HVDC Converter Market
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The global HVDC Converter market size was valued at USD 3.3 billion in 2024 and is estimated to grow at a CAGR of 35.9% from 2025 to 2034. The market growth is attributed to the growing energy needs across the globe which require dependable power transmission solutions. Long-distance energy transmission with minimum loss has greatly enabled the use of HVDC technology, and along with it, the global shift to renewable energy sources has facilitated its use. The growth of the global investment in wind energy, border interconnectors, and the modernization of grids have also led to the increased use of HVDC technology, thereby contributing to the market growth.
The asynchronous power grids and the trade of energy resources between regions can harness renewable resources because of the efficiency of HVDC converters. The large-scale ultra-high voltage direct current (UHVDC) power transmission systems is also receiving increasing attention in the Asian and European regions, which in turn is increasing the product demand. Additionally, with the upcoming advancements in modular multilevel converters (MMC) and voltage source converters (VSC), the reliability and effectiveness of the HVDC systems will increase as well.
| Report Attribute | Details |
|---|---|
| Base Year: | 2024 |
| HVDC Converter Market size in 2024: | USD 3.3 Billion |
| Forecast Period: | 2025 - 2034 |
| Forecast Period 2023 - 2032 CAGR: | 35.9 |
| 2023 Value Projection: | USD 27.3 Billion |
| Historical Data for: | 2021 - 2024 |
| No of Pages: | 120 |
| Tables, Charts & Figures: | 30 |
| Segments Covered: | Capacity, configuration, converter, and region |
| Growth Drivers: |
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| Pitfalls Challenges: |
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The investments in HVDC infrastructure are growing due to the government policies on decarbonization and renewable energy integration. Countries like China, India and Germany are at the front to building out HVDC projects as part of their energy transition strategies, while in North America the emphasis is on replacing obsolete grid infrastructure with modern crossbars is swaying the industry landscape. The advancements also tackle issues such as harmonics and system stability, thus broadening the spectrum of possible applications for HVDC converters to include urban grid upgrades and industrial power supply peripherals.
The potential of HVDC converter technology is well understood, and although the upfront costs are substantial, the long-term dividends in grid reliability and operational expenditures make it appealing to both utilities and grid operators. The increase in global electricity consumption and expansion of renewable energy capacity will make the HVDC converter market continue to grow, contributing to the development of truly sustainable energy infrastructure around the world.
Market for HVDC converters above 1,000 MW and below 3,000 MW is projected to cross over USD 9.5 billion by 2034. HVDC systems on this scale are poised to serve as major for integration projects including offshore wind farms and solar parks. They are also crucial for carrying power over long distances to connect national power grids. This range is critical for fulfilling the energy requirements of populated regions owing to their ability to transfer large amounts of power economically.
The VSC HVDC converter market will attain CAGR of over 32% by 2034. The VSC technology appears to be gaining traction within the HVDC industry owing to its feature that facilitate critical integration of renewable energy sources into the grid. Offshore wind farms, urban power grids and microgrids expose VSC's superior power flow control. It is beneficial in places where LCC systems are at a disadvantage including weak or isolated grids and works for both point-to-point and multi-terminal connections.
The U.S. HVDC Converter market is expected to cross USD 4 billion by year 2034. The market is mainly driven by the modernization undertaking of the grids and the incorporation of renewable sources of energy such as wind and solar. To address the aging infrastructure coupled with growing demand for electricity, some investment is being done on long-range HVDC transmission lines in places including the Midwest and Western Interconnection.
These projects aim to transport the renewable energy from the generation centers to the heavily populated city areas. Moreover, quad incentives and laws supporting clean energy are strengthening the utilization of HVDC system with special focus on the use of flexible and VSC technology to integrate many diverse energy resources into the system.
Due to increasing energy demand fueled by urbanization and industrial growth, the market for HVDC converters in the Asia Pacific region is on the rise. Countries including China and India have already commenced with massive investing in ultra-high voltage direct current projects to mitigate the energy disparity that exists between rich resource areas and densely populated cities. China especially, with its ambitious renewable energy goals along with the expansion of its national grid, has taken the lead in UHVDC development by implementing projects with 3000 mw or more capacity.
The market is dominated by several strong players such as ABB, General Electric and Hitachi, who are investing in advanced research and development to open new avenues that may be cost efficient. Collaboration between manufacturers, utilities, and engineering firms helps in accelerating timelines towards innovation and project execution. The HVDC converter technology has high upfront costs, however, it gains an attention from services and grid operators due to its enhanced grid reliability and vastly decreased operational costs over time.
Below names are the key players in the HVDC converter industry:
Market, By Capacity
Market, By Configuration
Market, By Converter
The above information has been provided for the following regions and countries:
Key players in the HVDC converter market include ABB, Bharat Heavy Electricals, CG Power and Industrial Solutions, General Electric, Hitachi, Hyosung Heavy Industries, Power Grid Corporation of India, Rongxin Power, Siemens Energy, and Toshiba.
The > 1,000 MW - 3,000 MW capacity HVDC converter market is expected to exceed USD 9.5 billion by 2034, supported by its critical role in renewable energy integration and long-distance grid interconnection.
The VSC HVDC converter market is forecasted to grow at a CAGR of over 32% through 2034 due to its flexibility and ability to integrate renewable energy into grids, particularly in offshore wind farms and urban power grids.
The U.S. HVDC converter market is set to surpass USD 4 billion by 2034, led by grid modernization initiatives, renewable energy integration, and federal incentives supporting clean energy adoption.
The global market for HVDC converter was reached USD 3.3 billion in 2024 and is projected to grow at a CAGR of 35.9% from 2025 to 2034, driven by increasing demand for efficient and reliable power transmission solutions.