China HVDC Transmission Market Size, Share, Trends & Opportunities 2025-2035
The China HVDC (High Voltage Direct Current) Transmission Market is experiencing rapid advancements with robust investments in power infrastructure, clean energy integration, and grid interconnections. The market is driven by increased demand for efficient, long-distance power transmission, especially from remote renewable sources to urban hubs, and ambitious decarbonization targets set by the Chinese government. With strong innovation in converter and cable technologies and active participation by leading global and domestic players, the sector is poised for significant growth through 2035.
Latest Market Dynamics
Key Drivers
- Rapid expansion of renewable energy installations, especially ultra-high voltage projects, supported by State Grid Corporation of China and partners, is driving HVDC market growth.
- Government policies promoting grid modernization and cross-regional power transfers to minimize transmission losses are accelerating investment in advanced HVDC technology.
Key Trends
- Widespread deployment of multi-terminal and back-to-back HVDC systems, with NR Electric Co., Ltd. deploying modular multilevel converters in 2024.
- Increasing adoption of hybrid (LCC/VSC) HVDC solutions to address complex grid challenges, with ABB and Siemens securing major contracts for integrated projects in 2024.
Key Opportunities
- Offshore wind integration presents strong opportunity with recent 2024 contracts awarded to Hitachi Energy for HVDC connection of large-scale offshore wind farms.
- Urban infeed projects are expanding in major Chinese cities; General Electric Company developed compact HVDC solutions for densely populated regions in 2024.
Key Challenges
- Technical complexity and cost escalation of ultra-high voltage transmission projects, highlighted by challenges in the Xiangjiaba-Shanghai project managed by State Grid Corporation.
- Delay in standardization and interoperability across different HVDC technologies, as highlighted by projects involving both Chinese and international equipment vendors in 2025.
Key Restraints
- Lengthy regulatory approval processes and right-of-way issues for new HVDC lines delay implementation, especially for cross-provincial projects as seen in 2024.
- High upfront capital expenditure for advanced HVDC technology, with financing challenges for smaller utilities and local governments as cited in State Grid projects of 2025.
Market Share by Type, 2025
The China HVDC Transmission Market in 2025 is segmented by type, with Bipolar systems leading due to their suitability for cross-regional and high-capacity transmission. Monopolar and Multi-terminal types follow with significant applications in specific scenarios, including offshore and grid interconnections. Bipolar systems' robustness and redundancy make them the top choice for the country's mega power projects.
Market Share by Application, 2025
Bulk Power Transmission represents the largest application share in 2025, supporting the vast transport of electricity across provinces from resource-rich to population-dense areas. Interconnecting Grids and Renewable Energy Integration are also key application segments, reflecting China's focus on grid resilience and sustainable energy strategies.
China HVDC Transmission Market Revenue (USD Million), 2020-2035
The market has shown consistent growth from USD 6,100 Million in 2020 to USD 10,800 Million in 2025, supported by strong policy support and massive renewable integration projects. The forecast indicates the market will reach approximately USD 23,200 Million by 2035, reflecting continuous upgrades of existing infrastructure and expansion into new grid segments.
Year-on-Year Growth (%) in China HVDC Transmission Market, 2020-2035
The Year-on-Year (YOY) growth rate averaged around 10-12% in the early 2020s, peaking at 13% in 2024 with major offshore and urban infeed projects. Through the 2030s, growth moderates to 7-8% as the market matures and infrastructure buildout stabilizes.
Regional Market Share in China, 2025
East China commands the highest share due to dense urban populations and industrial demand. North-West China follows with large-scale renewables being connected to the grid, while South China benefits from growing cross-provincial power transfers.
Market Share by Key Players, 2025
State Grid Corporation of China dominates with extensive projects nationwide, accounting for the highest market share, while domestic leaders like NR Electric and China XD Group maintain strong positions through technological innovation and scale. International players such as ABB and Siemens hold smaller but significant shares via specialized HVDC solutions. Market Share by Buyers, 2025
Utility and grid operators make up the largest buyer segment, followed by EPC contractors and offshore wind project developers. The persistent increase in offshore and urban HVDC deployments results in growing shares for renewable and city-focused infrastructure developers.
Study Coverage
| Metrics | Details |
|---|
| Years | 2020-2035 |
| Base Year | 2025 |
| Market Size | Revenue (USD Million) |
| Regions | East China, North-West China, South China |
| Segments | By Type (Monopolar, Bipolar, Back-to-Back, Multi-terminal), By Application (Bulk Power Transmission, Interconnecting Grids, Infeed Urban Areas, Offshore Applications, Renewable Energy Integration, Power From Remote Sources), By Distribution Channels, By Technology, By Organization Size |
| Players | ABB Ltd., Siemens Energy AG, State Grid Corporation of China, NR Electric Co., Ltd., Mitsubishi Electric Corporation, China XD Group, C-EPRI Electric Power Engineering Co., Ltd., Toshiba Energy Systems & Solutions Corporation, Hitachi Energy, General Electric Company, NARI Technology Co., Ltd., TBEA Co., Ltd., Pinggao Group Co., Ltd., Bharat Heavy Electricals Limited (BHEL), Alstom Grid |
Key Recent Developments
- July 2024: State Grid Corporation of China completed the world's largest multi-terminal HVDC project connecting Qinghai and East China.
- August 2024: Hitachi Energy secured a major contract for HVDC transmission infrastructure supporting offshore wind integration in Jiangsu province.
- June 2024: ABB announced the upgrade of modular multilevel HVDC converter stations in collaboration with NR Electric Co., Ltd. in North China.
- September 2024: Siemens Energy AG launched a new VSC-based HVDC product line for compact urban infeed applications in Shanghai.
- July 2024: China XD Group signed a strategic MoU with C-EPRI Electric Power Engineering for next-generation XLPE HVDC cable development.
