HVDC Transmission Market Size, Share, Industry Analysis, Growth 2032

The HVDC transmission market is projected to reach USD 14.9 billion by 2028 from USD 11.4 billion in 2023, at a CAGR of 5.4% from 2023 to 2028.

A growing number of VSC-based HVDC projects, increasing adoption of renewable energy globally, growing demand for reliable power supplies, and favorable government policies and initiatives for HVDC transmission are the major factors driving the market growth. Furthermore, the constantly increasing technological advancements related to converter station components and the growing need for electricity exchange globally with the help of seamless interconnection of power grids are also expected to boost the market growth during the forecast period.