According to a recent report released by international market research institute Markets and Markets, the global HVDC converter market revenue will reach 7.9 billion US dollars in 2017, and is expected to increase to 11.57 billion US dollars by 2022, with a compound annual growth rate of 7.92%.

According to the report, this growth is attributed to cost-effective solutions, the transmission of large volumes of power over long distances, and the increased need to connect to asynchronous grids. The report divides the component-based HVDC converter station market into valves, converter transformers, circuit breakers, arresters, harmonic filters, reactors, etc. The valves segment is expected to account for a larger share of the components market as it is the most critical asset of the converter station. In the Asia-Pacific region, due to the growing demand for electricity in major economies, in order to meet energy demand and improve transmission efficiency, investment in the power transmission sector is increasing in the Asia-Pacific region.

Based on technology, the HVDC converter station market is mainly segmented into LCC and VSC. In 2016, LCC technology held a large market share. Advancements in thyristor valve technology are expected to drive the market for LCC technology. VSC technology, on the other hand, is expected to grow at a high CAGR during the forecast period due to its ability to connect renewable energy generation and the grid. In addition, the recent development of VSC technology provides an opportunity for high-power conversion of more than 1500 MW, providing development opportunities for VSC technology.