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HVDC Converter Market Share

Report ID: GMI4015
Published Date: Dec 2024
Report Format: PDF

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HVDC Converter Market Share

HVDC Converter Company Market Share Analysis, 2024

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

Authors: Ankit Gupta, Shashank Sisodia

Frequently Asked Questions (FAQ) :

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.

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.

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.