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HVDC Converter Station Companies – ABB, Siemens, GE (General Electric), Alstom Energy , BHEL (Bharat Heavy Electricals Limited), Hitachi Energy, Toshiba, Mitsubishi Electric are the Key Players

What is an HVDC Converter Station?

An HVDC (High Voltage Direct Current) converter station is a critical component in modern electrical grids, serving as a hub for converting alternating current (AC) into direct current (DC) and vice versa. This technology enables efficient long-distance power transmission, connecting disparate power systems and integrating renewable energy sources like wind and solar. HVDC systems reduce energy losses compared to traditional AC systems, making them pivotal for sustainable energy infrastructure.

The HVDC Converter Station Market was valued at USD 8.89 billion in 2023 and is expected to reach USD 9.49 billion in 2024, with a projected increase to USD 15.47 billion by 2032, reflecting a CAGR of 6.3% during the forecast period from 2024 to 2032. 

USA: A Growing HVDC Converter Station Market

The USA has seen substantial growth in the HVDC converter station market due to rising renewable energy adoption, grid modernization initiatives, and inter-regional power transfers. With renewable energy constituting approximately 20% of the country’s power generation, the demand for HVDC systems has soared. The Biden Administration's push for a decarbonized grid by 2035 further fuels the market. Several ongoing projects, such as the SOO Green HVDC Link, aim to integrate renewable energy sources seamlessly into the grid, highlighting the importance of HVDC systems.

Regional Market Share in the HVDC Converter Station Industry

Here’s a numerical breakdown of regional market shares based on recent data:

  1. North America
  1. Europe
  1. Asia-Pacific
  1. Middle East & Africa
  1. South America

Global Growth Insights unveils the top List global HVDC Converter Station Companies:

ABB

ABB

Headquarters: Zurich, Switzerland

CAGR: Approximately 5% (power grids division)

Revenue (Last Year): $29 billion

Recent Performance: ABB has been a leader in HVDC technology for decades. Its HVDC Light® technology remains a cornerstone for renewable energy integration and long-distance power transmission. The company is actively involved in projects across Europe and Asia, including offshore wind interconnections.

Siemens

Siemens

Headquarters: Munich, Germany

CAGR: Around 6% (energy transmission sector)

Revenue (Last Year): $72 billion

Recent Performance: Siemens has been focusing on the digital transformation of energy infrastructure. Its HVDC PLUS technology is being implemented in several high-profile renewable energy projects. Siemens is also pioneering inter-regional grid connectivity across Europe and the Middle East.

GE (General Electric)

GE (General Electric)

Headquarters: Boston, USA

CAGR: 4.8% (renewable energy and power systems)

Revenue (Last Year): $83 billion

Recent Performance: GE’s HVDC technology is central to renewable integration projects in North America and Europe. The company is investing heavily in research and partnerships to expand its HVDC footprint, particularly for offshore wind projects.

Alstom Energy

Alstom Energy

Headquarters: Saint-Ouen, France

CAGR: 5.2% (grid solutions)

Revenue (Last Year): $16 billion

Recent Performance: Alstom has emphasized sustainable solutions for power grids, with significant contributions to offshore wind energy projects. Its expertise in HVDC transmission continues to play a key role in European interconnection projects.

BHEL (Bharat Heavy Electricals Limited)

BHEL (Bharat Heavy Electricals Limited)

Headquarters: New Delhi, India

CAGR: 3.9% (power transmission segment)

Revenue (Last Year): $4 billion

Recent Performance: BHEL has been instrumental in India's government-backed renewable initiatives. It has delivered HVDC systems for domestic power grid modernization and is exploring export opportunities to neighboring countries.

Hitachi Energy

Hitachi Energy

Headquarters: Tokyo, Japan

CAGR: 5.5% (power grids division)

Revenue (Last Year): $10 billion

Recent Performance: Following its integration with ABB’s power grid business, Hitachi Energy has expanded its HVDC solutions portfolio. It has been involved in several renewable energy projects in Asia, including offshore wind farms and intercontinental grid connections.

Toshiba

Toshiba

Headquarters: Tokyo, Japan

CAGR: 4.6% (energy solutions division)

Revenue (Last Year): $30 billion

Recent Performance: Toshiba is focusing on advanced HVDC technology, including fault-tolerant systems and modular designs. It is a key player in Asia’s renewable energy sector and has collaborated with governments for grid modernization projects.

Mitsubishi Electric

Mitsubishi Electric

Headquarters: Tokyo, Japan

CAGR: 4.9% (power electronics)

Revenue (Last Year): $42 billion

Recent Performance: Mitsubishi Electric is driving innovation in Voltage Source Converter (VSC) technology. The company has been actively participating in HVDC projects across Asia and North America, focusing on grid reliability and efficiency

Industry Trends and Insights

  1. Technological Innovations: Companies are investing in next-gen converters, such as Voltage Source Converters (VSC), which improve flexibility and efficiency.
  2. Renewable Integration: HVDC systems are increasingly used to connect offshore wind farms to grids.
  3. Global Investments: Nations worldwide are committing billions to modernize electrical grids and adopt green energy.

Conclusion

HVDC converter stations are pivotal to achieving a sustainable energy future. With rapid advancements in renewable energy and grid modernization, the industry is poised for significant growth. Companies like ABB, Siemens, GE, and others are at the forefront, driving innovation and regional market expansion. The USA’s growing market exemplifies the global trend toward adopting HVDC technology for a resilient, green power infrastructure.