Modular Multilevel Converters (MMC) Research: the global market size is projected to grow from USD 2,325.57 million in 2024 to USD 3,752.73 million by 2031

QY Research Inc. (Global Market Report Research Publisher) announces the release of 2025 latest report "Modular Multilevel Converters (MMC)- Global Market Share and Ranking, Overall Sales and Demand Forecast 2025-2031". Based on current situation and impact historical analysis (2020-2024) and forecast calculations (2025-2031), this report provides a comprehensive analysis of the global Modular Multilevel Converters (MMC) market, including market size, share, demand, industry development status, and forecasts for the next few years.

The global market for Modular Multilevel Converters (MMC) was estimated to be worth US$ 2326 million in 2024 and is forecast to a readjusted size of US$ 3739 million by 2031 with a CAGR of 7.1% during the forecast period 2025-2031.

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Modular Multilevel Converters (MMC) Product Definition

Modular Multi-Level Converter (MMC) is a power electronic device commonly used in high-voltage direct current transmission (HVDC) systems. It realizes the control and regulation of high-voltage direct current transmission lines by cascading multiple units. MMC adopts a modular structure. Each module is composed of a capacitor and several switching devices (such as thyristors or IGBTs, etc.), which can achieve multiple output voltages of different levels. This structure enables MMC to have higher voltage, current and power capacity, and can achieve higher voltage levels and lower harmonic content, thereby improving power transmission efficiency and stability.

Modular Multilevel Converters (MMC) Market Summary

Research Background:

The Modular Multi-Level Converter (MMC) market has emerged as a vital segment within the global power electronics industry, driven by the rapid transformation of energy systems and the growing need for efficient, flexible, and reliable power conversion technologies. MMCs are characterized by their modular architecture and high scalability, enabling superior voltage and current control with minimal harmonic distortion and improved energy efficiency compared to traditional converter designs. Their application has expanded beyond high-voltage direct current transmission to include renewable energy integration, grid stabilization, and large-scale industrial drives. The increasing adoption of renewable energy sources, ongoing grid modernization initiatives, and the demand for long-distance, high-capacity power transmission have created favorable conditions for the widespread deployment of MMC-based systems. Supported by advancements in semiconductor devices, control algorithms, and digital monitoring technologies, the MMC market is positioned as a key enabler of the next generation of sustainable and intelligent power infrastructure.

Development Status:

The Modular Multi-Level Converter (MMC) market is currently in a stage of steady technological maturation and commercial expansion, supported by the global shift toward renewable energy integration and advanced power transmission systems. MMC technology has evolved from early experimental applications to widespread deployment in high-voltage direct current transmission, flexible AC transmission systems, and medium-voltage industrial drives. Major manufacturers are focusing on enhancing converter efficiency, modular scalability, and fault-tolerant control to meet the increasing demand for grid reliability and flexibility. The development of wide bandgap semiconductor devices, digital control platforms, and improved cooling systems is further boosting converter performance and reducing maintenance costs. Additionally, research efforts are directed toward compact design, higher power density, and compatibility with hybrid and offshore renewable systems. With ongoing infrastructure upgrades and the expansion of renewable power networks, the MMC market is transitioning from niche adoption to a mainstream solution within global energy systems.

Future Trends:

Integration with Renewable Energy Growing adoption of renewable energy sources, such as wind and solar power, is driving the use of MMCs for efficient integration and management of these variable energy sources into the power grid.

Smart Grid and Digitalization The rise of smart grids and digitalization is leading to increased deployment of MMCs for advanced grid management, real-time monitoring, and improved control, which enhances grid stability and operational efficiency.

Enhanced Fault Management Innovations in MMC design, such as hybrid and mixed-cell topologies, are improving fault tolerance and reliability, allowing for more robust and dependable power conversion systems.

SWOT Analysis:

l Strengths

The MMC market benefits from its advanced modular architecture, which provides superior scalability, high efficiency, and low harmonic distortion compared to traditional converter technologies. MMC systems offer excellent flexibility in voltage and power control, enabling stable operation under varying grid conditions. Their ability to handle high power levels with improved reliability makes them the preferred solution for HVDC transmission, renewable energy integration, and flexible AC transmission systems.

l Weaknesses

Despite their technical advantages, MMCs face challenges related to high initial costs, complex control systems, and demanding maintenance requirements. The modular design increases the number of components, which can complicate fault detection and increase system integration time. Additionally, the need for skilled personnel and advanced digital control hardware can limit adoption in regions with limited technical infrastructure.

l Opportunities

The accelerating global transition to renewable energy, electrification, and smart grid development presents strong growth opportunities for MMCs. Expanding applications in offshore wind power, industrial motor drives, transportation electrification, and energy storage systems will further stimulate market demand. Continuous advancements in semiconductor materials, cooling systems, and control algorithms will drive innovation and cost reduction, broadening market accessibility.

l Threats

The MMC market faces competitive pressure from alternative power conversion technologies that offer lower cost or simpler design for specific applications. Supply chain disruptions for semiconductor components and economic uncertainties in infrastructure investment can also hinder market growth. Moreover, evolving grid standards and interoperability challenges may require ongoing adaptation of MMC designs, adding to development complexity.

According to the new market research report "Global Modular Multilevel Converters (MMC) Market Report 2025-2031", published by QYResearch, the global Modular Multilevel Converters (MMC) market size is projected to grow from USD 2,325.57 million in 2024 to USD 3,752.73 million by 2031, at a CAGR of 7.12% during the forecast period.

The report provides a detailed analysis of the market size, growth potential, and key trends for each segment. Through detailed analysis, industry players can identify profit opportunities, develop strategies for specific customer segments, and allocate resources effectively.

The Modular Multilevel Converters (MMC) market is segmented as below:
By Company
Siemens Energy
Hitachi Energy
GE Vernova
NARI Technology
Toshiba
Rongxin Huiko Electric
XJ Electric
Hyosung Heavy Industries
Innomotics
XD Electric
TBEA
Sifang Automation
Mitsubishi Electric

Segment by Type
Full Bridge Type
Half Bridge Type
Others

Segment by Application
HVDC
FACTS
Others

Each chapter of the report provides detailed information for readers to further understand the Modular Multilevel Converters (MMC) market:

Chapter 1: Introduces the report scope of the Modular Multilevel Converters (MMC) report, global total market size (valve, volume and price). This chapter also provides the market dynamics, latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by manufacturers in the industry, and the analysis of relevant policies in the industry. (2020-2031)
Chapter 2: Detailed analysis of Modular Multilevel Converters (MMC) manufacturers competitive landscape, price, sales and revenue market share, latest development plan, merger, and acquisition information, etc. (2020-2025)
Chapter 3: Provides the analysis of various Modular Multilevel Converters (MMC) market segments by Type, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments. (2020-2031)
Chapter 4: Provides the analysis of various market segments by Application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.(2020-2031)
Chapter 5: Sales, revenue of Modular Multilevel Converters (MMC) in regional level. It provides a quantitative analysis of the market size and development potential of each region and introduces the market development, future development prospects, market space, and market size of each country in the world..(2020-2031)
Chapter 6: Sales, revenue of Modular Multilevel Converters (MMC) in country level. It provides sigmate data by Type, and by Application for each country/region.(2020-2031)
Chapter 7: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product sales, revenue, price, gross margin, product introduction, recent development, etc. (2020-2025)
Chapter 8: Analysis of industrial chain, including the upstream and downstream of the industry.
Chapter 9: Conclusion.

Benefits of purchasing QYResearch report:

Competitive Analysis: QYResearch provides in-depth Modular Multilevel Converters (MMC) competitive analysis, including information on key company profiles, new entrants, acquisitions, mergers, large market shear, opportunities, and challenges. These analyses provide clients with a comprehensive understanding of market conditions and competitive dynamics, enabling them to develop effective market strategies and maintain their competitive edge.

Industry Analysis: QYResearch provides Modular Multilevel Converters (MMC) comprehensive industry data and trend analysis, including raw material analysis, market application analysis, product type analysis, market demand analysis, market supply analysis, downstream market analysis, and supply chain analysis.

and trend analysis. These analyses help clients understand the direction of industry development and make informed business decisions.

Market Size: QYResearch provides Modular Multilevel Converters (MMC) market size analysis, including capacity, production, sales, production value, price, cost, and profit analysis. This data helps clients understand market size and development potential, and is an important reference for business development.

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