Market Insight- Indian HVDC components Market Overview 2025
India HVDC Components Market Was Valued at USD 572.98 Million in 2024 and is Expected to Reach USD 1255.06 Million by the End of 2033, Growing at a CAGR of 8.15% Between 2025 and 2033.– Bossonresearch.com
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.
Key players in the HVDC Components Market include:
Siemens India
GE Vernova
Bharat Heavy Electricals Limited (BHEL)
CG Power and Industrial Solutions
Others
Request for more information
Click to view the full report TOC, figure and tables: https://www.bossonresearch.com/productinfo/112491.html?templateId=494129
About US:
Bosson Research (BSR) is a leading market research and consulting company, provides market intelligence, advisory service and market research reports for the automobile, electronics and semiconductor, and consumer good industry. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.
Bosson Research provides one-stop solution right from data collection to investment advice. The analysts at Bosson Research (BSR) dig out factors that help clients understand the significance and impact of market dynamics. Bosson Research (BSR) bring together the deepest intelligence across the widest set of capital-intensive industries and markets. By connecting data across variables, our analysts and industry specialists present our customers with a richer, highly integrated view of their world.
Contact US:
Tel: +86 400-166-9288
E-mail: sales@bossonresearch.com
