Voltage Source Converter Market was valued at USD 5.3 Billion in 2022 and is projected to reach USD 10.9 Billion by 2030, growing at a CAGR of 9.6% from 2024 to 2030.
The Voltage Source Converter (VSC) market has seen significant growth across various applications due to its ability to enable efficient, stable, and flexible power conversion systems. VSC technology is widely utilized in power transmission and distribution networks, renewable energy systems, and in industries requiring high power quality. Its application spans several critical sectors, including submarine and underground cables, renewable energy, and industrial processes, with each subsegment benefiting from unique characteristics of VSC technology. In particular, the ability to handle high-voltage direct current (HVDC) systems and provide grid stability has made VSC a preferred choice for many utilities and businesses. This report highlights the applications of Voltage Source Converters in specific industries and their increasing relevance in modern energy systems.
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The submarine cable application of Voltage Source Converters is crucial for enabling reliable and high-efficiency energy transmission over long distances, particularly in underwater or remote regions. VSC technology is used in HVDC submarine cables to overcome the limitations of traditional alternating current (AC) systems. These cables are essential for interconnecting different energy markets and ensuring stable electricity flow between regions separated by bodies of water. The integration of VSC allows for the control of power flow and grid stability, reducing transmission losses and ensuring better performance in harsh marine environments. This segment plays an integral role in facilitating renewable energy generation in offshore wind farms and enabling electricity exchanges between countries or continents.VSC-based submarine cable systems offer a highly efficient solution for offshore power generation integration into the grid, including critical connections such as offshore wind farms or solar power stations to the mainland grid. The ability of Voltage Source Converters to provide voltage and frequency stability in remote subsea locations is a key advantage of these systems. Furthermore, the demand for clean energy and the increasing need for inter-country or intercontinental energy transmission have driven growth in the VSC submarine cable sector, positioning it as a critical infrastructure for global energy markets. As energy transition efforts ramp up worldwide, the submarine cable application of VSC is expected to experience substantial growth, providing a significant boost to the overall market.
Voltage Source Converters play a pivotal role in underground cable applications, offering enhanced transmission capabilities and reduced losses compared to traditional overhead AC power lines. Underground cables are particularly important for urban areas where space constraints and aesthetic concerns make overhead lines impractical. The integration of VSC technology allows these underground power transmission systems to operate more efficiently, handling high-voltage direct current (HVDC) while minimizing the space and maintenance requirements. In addition, VSC-based underground cables can seamlessly connect with overhead lines, enabling flexible grid configurations and reducing the risk of power outages caused by natural disasters or extreme weather conditions.With the growing need to modernize electrical infrastructure and reduce environmental impact, underground cable systems utilizing Voltage Source Converters are becoming an increasingly attractive solution for both utilities and industrial customers. The ability to enhance the reliability of power delivery while maintaining minimal environmental impact makes VSC-enabled underground cables an essential component of future power networks. As urbanization increases and demand for energy efficiency and grid reliability rises, the market for VSC in underground cable applications is projected to grow significantly, reflecting the increasing trend toward sustainable infrastructure development.
In the renewable energy industry, Voltage Source Converters are key enablers for the integration of renewable energy sources, such as wind and solar, into the power grid. VSC technology allows for efficient conversion of the generated energy into usable electricity, enabling both the storage and transmission of power across long distances with minimal losses. It is especially useful in hybrid power systems and grid connections, facilitating the connection between renewable energy generation facilities and the main grid. The application of VSC in renewable energy systems is growing rapidly, driven by the need for clean, sustainable energy solutions and grid stability amidst increasing renewable energy generation.The renewable energy sector relies on VSC to enable smooth integration with the grid, improving energy efficiency and balancing intermittent energy sources. VSC helps manage the challenges posed by renewable energy sources' variability by providing rapid response capabilities and flexible power flow control. It also supports energy storage systems, enhancing the resilience and reliability of renewable energy networks. As governments and organizations worldwide increase their commitment to renewable energy adoption, the demand for VSC solutions in the renewable energy industrial application is expected to surge, contributing to the long-term sustainability of global energy systems.
In addition to submarine cables, underground cables, and renewable energy, Voltage Source Converters are also deployed in a variety of other applications across different industries. These include power systems for transportation, such as electric trains and trolleybus networks, where VSC enables efficient and reliable power transmission. VSC technology is also used in industrial automation systems and electrical drives, where precise control of power conversion is required. The flexibility and adaptability of VSC systems make them well-suited for use in different industrial and commercial applications, ensuring energy-efficient operations and reducing power losses in a range of sectors.Furthermore, VSC is utilized in backup power systems, microgrids, and other critical infrastructure applications where continuous and stable power supply is crucial. The adaptability of VSC to different power system requirements, including variable loads and complex grid configurations, positions it as an attractive solution for a variety of “other” applications. As industries increasingly focus on reducing their carbon footprint and enhancing energy efficiency, the use of Voltage Source Converters in these alternative applications will continue to grow, making it an integral part of the future energy landscape.
Several key trends are shaping the Voltage Source Converter market. The most notable of these include the increasing adoption of VSC technology in offshore and subsea power transmission, driven by the growing need for clean energy and the expansion of renewable energy resources. Another key trend is the ongoing development of hybrid energy systems, where VSC enables the integration of different power sources with the grid. Additionally, there is a growing focus on enhancing grid stability and improving energy efficiency, both of which are achievable through the use of VSC. With more governments and organizations committing to carbon-neutral goals, the demand for VSC solutions is poised to increase across various industries.
Moreover, the growing emphasis on digitalization and smart grid technologies is also a significant trend in the VSC market. As power systems become more interconnected and complex, the demand for advanced control and monitoring systems is increasing. VSC technology plays a critical role in supporting these smart grids, offering flexibility, scalability, and efficiency in energy transmission and distribution. With continued technological advancements and the push for more sustainable energy solutions, the market for Voltage Source Converters is expected to witness robust growth, particularly in applications related to renewable energy integration and grid modernization.
The Voltage Source Converter market presents numerous opportunities, particularly in the context of the global shift toward renewable energy sources and the ongoing transition to smart grids. One of the biggest opportunities lies in offshore wind energy projects, where VSC technology is essential for connecting offshore wind farms to the main grid. With the growing investments in renewable energy infrastructure, there is a significant opportunity for VSC applications in facilitating reliable and cost-effective energy transmission. Additionally, the increasing focus on energy storage solutions presents another growth avenue for the VSC market, as VSC systems play a key role in stabilizing energy storage operations and enhancing grid resilience.
As utilities and industries around the world modernize their grids and pursue more sustainable energy strategies, the market for Voltage Source Converters will continue to expand. The demand for flexible and high-performance power conversion systems, combined with the ability of VSC to integrate renewable energy and support grid stability, positions it as a critical component of future energy infrastructure. Moreover, with ongoing technological advancements, there is an opportunity for the development of even more efficient and cost-effective VSC solutions that can further accelerate the transition to a low-carbon energy future.
1. What is a Voltage Source Converter (VSC)?
A Voltage Source Converter is a power electronic device that converts electrical energy from one form to another, usually from AC to DC or vice versa, providing efficient and stable power transmission and distribution.
2. How does a VSC differ from other power converters?
VSC offers more flexibility in controlling power flow, especially in high-voltage DC transmission, making it ideal for renewable energy integration and grid stabilization.
3. What are the applications of Voltage Source Converters?
VSCs are used in submarine cables, underground cables, renewable energy systems, industrial applications, and more, enabling efficient power transmission and integration into the grid.
4. Why are Voltage Source Converters important in renewable energy?
VSCs enable the efficient transmission of renewable energy from generation sources like wind and solar to the grid, ensuring minimal energy losses and improved grid stability.
5. How does VSC technology benefit submarine cable applications?
VSC improves the efficiency and reliability of submarine cables, enabling stable and long-distance power transmission over oceans or other bodies of water.
6. What is the role of VSC in underground cables?
VSC technology enhances the performance of underground cables, providing efficient, low-loss power transmission and reducing the impact of environmental factors.
7. Are Voltage Source Converters suitable for industrial applications?
Yes, VSCs are ideal for industrial applications requiring precise power control, such as electrical drives, industrial automation systems, and backup power solutions.
8. What is the future outlook for the VSC market?
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ABB
GE Grid Solutions
Wärtsilä
Orano
Siemens
Bharat Heavy Electricals
Hitachi
Toshiba
Mitsubishi
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Voltage Source Converter Market
Submarine Cable
Underground Cable
Renewable Energy Industrial
Others
Based on Types the Market is categorized into Below types that held the largest Voltage Source Converter market share In 2023.
Single Phase
Three Phase
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
1. Introduction of the Global Voltage Source Converter Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Voltage Source Converter Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Voltage Source Converter Market, By Type
6. Global Voltage Source Converter Market, By Application
7. Global Voltage Source Converter Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global Voltage Source Converter Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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