The HVDC transmission market is projected to grow from USD 15.62 billion in 2025 to USD 22.07 billion in 2030, at a CAGR of 7.2% during the forecast period.
The major factors driving market growth are integrating VSC technology into HVDC systems, rapid transition toward renewable energy, and a strong focus of governments and utilities on grid modernization to improve power reliability. In addition, constant advances in power electronics and the adoption of digital and automation technologies, the electrification of the transportation sector, and growing demand for integrated networks across long distances provide ample opportunities for the market players.
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The HVDC transmission industry is expected to witness substantial growth in the coming years, driven by the increasing demand for long-distance and high-capacity power transmission, integration of renewable energy sources, and the modernization of aging power grids. Utilities and grid operators are increasingly deploying advanced HVDC solutions, including voltage-source converters (VSC), hybrid HVDC systems, and modular multilevel converters, to enhance grid reliability, efficiency, and stability. Rising investments in cross-border interconnections, offshore wind projects, and large-scale renewable integration, coupled with supportive government policies and decarbonization initiatives, are further accelerating market growth. With its ability to reduce transmission losses, optimize energy flow, and enable flexible grid management, HVDC technology is emerging as a critical enabler for the global transition toward a sustainable and resilient power infrastructure.
Asia Pacific to be fastest-growing region in global HVDC transmission market during forecast period
Asia Pacific is expected to lead growth in the HVDC transmission market during the forecast period. Rapid urbanization, increasing electricity demand, and large-scale renewable energy integration are driving adoption. Countries like China, India, Japan, and South Korea are investing heavily in grid modernization and cross-border power interconnections. China and India are leading with multiple HVDC mega-projects for long-distance bulk power transmission and offshore wind integration, while Japan and South Korea focus on smart grid deployment and renewable energy interconnection. Local and global players such as Hitachi, Mitsubishi Electric, Siemens Energy, GE Vernova, and Prysmian Group support the regional expansion through advanced converter stations, innovative cable technologies, and strategic infrastructure projects.
HVDC Transmission Market, By Technology
The Line Commutated Converter (LCC) segment accounted for a significant share in 2024. Its growth is driven by high efficiency, proven reliability, and suitability for long-distance, high-capacity bulk power transmission. LCC technology remains widely adopted in cross-border interconnections, offshore wind integration, and regional grid modernization projects. Emerging technology, such as Voltage Source Converter (VSC), is gaining traction for flexible grid control, lower environmental impact, and integration with renewable energy sources, enabling real-time voltage regulation, reduced losses, and enhanced stability of modern power networks.
HVDC Transmission Market, By Application
Bulk power transmission accounted for the largest share in 2024. HVDC systems are increasingly deployed to transport large volumes of electricity over long distances with minimal losses and improved stability. They are widely adopted for interconnecting regional grids, integrating offshore wind and solar farms, and enhancing urban and industrial power supply reliability. Emerging applications in smart grids and renewable-heavy networks are gaining traction, enabling dynamic load management, real-time monitoring, and improved overall grid efficiency.
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KEY TAKEAWAYS
BY COMPONENT
The market is divided into converter stations, transmission cables, and other components. Converter stations account for the largest share, as they are critical for voltage conversion, grid integration, and enabling long-distance bulk power transfer.
BY TECHNOLOGY
Key technologies include Line Commutated Converter (LCC), Voltage Source Converter (VSC), and Capacitor Commutated Converter (CCC). LCC dominates the market due to its cost efficiency and proven performance in high-capacity, long-distance transmission projects.
BY PROJECT TYPE
HVDC projects are categorized into point-to-point transmission, back-to-back stations, and multi-terminal systems. Point-to-point transmission leads the market, driven by its wide use in cross-border power trading, offshore wind connections, and inter-regional grid links.
BY APPLICATION
Applications include bulk power transmission, interconnecting grids, and infeed urban areas. Bulk power transmission holds the largest share as HVDC is increasingly deployed for transporting large volumes of electricity over long distances with minimal losses.
BY REGION
Asia Pacific dominates the market, supported by large-scale investments in renewable energy integration, cross-border electricity trade, and rapid urbanization. China and India are major contributors, with ongoing HVDC megaprojects and grid modernization initiatives.
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