HVDC Converter Station Market Regional Analysis:
APAC Market Insights
Asia Pacific region is estimated to capture HVDC converter station market share of around 35% by the end of 2035, attributed to the fact that there is a huge demand for transmission systems in China and India and a growing need for electricity to transport bulk goods in the region. Moreover, growing installations of electric vehicles throughout the region is also expected to fuel the regional market growth. According to a report by the International Energy Agency (IEA), China continues to lead the industry for EV chargers, accounting for nearly 80% of global installations in the year 2020. The demand for electricity in Asia Pacific is expected to grow significantly over the next few decades owing to population growth, urbanization, and economic development. This is driving the need for more efficient and reliable power transmission infrastructure, including HVDC converter stations. Many countries in Asia Pacific are investing in renewable energy sources such as solar and wind power to reduce their reliance on fossil fuels and address climate change. HVDC transmission technology is essential for integrating these variable renewable energy sources into the grid and ensuring stable and reliable power supply.
North American Market Insights
By the end of 2035, North America region is anticipated to account for HVDC converter station market share of more than 24%, primarily be attributed to the rapid expansion of the automotive industry. Approximately 923,000 Americans are engaged in manufacturing automobiles and their parts, and 1,251,600 work in dealerships. As of the year 2021, the U.S. auto and parts industry will generate approximately USD 1.5 trillion in revenue. The automobile industry contributes 3% of GDP to America. In addition, increased per capita income for local residents is estimated to enable them to switch to individual, environmentally friendly vehicles. Nearly 75% of the Americans say they owned a car by the year 2022, and another 20% say they would own a business or family car. Hence, this is expected to drive the market growth.
Europe Market Insights
Europe region is expected to observe significant growth till 2035, attributed majorly to the early and rapid adoption of advanced technologies and the increasing number of offshore wind farms. According to the WindEurope organization, Europe's offshore wind capacity increased by 2.9 GW in the year 2020. This year, 365 new offshore wind turbines were connected to the continent's grid. Moreover, increasing demand for electricity is expected to boost the market growth.
