- HVDC components are critical systems enabling efficient and stable bulk power transmission over long distances, particularly for integrating renewable energy and interconnecting grids. These components, including converter stations (with converters, transformers, and filters), transmission cables (overhead, underground, submarine), and control & protection systems, are integral to applications like bulk power transfer, grid interconnections, and urban power infeed.
- The market is fueled by the global rise in electricity demand, driving the need for more efficient transmission. The global HVDC transmission market size was valued at USD 13.28 billion in 2024 and is projected to reach USD 21.17 billion by 2032, growing at a CAGR of 6.1% from 2023 to 2032. The increasing integration of renewable energy sources, especially from remote locations and offshore wind farms, further boosts demand for HVDC.
- The adoption of advanced technologies like Voltage Source Converters (VSC) enhances HVDC performance, offering superior control, flexibility, and compatibility with renewable energy sources. VSC technology held the largest revenue market share of over 32.26% in HVDC converter stations in 2024. The growing focus on grid modernization and cross-border interconnectivity is a significant growth driver.
- Asia-Pacific is expected to dominate the global high voltage direct current (HVDC) transmission market and accounted for the largest market share of 32.26% of this market in 2024 (specifically for HVDC converter stations), driven by robust economic growth, rapid industrialization, increasing urbanization, and significant government investments in grid modernization and renewable energy integration in countries like China, India, and South Korea. China dominates due to its massive UHVDC (Ultra High Voltage Direct Current) infrastructure investments.
- China is anticipated to witness significant growth during the forecast period (CAGR not specifically stated for 2025-2032, but overall HVDC market CAGR for 2025-2032 is projected around 7.5%), propelled by the need to upgrade aging power infrastructure, increasing integration of renewable energy (especially offshore wind), and R&D investments in grid resilience.
- Among components, the converter stations segment is typically the largest market share holder in HVDC projects, attributed to their critical role in converting AC to DC and vice versa, along with their complexity and high cost. Other key components include transmission cables and control & protection systems.
