Press release
HVDC Transmission Market Analysis (2026): Key Players, Forecast, and Emerging Opportunities
HVDC Transmission Market SIze
United States: Recent Industry Developments
✅ January 2026: ABB and GE Power expanded HVDC pilot projects to enhance long-distance renewable energy transmission across the Midwest.
✅ December 2025: Siemens Energy commissioned a 1,200 MW HVDC link to strengthen grid reliability and integrate offshore wind energy.
✅ November 2025: U.S. Department of Energy approved funding for HVDC research focusing on ultra-high-voltage systems for sustainable power transmission.
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Japan: Recent Industry Developments
✅ January 2026: Mitsubishi Electric completed testing of next-generation HVDC converters for grid stabilization and renewable integration.
✅ December 2025: Chubu Electric Power advanced a high-capacity HVDC project connecting offshore wind farms to urban centers.
✅ November 2025: Japanese energy authorities launched initiatives to deploy smart HVDC solutions for enhanced efficiency and reduced transmission losses.
Top Key Players:
Siemens AG (Siemens Energy): A global leader in HVDC systems, specializing in HVDC PLUS® (VSC-based) technology for efficient long-distance transmission, offshore wind integration, and multiterminal projects, with recent wins like the UK's Sea Link HVDC converter stations.
ABB: Pioneer of commercial HVDC since the 1950s, holding a massive installed base (over half the world's projects), renowned for record-breaking UHVDC links (e.g., ±1100 kV in China) and innovations in converter transformers and submarine cables.
• General Electric Co. (GE Vernova): Provides customized LCC and VSC HVDC solutions for grid interconnections, offshore wind, and refurbishments, with recent contracts in India (Chandrapur back-to-back upgrade) and South Korea for large-scale power grid projects.
• Hitachi Ltd (Hitachi Energy): A dominant force in HVDC (formerly ABB Power Grids), with expertise in HVDC Light® VSC technology for renewable integration, offshore wind, and grid strengthening, including major projects like Australia's Marinus Link and US interconnections.
• Mitsubishi Electric Corporation: Japan's leading HVDC supplier, excelling in VSC systems and frequency converters (e.g., Shin-Sakuma project), with strong domestic presence in Japan's grid interconnections and global collaborations on IGBT semiconductors for VSC-HVDC.
• NKT A/S: Danish specialist in high-voltage HVDC power cables (XLPE insulated), focusing on onshore and offshore systems, with major recent contracts for German Corridor projects (SuedLink/SuedOstLink), Scottish links, and Denmark's Bornholm Energy Island interconnector.
• Nexans S.A.: French expert in subsea HVDC cables and interconnections, achieving world records in deep-water installation (e.g., 2,150m on Italy's Tyrrhenian Link) and turnkey solutions for transnational and offshore wind projects like EuroAsia Interconnector.
• NR Electric Co., Ltd.: Chinese innovator in HVDC and FACTS solutions, providing converter valves, control/protection systems, and UHVDC tech for domestic mega-projects (e.g., Hami-Chongqing), with growing global reach in efficient bulk power transmission.
• Toshiba Corporation: Japan's top HVDC contributor (No.1 supplier domestically), pioneering VSC with MMC technology for frequency conversion and interconnections (e.g., Shin-Shinano east-west link), supporting reliable grid operation in Japan's 50/60 Hz split system.
• These companies drive HVDC advancements globally, with Europe/Asia leading in cable tech and converter innovation, while supporting renewable integration and long-distance efficient transmission.
Key Development:
USA
• Champlain Hudson Power Express (1,200 MW HVDC link from Quebec to NYC) on track for operation in 2026, boosting clean energy imports to New York.
Japan
• Japan's HVDC deployment sees continued momentum in offshore wind grid integration, aiding reliable bulk power transmission and converter station demand.
Europe
• Siemens Energy secures major HVDC interconnector contracts in Europe (North Sea and cross‐border links), advancing large‐scale renewable integration.
December 2025 - Key Developments
USA
• U.S. DOE funding pushes HVDC VSC system research aiming at >30 % cost reduction, accelerating adoption of advanced grid technologies.
Japan
• Japan continues strategic partnerships (e.g., with U.S. firms on power semiconductors for HVDC systems), strengthening supply chains and tech competitiveness.
Europe
• ABB's acquisition of a major Spanish power electronics business closes, expanding HVDC converter manufacturing footprint in Europe.
November 2025 - Notable Trends
🇺🇸 USA
• Subsea HVDC deployments expand along the U.S. East Coast with ~600 km cables supporting multi‐GW offshore wind connections.
Japan
• Japan's 1 GW Choshi subsea HVDC line enters service, signaling growing emphasis on grid stability for renewable sources.
Europe
• European HVDC market leads globally with interconnectors like NordLink and emerging UK‐Germany submarine links, aiding cross‐border energy trade.
Key Trends:
1. Focus on offshore wind integration (targets: 10 GW by 2030, up to 45 GW by 2040), requiring submarine HVDC cables.
2. Underground/submarine systems dominate due to land constraints and urban density.
3. Shift to VSC-HVDC for better control, black-start capability, and renewable syncing.
4. Government plans to replace 4,000 km of overhead lines by 2025 with underground/HVDC alternatives.
5. Rising investments in cross-regional interconnectors for renewable evacuation and stability.
6. Trending Globally/Regionally: Asia-Pacific leads HVDC globally (67% share in 2025), with Japan contributing via tech leadership rather than mega-scale projects (unlike China/India). HVDC supports Japan's energy transition, with emphasis on reliability in earthquake-prone areas.
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Key Segments:
By Technology
• Voltage Source Converter (VSC) leads with 45% share, driven by flexible control and integration with renewable energy.
• Line Commutated Converter (LCC) holds 35% share, favored for long-distance bulk power transmission.
By Configuration
• Point-to-Point dominates with 60% share, used primarily for high-capacity, long-distance links.
• Multi-terminal rising (20% share), enabling smart grid interconnections and offshore integration.
By Voltage
• 350-640 kV systems account for ~40% share, widely deployed for regional transmission projects.
• 800 kV emerging (15% share), supporting ultra-high voltage long-distance transmission.
By Application
• Bulk Power Transmission leads with ~50% share, driven by inter-regional electricity transfer needs.
• Offshore Grid growing (~20% share), fueled by renewable energy integration and offshore wind projects.
Recent Projects
» Japan's HVDC activity centers on existing enhancements and planning for future offshore wind links; no major new commissions in early 2026, but ongoing developments include:
» Hokkaido-Honshu Interconnections: Core HVDC backbone. Existing systems include the 2012 Hokkaido-Honshu HVDC Link (250 kV, 600 MW total with upgrades) and the New Hokkaido-Honshu VSC HVDC (300 MW, commissioned 2019, increasing total capacity to 900 MW). Sumitomo Electric continues cable enhancements (e.g., Hokuto-Imabetsu HVDC Link order in 2024 for upgrades).
» Planned/Under Discussion: Sea of Japan route HVDC interconnector (2 GW capacity targeted by 2030) for offshore wind evacuation from Hokkaido to Honshu. OCCTO (Organization for Cross-regional Coordination of Transmission Operators) announced qualified operators in February 2025; consortia expressed interest in 2025 bidding.
» Frequency Converters: Ongoing reliance on facilities like Hida-Shinano (900 MW, 2021) and Shin-Sakuma (300 MW VSC order to Mitsubishi Electric in 2023, operations by March 2028).
» Adani Energy Solutions Ltd acquires KPS III HVDC Transmission Ltd (India) - AESL completed the acquisition of 100 % equity in the SPV, designed to evacuate 2.5 GW of renewable energy from the Khavda RE zone, strengthening its HVDC transmission portfolio under its inorganic growth strategy.
» ABB completes acquisition of Gamesa Electric's power electronics business (Spain) - ABB closed the deal to add converter plant assets and ~400 staff, expanding its HVDC‐relevant power conversion capabilities; this strategic move is part of ABB's broader grid technology expansion
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