HVDC Converter Market Size – By Capacity, By Configuration, By Converter, Analysis, Share, Growth Forecast, 2025 – 2034

HVDC Converter Market Size

The global HVDC Converter market was valued at USD 3.3 billion in 2024 and is estimated to grow at a CAGR of 35.9% from 2025 to 2034, driven by the increasing global demand for efficient and reliable power transmission solutions. As the energy landscape shifts toward renewable integration, HVDC technology has emerged as a critical enabler, capable of transmitting electricity over long distances with minimal losses. Key factors propelling market growth include expanding investments in offshore wind energy projects, cross-border interconnections, and grid modernization initiatives.
 

HVDC converters are pivotal in linking asynchronous power grids, integrating renewable energy sources, and facilitating energy trading between regions. Moreover, the transition toward ultra-high voltage (UHVDC) systems for large-scale power transmission is gaining momentum, particularly in regions like Asia Pacific and Europe. Technological advancements in modular multilevel converters (MMC) and voltage source converters (VSC) have further enhanced the reliability, scalability, and efficiency of HVDC systems.
 

HVDC Converter Market Trends

Government policies supporting decarbonization and renewable energy integration are also driving investments in HVDC infrastructure. Countries like China, India, and Germany are leading in deploying HVDC projects to bolster their energy transition strategies, while North America is focusing on modernizing aging grid infrastructure to accommodate future energy demands.
 

In addition, the innovations address challenges such as harmonics and system stability, making HVDC converters suitable for a wider range of applications, including urban grid reinforcements and industrial power supply. Despite the high upfront costs associated with HVDC converter technology, its long-term benefits, including enhanced grid reliability and lower operational costs, continue to attract significant interest from utilities and grid operators. As global electricity demand rises and renewable energy capacities expand, the market is expected to maintain its upward trajectory, becoming an integral part of sustainable energy infrastructure worldwide.
 

HVDC Converter Market Analysis

The > 1,000 MW - 3,000 MW capacity HVDC converter industry will exceed USD 9.5 billion by 2034. HVDC systems within this capacity range are becoming the backbone of renewable energy integration projects such as offshore wind farms and solar parks. They are also critical for interconnecting national grids over long distances. The ability to transmit large amounts of power efficiently makes this range essential for meeting the energy needs of densely populated regions.
 

The VSC HVDC Converter market will grow at a CAGR of over 32% through 2034, due to its flexibility and ability to integrate renewable energy into the grid. VSC allows for better control over power flow, making it ideal for offshore wind farms, urban power grids, and microgrids. It offers advantages in areas where LCC systems may struggle, such as weak or isolated grids, and can be used for both point-to-point and multi-terminal connections.
 

U.S. HVDC converter market is set to reach over USD 4 billion by 2034, fueled by grid modernization initiatives and the need to integrate renewable energy sources like wind and solar. Aging infrastructure and increasing electricity consumption are driving investments in long-distance HVDC transmission projects, particularly in regions such as the Midwest and the Western Interconnection. These projects are focused on delivering renewable energy from generation-rich areas to densely populated urban centers. Furthermore, federal incentives and regulatory support for clean energy are bolstering the adoption of HVDC systems, with significant interest in voltage source converter (VSC) technology for its flexibility in integrating diverse energy resources.
 

In the Asia Pacific, the HVDC converter market is experiencing exponential growth due to the region’s surging energy demand, driven by rapid urbanization and industrialization. Countries like China and India are leading the charge with large-scale investments in ultra-high voltage (UHVDC) projects to address energy imbalances between resource-rich regions and high-demand urban hubs. China, in particular, is at the forefront of UHVDC development deploying projects with capacities exceeding 3,000 MW to support its ambitious renewable energy targets and national grid expansion.
 

HVDC Converter Market Share

Competition within the market remains strong owing to the presence well-established players including ABB, General Electric, Hitachi, among others who are investing in research and development to develop cost-effective and advanced solutions. Partnerships and collaborations between manufacturers, utilities, and engineering firms are fostering innovation and accelerating project execution timelines. Despite the high upfront costs associated with HVDC converter technology, its long-term benefits, including enhanced grid reliability and lower operational costs, continue to attract significant interest from utilities and grid operators.
 

HVDC Converter Market Companies

Major players operating in the HVDC converter industry are:

• ABB
• Bharat Heavy Electricals
• CG Power and Industrial Solutions
• General Electric
• Hitachi
• Hyosung Heavy Industries
• Power Grid Corporation of India
• Rongxin Power
• Siemens Energy
• Toshiba
   

HVDC Converter Industry News

• In November 2024, GE Vernova has launched a High Voltage Direct Current (HVDC) Competence Center in Berlin to advance the energy transition in Germany and Europe. This new facility expands the company’s Electrification center and will focus on developing cutting-edge HVDC technology to enhance grid stability and facilitate the integration of more renewable energy across Germany and Europe. The center will also provide support for HVDC projects on a global scale.
   
• In May 2024, Hitachi Energy has been chosen by Marinus Link Pty Ltd (MLPL) to deliver a high-voltage direct current (HVDC) system for a project of national importance, designed to enhance the connection between mainland Australia and Tasmania's power grid. The HVDC system, spanning an approximately 345-kilometer cable route, will facilitate the bidirectional flow of renewable energy between the states of Victoria and Tasmania.
   

This HVDC converter market research report includes in-depth coverage of the industry with estimates & forecast in terms of capacity (MW) & capex (USD Billion) from 2021 to 2034, for the following segments:

Market, By Capacity

• < 500 MW
• ≥ 500 MW - 1,000 MW
• > 1,000 MW - 3,000 MW
• > 3,000 MW

Market, By Configuration

• Monopolar
• Bipolar
• Back to back
• Others

Market, By Converter

• LCC
• VSC
• Others

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Norway
• Asia Pacific
  • China
  • India
  • South Korea
  • Australia
• Rest of World