China High-Voltage Direct Current (HVDC) Transmission Systems - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2026 - 2031)

According to Mordor Intelligence, the China high-Voltage direct current transmission systems market size is estimated at USD 3.58 billion in 2026, and is expected to reach USD 5.67 billion by 2031, at a CAGR of 9.63% during the forecast period (2026-2031).

This report is Segmented by Transmission Type (Submarine, Overhead, and Underground), Component (Converter Stations, Transmission Medium, and Others), and Voltage Rating (Up To 400 KV, 401 To 800 KV, and Above 800 KV). The Market Sizes and Forecasts are Provided in Terms of Value (USD).

China High-Voltage Direct Current (HVDC) Transmission Systems Market Trends and Insights

Policy Push Under 14th Five-Year Plan

Twelve new UHV corridors received central approval, turning HVDC investment from discretionary to mandatory for provincial operators. State Grid earmarked CNY 600 billion (USD 83 billion) for grid capex in 2026, 45% of which targets HVDC converter stations and +-800 kV lines. Tariff guarantees indexed to distance allow sponsors to close 15-year policy-bank loans at 3.2% interest, widening the spread versus commercial funding and shortening breakeven timelines. The mechanism has already de-risked the Xizang-Guangdong project despite its 23-year nominal payback horizon. Renewable-integration mandates that call for 150 GW of wind and solar to flow eastward by 2030 further lock in demand for flexible VSC-HVDC topologies with black-start and frequency-support capability.

Accelerating West-to-East Renewable Power Transfer

Xinjiang recorded double-digit curtailment when the existing Hami-Chongqing link hit 85% loading. The upcoming Gansu-Zhejiang +-800 kV VSC corridor will shift 8 GW across 2,370 km and enable reverse flow during photovoltaic peaks, easing thermal limits on the AC grid. Qinghai's solar base shows why extra transfer capacity matters: by 2025, the province's peak load of 9.2 GW absorbed barely one-quarter of its installed capacity, making sub-3% HVDC losses decisive for revenue preservation. Every percentage-point loss above 3% wipes USD 28 million from annual earnings on an 8 GW line operating 6,000 full-load hours.

Very High Upfront CAPEX and Extended Payback

The Gansu-Zhejiang +-800 kV VSC project costs USD 612,500 per MW, 28% above a comparable 1,000 kV AC route. Provinces must co-fund converter stations, yet face tariff caps of CNY 0.05 per kWh that jeopardize debt coverage ratios below 1.2X. Xizang-Guangdong assumes 6,800 operating hours, but hydropower seasonality could stretch payback to 28 years if utilization falls. Each unplanned outage day erodes project NPV by USD 4.2 million, making predictive maintenance on cooling loops and DC filters central to investment returns.

Other drivers and restraints analyzed in the detailed report include:

1. Surge in Large-Scale Offshore Wind HVDC Links
2. Flexible VSC-HVDC Demand from Hyperscale Data Centers
3. Grid-Code Complexity for Multi-Terminal HVDC Meshing

For complete list of drivers and restraints, kindly check the Table Of Contents.

Segment Analysis

Overhead corridors held 64.8% of the Chinese high-voltage direct current transmission systems market in 2025, led by projects such as the 915 km Longdong-Shandong line, whose per-kilometer cost of CNY 1.5-2 million remains 60% below submarine alternatives. Submarine links, however, are forecast to post a 12.0% CAGR to 2031 as Jiangsu and Guangdong fast-track far-from-shore wind farms that demand +-400 kV VSC technology.

The China high-voltage direct current transmission systems market size for submarine links benefits from cost savings achieved by eliminating multiple AC platforms. The Rudong project, operational since 2024, removed three intermediate stations and cut the total bill by 18%. Offshore adoption is further bolstered by domestic cable makers that offer 9-month lead times and renminbi pricing, a 4-6% cost edge over European peers. Underground HVDC remains a niche option for short urban segments where overhead routes face right-of-way hurdles, as seen in Beijing's 12 km section priced at CNY 8.2 million per km.

Complete Report Scope:

• By Transmission Type
  • Submarine HVDC Transmission System
  • Overhead HVDC Transmission System
  • Underground HVDC Transmission System
• By Component
  • Converter Stations
  • Transmission Medium (Cables)
  • Others (Control & Protection Systems, Reactive Power Equipment, Accessories)
• By Voltage Rating
  • Up to 400 kV
  • 401 to 800 kV
  • Above 800 kV

List of Companies Covered in this Report:

1. State Grid Corporation of China (SGCC)
2. China Southern Power Grid (CSG)
3. Hitachi Energy Ltd
4. NR Electric Co. Ltd
5. TBEA Co. Ltd
6. China XD Group
7. Pinggao Electric Co. Ltd
8. Siemens Energy AG
9. ABB Ltd
10. General Electric Company
11. Toshiba Corporation
12. Chint Group
13. Shenzhen Sieyuan Electric
14. Xuji Group (NARI Technology)
15. Baoding Tianwei Baobian (TWBB)
16. Harbin Electric Corporation
17. Furukawa Electric Co. Ltd
18. Prysmian Group
19. Nexans SA
20. LS Cable & System
21. Jiangsu Zhongtian Technology (ZTT)
22. Hengtong Group

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support