The global high-voltage direct current (HVDC) converter stations market is undergoing significant growth, propelled by the escalating demand for electricity, advancements in smart grid technology, and substantial investments in power infrastructure. With notable contributions from China, Germany, the US, India, the UK, South Korea, and Italy, the market is projected to reach an aggregate value of $75.34 billion during the period from 2025 to 2030, reveals GlobalData, a leading data and analytics company.
GlobalData’s report, “HVDC Converter Stations Market Size, Share and Trends Analysis by Technology, Installed Capacity, Generation, Key Players and Forecast, 2024–2030,” reveals that the market value of HVDC converter stations in China is projected to reach an aggregate value of $11.50 billion during 2025-30. Germany is anticipated to follow closely, with a projected value of $11.12 billion. The HVDC converter station market in the US is anticipated to reach an aggregate market value of $9.11 billion during the period.
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Bhavana Sri Pullagura, Senior Power Analyst at GlobalData, comments: “China, Germany, the US, India, the UK, South Korea, and Italy are enacting comprehensive strategies to improve grid interconnectivity, augment the flexibility of generation capacity, and foster the use of renewable energy. Together, these countries are poised to represent over 50% of the global market share, with each region propelling market growth through a range of strategic initiatives and investments.”
China's 14th Five-Year Plan (FYP) emphasizes the country's determination to enhance its power grid infrastructure. The State Grid Corporation of China (SGCC) and China Southern Power Grid (CSG) have committed to making substantial investments aimed at fortifying the primary power grid and advancing the development of new energy sources. The SGCC intends to broaden its ultra-high voltage (UHV) transmission networks and construct additional infrastructure to augment grid capacity and dependability throughout China. These investments are designed to improve grid interconnectivity and flexibility, which are essential for integrating an increasing proportion of renewable energy into the national energy mix.
In March 2024, Germany’s Bundesnetzagentur (BNetzA) unveiled a comprehensive Network Development Plan that extends to 2045. This plan is aimed at speeding up the integration of offshore wind capacity with the onshore transmission network. BNetzA's approval of five new HVDC transmission lines, each with a capacity of 2GW, reflects the nation's progressive approach to modernizing its electrical infrastructure.
Pullagura concludes: “The growing demand for power, coupled with rapid economic expansion, is driving investment in upgrades to the transmission network. Initiatives that encourage the development of smart grids and renewable energy are further catalyzing this trend. The remote generation of power from renewable sources, such as wind farms, necessitates the transmission of electricity over extended distances, which supports the implementation of HVDC converter stations. Additionally, the improved reliability and efficiency of HVDC systems are expected to contribute to market growth.”
