The global HVDC converter stations market is valued at $71.1 B in 2018 and is expected to reach $129.7 B by the end of 2025, growing at a CAGR of 7.8% during 2019-2025.
The major factors driving the growth of the HVDC converter stations market is the increasing requirement for cost-effective solutions for bulk power transfer, growing need for connecting asynchronous grids and also growing requirements to transfer bulk power over long distances and the connection of the renewable energy resources to the national grid. Due to these, there has been a rapid adoption of HVDC in Europe and Asia Pacific creating a market opportunity for the HVDC converter station market.
Market is segmented by region as follows: North America, Europe, China and Japan and by application: power industry, powering island and remote loads, interconnecting networks and oil and gas.
Source: QY Research Store