Major players in high-voltage direct current (HVDC) transmission technology, providing efficient and reliable HVDC solutions for long-distance energy transmission and grid integration. offers advanced HVDC transmission systems and technology, enabling the efficient and stable transfer of electricity over long distances, enhancing grid connectivity and renewable energy integration.
*Disclaimer: List of key companies in no particular order
Latest Company Updates:
August 2023
For its $1 billion green High Voltage Direct Current (HVDC) link project in Mumbai, Adani Energy Solutions Limited (AESL) has obtained financing. While meeting the city's expanding electrical consumption, the project intends to provide more sustainable energy. The HVDC transmission link between Kudus and Aarey in Mumbai has been financially closed for $700 million with nine international banks, according to AESL. Beginning in October 2023, construction is scheduled. Mumbai, which has limited transmission capacity and an increasing demand for energy, will receive a continuous supply of renewable energy thanks to the link.
April 2023
Three consortia, including GE with Sembcorp Marine, GE with McDermott, and Siemens Energy with Dragados, inked contracts in Berlin to formalise Europe's largest-ever tender award for energy transition infrastructure. The other two consortia, Hitachi Energy and Petrofac, and GE with Sembcorp Marine also signed agreements.
Around €30 billion ($33 billion) worth of contracts have been made for the parts of the 14 high voltage direct current (HVDC) substations. As much electricity as 28 large-scale power plants will be produced by the offshore wind projects in the Dutch and German portions of the North Sea.
The agreements are a component of TenneT, a company based in Arnhem, with the ambition to link high voltage grids in the Netherlands and Germany to a number of offshore wind farms with a combined 40 gigawatts of power.
The contracts for the German projects, BalWin3 and LanWin4 (both with connections to the onshore grid in Wilhelmshaven), and LanWin2 (with a link close to Heide), have officially been given to the Siemens Energy/Dragados consortium.
Top listed global companies in the industry are:
Siemens (Germany)
Toshiba Corporation (Japan)
ABB Group (Switzerland)
Schneider Electric (France)
Adani (India)
Hitachi Energy (Japan)
General Electric Co. (US)
Mitsubishi Electric Corporation (Tokyo)
Alstom (France)
NKT A/S (Copenhagen)
Nexans (France), and others.
The HVDC Transmission Market Size was valued at USD 11.4 Billion in 2023. The HVDC Transmission market industry is projected to grow from USD 12.38 Billion in 2024 to USD 22 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.45% during the forecast period (2024–2032). Growing demand for voltage source converter (VSC) technology and electricity transmission are the key market drivers propelling the market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Market CAGR for HVDC transmission is driven by the rising demand for VSC technology and electricity transmission. The VSC-HVDC (Voltage Source Converter-based High Voltage Direct Current) is an innovative technology for the High voltage direct current transmission market that gives proper flow control in both directions, enhances voltage stability, averts fault propagation, and lessens network losses. HVDC Plus (Siemens), MonSin (GE/Alstom), and HVDC Light (ABB), are some of the common VSC-HVDC systems frequently used in the industry; it is projected that the increasing demand for voltage source converter technology would contribute to the growth of this market.
Additionally, this technology has various benefits over the LCC (line-commutated conversion) technology that has been used largely, which contains voltage and higher power at the same cost, smaller physical size making LCC- based stations, and black start capabilities 20-30% bigger than the VSC-HVDC conversion stations. Hence, these factors enhance the demand for VSC-HVDC transmission capabilities. Also, the electricity generation from renewable sources grew up by 7% in 2020, and the share of the same also grew from 27% in 2019 to 29% in 2020. The US EIA (Energy Information Administration) speculates this share to reach approx. 42% by 2050 in the US. This shift gives an extreme growth opportunity for HVDC transmission applications owing to its integration capabilities with renewable energy generation.
However, the increasing share of distribution and off-grid power generation may hamper the HVDC transmission market growth. But another technology for the growth of future power transmission networks is the HVDC submarine power transmission system. For transferring high power over long distances underwater, HVDC transmission is the only option that serves two fundamental grounds, including connecting isolated offshore platforms to main transmission lines and interconnecting countries or islands separated by sea. Further, the enlargement of offshore projects, such as offshore oil and gas upstream and wind farms projects, deliver HVDC technology a new economic potential globally.
For instance, in February 2022, TenneT (Netherlands) provided the largest-ever renewable energy contract to McDermott International (US) to make a 980-MW High Voltage Direcet Current for wind energy, which is why the rise in the adoption of renewable energy is a tremendous growth opportunity for the HVDC transmission market. Thus, contributing to the HVDC Transmission market revenue.
The HVDC Transmission market segmentation, based on technology, includes LCC and VSC. The LCC segment dominated the market, accounting for the largest market share. The LCC (line-commutated converters) use mercury-arc valves. These converters are significantly used where huge capacity and efficiency are required. Most of the High Voltage Direct Current (HVDC) transmissions are based on online-commutated converters (LCC).
However, the VSC segment is expected to show significant growth during the forecast period since it can be integrated into multiport-DC systems easily and has high reactive power control.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The HVDC Transmission market segmentation, based on application, includes underground, asynchronous, and offshore. The underground category contributed to the large income share. This is because underground cords are used for power applications where overhead cables are not feasible, difficult, or dangerous. These are common in factories and urban areas and even deliver power from overhead posts to consumer premises. Further, the asynchronous and offshore segments are anticipated to witness significant growth during the study period.
The HVDC Transmission market segmentation, based on configuration, includes Monopolar, bipolar, multi-terminal, and back-to-back. The bipolar segment contributed to the largest market share during the forecast period. In bipolar transmission, a set of conductors is used, each at a great potential with respect to the ground against polarity. The cost amount of a transmission cable is greater than a monopole with a return conductor because these conductors must be wrapped for the full voltage.
Further, the multi-terminal segment is expected to witness significant growth during the forecast period since it is a system with two or more converter stations and DC terminal lines. Despite differences in configuration, the total power taken from the rectifier station is always equal to the power supplied by the inverter station.
The HVDC Transmission market segmentation, based on voltage rating, includes 640 kV, 500 kV, and 200 kV. The 640 kV segment dominated the market share during the forecast period. With modern material technology, a 640 kV emitted DC underground system will increase the maximum power transfer of line systems by approx. 20%, permitting better integration of distant renewable energy sources into energy systems.
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American HVDC Transmission market area will dominate this market, owing to rising demand for rising government initiatives to reduce carbon emissions, renewable energy sources, and growing investments in the transmission infrastructure will boost the market growth in this region.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe’s HVDC Transmission market accounts for the second-largest market share owing to upgrading industrial infrastructure and huge investments in energy. Further, the German HVDC Transmission market held the largest market share, and the UK HVDC Transmission market was the fastest-growing market in the European region.
The Asia-Pacific HVDC Transmission Market is expected to grow at the fastest CAGR from 2023 to 2032. This is because of the government-supportive policies to accelerate industrialization and strong economic growth across the region. Moreover, China’s HVDC Transmission market held the largest market share, and the Indian HVDC Transmission market was the fastest-growing market in the Asia-Pacific region.
Leading market players are investing heavily in R&D in order to expand their product lines, which will help the HVDC Transmission market grow even more. Participants in the market are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contract-based agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To enlarge and survive in a more competitive and rising market climate, the HVDC Transmission industry must provide cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the HVDC Transmission industry to benefit clients and increase the market sector. In recent years, the HVDC Transmission industry has offered some of the most significant advantages to medicine. Major players in the HVDC Transmission market, including Toshiba Corporation (Japan), ABB Group (Switzerland), Schneider Electric (France), Adani (India), Hitachi Energy (Japan), General Electric Co. (US), and others, are attempting to increase market demand by investing in research and development operations.
Toshiba Corporation was incorporated in 1939 as Tokyo Shibaura Electric Company, Ltd. (Japanese: Tōkyō Shibaura Denki KK) in the merger of Tokyo Electric Company, Ltd. and Shibaura Engineering Works, Ltd. Ever since 1978; it has adopted its present name. The company manufactures computers and electronic devices for industry and consumers. It is headquartered in Tokyo, Japan. In December 2022, Toshiba Electronic Devices & Storage Corporation announced the construction of a new back-end production plant for power semiconductors at its Himeji Operations.
Hitachi Energy’s late history dates back to the 1800s when electrical engineering companies, ASEA and BBC (Brown Boveri & Cie), were framed during Europe’s industrial revolution. The two pioneering brands merged in 1988 to create ABB. And the company continued to upgrade automation technologies and industry-leading power through a combination of R&D and tactical acquisitions. In 2020, Hitachi and ABB's Power Grids business came together in a joint venture to make a new leader in pioneering digital technologies. Trusted as a partner of choice in this industry, the company co-creates the best-in-class solutions that provide the promise of a sustainable energy future.
January 2023: Nexans and SuperGrid Institute successfully transient overvoltage test 525kV DC cord system in compliance with the latest high voltage direct current recommendations.
February 2022: Hitachi introduced its new TRO600 series wireless routers with 5G capability. These routers help industrial and utility customers to achieve high reliability and resiliency in mission-critical operations. It enables a flexible, scalable, and secure hybrid wireless communication architecture.
January 2022: NKT has acquired Ventcroft Ltd. It will raise its strong position in the power cable market by adding Ventcrofts, a leading fire-resistant cable technology, to the portfolio.
HVDC Transmission Market Highlights:
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