India's HVDC Market: Opportunities for Hitachi, GE Vernova, and Siemens Energy
India's HVDC equipment market is poised for a ₹1.6 trillion expansion, driven by the goal of achieving 500 GW of non-fossil fuel capacity by 2030. Major players like Hitachi Energy, GE Vernova, and Siemens Energy stand to gain significantly from this growth due to their established technologies and local manufacturing capabilities.
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The HVDC equipment market in India could reach ₹1.6 trillion as the country targets 500 GW of non-fossil fuel capacity by 2030. Key players include Hitachi Energy, GE Vernova, and Siemens Energy, each with distinct technological advantages.
Hitachi Energy expects to leverage its strong order backlog, particularly in HVDC projects like Khavda-Nagpur. GE Vernova's backlog has reached ₹21,460 crore, focusing on large-scale projects that will yield revenue from FY29.
Siemens Energy is shifting towards VSC technology for better grid integration. Despite short-term stock fluctuations, long-term growth in HVDC demand is anticipated, necessitating ongoing investment in local manufacturing to meet rising requirements. The companies' performances highlight their competitive positioning amid an evolving market landscape.
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