HVDC Converter Station Market Share

APAC Market Statistics

The HVDC converter station market in Asia Pacific, amongst the market in all the other regions, is projected to hold the largest market share of about 35% by the end of 2037. The regional growth can majorly be 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 Forecast

The HVDC converter station market in the North America region market, amongst the market in all the other regions, is projected to hold the second largest share of about 24% during the forecast period. The growth of the market in this region can primarily be attributed to the rapid expansion of the automotive industry in the region. 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 in the North America region.

Europe Market Forecast

Further, the HVDC converter station market in the Europe, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2037. The growth of the market can be attributed majorly to the early and rapid adoption of advanced technologies and the increasing number of offshore wind farms in the region. 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 in the region in the coming years.