The global HVDC converter station market size was valued at USD 12.17 billion in 2024 and is projected to reach USD 15.84 billion by 2030, growing at a CAGR of 4.8% from 2025 to 2030. The market’s growth is primarily driven by the increasing demand for efficient long-distance power transmission, which is becoming essential to meet rising electricity needs while minimizing energy losses.

HVDC technology provides a significant advantage over traditional AC transmission systems, as it reduces power losses over long distances, making it particularly suitable for transmitting electricity from remote power generation sites to densely populated areas. A prime example of this capability is the Rio Madeira HVDC system in Brazil, which successfully transmits hydroelectric power over 2,375 km, demonstrating the efficiency and reliability of HVDC systems for large-scale, long-distance transmission projects.

Moreover, the growing focus on renewable energy integration and grid interconnection is expected to positively impact market growth during the forecast period. As countries strive to expand their renewable energy capacity, HVDC converter stations are increasingly critical for connecting offshore wind farms, solar parks, and other renewable energy installations to national grids. For instance, the DolWin alpha converter station in the North Sea connects multiple offshore wind farms to the German electricity grid, highlighting the role of HVDC technology in facilitating the seamless integration of renewable energy sources and supporting sustainable energy transitions.

Key Market Trends & Insights:

• In 2024, Asia Pacific dominated the global HVDC converter station market, capturing the largest revenue share of over 53.0%. The region’s leadership is largely driven by rapid expansion in power infrastructure, growing electricity demand, and significant investments in renewable energy projects. China, in particular, has developed strong domestic capabilities in HVDC technology through a combination of technology transfers, extensive research and development, and hands-on practical experience, positioning the country as a global leader in HVDC deployment.

• When analyzed by technology, the voltage source converter (VSC) segment recorded the largest revenue market share of over 53.0% in 2024. VSC technology is favored for its ability to efficiently manage power flow, support multi-terminal configurations, and integrate renewable energy sources, making it ideal for modern grids that require flexibility and stability.

• In terms of type, the multi-terminal segment held the highest revenue market share of over 49.0% in 2024. Multi-terminal HVDC systems are increasingly adopted due to their capability to connect multiple generation sources and load centers, enhancing grid reliability and enabling efficient long-distance transmission of electricity from renewable energy plants such as offshore wind farms and large-scale solar parks.

• Overall, Asia Pacific’s dominance, combined with advances in VSC technology and the adoption of multi-terminal HVDC systems, is driving significant growth and technological innovation within the global HVDC converter station market.

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Market Size & Forecast:

• 2024 Market Size: USD 12.17 Billion

• 2030 Projected Market Size: USD 15.84 Billion

• CAGR (2025-2030): 4.8%

• Asia Pacific: Largest market in 2024

Key Companies & Market Share Insights:

The HVDC converter station market is highly competitive, featuring a mix of major global players and numerous regional manufacturers. Leading companies are leveraging their technological expertise, innovative solutions, and extensive experience to strengthen market positioning and gain a competitive edge. Market participants are increasingly differentiating themselves through advanced features, such as enhanced control systems, higher power ratings, and compact footprint designs, which improve system efficiency and adaptability.

Furthermore, the global transition toward clean energy has driven companies to invest heavily in research and development, enabling the creation of next-generation HVDC technologies. This focus on innovation is intensifying the competitive landscape as companies seek to provide more efficient, reliable, and sustainable transmission solutions for integrating renewable energy sources into national grids.

In May 2024, Hitachi Energy Ltd was selected by Marinus Link Pty Ltd (MLPL) to develop and supply an HVDC project aimed at transmitting renewable energy between Tasmania and the Australian mainland power grid. This initiative will enable Tasmania to import wind- and solar-generated electricity, enhancing energy security and supporting sustainable energy goals.

In March 2024, the joint venture Bam-Hitachi Energy was appointed by National Grid Energy Transmission (NGET) and SSEN Transmission to construct converter stations for the USD 2,700.0 million Eastern Green Link 2 (EGL2) offshore interconnector, which will span 436 km and deliver 2GW of high-voltage direct current (HVDC) power. This subsea cable project, set to become the longest HVDC cable in the UK, aims to connect Peterhead in Scotland to Drax in England by 2029, supporting up to 50GW of offshore wind capacity as part of the UK’s net-zero energy vision.

In January 2024, Alfanar Group entered into a strategic agreement with the Saudi Authority for Industrial Cities and Technology Zones (Modon) to develop an HVDC converter station for the Saudi government. This station will be designed to meet the requirements of Tabuk Industrial City, facilitating reliable power transmission and supporting industrial and renewable energy initiatives in the region.

Key Players

• Bharat Heavy Electricals Limited

• GE Grid Solutions LLC

• Mitsubishi Electric Corporation

• Siemens Energy AG

• Hitachi Energy Ltd.

• LSIS

• Hyosung

• C-Epri Power Engineering Company

• Toshiba Corporation

• NR Electric Co. Ltd

• Crompton Greaves Ltd

• C-EPRI Electric Power Engineering Co., Ltd

• ABB

• XJ Electric

• Bhel

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Conclusion:

The HVDC converter station market is experiencing significant growth, driven by the increasing demand for efficient long-distance power transmission, integration of renewable energy sources, and advancements in HVDC technology. Asia Pacific leads the market, with China emerging as a key player due to its strong domestic capabilities in HVDC technology. The voltage source converter (VSC) and multi-terminal HVDC systems are gaining prominence, offering enhanced flexibility and scalability for modern power grids.