| Study Period | 2020 - 2030 |
| Base Year For Estimation | 2024 |
| Forecast Data Period | 2025 - 2030 |
| CAGR | 10.00 % |
| Fastest Growing Market | North America |
| Largest Market | Europe |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
HVDC Converters Stations Market Analysis
The HVDC Converter Station Market is expected to register a CAGR of greater than 10% during the forecast period.
The HVDC converter segment is likely to witness significant demand for the global HVDC converter station market during the forecast period.
Growing number of offshore wind farm projects and favorable government policies are expected to create ample opportunities for the market studied.
Europe is expected to hold maximum market share, with most of the demand coming from major countries, such as the United Kingdom and Germany.
HVDC Converters Stations Market Trends
HVDC Converter Segment to Witness Significant Demand
HVDC converters are used to convert high voltage alternating current to high voltage direct current. Generally, numerous converters are connected in series and/or parallel to achieve the required ratings.
For instance, mercury arc valves were used at the beginning of every HVDC system, invariably as a single phase in construction, in contrast to the low voltage polyphase units used for industrial applications. The first converter station using thyristor exclusively was the Eel River scheme in Canada. Commissioned in 1972, it supplies 320 MW at 80 kV DC. The link is zero length and connects two AC systems of the same nominal frequency (60Hz).
The growth of the market for the converter segment during the forecast period is expected to be attributed to the growing demand for reliable power supply and increasing investments in power infrastructure.
Globally, the requirement for power transportation in bulk quantity has increased. Moreover, the development of power markets has led to an increased requirement for power transmission systems. Factors, such as an increase in bulk transportation of electricity over long distances, i.e., international delivery of power, along with increasing renewable energy penetration into the grid, would lead to an increase in the development of HVDC systems, in turn, driving the demand for HVDC converters.
In January 2022, Acradis NV signed a contract with TenneT BV worth USD 5.39 million to design three converter stations in the Netherlands. The converter stations will primarily be used to convert direct current generated from the planned IJmuiden Ver offshore wind farm, located approximately 62 km from the Netherlands' west coast.
Furthermore, in March 2021, Siemens AG commissioned India's first HVDC power transmission link featuring voltage source converter technology between Pugalur in Tamil Nadu and Thrissur in Kerala.
Therefore, based on the abovementioned factors, the HVDC converters segment is likely to witness significant demand during the forecast period.
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North America Expected to Witness Significant Growth
North America is the second-largest electricity market globally in terms of electricity generation. The region's electricity generation, transmission, distribution, and consumption processes are undergoing profound changes. The electricity markets, particularly the transmission and distribution networks, have experienced significant restructuring, paving the way for increased demand for the HVDC market.
According to projections by the US Energy Information Administration, the United States is expected to increase its electricity generation from 4,009.22 TWh in 2020 to 4,133.33 TWh in 2022. Similarly, according to Canada Energy Regulator, by 2050, Canada can expect an increase of up to 822 TWh of electricity generation, which represents an increase of over 25% compared to 2020.
The United States aims to increase renewable energy's share in its power generation mix to 80% by 2030, followed by 100% of electricity being renewable by 2035. Similarly, Canada aims to generate 90% of its electricity from clean energy sources such as hydro, wind, and solar by 2030. On the other hand, Mexico's General Climate Change Law has set a goal for Mexico to generate 35% of its electricity from clean energy sources by 2024. All of this indicates that the region's electricity generation mix will undergo a significant change over the coming years, hence, requiring subsequent developments in the transmission and distribution systems.
Much of Canada's electrical transmission and distribution grid (including HVDC transmission lines) was developed during the period of high economic growth (the 1950s to 1980s) and is reaching the end of its service life.
The aging infrastructure leads to higher failure rates and increased outages. This creates a massive opportunity for HVDC transmission as the country is not only expected to replace the older HVDC infrastructure, but also build HVAC transmission infrastructure as the HVDC transmission can become more cost-effective with time.
Therefore, based on the abovementioned factors, North America is expected to witness significant growth in the global HVDC converter station market during the forecast period.
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HVDC Converters Stations Industry Overview
The HVDC converter station market is moderately consolidated. Some of the key companies in the market include Hitachi Energy Ltd, Siemens Energy AG, Bharat Heavy Electricals Limited, GE Grid Solutions LLC, and Mitsubishi Electric Corporation, among others.
HVDC Converters Stations Market Leaders
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Bharat Heavy Electricals Limited
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GE Grid Solutions LLC
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Mitsubishi Electric Corporation
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Siemens Energy AG
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Hitachi Energy Ltd.
- *Disclaimer: Major Players sorted in no particular order
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HVDC Converters Stations Market News
In January 2022, Acradis NV signed a contract with TenneT BV worth USD 5.39 million to design three converter stations in the Netherlands. The converter stations will primarily be used for the conversion of direct current generated from the planned IJmuiden Ver offshore wind farm, located approximately 62 km from the Netherlands' west coast.
In December 2021, Hitachi Energy was awarded a contract from Samsung C&T Corporation to build an HVDC converter station in the United Arab Emirates. The scope of the agreement includes the supply of four HVDC converter stations to connect Abu Dhabi National Oil Company's offshore operations to the onshore power grid.
HVDC Converters Stations Industry Segmentation
The HVDC converter station market report includes:
| Technology | Voltage Source Converter (VSC) |
| Line Commutated Converter (LCC) | |
| Component | Converter |
| DC Equipment | |
| Converter Transformer | |
| Other Components (Reactive Power, Harmonic Filters, and AC Switchgear) | |
| Geography | North America |
| Asia-Pacific | |
| Europe | |
| South America | |
| Middle-East and Africa |
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HVDC Converters Stations Market Research FAQs
What is the current HVDC Converter Station Market size?
The HVDC Converter Station Market is projected to register a CAGR of greater than 10% during the forecast period (2025-2030)
Who are the key players in HVDC Converter Station Market?
Bharat Heavy Electricals Limited, GE Grid Solutions LLC, Mitsubishi Electric Corporation, Siemens Energy AG and Hitachi Energy Ltd. are the major companies operating in the HVDC Converter Station Market.
Which is the fastest growing region in HVDC Converter Station Market?
North America is estimated to grow at the highest CAGR over the forecast period (2025-2030).
Which region has the biggest share in HVDC Converter Station Market?
In 2025, the Europe accounts for the largest market share in HVDC Converter Station Market.
What years does this HVDC Converter Station Market cover?
The report covers the HVDC Converter Station Market historical market size for years: 2020, 2021, 2022, 2023 and 2024. The report also forecasts the HVDC Converter Station Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
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HVDC Converters Industry Report
Statistics for the 2025 HVDC Converter Station market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. HVDC Converter Station analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.
