High Voltage Direct Current (HVDC) Transmission Systems Market Size, Share, & Forecast by Converter Technology (LCC, VSC), Voltage Rating, Power Capacity, and Application (Interconnections, Offshore Wind) – Global Forecast (2026-2036)

The global high voltage direct current (HVDC) transmission systems market is expected to reach USD 21.87 billion by 2036 from USD 10.34 billion in 2026, at a CAGR of 7.8% from 2026 to 2036.

High Voltage Direct Current (HVDC) transmission systems are modern technologies that convert alternating current (AC) to direct current (DC) for long-distance power transmission and then switch back to AC at the receiving end. These systems include power electronic converter stations that use thyristor or insulated-gate bipolar transistor (IGBT) technology, high-voltage DC cables or overhead transmission lines rated from ±100 kV to ±800 kV or higher, control systems that manage power flow and grid stability, and protection schemes that ensure reliability. By using direct current instead of conventional alternating current, HVDC systems offer important benefits. They can transmit large amounts of power over distances greater than 600-800 km with lower losses than AC systems. They also allow for the interconnection of AC grids that operate at different frequencies, connect remote renewable energy sources like offshore wind farms to mainland grids, and facilitate submarine and underground cable transmission, which avoids the limitations of overhead lines. Additionally, HVDC systems provide precise control of power flow, independent of grid resistance. These features make HVDC technology crucial for modern power grids that integrate renewable energy, support international electricity trading, and transmit power across difficult geographical areas such as oceans, mountains, and busy urban areas.

Key Market Highlights:

1. In 2026, Asia-Pacific accounts for the largest share of the global HVDC transmission systems market, driven by massive investments in long-distance power transmission in China and India, renewable energy integration requirements, cross-border interconnections, and presence of major HVDC technology suppliers.
2. Europe is projected to register the highest CAGR during the forecast period, fueled by aggressive offshore wind development, European Green Deal targets, cross-border grid interconnections, and replacement of aging transmission infrastructure with advanced HVDC systems.
3. Based on converter technology, the voltage source converter (VSC) segment is expected to witness the highest growth during the forecast period, driven by superior performance for offshore wind integration, black start capability, independent reactive power control, and suitability for multi-terminal HVDC networks.
4. Based on voltage rating, the ±320 kV to ±500 kV segment holds significant market share in 2026, representing the optimal balance between transmission capacity and technical complexity for majority of long-distance and offshore wind applications.
5. Based on power capacity, the 1000-3000 MW segment dominates the market in 2026, serving the largest portion of bulk power transmission projects including major interconnections and large offshore wind farm connections.
6. Based on application, the cross-border and regional interconnections segment accounts for substantial market share in 2026, driven by international electricity trade, grid reliability enhancement, and renewable energy sharing across borders.
7. The offshore wind integration segment is expected to grow at the highest CAGR during the forecast period, driven by explosive growth of offshore wind capacity, technical advantages of HVDC for long-distance submarine transmission, and government renewable energy targets.
8. The U.S. HVDC transmission systems market is projected to grow at a CAGR of around 6% during the forecast period 2026 to 2036, driven by renewable energy zone connection, aging grid infrastructure replacement, and interstate transmission expansion.
9. China is expected to lead the Asia-Pacific HVDC transmission systems market, driven by the world's most extensive HVDC network connecting remote renewable resources to load centers, ultra-high voltage DC (UHVDC) technology leadership, and continued grid expansion investments.
10. In 2026, Germany is projected to account for significant share of the European HVDC transmission systems market, driven by offshore wind integration requirements, role as European electricity transit hub, and Energiewende energy transition investments.

Market Overviewand Insights: 

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High Voltage Direct Current transmission systems are a game-changing technology that tackle key issues in modern power systems. They offer efficient long-distance power transmission, help integrate remote renewable energy sources, and connect incompatible AC grids. These advanced systems act like electrical superhighways, allowing gigawatts of power to travel thousands of kilometers with much lower losses than traditional AC transmission. They also provide precise control and unique benefits that AC systems cannot match. The basic principles of DC transmission, like no reactive power, no skin effect, and being independent of system frequency, enable HVDC to overcome the limitations of AC systems, especially over long distances or specific uses, like underwater cables.

Several key trends are transforming the HVDC market. The rapid growth of offshore wind energy is creating a need for long-distance underwater transmission. Developments in voltage source converter (VSC) technology are allowing for multi-terminal HVDC networks and offering grid services. Ultra-high voltage DC (UHVDC) systems, operating at ±800 kV and higher, are making long-distance power transmission possible. More cross-border connections are emerging, facilitating international electricity trade and sharing of renewable energy. HVDC is now being combined with energy storage and grid flexibility solutions to support a high level of renewable energy use. The rise of renewable energy, the need for updated grids, climate change measures, and advancements in HVDC technology have made HVDC a crucial infrastructure component in the global energy transition.

Key Trends Shaping the Market: 

The HVDC transmission systems market is shifting towards more flexible, higher-capacity, and smarter systems integrated with wider grid management structures. Advanced HVDC systems are moving beyond simple point-to-point setups to complex multi-terminal networks that enable linked DC grids. They also create hybrid AC-DC transmission paths that can share space, integrate with flexible AC transmission systems (FACTS) for better grid control, and coordinate with energy storage systems to boost grid flexibility. Incorporating digital technologies—like advanced sensors, monitoring systems, artificial intelligence for maintenance and optimization, cybersecurity for protecting infrastructure, and communication systems for coordinated control—is transforming HVDC from a passive system into a smart, adaptable grid asset. This enhances overall system resilience and efficiency.

VSC technology is quickly advancing and gaining market share, replacing traditional line-commutated converters (LCC) in areas where VSC offers important benefits. VSC-HVDC systems use advanced IGBT-based converters that can manage active and reactive power separately. This includes black start capability, which allows the grid to restore itself without an external power source, reactive power support that stabilizes voltage and improves power quality, connections to weak AC grids or isolated loads that are not possible with LCC, and a smaller size with fewer filtering needs. Most importantly, VSC technology permits multi-terminal HVDC setups. In these systems, three or more converter stations connect to a shared DC network, creating flexible grids that optimize power flow, enhance reliability with redundancy, and support renewable energy from various sources. The North Sea Wind Power Hub illustrates this vision. It proposes offshore HVDC networks that connect many offshore wind farms across several countries, forming a pan-European offshore grid. The advantages of VSC technology are leading to a preference shift, with VSC accounting for the majority of new HVDC projects, especially for offshore wind and medium-distance transmission, despite higher costs compared to established LCC technology.

UHVDC development is pushing technical limits and enabling the transport of enormous power amounts over vast distances. China is at the forefront of UHVDC technology with operational systems at ±800 kV that can transmit up to 12 GW over distances greater than 3000 km, and research is already targeting ±1100 kV. These systems cater to China's unique geography, where abundant renewable resources (like hydropower in the southwest, wind, and solar in the northwest and north) are far from the eastern coastal load centers. UHVDC technology requires advanced converter designs to handle high voltage and current stresses, specialized insulation systems for cables and equipment, complex control systems to maintain stability over long distances, and extensive testing programs to ensure reliability. While the use of UHVDC is mainly found in China and India, where geography and economic factors justify the technology, the advancements in this field improve global HVDC capabilities and demonstrate the potential for long-distance power transmission. This could pave the way for initiatives like the Asian Super Grid or international renewable energy connections.

Report Summary:

Market Dynamics: 

Driver: Renewable Energy Integration and Transmission Requirements 

The global growth of renewable energy, especially wind and solar power, is the main factor driving HVDC market growth. Renewable sources are often far from where energy is consumed, like offshore wind in deep ocean waters, onshore wind in remote areas, and solar in deserts. This creates a need for long-distance transmission systems. The International Energy Agency states that renewable electricity generation capacity must triple by 2030 to meet climate goals, which will require significant investments in transmission infrastructure. HVDC technology is vital for integrating renewable energy by enabling cost-effective transmission over long distances, where AC is inefficient (usually beyond 600-800 km overhead or 60-80 km underwater). It allows for the connection of large offshore wind farms, which would be too costly or impossible with AC underwater cables, and helps link remote renewable areas like Mongolian wind, Chilean solar, and Australian solar to major demand centers. It also enables energy sharing between regions with different frequencies (50 Hz and 60 Hz grids). China is a prime example of HVDC deployment driven by renewables, with over 30 UHVDC lines transmitting hydropower from the southwest, wind from the northwest and north, and solar from the west to eastern demand centers. Europe’s goals for offshore wind—potentially reaching 300 GW by 2050—will require extensive HVDC underwater networks. India’s green energy corridor, which connects solar and wind resources to the national grid, heavily relies on HVDC. The mismatch between where renewable resources are and where electricity is needed makes HVDC transmission vital for the global energy transition. 

Driver: Grid Interconnection and International Electricity Trade 

The increasing need for grid interconnection, driven by reliability, cost-effectiveness, and renewable energy integration, is boosting HVDC demand for cross-border and regional links. HVDC allows the connection of asynchronous AC grids that operate at different frequencies (50 Hz and 60 Hz) or cannot be synchronized due to technical or political issues. This supports electricity trading and improves grid reliability without synchronization risks that could cause failures across borders. Key interconnection projects propelling HVDC growth include the integration of Europe’s energy market with multiple cross-border HVDC links connecting Scandinavian hydropower to Continental Europe, the UK to Continental Europe, and Mediterranean solar to Northern Europe. Asian interconnections also include concepts for a Northeast Asian supergrid linking the grids of Russia, Mongolia, China, Korea, and Japan. In South America, interconnections connect a variety of resources across countries. The Gulf Cooperation Council (GCC) is also working on power grid interconnections in the Middle East. These projects aim to improve economic efficiency by sharing diverse generation resources and demand profiles, helping integrate renewable energy to balance the variability of wind and solar power. They also enhance grid reliability through mutual support during emergencies and promote geopolitical cooperation through energy infrastructure as a way to foster broader collaboration. The European Union's Projects of Common Interest (PCI) framework highlights priority cross-border infrastructure, including several HVDC projects. China's Belt and Road Initiative also includes cross-border electricity links to neighboring countries. These policies create ongoing demand for HVDC interconnection systems. 

Opportunity: Offshore Wind Energy Explosive Growth 

The rapid growth of offshore wind energy worldwide is the biggest opportunity for HVDC technology suppliers. Global offshore wind capacity surpassed 70 GW in 2023 and is expected to reach 380 GW by 2030, as reported by the Global Wind Energy Council. Additional capacity beyond 2030 aims for net-zero emissions. Europe leads with more than 30 GW currently operational and aims for nearly 300 GW by 2050. China's offshore wind capacity exceeded 35 GW in 2023, targeting over 100 GW by 2030. Offshore wind plans on the United States East Coast exceed 30 GW, while Japan, South Korea, and Taiwan are also developing significant capacities. Most future offshore wind development will occur at distances and depths where HVDC offers clear economic and technical benefits compared to AC transmission. This will drive demand for individual wind farm connections, offshore platforms that consolidate multiple farms for shared HVDC transmission, and ultimately offshore HVDC networks creating interconnected systems. The offshore wind-HVDC market is projected to increase from the current project pipeline of about 15-20 GW to potentially over 100 GW in the next decade as projects transition from planning to execution. Each gigawatt of offshore wind capacity requires around $500 million to $1 billion in HVDC transmission investments, depending on distance and setup, creating a multi-billion dollar market. Leading HVDC suppliers, such as Hitachi Energy, Siemens Energy, and GE, are making offshore wind a key growth focus with specialized products and project management skills. 

Opportunity: Grid Modernization and Aging Infrastructure Replacement 

The need for grid modernization in developed countries and expansion in developing ones creates significant opportunities for HVDC technology. Many transmission systems in North America and Europe are 50-70 years old and need replacement or upgrades. At the same time, changes in energy generation and demand—such as the retirement of coal plants, the rise of renewable energy, and the electrification of transportation and heating—require a redesign of transmission infrastructure. HVDC presents benefits for grid updates, including greater power density along existing rights-of-way through AC-DC hybrid corridors or converting AC to DC transmission. It allows underground and underwater transmission, avoiding public pushback against new overhead lines in crowded areas, and offers precise control of power flow regardless of network conditions, which reduces congestion and improves grid use. It also enhances grid stability through controllable power injections that support weaker grids. Specific uses pushing HVDC adoption for modernization include urban systems supplying cities where underground HVDC cables replace outdated AC infrastructure in tight spaces, upgrades to transmission corridors converting AC to DC to boost capacity without needing new rights-of-way, and strengthened grids providing controllable transmission paths to improve stability and reliability. The U.S. has identified over $600 billion in needed transmission infrastructure investments by 2030, with HVDC offering solutions for many long-distance, high-capacity needs. Europe faces similar significant grid investment needs, driven by aging infrastructure and the integration of renewable energy.

Segment Analysis: 

By Converter Technology: 

The voltage source converter (VSC) segment is expected to grow the fastest during the forecast period. VSC-HVDC technology uses IGBT-based converters that can control active and reactive power independently. This technology is changing HVDC applications beyond simple point-to-point bulk power transmission. Key advantages of VSC that drive market growth include independent reactive power control, which allows for voltage support and improved power quality, black start capability that enables grid restoration without an external power source, connection to weak grids or isolated loads that LCC technology cannot achieve, multi-terminal network capability that creates flexible and redundant meshed DC grids, compact converter stations that occupy significantly less space than LCC, and lower harmonic generation that requires minimal filtering. These features make VSC ideal for integrating offshore wind, where remote offshore platforms lack strong AC grids, for connecting renewable energy from weak grid areas, for urban applications that need compact stations, and for future multi-terminal HVDC networks planned for offshore wind hubs. The segment’s growth stems from lower VSC costs as technology matures and production increases, rising IGBT voltage and current ratings that support higher-power VSC systems, a surge in the offshore wind market that demands VSC capabilities, and grid operators recognizing VSC’s ability to support the grid beyond just transmission. Leading suppliers, such as Hitachi Energy (HVDC Light), Siemens Energy (HVDC Plus), and GE (HVDC PowerLink), provide extensive VSC portfolios with voltage ratings up to ±640 kV and power ratings exceeding 2 GW per converter. 

The line-commutated converter (LCC) segment still has a presence for specific applications where its features offer advantages. LCC-HVDC uses thyristor-based converters that have dominated HVDC technology for over 50 years. They provide proven reliability thanks to extensive operational history, lower losses than VSC especially at very high power levels, higher power ratings with single LCC converters exceeding 3 GW compared to about 2 GW for VSC, and lower costs per MW for ultra-high voltage, ultra-high power applications. These benefits keep LCC relevant for specific uses, including ultra-high voltage DC (UHVDC) transmission at ±800 kV and above, where LCC technology is reliable and VSC is still developing, long-distance bulk power transmission over 1000 km and 6-12 GW where efficiency and cost-effectiveness favor LCC, and connecting strong AC grids where LCC’s need for robust AC systems does not limit its use. China’s extensive UHVDC network mainly uses LCC technology due to its proven capability and cost-effectiveness for transmitting 6-12 GW over distances of 2000-3000 km. India's HVDC expansion for renewable integration also primarily employs LCC for most long-distance, high-power projects. However, LCC segment growth is limited since it cannot serve offshore wind, weak grid connections, or multi-terminal networks, concentrating its applications in specific high-power, long-distance areas. 

Hybrid LCC-VSC configurations represent a new technology that combines the advantages of both converter types. LCC contributes efficient high-power bulk transmission while VSC adds controllability and grid support. Some projects use hybrid designs with LCC on the strong-grid side and VSC on the weak-grid or offshore side, optimizing the overall system's cost and performance. 

By Voltage Rating: 

The ±320 kV to ±500 kV segment has a significant market share in 2026. It represents the best balance between transmission capacity and technical complexity for most long-distance and offshore wind applications. This voltage range allows power transmission of 1000-3000 MW over distances from hundreds to over 1000 kilometers with acceptable losses. It uses proven technology with a strong operational history, established supply chains for cables and equipment, and manageable insulation and switching needs. Most offshore wind HVDC systems operate within this range, with ±320 kV and ±400 kV being common for wind farms up to 1.5-2 GW. Long-distance connections often use ±500 kV as the maximum voltage, providing capacity up to 3 GW. This segment benefits from mature technology as both LCC and VSC are available at these voltages, offering cost-effectiveness compared to higher voltages while still providing enough capacity for most applications. It is suitable for both overhead and cable transmission. Key projects in this segment include various European offshore wind connections, North American interconnections, and many Chinese long-distance transmission lines. 

The ultra-high voltage (±600 kV to ±800 kV and higher) segment supports the highest-capacity, longest-distance transmission primarily in China and India. UHVDC systems at ±800 kV can transmit 6-12 GW over distances of 2000-3000+ km. These systems are designed to transmit large amounts of renewable and hydropower generation from remote sources to distant load centers. China operates the world's largest UHVDC network with over 30 lines either in operation or under construction, connecting western hydropower and northern wind/solar energy to eastern coastal provinces. India is also developing UHVDC for linking large solar parks and hydropower to the national grid. This segment shows China's technological leadership with companies like State Grid Corporation of China (SGCC) and equipment suppliers such as XJ Group, TBEA, and China XD Electric working on advancing capabilities. It also faces extreme requirements for insulation, switching, and control at these voltages and is cost-effective only at very high power levels and long distances, where economies of scale justify the added complexity. Some research programs are looking into ±1100 kV and higher, but commercial use remains a long way off. This segment’s growth largely depends on the specific geographical and energy infrastructure needs of China and India. 

The ±100 kV to ±250 kV segment is used for medium-distance transmission, island connections, and some offshore wind applications where moderate capacity is adequate. This voltage class offers affordable solutions for powers in the 200-1000 MW range, particularly for VSC-HVDC systems servicing small to medium offshore wind farms, island connections, and specialized uses. This segment includes many early VSC-HVDC projects that are establishing technology credibility.

By Power Capacity: 

The 1000-3000 MW segment leads the market in 2026, handling the largest share of bulk power transmission projects. This capacity range is ideal for most long-distance transmission and large offshore wind connections. It includes major cross-border interconnections that improve grid reliability and support electricity trade. This segment caters to large offshore wind farms, usually between 1-2 GW, and facilitates long-distance renewable energy transmission from remote wind and solar sources. It also helps with balancing supply and demand across different grid regions. Projects in this segment often use ±320 kV to ±500 kV systems, either LCC or VSC technology, depending on what is needed. This segment offers the best economic benefits for most transmission applications, uses tested technology with a lot of operational experience, and fits well with the typical scales of renewable projects and grid planning. Key projects include Dogger Bank offshore wind (3 GW total with multiple converters), NordLink (1.4 GW Germany-Norway connection), and many Chinese inter-provincial transmission links.

The ultra-high capacity (over 3000 MW) segment handles the largest transmission applications, mainly using UHVDC technology in China and India. These projects can transmit 6-12 GW over very long distances (2000-3000+ km), connecting large hydro resources or renewable energy zones to major load areas. Examples include China's Xiangjiaba-Shanghai ±800 kV 6.4 GW link spanning 2000 km and several other UHVDC corridors. This segment is limited to regions where such massive transmission scales make economic sense, mainly China, due to its combination of vast remote hydro resources and distant coastal load centers, and India, which has large solar parks in isolated areas. The segment needs specialized technology and has relatively few but very valuable projects.

The 500-1000 MW segment covers medium-scale applications, including smaller offshore wind farms, medium-distance connections, and unique applications like island connections and urban infeed systems. This segment typically uses VSC technology at ±250 kV to ±320 kV, balancing capacity with cost for applications that do not need larger scales.

By Application: 

The cross-border and regional interconnections segment represents a significant market share in 2026, driven by strong reasons for international electricity cooperation. Cross-border HVDC links enable electricity trade, optimizing different resource portfolios across countries. They enhance grid reliability by providing mutual support during outages or generation shortages. These links also facilitate renewable energy integration, allowing countries with complementary resources (like hydropower, wind, and solar) to manage variability. Additionally, they promote political cooperation by using energy infrastructure as a means for broader collaboration. Major interconnection projects include the integration of the European internal market with multiple links (NordLink Germany-Norway, NorNed Norway-Netherlands, UK-Continental Europe interconnectors), a potential Asian supergrid connecting Northeast Asian countries, South American interconnections, and the GCC power grid in the Middle East. This segment benefits from policy support, like the EU Projects of Common Interest, which offer favorable regulatory treatment and potential funding. Economic factors from price differences and generation portfolio optimization, along with grid reliability improvements through resource sharing, also contribute to its success. Interconnection projects typically use 1000-1500 MW capacity with ±320 kV to ±500 kV voltage ratings, often utilizing VSC technology for better control and independence from AC grid sync needs.

The offshore wind integration segment is set to grow the fastest during the forecast period due to rapid offshore wind capacity expansion worldwide. Offshore wind HVDC applications have unique traits, such as needing submarine cables because of their offshore locations; this requires HVDC for distances beyond 60-80 km for it to be cost-effective. Project sizes are growing, with individual wind farms approaching or exceeding 2 GW capacity, typically using VSC technology due to weak offshore AC grids and control requirements. There's also potential for multi-terminal offshore networks that would create integrated offshore generation and transmission systems. Geographic concentrations in Europe’s North Sea and Baltic Sea, featuring projects from Germany, the Netherlands, Belgium, Denmark, and Norway; China’s coastal waters with aggressive development plans; the extensive development pipeline on the U.S. East Coast; and emerging markets in Taiwan, Japan, and South Korea create a global market. The segment is expected to grow from the current pipeline of 15-20 GW to potentially 80-100+ GW over the next decade, becoming the largest HVDC growth driver. Leading suppliers are creating specialized offshore HVDC platforms designed for this use.

The long-distance bulk power transmission segment addresses traditional HVDC needs for moving large amounts of power over long distances where AC becomes technically or economically unfeasible. This includes transmitting hydropower from distant locations to load centers (like Canadian hydropower to the U.S. Northeast, or Chinese southwestern hydro to the eastern coast), connecting remote renewable energy zones such as wind in Mongolia, solar in the Australian outback, and solar in Chile, as well as ultra-long-distance transmission exceeding 1000-2000 km. This segment mostly uses LCC technology for its efficiency and proven reliability at ultra-high powers and voltages, although VSC technology is capturing more of the market for moderate distances where control advantages matter.

Regional Insights: 

In 2026, the Asia-Pacific region holds the largest share of the global HVDC transmission systems market. This leading position comes mainly from China's extensive development of HVDC infrastructure. China has the world's largest HVDC network, with over 30 UHVDC lines either operational or under construction. These lines transmit hundreds of gigawatts from western hydropower and northern renewable resources to eastern coastal load centers. The country is also a technology leader in ±800 kV UHVDC, with more than a decade of operational experience. In addition, China continues to invest in multiple projects that are in planning and execution phases. India is the second largest HVDC market in the region, featuring several long-distance transmission projects that link renewable energy zones, such as solar parks in Rajasthan and Gujarat, to load centers. This includes efforts to strengthen the national grid and enhance regional interconnections. Together, China and India account for over 60% of the global HVDC capacity additions in recent years. Beyond these two countries, the Asia-Pacific region includes emerging offshore wind markets. Taiwan is developing significant offshore wind capacity that will need HVDC connections. Japan is planning to expand its offshore wind capabilities in deeper waters off the Pacific coast, while South Korea has offshore wind targets that require submarine HVDC. The region also has major HVDC equipment suppliers, including Chinese companies like XJ Group, TBEA, China XD Electric, and NR Electric, which advance technology and export globally. Additionally, Japanese companies such as Toshiba, Mitsubishi Electric, and Hitachi Energy hold strong technology positions, while Korean firms like Hyosung and LS Electric are developing their capabilities. Government support, through investments from state-owned utilities like the State Grid Corporation of China and China Southern Power Grid, as well as national energy plans, ensures ongoing HVDC deployment. 

The European region is set to grow at the highest compound annual growth rate during the forecast period. This growth is driven by aggressive offshore wind development, with European Commission targets potentially reaching 300 GW by 2050. Achieving this will require extensive HVDC submarine networks. The expansion of cross-border interconnections is fueled by the need for a more integrated internal energy market. There is also significant renewable energy transmission, like moving solar power from the Mediterranean to Northern Europe and hydropower from Scandinavia to Continental Europe. Additionally, aging grid infrastructure will need to be replaced with modern HVDC systems to improve capacity and control. Major factors driving this growth include the EU Green Deal and Fit for 55 climate goals, which require substantial renewable integration. The Projects of Common Interest (PCI) framework supports cross-border infrastructure projects, and initiatives like the North Sea Wind Power Hub are planning offshore HVDC networks. National energy transition programs, such as Germany's Energiewende, the Netherlands' climate plans, and the UK's net-zero targets, also play a role. Key projects in Europe include multiple offshore wind connections in Germany (Dolwin, Sylwin, Helwin, BorWin clusters), offshore connections in Belgium and the Netherlands, interconnectors between the UK and Continental Europe, Mediterranean interconnections, and links in Scandinavia. The region benefits from leading HVDC technology suppliers like Hitachi Energy (from Switzerland, Sweden, and the UK), Siemens Energy (from Germany), and specialized cable suppliers such as Prysmian, NKT, and Nexans. Strong environmental regulations, public opposition to overhead transmission, and land constraints make HVDC underground and submarine solutions more favorable. 

North America is becoming a growing market due to the need for renewable energy integration. This includes connecting remote wind resources in the Great Plains and offshore wind developments on the East Coast, which plan to have over 30 GW of capacity requiring HVDC submarine connections. The region also faces the need to replace aging grid infrastructure that has been in use for over 50 years. Furthermore, inter-regional transmission is expanding capacity between different grid areas, as well as the potential for Canadian hydropower exports to the United States. However, this region has unique challenges. It has a fragmented regulatory environment, with multiple state and federal authorities complicating project development. There are also right-of-way issues for new transmission corridors, and historically, lower HVDC deployment has led to an experience gap compared to Asia and Europe. Despite this, there is a growing acknowledgment of the benefits of HVDC for renewable integration and grid modernization. Key projects include planned enhancements to inter-regional transmission, East Coast offshore wind connections as projects advance, and potential projects similar to Northern Pass that would import Canadian hydropower. Major suppliers in the North American market include GE (U.S.), Hitachi Energy (which has a strong presence in North America), and Siemens Energy.

Key Players:

The major players in the HVDC transmission systems market include ABB Ltd. (Switzerland) [HVDC business now Hitachi Energy], Siemens Energy AG (Germany), Hitachi Energy Ltd. (Switzerland/Japan), General Electric Company (U.S.), Mitsubishi Electric Corporation (Japan), Toshiba Corporation (Japan), BHEL (Bharat Heavy Electricals Limited) (India), Prysmian Group (Italy), NKT A/S (Denmark), NR Electric Co. Ltd. (China), XJ Group Corporation (China), Hyosung Heavy Industries (South Korea), LS Electric Co. Ltd. (South Korea), Nexans S.A. (France), Sumitomo Electric Industries Ltd. (Japan), C-EPRI Electric Power Engineering Co. Ltd. (China), TBEA Co. Ltd. (China), China XD Electric Co. Ltd. (China), Alstom SA (France) [Grid business now part of GE], and Schweitzer Engineering Laboratories (U.S.), among others.

Key Questions Answered in the Report: