HVDC Converter Stations Global Market Report 2026

High-voltage direct current (HVDC) converter stations convert electrical power between AC and DC formats in high-voltage transmission networks. Used for long-distance power transmission, integrating multiple power systems, and promoting renewable energy integration, these stations contribute to decreased transmission losses and improved grid stability.

The primary types of HVDC converter stations include monopolar, bi-polar, back-to-back, and multi-terminal. Monopolar configuration utilizes a single high-voltage conductor for transmitting direct current (DC) in HVDC transmission systems, offering efficient utilization of transmission assets and cost reduction. Major components include valves, converter transformers, circuit breakers, harmonic filters, surge arresters, reactors, and others, using technologies such as line commutated converters and voltage sources. Capacities range from < 500 MW to > 3,000 MW, applied in power industry, oil and gas, powering islands and remote loads, and interconnecting networks.

Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report's Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.

Tariffs are affecting the HVDC converter station market by increasing costs for key components such as semiconductors, converter transformers, harmonics filters, reactors, and high voltage circuit breakers, which slows project timelines and raises installation expenses. Their impact is strongest in regions like Asia Pacific and Europe, where large scale HVDC projects rely heavily on imported electronic and power system components. Segments including voltage source converter stations, monopolar and bipolar systems, and multi terminal DC networks face the largest disruptions due to component intensity. However, tariffs also encourage domestic manufacturing, strategic supplier diversification, and innovation aimed at reducing dependence on imported converter technologies.

The HVDC converter stations market research report is one of a series of new reports from The Business Research Company that provides HVDC converter stations market statistics, including HVDC converter stations industry global market size, regional shares, competitors with a HVDC converter stations market share, detailed HVDC converter stations market segments, market trends and opportunities, and any further data you may need to thrive in the HVDC converter stations industry. This HVDC converter stations market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The hvdc converter stations market size has grown strongly in recent years. It will grow from $13.98 billion in 2025 to $15.01 billion in 2026 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to rise in long distance power transmission needs, increasing offshore wind integration, expansion of cross border electricity trade, adoption of early line commutated converter systems, growth in grid stability enhancement projects.

The hvdc converter stations market size is expected to see strong growth in the next few years. It will grow to $20.44 billion in 2030 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed to rising deployment of voltage source converter stations, increasing investment in renewable powered grids, growth in multi terminal hvdc systems, rising modernization of transmission infrastructure, increasing focus on reducing transmission losses. Major trends in the forecast period include increasing deployment of hvdc systems for renewable energy integration, growth in smart monitoring and digital control for converter stations, advancement in high efficiency voltage source converter technologies, rising utilization of hvdc infrastructure for long distance bulk power transfer, expansion of grid modernization projects using advanced converter components.

The growth of the renewable energy sector is anticipated to drive the expansion of the HVDC converter stations market in the future. Renewable energy is derived from natural sources that replenish at a rate faster than their consumption. HVDC converters are essential for the effective integration, transmission, and distribution of renewable energy over long distances, enhancing grid stability and facilitating the transition to a more sustainable and decarbonized energy system with minimal energy loss. For example, in December 2024, Eurostat, a Luxembourg-based government agency, reported that in 2023, renewable energy accounted for 24.5% of total energy consumption in the EU, up from 23.0% in 2022. Therefore, the growth in the renewable energy sector is fueling the HVDC converter stations market.

Leading companies in the HVDC converter station market are prioritizing strategic partnerships to deliver reliable services to their customers. A strategic partnership involves an agreement between two or more companies or organizations that collaborate to help each other achieve their respective objectives. For example, in March 2023, Hitachi Energy, a Japan-based sustainable energy firm, teamed up with the Gulf Cooperation Council Interconnection Authority (GCCIA), a Saudi Arabian sustainable energy organization, to enhance the Al-Fadhili high-voltage direct current (HVDC) converter station, which will enable the exchange of up to 1,800 megawatts of electricity between various states in the Middle East. Additionally, in July 2024, GE Vernova, a US-based energy services provider, formed a partnership with German Transmission System Operators (TSOs) to improve the integration of renewable energy sources into the power grid and boost the reliability and efficiency of energy transmission across the country. This collaboration is crucial for advancing the energy transition in Germany, enhancing the reliability of the electricity grid, and supporting the growth of renewable energy sources.

In March 2023, Hitachi Energy, a Switzerland-based manufacturer of HVDC converter stations, collaborated with the Gulf Cooperation Council Interconnection Authority (GCCIA) to improve power reliability and efficiency throughout the Gulf region. The partnership focuses on upgrading the Al-Fadhili HVDC converter station with advanced control and protection systems, enhancing grid resilience, power security, and operational efficiency across GCC countries. The Gulf Cooperation Council Interconnection Authority (GCCIA), based in Saudi Arabia, provides power transmission services and manages interconnection systems across its member nations.

Major companies operating in the hvdc converter stations market are Hitachi Energy Ltd., Siemens Energy AG, Mitsubishi Electric Corporation, Schneider Electric SE, ABB Ltd., Toshiba Corporation, China XD Group, Hyosung Corporation, ShanghAI Electric Group Co. Ltd., TBEA Co. Ltd., ZTT Group, SNC-Lavalin Group Inc., GE Grid Solutions LLC, LS Industrial Systems Co. Ltd., Fuji Electric Co. Ltd., Bharat Heavy Electricals Limited, HyundAI Electric & Energy Systems Co. Ltd., Nissin Electric Co. Ltd., Rongxin Power Electronic Co. Ltd., Xiamen Jiyi Electric Co. Ltd., XJ Group Corporation, EFACEC, China Electric Power Research Institute (CEPRI), NR Electric Co. Ltd., NARI Group Corporation, TGOOD Global Ltd., Ramboll Group A/S, ZTT International Limited, NKT A/S, Korea Electric Power Corporation

Europe was the largest region in the HVDC converter station market in 2025. North America is expected to be the fastest-growing region in the global HVDC converter stations market report during the forecast period. The regions covered in the hvdc converter stations market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the hvdc converter stations market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The high-voltage direct current (HVDC) converter stations market consists of revenues earned by entities by providing services such as long-distance power transmission, grid access for onshore and offshore, transnational grid connections, controlled power supply, performance improvements and firewalling of AC grids. The market value includes the value of related goods sold by the service provider or included within the service offering. The high-voltage direct current HVDC converter stations market also includes sales of series line-commutated converters (LCC), voltage-sourced converters, and current-source converters. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

HVDC Converter Stations Market Global Report 2026 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses hvdc converter stations market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for hvdc converter stations ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward, including technological disruption, regulatory shifts, and changing consumer preferences? The hvdc converter stations market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, total addressable market (TAM), market attractiveness score (MAS), competitive landscape, market shares, company scoring matrix, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market. This section also examines key products and services offered in the market, evaluates brand-level differentiation, compares product features, and highlights major innovation and product development trends.
• The supply chain analysis section provides an overview of the entire value chain, including key raw materials, resources, and supplier analysis. It also provides a list competitor at each level of the supply chain.
• The updated trends and strategies section analyses the shape of the market as it evolves and highlights emerging technology trends such as digital transformation, automation, sustainability initiatives, and AI-driven innovation. It suggests how companies can leverage these advancements to strengthen their market position and achieve competitive differentiation.
• The regulatory and investment landscape section provides an overview of the key regulatory frameworks, regularity bodies, associations, and government policies influencing the market. It also examines major investment flows, incentives, and funding trends shaping industry growth and innovation.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include the technological advancements such as AI and automation, Russia-Ukraine war, trade tariffs (government-imposed import/export duties), elevated inflation and interest rates.
• The total addressable market (TAM) analysis section defines and estimates the market potential compares it with the current market size, and provides strategic insights and growth opportunities based on this evaluation.
• The market attractiveness scoring section evaluates the market based on a quantitative scoring framework that considers growth potential, competitive dynamics, strategic fit, and risk profile. It also provides interpretive insights and strategic implications for decision-makers.
• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth.
• Expanded geographical coverage includes Taiwan and Southeast Asia, reflecting recent supply chain realignments and manufacturing shifts in the region. This section analyzes how these markets are becoming increasingly important hubs in the global value chain.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The company scoring matrix section evaluates and ranks leading companies based on a multi-parameter framework that includes market share or revenues, product innovation, and brand recognition.

Scope

• Markets Covered:1) By Type: Monopolar; Bi-Polar; Back-To-Back; Multi-Terminal
• 2) By Component: Valve; Converter Transformer; Circuit Breakers; Harmonic Filters; Surge Arresters; Reactors; Other Components
• 3) By Technology: Line Commutated Converters; Voltage Source Converters
• 4) By Capacity: < 500 MW; >= 500 MW - 1,000 MW; > 1,000 MW - 3,000 MW; > 3,000 MW
• 5) By Application: Power Industry; Oil And Gas; Powering Island And Remote Loads; Interconnecting Networks
• Subsegments:
• 1) By Monopolar: Monopolar Converter Stations (Single Terminal); Application-Specific Monopolar Systems
• 2) By Bi-Polar: Bi-Polar Converter Stations (Dual Terminal); Integrated Bi-Polar Systems
• 3) By Back-To-Back: Back-To-Back Converter Stations (Interconnection Systems); Applications For Short-Distance Transmission
• 4) By Multi-Terminal: Multi-Terminal DC Systems; Hybrid Multi-Terminal Converter Stations
• Companies Mentioned: Hitachi Energy Ltd.; Siemens Energy AG; Mitsubishi Electric Corporation; Schneider Electric SE; ABB Ltd.; Toshiba Corporation; China XD Group; Hyosung Corporation; Shanghai Electric Group Co. Ltd.; TBEA Co. Ltd.; ZTT Group; SNC-Lavalin Group Inc.; GE Grid Solutions LLC; LS Industrial Systems Co. Ltd.; Fuji Electric Co. Ltd.; Bharat Heavy Electricals Limited; Hyundai Electric & Energy Systems Co. Ltd.; Nissin Electric Co. Ltd.; Rongxin Power Electronic Co. Ltd.; Xiamen Jiyi Electric Co. Ltd.; XJ Group Corporation; EFACEC; China Electric Power Research Institute (CEPRI); NR Electric Co. Ltd.; NARI Group Corporation; TGOOD Global Ltd.; Ramboll Group A/S; ZTT International Limited; NKT A/S; Korea Electric Power Corporation
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Taiwan; Russia; South Korea; UK; USA; Canada; Italy; Spain.
• Regions: Asia-Pacific; South East Asia; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time Series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data Segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
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