HVDC Transmission Companies

The HVDC transmission market is projected to reach USD 22.07 billion by 2030 from USD 15.62 billion in 2025 at a CAGR of 7.2 % during the forecast period. The major growth factors for the HVDC transmission market include the integration of VSC technology and the rapid transition toward renewable energy sources. Government and utility focus on grid modernization to improve power reliability, along with strong policy support, is accelerating the deployment of HVDC infrastructure. Opportunities are also emerging from ongoing advancements in power electronics and the increasing adoption of digital and automation technologies that enhance operational efficiency and control. The electrification of the transportation sector and energy transition initiatives in oil-rich economies are further contributing to market growth. These developments enable the construction of high-capacity, long-distance transmission networks that support interregional connectivity and renewable integration. As global energy systems evolve toward low-carbon and sustainable models, HVDC transmission solutions are expected to witness steady demand throughout the forecast period.

Hitachi, Ltd. (Japan) actively adopts inorganic expansion strategies to strengthen its global HVDC transmission market presence. The company is focused on expanding its global footprint through strategic alliances, collaborations, agreements, and long-term service engagements. For instance, in June 2025, Hitachi Energy (Switzerland) entered into a long-term service agreement with Eletrobras (Brazil) to deliver maintenance support for its HVDC system, aiming to enhance grid stability and operational continuity. This agreement aims to improve system reliability and ensure seamless transmission operations. These alliances enable Hitachi to participate in large-scale infrastructure deployments, leverage local capabilities, and deliver integrated HVDC solutions in high-growth and developing regions.

To know about the assumptions considered for the study download the pdf brochure

Major HVDC Transmission Companies Include:

• Hitachi, Ltd. (Japan)
• Siemens Energy (Germany)
• Mitsubishi Electric Corporation (Japan)
• GE Vernova (US)
• Prysmian Group (Italy)
• TOSHIBA CORPORATION (Japan)
• NKT A/S (Denmark)
• Nexans (France)
• LS ELECTRIC Co., Ltd. (South Korea)
• NR Electric Co., Ltd. (China)

Siemens Energy (Germany) adopts inorganic growth strategies to broaden its global presence and enhance its HVDC solution portfolio. By forming partnerships and securing long-term contracts, the company works closely with utilities and transmission operators to jointly develop HVDC infrastructure. For example, in April 2025, National Grid (UK) selected Siemens Energy (Germany) as the preferred bidder to deliver two 2 GW HVDC converter stations for the Sea Link project, with construction slated to begin in 2027. These initiatives support Siemens Energy in expanding market access and accelerating the implementation of its technologies in cross-border and offshore transmission developments.

Mitsubishi Electric Corporation (Japan) adopts inorganic growth strategies to expand its global presence in HVDC infrastructure. The company boosts its involvement in international energy transition projects by engaging in partnerships, acquisitions, and strategic contracts. For instance, in August 2024, Mitsubishi Electric Corporation (Japan) partnered with Siemens Energy (Germany) to develop specifications for DC switching stations and circuit breakers. This collaboration aims to enhance multi-terminal HVDC systems, enabling more reliable and efficient long-distance renewable energy transmission.

Market Ranking

The market ranking for key companies such as Hitachi, Ltd. (Japan), Siemens Energy (Germany), Mitsubishi Electric Corporation (Japan), GE Vernova (US), Prysmian Group (Italy) is based on several key determinants, which include market share, product portfolio, technological innovations, sustainability initiatives, industries served, and global presence.

Hitachi, Ltd. (Japan) has emerged as a leading force in the HVDC transmission market by delivering advanced converter stations and control systems that support renewable integration and interregional power flow. The company is focused on digitalization, system reliability, and long-distance power delivery, playing a vital role in global grid modernization. Siemens Energy (Germany) continues to expand its HVDC presence through strategic collaborations and high-profile offshore transmission projects, leveraging its expertise in VSC and hybrid technologies to enable cross-border energy exchange. Mitsubishi Electric Corporation (Japan) is investing in innovation and joint ventures to develop next-generation HVDC components, including multi-terminal DC systems and advanced switchgear, enhancing its competitiveness in global renewable transmission networks. GE Vernova (US) offers integrated HVDC systems with a focus on grid flexibility, energy transition, and offshore wind deployment, supported by a strong engineering legacy and global project execution capabilities. Prysmian Group (Italy) dominates the HVDC cable segment, manufacturing high-capacity submarine and land-based cable systems, while expanding its installation capabilities to support Europe and North America’s growing demand for interconnectors and offshore grid infrastructure. These industry leaders are advancing HVDC technologies through innovation, strategic partnerships, and a focus on scalable infrastructure that underpins the global clean energy transition.

Related Reports:

HVDC Transmission Market by LCC, VSC, CCC, Converter Stations, Transmission Cables, Point-to-Point Transmission, Back-to-Back Stations, Multi Terminal Systems, Bulk Power Transmission and Interconnecting Grids - Global Forecast to 2030

Contact:
Mr. Rohan Salgarkar
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com