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HVDC Converter Market Size

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

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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.

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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 Report Attributes
Report Attribute	Details
Base Year:	2024
HVDC Converter Market Size in 2024:	USD 3.3 Billion
Forecast Period:	2025 - 2034
Forecast Period 2025 - 2034 CAGR:	35.9%
2034 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:	Increasing need for grid interconnection Rising electric infrastructure spending Stringent environmental & energy efficiency reforms
Pitfalls & Challenges:	High installation cost

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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.