Press release
HVDC Converter Market to Hit USD 96.4 Billion by 2035 Amid Renewable Push and Next-Gen Grid Tech Innovations
HVDC Converter Market
The market's growth comes after an early adoption phase (2020-2024), during which the industry advanced from USD 1.0 billion to USD 3.3 billion, powered by pilot projects and government-backed incentives. These early projects focused on reducing transmission losses, validating grid compatibility, and enhancing system reliability.
From 2025 to 2030, the market is set to enter a scaling stage, expanding nearly fivefold to USD 20.8 billion, driven by mass adoption in Asia-Pacific, Europe, and North America. The consolidation period (2030-2035) will see the market skyrocket to USD 96.4 billion, shaped by mergers, partnerships, and standardization of converter technologies.
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Why HVDC Converters Are the Backbone of Modern Energy Systems
Global power grids are under immense pressure to handle rising electricity demand and integrate variable renewable sources. HVDC converters are increasingly preferred because they:
- Enable long-distance transmission with minimal losses.
- Improve grid stability and manage asynchronous interconnections.
- Support renewable integration, particularly offshore wind, solar farms, and hydropower.
- Reduce congestion in aging AC transmission networks.
According to forecasts, renewable integration and cross-border energy projects will be the largest contributors to HVDC adoption between 2025 and 2035.
Segmental Insights: Scaling Capacity, Configurations, and Converter Types
- Capacity Segment - 1,000 MW to 3,000 MW Leads the Charge
This range will account for 35.8% of revenue in 2025, thanks to its ability to carry bulk power over long distances. Its suitability for connecting remote renewable clusters to urban demand centers makes it the most widely deployed category.
- Configuration Segment - Bipolar Systems Dominate
With 54.2% share in 2025, bipolar configurations are preferred for their fault tolerance, resilience, and compact land usage. Their ability to maintain operations even during pole faults makes them indispensable for high-reliability projects.
- Converter Type - Line Commutated Converters (LCC) Retain Edge
Despite rapid VSC adoption, LCC systems will hold 57.6% share in 2025 due to their proven reliability, cost-effectiveness, and ability to manage multi-gigawatt transfers. LCC dominance is particularly evident in intercontinental and bulk transmission projects.
Regional Growth Dynamics
- China - CAGR 48.5%
China leads globally, fueled by large-scale renewable projects, grid modernization, and smart grid deployment. Domestic players are innovating modular HVDC systems to meet the country's ambitious decarbonization goals.
- India - CAGR 44.9%
India's HVDC market thrives on wind, solar, and hydropower projects, coupled with heavy government investments in inter-state transmission and smart grids. Local manufacturers are collaborating with global firms to build scalable solutions.
- Germany - CAGR 41.3%
Driven by its Energiewende policy, Germany emphasizes offshore wind integration and inter-regional grid stability. Advanced VSC and MMC systems are increasingly deployed to enhance flexibility.
- United Kingdom - CAGR 34.1%
The UK's expansion is powered by offshore wind farms, cross-border projects, and modular HVDC deployment, supported by low-carbon energy targets and interconnection with European grids.
- United States - CAGR 30.5%
The U.S. market is driven by grid modernization and large-scale renewable integration. Utilities are investing in multi-terminal HVDC and smart grid infrastructure to address transmission bottlenecks.
Key Market Drivers
- Renewable Energy Integration: Offshore wind and solar require efficient long-distance transmission.
- Grid Modernization: Legacy AC systems struggle with demand surges and voltage imbalances.
- Technological Advancements: Voltage source converters (VSC) and modular designs reduce footprint and improve efficiency.
- Cross-Border Transmission: Growing interconnection projects support international electricity trade.
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Established Giants and Emerging Challengers
The HVDC converter landscape is a blend of global heavyweights and agile new players:
- ABB - Continues to lead with turnkey HVDC solutions for utility-scale projects worldwide.
- Siemens Energy - Strong in digital integration and large-capacity systems, focusing on high efficiency.
- Hitachi Energy - Innovates with modular converter designs suited for flexible deployment.
- General Electric - Offers robust, scalable solutions with an emphasis on grid reliability.
- Toshiba - Focuses on high-power converters for both intercontinental and regional projects.
Emerging and Regional Players:
- CG Power & Industrial Solutions, Hyosung Heavy Industries, and BHEL are expanding across Asia, supplying cost-effective systems for developing markets.
- Rongxin Power leads in Chinese innovations with localized, modular solutions.
- Power Grid Corporation of India is not just a user but also an integrator, driving large-scale HVDC deployments across India.
This competitive mix ensures continuous innovation, regional customization, and diversification of technology approaches.
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Editor's Note:
This release is based exclusively on verified and factual market content derived from industry analysis by Future Market Insights. No AI-generated statistics or speculative data have been introduced. This press release highlights significant shifts in the Market, which is experiencing a pivotal change driven by consumer demand for healthier, more transparent products.
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