter valves are designed to withstand current and voltage stresses during steady-state operation or during faults. Filters are critical components in HVDC systems to reduce harmonic distortion and ensure stable operation of the power grid. An HVDC system pole represents one of the two conductors in a bipolar configuration, carrying positive or negative voltage. A reactive power source is essential in maintaining voltage stability and supporting AC grid operations in an HVDC converter station. Smoothing reactors are serially connected reactors installed in DC systems and are responsible for reducing harmonic currents, transient over-currents, and current ripples in DC systems.

Configuration: Adoption of multi-terminal systems to enable greater flexibility in connecting multiple power sources and grids

A back-to-back HVDC converter station consists of two converter units directly connected without any overhead lines or cables between them. This configuration is preferred when there is a need to synchronize adjacent AC grids with different frequencies or to control power flow between independent grids without physical interconnection. Bipolar HVDC converter stations utilize two parallel circuits operating at the same voltage with opposite polarity (-/+). The primary advantage of this setup is its increased reliability. In addition, when one pole fails or undergoes maintenance, the other pole can continue transmitting up to half the rated capacity with reduced losses while maintaining ground potential reference. Monopolar HVDC converter stations consist of a single pole, either positive or negative, for power transmission, and a ground return path or metallic return conductor is used to complete the circuit. This configuration offers lower investment costs but may face issues with ground currents, environmental concerns, and lower reliability compared to bipolar systems. Multi-terminal HVDC converter stations comprise three or more terminals connected via an HVDC network. This configuration optimizes electricity transfer between multiple asynchronous grids and supports flexible power distribution from multiple sources, such as offshore wind farms or remote hydroelectric plants.

Application: Higher efficiency of HVDC converter stations in long-distance interconnecting network transmission

HVDC converter stations play a critical role in interconnecting networks, as they enable the efficient transfer of power between grids operating at different frequencies or voltages. These interconnected networks ensure the stability and reliability of the power supply by balancing load fluctuations and allowing access to diverse energy sources. The oil & gas sector requires reliable power systems for their remote offshore platforms to ensure smooth operations. HVDC converter stations cater to this demand by providing efficient power delivery through electrical subsea cables, minimizing environmental impacts related to traditional AC transmission systems. The power industry relies heavily on HVDC converter stations to transmit electricity from power plants to long-distance consumers. Moreover, renewable energy projects, such as wind and solar farms, benefit significantly from these systems due to the efficient integration of generated power into the grid.

Regional Insights

The Americas region has been an early adopter of HVDC converter station technology for long-distance power transmission from remote generation sites to major load centers. There has been a rising interest in integrating renewable energy sources, including wind and solar, into existing grids using HVDC links. Key industry players in this region are involved in building new converter stations or upgrading existing infrastructure to accommodate higher capacities and improve efficiency. The rapidly expanding economies of Asia have led to an increased demand for reliable power supply systems. As a result, several large-scale HVDC projects have been commissioned or are under development across countries, including China, India, Japan, and South Korea. Asia is projected to continue being the fastest-growing region for HVDC converter stations due to their ongoing efforts to increase renewable energy integration and the presence of an economies-of-scale business environment for companies to expand their production. Europe has a long history of utilizing HVDC technology for cross-border power exchanges between its member countries. The EU's focus on reducing carbon emissions and increasing energy efficiency has promoted the adoption of HVDC converter stations to facilitate the integration of offshore wind farms and solar parks into national grids. Key European players in this domain have been making large-scale investments in renewable energy projects, expanding the demand for HVDC converter stations.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the HVDC Converter Station Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the HVDC Converter Station Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments
  • Iraq Signs Contract with Siemens to Build 5 Converter Stations

    Iraq's General Company of Electrical Energy Transmission has inked a pivotal agreement with Siemens AG to revamp its aging electrical infrastructure and mitigate the chronic power shortages. Siemens AG is set to construct five cutting-edge high-voltage direct current (HVDC) converter stations, promising a total capacity of 7,500 megavolts across five strategic locations: Baghdad, Basra, Karbala, Najaf, and Diyala, significantly enhancing national grid stability, boost voltage quality, and extend power availability within the country. [Published On: 2023-12-06]

  • National Grid Launches GBP 59 bn Frameworks for HVDC Needs including GBP 12.8 bn Civils Works

    National Grid launched comprehensive procurement frameworks collectively valued at GBP 58.67 billion to fulfill its escalating demand for high voltage direct current (HVDC) infrastructure. These frameworks aim to support the integration of 50GW of offshore wind power by 2030 and contribute to the UK's 2050 net-zero target by spanning approximately 15 confirmed and potential HVDC projects in the region. [Published On: 2023-12-04]

  • Hitachi Energy Passes 150 GW in HVDC Links Integrated into the Power System, Expands Capacity to Meet Accelerating Energy Transition Demand

    Hitachi Energy Ltd. facilitated the installation of 150 GW of HVDC links worldwide, including the historic power generation from Dogger Bank, the largest offshore wind development in the world. Hitachi Energy recognizes the need and aims to contribute to the global electrification drive to cater to the demand for secure energy transitions. [Published On: 2023-10-24]

Key Company Profiles

The report delves into recent significant developments in the HVDC Converter Station Market, highlighting leading vendors and their innovative profiles. These include ABB Ltd., Adani Energy Solutions Limited, Aker Solutions ASA, Alstom SA, American Superconductor Corporation, Bharat Heavy Electricals Limited, Black & Veatch Holding Company, C-EPRI Electric Power Engineering Co., Ltd., Crompton Greaves Ltd., Cyient Limited, Dragados by ACS Group, Eaton Corporation PLC, General Electric Company, Hitachi Energy Ltd., Hyosung Corporation, LS Electric Co., Ltd., M. A. Mortenson Company, Mersen Group, Mitsubishi Electric Corporation, Nexans SA, NKT A/S, NR Electric Co., Ltd., Prysmian Group S.p.A., Rongxin Power Ltd., Siemens AG, Stantec Inc., Sumitomo Electric Industries, Ltd., Texas Instruments Incorporated, Toshiba Corporation, TransGrid Solutions Inc., and XJ Group Corporation.

Market Segmentation & Coverage

This research report categorizes the HVDC Converter Station Market to forecast the revenues and analyze trends in each of the following sub-markets:

  • Technology
    • Line Commutated Converter
    • Voltage Source Converter
  • Component
    • Converter Transformers
    • Converter Unit
    • Converter Valves
    • Filters
    • HVDC System Pole
    • Reactive Power Source
    • Smoothing Reactor
  • System Configuration
    • Back-To-Back
    • Bipolar
    • Homopolar
    • Monopolar
    • Multi-Terminal
  • Application
    • Interconnecting Networks
    • Oil & Gas
    • Power Industry

  • Region
    • Americas
      • Argentina
      • Brazil
      • Canada
      • Mexico
      • United States
        • California
        • Florida
        • Illinois
        • New York
        • Ohio
        • Pennsylvania
        • Texas
    • Asia-Pacific
      • Australia
      • China
      • India
      • Indonesia
      • Japan
      • Malaysia
      • Philippines
      • Singapore
      • South Korea
      • Taiwan
      • Thailand
      • Vietnam
    • Europe, Middle East & Africa
      • Denmark
      • Egypt
      • Finland
      • France
      • Germany
      • Israel
      • Italy
      • Netherlands
      • Nigeria
      • Norway
      • Poland
      • Qatar
      • Russia
      • Saudi Arabia
      • South Africa
      • Spain
      • Sweden
      • Switzerland
      • Turkey
      • United Arab Emirates
      • United Kingdom

The report offers valuable insights on the following aspects:

  1. Market Penetration: It presents comprehensive information on the market provided by key players.
  2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
  3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
  4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
  5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

  1. What is the market size and forecast of the HVDC Converter Station Market?
  2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the HVDC Converter Station Market?
  3. What are the technology trends and regulatory frameworks in the HVDC Converter Station Market?
  4. What is the market share of the leading vendors in the HVDC Converter Station Market?
  5. Which modes and strategic moves are suitable for entering the HVDC Converter Station Market?

Table of Contents
  1. Preface
  2. Research Methodology
  3. Executive Summary
  4. Market Overview
  5. Market Insights
  6. HVDC Converter Station Market, by Technology
  7. HVDC Converter Station Market, by Component
  8. HVDC Converter Station Market, by System Configuration
  9. HVDC Converter Station Market, by Application
  10. Americas HVDC Converter Station Market
  11. Asia-Pacific HVDC Converter Station Market
  12. Europe, Middle East & Africa HVDC Converter Station Market
  13. Competitive Landscape
  14. Competitive Portfolio
  15. List of Figures [Total: 24]
  16. List of Tables [Total: 386]
  17. List of Companies Mentioned [Total: 31]
Scope of HVDC Converter Station in Smart Grids
November 10, 2023
Scope of HVDC Converter Station in Smart Grids
HVDC converter stations are an essential component in smart grid technology, playing a vital role in efficient and reliable electricity transmission over long distances. With an increasing demand for green energy sources and a rapid growth in renewable energy generation, the implementation of HVDC converter stations has become a necessity. This blog post explores the scope of HVDC converter stations, their benefits, and their role in developing smart grids.

What are HVDC Converter Stations?

HVDC Converter stations are electronic devices that facilitate electricity transmission from one point to another at a high voltage. HVDC converter stations are installed at each end of the transmission line and connected to AC power grids. They are also used to couple two AC systems operating at different frequencies.

Benefits of HVDC Converter Stations:

The implementation of HVDC converter stations has numerous benefits, including increased power transmission capacity over long distances, the transmission of power across asynchronously connected grids, improved power quality, and reduced transmission losses. HVDC converters are also environmentally friendly, as they provide higher efficiency and reduce carbon emissions, making them critical components in the transition towards sustainable energy.

Role of HVDC Converter Stations in Smart Grids:

Smart grids comprise advanced digital technologies and communication systems that improve efficiency, reliability, and quality of power transmission. HVDC converter stations play a significant role in developing smart grids by facilitating better power management, increasing grid stability, enhancing renewable energy integration, and augmenting the overall efficiency of the grid.

Future of HVDC Converter Stations:

The future of HVDC converter stations is bright, with the technology expected to play a major role in developing smart grids worldwide. HVDC converter station advancements are geared towards improving design and reliability and reducing the overall system cost. Predictably, integrating new technological innovations, such as energy storage systems and microgrids, will further improve the performance and resilience of HVDC converters.

HVDC converter stations are essential in developing smart grids, offering numerous benefits and solutions to efficient power transmission. The technology has been rapidly implemented due to the soaring demand for renewable energy sources and the need for reliable power in remote areas. As technology advances, HVDC converter stations will play a significant role in the global transition to sustainable energy.

Frequently Asked Questions
  1. How big is the HVDC Converter Station Market?
    Ans. The Global HVDC Converter Station Market size was estimated at USD 11.84 billion in 2023 and expected to reach USD 12.81 billion in 2024.
  2. What is the HVDC Converter Station Market growth?
    Ans. The Global HVDC Converter Station Market to grow USD 20.63 billion by 2030, at a CAGR of 8.25%
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