HVDC converter station market grows as RE expansion, grid modernisation accelerate

China is expected to lead global HVDC capacity through 2031,

The global high-voltage direct current (HVDC) converter station market is set for strong growth from 2026 to 2031, supported by government energy policies, renewable energy expansion, and major investments in transmission infrastructure, according to GlobalData.

The firm’s latest report, “HVDC Converter Stations Market Size, Share and Trends Analysis by Technology, Installed Capacity, Generation, Key Players and Forecast to 2031,” projects sustained growth from 2026 to 2031, with the Asia-Pacific (APAC) region expected to remain the dominant force in global HVDC development.

China is expected to lead global HVDC capacity through 2031, followed by India and Germany.

The United States, United Kingdom, and South Korea are also expected to see steady growth driven by grid upgrades and renewable integration.

“APAC leads the global HVDC converter stations market, with the largest installed base and investment pipeline,” said Bhavana Sri Pullagura, senior power analyst at GlobalData.

“China and India will be the primary drivers of growth in the market over the forecast period, propelled by large-scale transmission programs and ambitious renewable energy targets,” she added.

Pullagura added that China’s push for ultra-high voltage direct current (UHVDC) systems and India’s development of renewable energy corridors are key factors shaping regional expansion.

The market is dominated by a few major OEMs, including Hitachi Energy, Siemens Energy, and GE Vernova, alongside leading Chinese manufacturers.

These companies are competing to develop more efficient voltage source converter (VSC) technologies while expanding regional manufacturing in China, India, and the US.

“The HVDC converter station market is a cornerstone of energy transition strategies across major regions," said Pullagura. "Increasing competition, regional manufacturing, and collaborative cross-border projects are expected to ensure that HVDC converter stations will play a vital role in building future-proof, sustainable energy systems.”