HVDC Converters Market Analysis

HVDC Converters Market Analysis

The industry size from > 3000 MW capacity segment is projected to capture 41% share by 2032. This is due to the strong presence of key players, such as Hitachi Energy, which has developed the first-of-its-kind HVDC converter transformer with over 12,000-MW in power rating, the highest level of DC voltage. These converters are utilized for long-distance power transmission as they are economically attractive over conventional AC power lines. The rising installation of clean energy power plants as part of government efforts to limit emissions will also accelerate product consumption.
 

HVDC converters market from the VSC product type will observe 20% growth during 2023-2032, owing to the strong demand for offshore and underground power transmission networks. This product is also capable of operating as a synchronous machine to regulate active and reactive power flow. Over the years, power conversion solutions providers have also introduced the VSC series of DC-DC converters, designed for smaller satellites in low earth orbits and NASA Class D missions. Such initiatives are likely to promote VSC converter consumption in the space industry.
 

The Europe HVDC converters market is poised to attain 15% gains between 2023 and 2032, led by the growing emphasis on cross-border transmission network expansion. Moreover, in April 2022, the NeuConnect consortium and Siemens Energy inked a contract to supply HVDC transmission systems for the power link between Germany and the UK. Such projects, alongside the implementation of climate targets and the increasing electrification of mobility and heating, will further accelerate the use of these converters for large-scale clean energy transmission in the region.