Us Voltage Source Converter Market Size By Applications, By Type, By End-User, By Deployment & By Technology 2032
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 U.S. Voltage Source Converter (VSC) market is experiencing significant growth, driven by the increasing demand for efficient power transmission and the integration of renewable energy sources. VSC technology, utilizing insulated-gate bipolar transistors (IGBTs), enables independent control of active and reactive power, offering greater flexibility and faster response times compared to traditional line-commutated converters (LCC). This adaptability makes VSC systems ideal for weak AC grids, offshore wind farm connections, and multi-terminal HVDC networks. citeturn0search2 In the United States, the adoption of VSC technology is accelerating due to several factors: - **Renewable Energy Integration**: The U.S. is investing heavily in renewable energy projects, such as offshore wind farms and solar power plants. VSC systems facilitate the efficient transmission of power from these remote sources to urban centers, overcoming the limitations of traditional AC transmission lines. citeturn0search1 - **Grid Modernization**: Aging power infrastructure is prompting utilities to upgrade their systems. VSC-based HVDC systems offer enhanced control over power flow, improving grid stability and reliability. citeturn0search2 - **Environmental Regulations**: Stringent environmental policies are encouraging the adoption of cleaner technologies. VSC systems support the transition to low-emission electricity by enabling the efficient transmission of power from renewable sources. citeturn0search1 The U.S. VSC market is projected to continue its upward trajectory, with significant investments in infrastructure and technology. For instance, in March 2024, Siemens Energy, in partnership with Italy's FATA, secured a contract to supply converter stations for the "Tyrrhenian Link" project, a 970 km long HVDC power link connecting mainland Italy, Sicily, and Sardinia. This project aims to enhance renewable energy utilization and grid stability, serving as a model for similar initiatives in the U.S. citeturn0search4 In summary, the U.S. Voltage Source Converter market is poised for substantial growth, driven by the need for efficient power transmission, renewable energy integration, and grid modernization. As the industry evolves, VSC technology will play a pivotal role in shaping the future of the nation's power infrastructure.
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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
Monopole Voltage Source Converters
Bipole Voltage Source Converters
Multilevel Voltage Source Converters
Integrated Voltage Source Converters
Renewable Energy Integration
High Voltage Direct Current (HVDC) Transmission
Power Quality Improvement
Motor Drive Applications
Flexible AC Transmission Systems (FACTS)
Energy and Utilities
Renewable Energy
Industrial Manufacturing
Transportation
Commercial Buildings
Onshore Installation
Offshore Installation
Power Electronic Components
Control Systems
Cooling Systems
Transformers
Protection Devices
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)
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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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