HVDC Converter Station Market Size

HVDC Converter Station Market size was over USD 11.72 billion in 2024 and is projected to reach USD 32.16 billion by the end of 2037, growing at around 8.1% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of HVDC converter station is assessed at USD 12.48 billion.

Increasing adoption of transmission systems that can improve utilization of grid assets is estimated to be a key factor to drive market growth in the coming years. Moreover, the growing number of offshore wind farms coupled with favorable government policies for the construction of HVDC converter stations is projected to bring ample growth opportunities to the market in the near future. The market growth can also be attributed to the increasing demand for renewable energy across the world. Renewable energy has become increasingly popular in recent years owing to the urgent need to reduce carbon emissions and mitigate climate change. In the year 2020, renewable energy accounted for nearly 73% of global net additions to power capacity, with solar and wind power leading the way.

The purpose of the HVDC converter station is to facilitate the transmission of large amounts of power over long distances, which is often more efficient and economical than using traditional AC transmission systems. HVDC transmission systems are used to transmit power from remote renewable energy sources such as offshore wind farms or hydropower plants to urban centers, or to interconnect power grids that operate at different frequencies or in different regions. HVDC converter station refers to a specialized facility used in high-voltage direct current (HVDC) transmission systems to convert alternating current (AC) power to direct current (DC) power or vice versa. The converter station typically consists of multiple components, including transformers, converters, filters, switchgear, and control systems.

The HVDC converter station market includes the various companies involved in the design, manufacturing, and installation of these specialized facilities, as well as the maintenance and service providers that support them throughout their operational life. The market is driven by the increasing demand for renewable energy, the need to upgrade aging power transmission infrastructure, and the growing interest in interconnecting regional power grids to enhance energy security and resilience. In addition to this, the power capacity is becoming more dependent on renewable energy day by day. The International Renewable Energy Agency (IRENA) estimates that renewable energy could account for 90% of the world's power capacity by the year 2050. In addition to environmental benefits, renewable energy can also bring economic benefits. The renewable energy sector has created millions of jobs globally and has the potential to create many more in the coming years. Furthermore, renewable energy can reduce dependence on imported fossil fuels, improve energy security, and provide access to electricity in remote and underdeveloped areas. Hence, it is estimated to fuel the growth of the global HVDC converter station market over the projected period.