Indian HVDC components Research Report 2025 (Status and Outlook)
Report Overview:
HVDC (High Voltage Direct Current) components are the essential elements used in HVDC transmission systems, which enable the efficient long-distance transfer of electrical power by converting alternating current (AC) into direct current (DC) and back into AC. HVDC technology reduces transmission losses, stabilizes grids, and allows the interconnection of asynchronous power networks. The market for HVDC components includes equipment and systems such as converters, valves, transformers, reactors, and control systems that facilitate the smooth operation of HVDC lines. These components are critical for utilities, renewable energy integration, inter-regional power transmission, and large industrial power projects.
The Indian HVDC components market was valued at USD 572.98 million in 2024 and is expected to reach USD 1,255.06 million by the end of 2033, growing at a CAGR of 8.15% between 2025 and 2033. Investment in high-voltage direct current transmission will remain a strategic pillar for India’s energy transition and power transmission infrastructure over the next decade. India’s rapid expansion in ultra-high voltage (UHV) and long-distance transmission, exemplified by the ±800 kV Khavda–Nagpur and Leh–Ladakh HVDC projects, is driving sustained demand for critical components such as converter transformers, thyristor valves, and DC control systems. Achieving the national renewable energy target of 500 GW by 2030 also requires robust interregional power corridors to balance generation from solar- and wind-rich states with industrial consumption centers, positioning HVDC as the preferred technology for efficiency and grid stability. Additionally, “Make in India” initiatives and localization mandates are encouraging domestic production of high-value HVDC components, gradually shifting value creation onshore.
Segment by Type, the HVDC Components can be split into Converter Transformers, Converter Valves, etc. Converter transformers (35.3%) and converter valves (26.9%) currently dominate the market, highlighting their central role as high-value, critical components in HVDC systems, directly impacting transmission efficiency and reliability.
By application, long-distance power transmission is the primary driver of India’s HVDC components market, accounting for 86.5% of the 2024 market and expected to exceed USD 1.08 billion by 2033. This dominance aligns with India’s strategic focus on UHV and interstate transmission corridors to efficiently deliver bulk power from resource-rich regions to high-demand load centers, reduce transmission losses, and enhance grid stability. While renewable energy integration and industrial power supply applications are smaller in absolute terms, they exhibit slightly higher CAGRs of 8.75% and 7.92%, respectively.
Value Chain Map of HVDC Components
India HVDC Components Market: Competitive Landscape
The Indian HVDC components market is currently highly concentrated, with Hitachi Energy India Limited firmly in the lead, increasing its market share from 64.9% in 2020 to 75.8% in 2025. Siemens India follows as the second-largest player, but its share is projected to decline from 12.65% in 2024 to 7.6% in 2025. GE Vernova and BHEL maintain smaller but stable shares in the 5–7% range, with BHEL benefiting from domestic manufacturing mandates and joint projects with Hitachi. From a strategic perspective, this concentration underscores that India’s HVDC components market is effectively an oligopoly, dominated by a few global leaders due to the high technical complexity, large project scales, and the critical nature of core components such as converter transformers, valves, and control systems.
Looking ahead, as transitions from LCC to VSC technology, incorporates digitalized control systems, and deploys high-tech components such as GIS, the value density and technical complexity of HVDC systems will further increase. Key projects in India’s HVDC sector, including the Khavda–Nagpur and Bhadla–Fatehpur links, not only demonstrate technological advancement and long-distance transmission capability but also reflect the country’s strategic commitment to achieving its 500 GW renewable energy target and modernizing the national grid.
India HVDC Components Market: Market Segmentation Analysis
The research report includes specific segments by region (country), manufacturers, Type, and Application. Market segmentation creates subsets of a market based on product type, end-user or application, Geographic, and other factors. By understanding the market segments, the decision-maker can leverage this targeting in the product, sales, and marketing strategies. Market segments can power your product development cycles by informing how you create product offerings for different segments.
Key Company
Hitachi Energy India Limited
Siemens India
GE Vernova
Bharat Heavy Electricals Limited (BHEL)
CG Power and Industrial Solutions
Others
Market Segmentation (by Type)
Converter Transformers
Converter Valves
DC breakers
DC filters
Reactors
Others
Market Segmentation (by Application)
Long-Distance Power Transmission
Renewable Energy Integration
Grid Interconnections and Power Exchanges
Industrial Power Supply
Others
Key Benefits of This Market Research:
• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the HVDC Components Market
• Overview of the regional outlook of the HVDC Components Market:
Key Reasons to Buy this Report:
• Access to date statistics compiled by our researchers. These provide you with historical and forecast data, which is analyzed to tell you why your market is set to change
• This enables you to anticipate market changes to remain ahead of your competitors
• You will be able to copy data from the Excel spreadsheet straight into your marketing plans, business presentations, or other strategic documents
• The concise analysis, clear graph, and table format will enable you to pinpoint the information you require quickly
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry concerning recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes in-depth analysis of the market from various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• 6-month post-sales analyst support
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Chapter Outline
Chapter 1 mainly introduces the statistical scope of the report, market division standards, and market research methods.
Chapter 2 is an executive summary of different market segments (by region, product type, application, etc), including the market size of each market segment, future development potential, and so on. It offers a high-level view of the current state of the HVDC Components Market and its likely evolution in the short to mid-term, and long term.
Chapter 3 makes a detailed analysis of the Market's Competitive Landscape of the market and provides the market share, capacity, output, price, latest development plan, merger, and acquisition information of the main manufacturers in the market.
Chapter 4 is the analysis of the whole market industrial chain, including the upstream and downstream of the industry, as well as Porter's five forces analysis.
Chapter 5 introduces the latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by manufacturers in the industry, and the analysis of relevant policies in the industry.
Chapter 6 provides the analysis of various market segments according to product types, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments.
Chapter 7 provides the analysis of various market segments according to application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.
Chapter 8 details the production of products in major countries/regions and provides the production of major countries/regions.
Chapter 9 introduces the basic situation of the main companies in the market in detail, including product sales revenue, sales volume, price, gross profit margin, market share, product introduction, recent development, etc.
Chapter 10 provides a quantitative analysis of the market size and development potential of each market segment (product type and application) in the next five years.
Chapter 11 is the main points and conclusions of the report.
