Top 15 Companies in HVDC Transmission Market Worldwide in 2025: Market Research Report (2024–2035)
RELEASE DATE: Aug 2025 Author: Spherical InsightsRequest Free Sample Speak to Analyst
Description
According to a research report published by Spherical Insights & Consulting, The Global HVDC Transmission Market Size is projected To Grow from USD 11.09 Billion in 2024 to USD 29.45 Billion by 2035, at a CAGR of 9.28% during the forecast period 2025–2035. Due to factors such as increased renewable energy integration, long-distance power transmission requirements, grid stability demands, reduced transmission losses, technological improvements, and rising global electricity consumption, the global HVDC transmission market is expanding.
Introduction
The Global HVDC Transmission Market Size consists of companies that design and operate High high-voltage direct Current transmission systems that efficiently transmit electrical power across extensive distances. The power transfer using HVDC outperforms traditional AC systems because it provides cost-effective and dependable solutions that operate efficiently across extensive distances and undersea transmission lines. The primary drivers behind this market include the requirement to modernize old power systems and the increase in renewable energy installations, as well as the rising worldwide demand for stable electricity delivery. The industry advances system performance together with reliability and grid compatibility through technological breakthroughs, which include Voltage Source Converters (VSC), modular multilevel converters (MMC), and enhanced cable materials. Governments across the world support the HVDC market through programs that promote cross-border energy partnerships and funding for grid modernization and regulatory frameworks. Major initiatives in Europe, together with China and India, are driving the development of large-scale HVDC transmission projects. These projects work to fulfill both environmental goals and power system stability and access requirements. The future energy framework will depend on HVDC technology as its fundamental enabling component.
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HVDC Transmission Market Size & Statistics
- The Market Size for HVDC Transmission Was Estimated to be worth USD 11.09 Billion in 2024.
- The Market Size is Going to Expand at a CAGR of 9.28% between 2025 and 2035.
- The Global HVDC Transmission Market Size is anticipated to reach USD 29.45 Billion by 2035.
- Asia Pacific is expected to generate the highest demand during the forecast period in the HVDC Transmission Market.
- North America is expected to grow the fastest during the forecast period in the HVDC Transmission Market.
Regional growth and demand
North America is expected to grow the fastest during the forecast period in the HVDC Transmission Market. The increasing need for efficient distant power transmission, combined with expanding renewable energy project investments, propels market growth. The region implements advanced technology through Voltage Source Converters (VSC) to modernize its outdated power infrastructure while improving grid reliability. The market growth receives momentum through financial support and favorable governmental frameworks, together with rising cross-border power exchange, particularly between the United States and Canada. The enhanced focus on carbon emission reduction, together with offshore wind and solar energy integration, continues to drive demand for HVDC systems in this region.
Asia Pacific is expected to generate the highest demand during the forecast period in the HVDC Transmission Market. The rapid industrialization and urbanization of the Asia Pacific, together with its requirement for a stable power supply in densely populated regions, drive the increasing demand. The rising power requirements of China and India have led these countries to invest heavily in both transmission infrastructure and renewable energy projects at large distances. The numerous ultra-high-voltage projects in China position the country as a worldwide leader in HVDC implementation. Government initiatives, together with infrastructure spending and cross-border electricity collaborations, drive the market demand forward. The Asian region pushes faster HVDC implementation because it wants to minimize power transmission losses while connecting renewable energy facilities located far from urban centers.
Top 10 trends in the HVDC Transmission Market
- Rising integration of renewable energy
- Adoption of Voltage Source Converters (VSC)
- Expansion of cross-border transmission projects
- Development of Ultra High Voltage DC (UHVDC) systems
- Grid modernization and digitalization
- Increased public-private partnerships (PPP)
- Focus on reducing transmission losses
- Environmental and regulatory push
- Compact and modular HVDC solutions
- Technological innovations in cables and insulation
1. Rising Integration of Renewable Energy
High-voltage direct current lines transport electricity generated by far-off renewable installations such as offshore wind farms and desert solar facilities to urban areas. High-voltage direct current lines enable both stability and efficiency in the grid system, which makes them ideal for decreasing fossil fuel dependency as well as meeting worldwide clean energy targets and supporting the integration of intermittent power sources.
2. Adoption of Voltage Source Converters (VSC)
Voltage Source Converter (VSC) technology continues to gain popularity due to its rapid voltage control features and compact design, and ability to connect asynchronously to grids. The advanced stability of VSC-based HVDC systems makes them ideal for modern complex grids while providing superior renewable energy integration and adaptable operations, which make them excellent for offshore and urban applications.
3. Expansion of Cross-Border Transmission Projects
The increasing collaboration between nations for cross-border HVDC projects aims to enable electricity trading while improving energy security and regional supply-demand balance. These connections provide enhanced grid stability and reduced backup generation requirements, and maximize regional energy resource utilization, especially in areas with concentrated renewable energy production.
4. Development of Ultra High Voltage DC (UHVDC) Systems
The operation of UHVDC technology at voltages above 800 kV revolutionizes long-distance power transmission through its ability to move vast electricity volumes with minimal losses. China leads the world in implementing UHVDC lines that connect coastal power-consuming areas to energy-producing inland regions for improved transmission efficiency and urban electrical demand fulfillment.
Grid Modernization and Digitalization5.
The HVDC Transmission Market Size industry implements digital technologies through predictive maintenance alongside AI-driven diagnostics and real-time monitoring systems. The new developments enhance asset performance while reducing downtime and improving system reliability. The combination of distributed energy resources with advanced power flow management in smart grids using HVDC creates more resilient and efficient energy networks.
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Stay informed with the latest industry insights and market trends to identify new opportunities and drive growth in the HVDC transmission market. To explore more in-depth trends, insights, and forecasts, please refer to our detailed report.
Top 15 Companies Leading the HVDC Transmission Market
- Hitachi Energy
- Siemens Energy AG
- General Electric Company
- Mitsubishi Electric Corporation
- Prysmian Group
- Nexans S.A.
- NKT A/S
- Toshiba Corporation
- Sumitomo Electric Industries, Ltd.
- LS Electric Co., Ltd.
- Schneider Electric SE
- State Grid Corporation of China (SGCC)
- China Southern Power Grid (CSG)
- Power Grid Corporation of India Limited (PGCIL)
- NR Electric Co., Ltd.
1. Hitachi Energy
Headquarters: Zurich, Switzerland
Hitachi Energy leads the world in HVDC technology through its revolutionary developments in power system connectivity. The company's HVDC technologies enable long-distance, reliable power transmission, which serves as an essential tool to connect renewable energy sources such as offshore wind and solar power. Line Commutated Converters (LCC) and Voltage Source Converters (VSC) stand as two among many Hitachi Energy products that have been deployed in historical worldwide projects. The company supports energy transformation initiatives through its vital role in promoting grid stability, reducing transmission losses, and simplifying cross-border energy commerce. Through its extensive experience, research, and development investments, the company leads the worldwide progression toward sustainable interconnected power networks.
2. Siemens Energy AG
Headquarters: Munich, Germany
Siemens Energy functions as a major entity in HVDC systems, which delivers complete transmission solutions and advanced converter technology worldwide. Energy transport efficiency stands as the primary objective of its HVDC product line, which enables wide-scale renewable energy integration with grid connection. Siemens' advanced VSC technology (SIPLINK, HVDC PLUS) enables compact installations and provides enhanced dynamic grid support and reduced environmental impact. Through its participation in major intercontinental projects, Siemens Energy develops resilient energy infrastructure systems that concurrently drive decarbonization initiatives. The company maintains trustworthiness as a global engineering leader, which makes it suitable for government and utility partnerships.
3. General Electric Company (GE Grid Solutions)
Headquarters: Paris, France (Grid Solutions), Boston, USA (Global HQ)
The leading provider of HVDC systems operates as GE Grid Solutions under General Electric to supply LCC and VSC technology solutions for extensive power transmission systems. The company offers solutions that support transnational energy exchange as well as grid modernization and renewable energy integration. The HVDC capabilities of GE benefit from its expertise in digital grid management, along with control systems and protection solutions. The transmission of clean energy from remote generating facilities to consumption hubs relies on this system for decarbonization efforts. The company leads in developing future transmission networks through its international project involvement and funding for smart grid technology advancements.
4. Mitsubishi Electric Corporation
Headquarters: Tokyo, Japan
Mitsubishi Electric stands as a leading pioneer of HVDC transmission systems, while its power electronics and converter stations maintain exceptional reliability. The business supplies full-service HVDC solutions that focus on system stability alongside energy efficiency and compact design. Mitsubishi performs active operations primarily in the Middle East and Asia through its work on renewable energy integration projects and major interconnection systems. The company drives global energy transition towards cleaner power and grid reliability through its proprietary HVDC control systems and continuous development work. Mitsubishi Electric ensures high performance and minimal environmental impact in all its HVDC projects through its extensive engineering experience.
5. Prysmian Group
Headquarters: Milan, Italy
The Prysmian Group stands as the world leader in designing and manufacturing HVDC land along with underwater cables, which serve as fundamental components for extended transmission systems. Through its production of high-performance cable systems, which include both mass impregnated and XLPE variants, the company backs projects such as offshore wind farms and transcontinental connections. The contemporary cable solutions from Prysmian increase power network durability while minimizing transmission losses. The company holds a leading position in driving the global energy transition through its large project portfolio and its specialized installation services. Through its innovative approach, Prysmian leads the development of HVDC infrastructure to satisfy the escalating need for stable and eco-friendly power solutions.
Are you ready to discover more about the HVDC transmission market?
The report provides an in-depth analysis of the leading companies operating in the global HVDC transmission market. It includes a comparative assessment based on their product portfolios, business overviews, geographical footprint, strategic initiatives, market segment share, and SWOT analysis. Each company is profiled using a standardized format that includes:
Company Profiles
- Hitachi Energy
- Business Overview
- Company Snapshot
- Products Overview
- Company Market Share Analysis
- Company Coverage Portfolio
- Financial Analysis
- Recent Developments
- Merger and Acquisitions
- SWOT Analysis
- Siemens Energy AG
- General Electric Company
- Mitsubishi Electric Corporation
- Prysmian Group
- Nexans S.A.
- NKT A/S
- Toshiba Corporation
- Sumitomo Electric Industries, Ltd.
- Others
Conclusion
The growing need for efficient power transfer across long distances and the use of renewable energy sources drive strong market growth for HVDC transmission systems. The pace of HVDC adoption rises as converter technology advances and government incentives strengthen, and cross-border power trade expands. The transition to cleaner energy sources requires HVDC for establishing reliable sustainable power distribution networks.
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