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HVDC Converter Market Trends

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

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HVDC Converter Market Trends

Government policies supporting decarbonization and renewable energy integration are also driving investments in HVDC infrastructure. Countries like China, India, and Germany are leading in deploying HVDC projects to bolster their energy transition strategies, while North America is focusing on modernizing aging grid infrastructure to accommodate future energy demands.

In addition, the innovations address challenges such as harmonics and system stability, making HVDC converters suitable for a wider range of applications, including urban grid reinforcements and industrial power supply. 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. As global electricity demand rises and renewable energy capacities expand, the market is expected to maintain its upward trajectory, becoming an integral part of sustainable energy infrastructure worldwide.

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.