HVDC Converters Market Size By Power Rating (< 500 MW, &#8805; 500 MW - 1,000 MW, > 1,000 MW - 3,000 MW, > 3,000 MW), By Configuration (Monopolar, Bipolar, Back to Back), By Converter (LCC, VSC) & Forecast, 2023 - 2032

HVDC Converters Market Size By Power Rating (< 500 MW, ≥ 500 MW - 1,000 MW, > 1,000 MW - 3,000 MW, > 3,000 MW), By Configuration (Monopolar, Bipolar, Back to Back), By Converter (LCC, VSC) & Forecast, 2023 - 2032

HVDC Converters Market is anticipated to register strong growth from 2023 to 2032 owing to the initiatives taken by various central governments to establish a sustainable electrical network in view of increasing electricity demand. Moreover, rising energy security and grid stability will bolster the industry scenario in the coming years. Besides, the adoption of several energy-efficient reforms by several economies across the globe owing to high energy demand and a flourishing industrial sector will also contribute to industry growth.

Pivotal to note that the constant product innovations and marketing strategies such as mergers, acquisitions, and partnerships by market vendors would add to the industry prospects. For instance, in 2023, Allseas has been commissioned by Dragados Offshore to deploy the HVDC converter platforms for the BorWin4 and DolWin4 offshore grid connection projects in the German North Sea.

Overall, the HVDC converter industry is segmented in terms of capacity, configuration, converter, and region.

Based on capacity, the > 1,000 MW - 3,000 MW segment will depict over 15% growth rate during the estimated time period. Constant expansion of ultra-high transmission networks over a long range with minimal losses and product features of converting the required electric current due to the high energy demand will complement the industry outlook.

By configuration, the monopolar configuration exhibited over 13% market share in 2022. The segment will benefit from product features such as high efficiency and the ability to function as a monopolar link during a specific transmission line fault.

On the basis of converter, the LCCs (line-commutated converters) segment will grow considerably over the next decade. Increasing energy efficiency concerns will contribute to expanding the deployment of LCC. Besides, increasing emphasis on incorporating wide-ranging frequency distribution links and growing market penetration will encourage product adoption.

Geographically, the North America HVDC converters market held over 11% market share in 2022. The region will experience high demand as more people look to adopt smart grid technologies for energy-efficient solutions. Besides, the rising inclination towards rebuilding and restructuring the existing transmission lines will bolster product deployment across the region.

For instance, in December 2022, Hitachi Energy announced that Hydro-Québec had chosen it for their direct high-voltage current (HVDC) technology for power transmission to secure the long-term viability of the energy exchange between the Quebec network in eastern Canada and New York State in the northeastern United States.