The high voltage direct current (HVDC) transmission system market is set to experience strong growth, rising from $12.74 B in 2025 to $13.99 B in 2026, at a robust CAGR of 9.8 %, according to Research and Markets. Key drivers include the expansion of offshore wind farms, long-distance bulk power transmission, cross-border energy trade, and the increasing demand for urban energy. The adoption of line-commutated converter (LCC) HVDC systems is also playing a crucial role in this growth.

Looking ahead, the market is expected to reach $20.76 B by 2030, with a higher CAGR of 10.4 %. This growth will be fueled by the widespread deployment of voltage-source converter (VSC) HVDC systems, investments in renewable energy grids, and a rise in multi-terminal HVDC projects. Notable trends include the scaling of HVDC infrastructure to integrate renewable energy, advancements in smart monitoring systems, and continuous improvements in converter technologies.

Global power demand is driving HVDC market growth. The IEA forecasts a 3.4 % annual rise in global electricity demand until 2026. Data centre electricity use is expected to double, increasing the need for efficient power transmission.

Corporate strategies emphasise research investment to strengthen market positions. In August 2023, the US Department of Energy funded HVDC voltage-source converter research, aiming for a 35 % cost reduction by 2035. Similarly, Mitsubishi Electric’s February 2023 acquisition of Scibreak AB strengthens its position in direct current circuit breaker technology.

The Asia-Pacific region is expected to exhibit the fastest growth, with Europe currently leading the market.

Key market players include Siemens AG, General Electric Company, Mitsubishi Electric Corporation, Schneider Electric SE, ABB Ltd, Prysmian S.p.A., and Hitachi Energy, among others.

Source: Globe Newswire

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