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

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HVDC Converter Market Size

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.
 

HVDC Converter Market

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.

HVDC Converter Market Trends

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.
 

HVDC Converter Market Analysis

HVDC Converter Market Size, By Capacity, 2022 - 2034 (USD Billion)

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.
 

HVDC Converter Market Revenue Share, By Converter, 2024

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.
 

U.S. HVDC Converter Market Size, 2022 - 2034 (USD Billion)

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.
 

HVDC Converter Market Share

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.
 

HVDC Converter Market Companies

Below names are the key players in the HVDC converter industry:

  • 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, to further the energy transition in Germany and Europe, GE Vernova has opened a High Voltage Direct Current (HVDC) Competence Center in Berlin. This new center expands the company’s Electrification center and will focus on cutting-edge technology for the development of HVDC that improves the stability of grids and allows superior integration of renewable energy across Germany and Europe. Other initiatives such as supporting all the HVDC projects on a global scale will also be undertaken by the center.
     
  • In May 2024, Marinus Link Pty Ltd (MLPL) has awarded Hitachi Energy a contract for the supply of high-voltage direct current (HVDC) system that will significantly boost the connection between the mainland power grid of Australia and Tasmania. With almost 345 kilometers of cabling, the HVDC system will enable the transfer of solar energy from Tasmania to Victoria and in return send snow melt water from Victoria to Tasmania. This energy interchange will help to create benefits for both states. This project is of major importance to Australia and has been awarded to Hitachi because they have great expertise with your system design and delivery.
     

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

 

Authors: Ankit Gupta, Shashank Sisodia
Frequently Asked Question(FAQ) :
Who are the major players in the HVDC converter market?
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.
What is the size of the > 1,000 MW - 3,000 MW capacity HVDC converter market?
Why is the VSC HVDC converter market growing?
What trends are influencing the U.S. HVDC converter market growth?
How big is the HVDC converter market?
HVDC Converter Market Scope
  • HVDC Converter Market Size
  • HVDC Converter Market Trends
  • HVDC Converter Market Analysis
  • HVDC Converter Market Share
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    Premium Report Details

    Base Year: 2024

    Companies covered: 10

    Tables & Figures: 30

    Countries covered: 10

    Pages: 120

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