The HVDC transmission market is poised for significant expansion, driven by the accelerating integration of renewable energy, rising electricity demand, and long distance low loss power transmission is set to drive the HVDC transmission market.
Austin, Nov. 07, 2025 (GLOBE NEWSWIRE) — HVDC Transmission Market Size & Growth Insights:
According to the SNS Insider,“The Hvdc Transmission Market Size was valued at USD 11.66 Billion in 2024 and is projected to reach USD 19.06 Billion by 2032, growing at a CAGR of 6.34% during 2025-2032.”
The size of the US HVDC Transmission Market was estimated at USD 2.09 billion in 2024 and is expected to increase at a compound annual growth rate (CAGR) of 6.96% from 2025 to 2032, reaching USD 3.58 billion. Utility efforts to integrate renewable energy, add dependable power capacity, and build viable long-distance power links are driving the growth of the HVDC transmission market.
Rising Localization of HVDC Technology Propel Market Growth Globally
One prevalent trend that propels the growth of the HVDC transmission market is the localization of modern power transmission technologies. In addition, governments are increasing their domestic infrastructure investments to offer high-voltage, long-distance transportation options. This shift in energy security enables faster HVDC deployment and lessens need on foreign supplies. Additionally, regional production encourages innovation and cost-effectiveness in transformers and voltage source converters. Similar home capabilities are being carefully incorporated into national energy goals in tandem with government measures for decarbonization and dependable grid infrastructure.
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Leading Market Players with their Product Listed in this Report are:
- Hitachi Energy Ltd.
- Siemens Energy AG
- NEXANS S.A.
- Toshiba Energy Systems & Solutions Corporation
- CHINA XD GROUP
- Mitsubishi Electric Corporation
- General Electric Company (GE)
- Xu Ji Group Co. Ltd.
- NR Electric Co. Ltd.
- Prysmian Group
- TBEA Co. Ltd.
- NKT A/S
- ABB Ltd.
- Schneider Electric SE
- Sterlite Power Transmission Ltd.
- Rongxin Power Electronic Co. Ltd. (RXPE)
- Sumitomo Electric Industries Ltd.
- Hyundai Electric & Energy Systems Co. Ltd.
- Pinggao Group Co. Ltd.
- LS Cable & System Ltd.
HVDC Transmission Market Report Scope:
| Report Attributes | Details |
| Market Size in 2024 | USD 11.66 Billion |
| Market Size by 2032 | USD 19.06 Billion |
| CAGR | CAGR of 6.34% From 2025 to 2032 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segmentation | • By Type(High-power Rating Projects, Low-power Rating Projects) • By Technology(Line Commutated Converter (LCC) and Voltage Source Converter (VSC)) • By Transmission (Submarine HVDC Transmission System, HVDC Overhead Transmission System and HVDC Underground Transmission System) • By Application(Subsea, Underground, Overhead and Mixed) |
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Key Industry Segmentation
By Type
In 2024, the Low-power Rating Projects segment accounted for approximately 64% of the HVDC Market share, driven by increasing demand for flexible and cost-effective transmission solutions in medium-scale renewable energy projects. The High-power Rating Projects segment is expected to experience the fastest growth in HVDC Market over 2025-2032 with a CAGR of 7.67% due to increased demand for transmitting bulk power over long distances.
By Technology
In 2024, the Line Commutated Converter (LCC) segment accounted for approximately 67% of the HVDC Market share, driven by its proven reliability in high-capacity, long-distance power transmission projects. The Voltage Source Converter (VSC) segment is expected to experience the fastest growth in HVDC Market over 2025-2032 with a CAGR of 7.81%, driven by the increase in requirement for variable, compact and grid upon transmission plans.
By Transmission
In 2024, the HVDC Overhead Transmission System segment accounted for approximately 55% of the HVDC Market share, due to being more cost-effective and a possibility of transferring a large amount of electricity over long distances efficiently. The Submarine HVDC Transmission System segment is expected to experience the fastest growth in HVDC Market over 2025-2032 with a CAGR of 10.48% due to the rising deployment of offshore renewable energy projects and long-distance undersea power links.
By Application
In 2024, the Overhead segment accounted for approximately 44% of the HVDC Market share, primarily due to its cost-effectiveness and suitability for long-distance inland transmission. The Subsea segment is expected to experience the fastest growth in HVDC Market over 2025-2032 with a CAGR of 11.56%, driven by rising investments in intercontinental and offshore renewable energy projects.
Regional Insights:
In 2024, Asia Pacific dominated the HVDC Market and accounted for 44% of revenue share, driven by large-scale grid modernization, interconnection projects, and high demand for long-distance power transmission.
North America is expected to witness the fastest growth in the HVDC Market over 2025-2032, with a projected CAGR of 8.00%, North America will grow because of vast investments in cross-border interconnections, increase in renewable energy penetration, grid modernization initiatives.
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Recent News:
- In June 2025, Mitsubishi Electric and GE Vernova have signed an MoU to enhance cooperation on power semiconductors for HVDC transmission systems. The partnership aims to boost IGBT supply and support the growing demand for VSC HVDC technologies amid global decarbonization efforts.
- In July 2025, Sumitomo Electric was named the preferred bidder for the 525kV Sea Link HVDC project in the UK, supporting National Grid’s “The Great Grid Upgrade.” The project will boost renewable energy transmission and contribute to UK’s net-zero goals.
Exclusive Sections of the HVDC Transmission Market Report (The USPs):
- DEPLOYMENT & INFRASTRUCTURE STATISTICS – helps you analyze global and regional deployment of HVDC transmission lines, installed capacity by type (overhead, submarine, underground), and cost benchmarks per kilometer to assess project feasibility and regional growth potential.
- TECHNOLOGY & COMPONENT TRENDS – helps you understand the evolving balance between Line-Commutated Converter (LCC) and Voltage Source Converter (VSC) technologies, highlighting efficiency improvements, lifespan of core components, and R&D intensity reflected through patent filings.
- GRID INTEGRATION & POLICY INDICATORS – helps you evaluate the role of HVDC systems in renewable energy integration, interregional energy exchange, and cross-border trading, supported by insights into government subsidies and policy-driven project acceleration.
- CAPITAL EXPENDITURE & COST ANALYSIS – helps you break down total project costs across HVDC components—such as converters, transformers, and control systems—enabling better financial assessment of infrastructure investment patterns.
- OPERATIONAL PERFORMANCE BENCHMARKS – helps you compare HVDC versus HVAC systems in terms of transmission losses, commissioning rates of new lines, and technological maturity levels across major regions.
- REGULATORY & APPROVAL LANDSCAPE – helps you track project pipeline timelines and regional approval processes, offering insights into market entry barriers, funding incentives, and regulatory efficiency across global markets.
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