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HVDC Converters Market Size By Power Rating (< 500 MW, ≥ 500 MW - 1,000 MW, > 1,000 MW - 3,000 MW, > 3,000 MW), By Configuration (Monopolar, Bipolar, Back to Back), By Converter (LCC, VSC) & Forecast, 2024 - 2032

  • Report ID: GMI4015
  • Published Date: Mar 2023
  • Report Format: PDF

HVDC Converters Market Size

HVDC Converters Market size surpassed USD 4.5 billion in 2023 and is anticipated to register 22.7% CAGR from 2024 to 2032, on account of the mounting expenditure on grid infrastructure modernization projects.

HVDC Converters Market

The suitability of these converters to rapidly changing grids is pegged to its advantages overall classical alternating current solutions, including higher transfer capacities and active power control. The growing need for a resilient and reliable grid has stimulated spending on grid modernization projects. For example, in February 2023, the U.S. Energy Department announced USD 48 million in funding to enhance power grid security, reliability, and resiliency in the country. The establishment of HVDC converter stations will therefore gain momentum to carry power from a large power plant to a single converter station.

Likewise, a shift in focus toward grid interconnection through IT integration across the electricity sector and smart grid expansion will create lucrative growth prospects for HVDC transmission system developers. Despite positive influences, fluctuating prices of raw materials, especially aluminum, and the high dependency on imports, may hamper industry growth to a certain extent. Moreover, political instability and strict regulations led to a decline in grid infrastructure investment, thereby resulting in slow-paced HVDC converters market development by 2032.

HVDC Converters Market Analysis

HVDC Converters Market Share, By Capacity

The industry size from > 3000 MW capacity segment is projected to capture 41% share by 2032. This is due to the strong presence of key players, such as Hitachi Energy, which has developed the first-of-its-kind HVDC converter transformer with over 12,000-MW in power rating, the highest level of DC voltage. These converters are utilized for long-distance power transmission as they are economically attractive over conventional AC power lines. The rising installation of clean energy power plants as part of government efforts to limit emissions will also accelerate product consumption.

HVDC converters market from the VSC product type will observe 20% growth during 2023-2032, owing to the strong demand for offshore and underground power transmission networks. This product is also capable of operating as a synchronous machine to regulate active and reactive power flow. Over the years, power conversion solutions providers have also introduced the VSC series of DC-DC converters, designed for smaller satellites in low earth orbits and NASA Class D missions. Such initiatives are likely to promote VSC converter consumption in the space industry.

HVDC Converter Market Size, By Region

The Europe HVDC converters market is poised to attain 15% gains between 2023 and 2032, led by the growing emphasis on cross-border transmission network expansion. Moreover, in April 2022, the NeuConnect consortium and Siemens Energy inked a contract to supply HVDC transmission systems for the power link between Germany and the UK. Such projects, alongside the implementation of climate targets and the increasing electrification of mobility and heating, will further accelerate the use of these converters for large-scale clean energy transmission in the region.

HVDC Converters Market Share

Some of the prominent companies functioning in the global business scenario for HVDC converters are :

  • General Electric
  • Hitachi, Ltd
  • CG Power & Industrial Solutions Ltd.
  • Bharat Heavy Electricals Limited (BHEL)
  • ABB
  • Toshiba Corporation
  •  Siemens Energy

These companies are incorporating strategies including product reach expansion, collaborations, and economic developments to strengthen their presence in the market.

Impact of electricity price inflation on the HVDC converters market trends

With the falling gasoline prices, the inflation crisis cooled over recent years. However, a major strain on the household budget is the soaring electricity bills. Several families have been struggling with the rising costs of essentials including power. Based on the U.S. Bureau of Labor Statistics, in 2021, electricity costs jumped 15.8%, mainly due to the high prices of natural gas, which is a key source of power in the nation. Factors such as these may restrict the development of electrification projects and in turn, limit industry expansion by 2032.

This market research report on HVDC converters includes in-depth coverage of the industry with estimates & forecast in terms of “MW” & “USD Million” from 2019 to 2032 for the following segments:

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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 the World


Authors: Ankit Gupta, Shashank Sisodia

Frequently Asked Questions (FAQ) :

The market size of HVDC converters surpassed USD 4.5 billion in 2023 and is slated to register 22.7% CAGR during 2024 to 2032, due to the mounting expenditure on grid infrastructure modernization projects.

HVDC converters industry from the VSC segment will witness 20% growth rate from 2023-2032, driven by the strong demand for offshore and underground power transmission networks.

The Europe HVDC converters industry size is set to observe 15% gains between 2023 and 2032, on account of the rising emphasis on cross-border transmission network expansion.

General Electric, Hitachi, Ltd., CG Power & Industrial Solutions Ltd., Bharat Heavy Electricals Limited (BHEL), ABB, Toshiba Corporation, and Siemens Energy are some of the prominent companies functioning in the global HVDC converters business scenario.

HVDC Converters Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 7
  • Tables & Figures: 439
  • Countries covered: 10
  • Pages: 230
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