PUBLISHER: Global Industry Analysts, Inc. | PRODUCT CODE: 1733930
PUBLISHER: Global Industry Analysts, Inc. | PRODUCT CODE: 1733930
Global High Voltage Direct Current Transmissions Market to Reach US$17.1 Billion by 2030
The global market for High Voltage Direct Current Transmissions estimated at US$12.1 Billion in the year 2024, is expected to reach US$17.1 Billion by 2030, growing at a CAGR of 6.0% over the analysis period 2024-2030. Voltage Source Converters, one of the segments analyzed in the report, is expected to record a 5.1% CAGR and reach US$9.0 Billion by the end of the analysis period. Growth in the Line Commutated Converters segment is estimated at 6.8% CAGR over the analysis period.
The U.S. Market is Estimated at US$3.3 Billion While China is Forecast to Grow at 9.2% CAGR
The High Voltage Direct Current Transmissions market in the U.S. is estimated at US$3.3 Billion in the year 2024. China, the world's second largest economy, is forecast to reach a projected market size of US$3.4 Billion by the year 2030 trailing a CAGR of 9.2% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 3.0% and 5.8% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.9% CAGR.
Why Is HVDC Transmission Becoming Vital in the Global Energy Transition?
High Voltage Direct Current (HVDC) transmission systems are rapidly emerging as a foundational component of the global energy infrastructure due to their ability to transmit large amounts of electricity over long distances with minimal losses. Unlike alternating current (AC) systems, HVDC lines offer higher efficiency, better grid stability, and lower transmission losses-especially useful for cross-border interconnections, offshore wind farms, and remote renewable energy sites. As energy systems transition to decentralized, low-carbon models, HVDC plays a key role in connecting generation to demand centers.
In modern grid networks, HVDC is increasingly used to link asynchronous AC grids, stabilize frequency fluctuations, and integrate intermittent renewables like wind and solar. Urban megacities, island nations, and regions with geographically dispersed generation assets (like hydropower in mountainous zones) depend on HVDC for economic and reliable power delivery. It is also ideal for undersea and underground power cables, which are less feasible with traditional AC technologies due to capacitance-related energy losses.
How Are Technological Advancements Expanding HVDC System Capabilities?
Recent technological innovations have significantly enhanced the efficiency, cost-effectiveness, and deployment flexibility of HVDC systems. Voltage Source Converters (VSC) have emerged as a game-changer, enabling compact, modular HVDC systems suited for dynamic load balancing and urban integration. Compared to classic Line Commutated Converters (LCC), VSC-HVDC systems support black-start capability, bi-directional flow control, and integration with weak or small grids.
Advances in materials, like supergrid-ready insulated cables, silicon carbide (SiC) power semiconductors, and smart switchgear, are improving the performance and lifespan of HVDC systems. Digital twins, grid modeling software, and AI-based predictive maintenance tools are also being incorporated into HVDC stations for enhanced monitoring and grid optimization. The development of multi-terminal and hybrid AC/DC grids is expanding the applicability of HVDC beyond point-to-point transmission.
Which Projects and Regions Are Leading HVDC Deployment?
Mega infrastructure projects are fueling HVDC demand globally. Notable examples include China's State Grid ultra-high-voltage corridors, India's renewable integration corridors, and Europe's North Sea offshore wind connections. Countries like Brazil and Canada are using HVDC to transport hydropower over thousands of kilometers to dense urban markets. Additionally, interconnectors such as the UK-Norway “North Sea Link” and Germany-Denmark “Kriegers Flak” are setting the benchmark for cross-border HVDC integration.
Asia-Pacific currently leads in terms of HVDC installations, with China alone operating several of the world’s highest-capacity systems. Europe follows, driven by interconnection needs and renewable targets under EU energy policy. North America is expanding HVDC for grid modernization and renewable energy transmission in remote regions. The Middle East and Africa are emerging markets where HVDC is being explored to enhance cross-border electricity trade and improve rural grid access.
The Growth in the HVDC Transmission Market Is Driven by Several Factors…
The growth in the HVDC transmission market is driven by several factors linked to renewable energy integration, grid modernization efforts, and cross-border power trading. Technological advancements in converter technology, insulation materials, and modular system design have expanded HVDC’s applicability in both bulk power transmission and urban grid support. The shift toward hybrid and smart grids is further catalyzing the adoption of flexible, digital-ready HVDC infrastructure.
From an end-use standpoint, the rise in offshore wind, utility-scale solar, and hydropower generation in remote or offshore locations is creating sustained demand for long-distance, low-loss transmission. Government-backed investments in interregional and international grid connectivity-aligned with decarbonization goals-are accelerating HVDC deployment. As global electricity demand rises and networks become more decentralized and renewable-heavy, HVDC is set to become a core architecture of future power systems.
SCOPE OF STUDY:
The report analyzes the High Voltage Direct Current Transmissions market in terms of units by the following Segments, and Geographic Regions/Countries:
Segments:
Technology (Voltage Source Converters, Line Commutated Converters, Capacitor Commutated Converters); Transmission Type (Submarine, Overhead, Underground); Application (Bulk Power Transmission, Interconnecting Grids, Infeed Urban Areas)
Geographic Regions/Countries:
World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.
Select Competitors (Total 48 Featured) -
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