The Global HVDC Systems Market was valued at USD 8,921 million in 2023 and is projected to reach USD 15,991.65 million by 2032, growing at a Compound Annual Growth Rate (CAGR) of 6.70% during the forecast period (2025-2032). This growth is driven by increasing renewable energy integration, cross-border electricity trade, and the modernization of aging power infrastructure worldwide.
As nations transition toward sustainable energy systems, HVDC technology has become the backbone of efficient long-distance power transmission. In this analysis, we examine the Top 10 Companies in the HVDC Systems Market—technology innovators and infrastructure specialists transforming how electricity moves across continents.
🔟 1. ABB Ltd.
Headquarters: Zurich, Switzerland
Key Offering: HVDC Light®, HVDC Classic, Voltage Source Converters
ABB revolutionized power transmission by developing the first commercial HVDC system in 1954. The company now leads in VSC-HVDC technology through its HVDC Light® platform, particularly for offshore wind connections and underground power links.
Recent Milestones:
- Commissioned over 50% of global VSC-HVDC projects
- Developed world’s first HVDC grid in China (Zhangbei project)
- Pioneered 320kV extruded cable technology for submarine applications
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9️⃣ 2. Siemens Energy
Headquarters: Munich, Germany
Key Offering: HVDC PLUS, Grid Access Solutions, Converter Stations
Siemens Energy provides complete HVDC solutions featuring its modular multilevel converter (MMC) technology. Its HVDC PLUS platform enables black start capability – critical for grid resilience during power outages.
Technology Advances:
- World-record 2.25GW capacity on Western Link project (UK)
- Ultra-compact design for offshore platform installations
- Hybrid circuit breakers for multi-terminal networks
8️⃣ 3. General Electric (GE Grid Solutions)
Headquarters: Paris, France
Key Offering: HVDC Systems, Flexible AC Transmission (FACTS)
GE’s Grid Solutions division specializes in ±800kV ultra high-voltage DC technology, with its MACH® control system providing advanced grid management capabilities for complex transmission networks.
Key Projects:
- Xinjiang-Anhui ±1100kV UHVDC link (China)
- Maritime Link connecting Canada to Newfoundland
7️⃣ 4. Hitachi Energy
Headquarters: Zurich, Switzerland
Key Offering: HVDC Light, Modular Converter Stations
Formerly ABB’s power grid business, Hitachi Energy continues to lead in VSC-HVDC applications, recently commissioning the Champlain Hudson Power Express linking Canadian hydropower to New York City.
Market Position:
- Over 50% market share in VSC-HVDC segment
- Pioneer in offshore wind connection technology
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6️⃣ 5. NR Electric Co., Ltd.
Headquarters: Nanjing, China
Key Offering: HVDC Control Systems, Power Electronics
As China’s dominant power automation provider, NR Electric supplies control systems for 80% of domestic UHVDC projects, including the world’s most powerful ±1100kV transmission lines.
Technology Focus:
- Advanced DC grid protection systems
- Real-time simulation platforms
5️⃣ 6. Mitsubishi Electric
Headquarters: Tokyo, Japan
Key Offering: HVDC Converters, IGBT Modules
Mitsubishi Electric specializes in high-power semiconductor devices for HVDC, supplying 4.5kV/3kA IGBT modules that form the building blocks of modern voltage source converters.
Technical Advantages:
- Industry-leading power density
- Advanced thermal management
4️⃣ 7. Toshiba Energy Systems
Headquarters: Tokyo, Japan
Key Offering: HVDC Classic Systems, Thyristor Valves
Toshiba maintains strong expertise in line-commutated converter (LCC) technology, recently developing hybrid solutions that combine LCC and VSC advantages for specific grid applications.
Innovations:
- 12-inch thyristor wafer technology
- DC grid stabilization systems
3️⃣ 8. Prysmian Group
Headquarters: Milan, Italy
Key Offering: HVDC Cables, Submarine Transmission
The world’s largest cable manufacturer provides turnkey HVDC cable solutions, having developed 525kV extruded insulation technology that doubles traditional transmission capacity.
Recent Projects:
- Viking Link (1.4GW UK-Denmark interconnector)
- DolWin6 offshore wind connection (Germany)
2️⃣ 9. NKT A/S
Headquarters: Brøndby, Denmark
Key Offering: High-Voltage Cables, Offshore Solutions
NKT specializes in 525kV XLPE cable systems capable of transmitting 2,600MW – enough to power two million European homes through a single cable pair.
Technology Leadership:
- First to market with 525kV XLPE technology
- Developing 600+ kV cable solutions
1️⃣ 10. American Superconductor
Headquarters: Ayer, Massachusetts, USA
Key Offering: Grid Resilience Solutions, Control Systems
AMSC provides advanced power electronics and protection systems for HVDC applications, specializing in fault current limiting and dynamic grid stabilization technologies.
Technical Capabilities:
- D-VAR® reactive power compensation
- Advanced algorithm-based grid controls
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🌍 Outlook: The Evolving Landscape of HVDC Technology
The HVDC market stands at an inflection point as decarbonization drives unprecedented investment in transmission infrastructure. Several transformative trends are reshaping the sector:
📈 Key Market Developments:
- Offshore wind expansion: HVDC is becoming the standard for wind farms over 80km from shore
- Intercontinental links: Projects like Xlinks’ UK-Morocco solar power cable demonstrate new possibilities
- Multi-terminal grids: The European Offshore Spatial Plan aims to connect 300+ GW via meshed HVDC networks
- Supergrids: ±1100kV technology enables 3,500km transmission with under 10% losses
The profiled companies are not just equipment suppliers—they’re architects of the global energy transition, enabling the flow of renewable power across continents and oceans.
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