The global Converter Transformer Market was estimated to be worth USD 2.97 billion in 2023 and is expected to grow to USD 9.82 billion by the end of 2032, according to a report released by Zion Market Research. Over the course of the projection period, the market is anticipated to expand at a CAGR of 14.2%. The study examines the factors driving and impeding the growth of the worldwide converter transformer market as well as their effects on demand during the forecast period. Additionally, it will aid in navigating and investigating the expanding prospects within the Converter Transformer sector.
Global Converter Transformer Market: Overview
Converter transformers, which operate with 12 pulses for each cycle in the AC supply, help to raise the voltage of the AC supply in a network. The transformer winding's harmonic current components are eliminated by using the star-to-delta connection. Transformer winding insulation is made to withstand high DC potential on the earth. Converter transformers can have a maximum capacity of 300 megavolts (MW) per unit.
Transformers are used to carry power from one voltage to another, while voltage converters are electric converters that alter the voltage of electronic equipment. By employing a star-to-delta (wye-delta) connection of the transformer winding, the converter transformer can operate with 12 pulses for each cycle in the AC supply, which removes a number of harmonic current components. Transformer winding insulation needs to be specifically made to withstand high DC potential to the earth. Transformers for conversion can have a maximum capacity of 300 Megavolt-amperes (MW) per unit.
Global Converter Transformer Market: Growth Factors
Population growth and rising energy consumption across a range of industries support the expansion of the global converter transformer market. Furthermore, it is anticipated that in the future, the growing need for energy transmission over large distances will support worldwide market expansion. It is projected that worldwide adoption of high-voltage direct current technology will support future expansion of the global market. Long-distance high-voltage electric transmission from power plants to consumption hubs is made possible by high-voltage direct current.
The primary drivers of converter transformer market growth are the growing government infrastructure, the necessity of integrating smart grid technologies, and the high demand for efficient power transmission solutions. The primary impediments to market expansion, however, are the capital-intensive nature of production procedures and the absence of a method for standardizing products.
Global Converter Transformer Market: Segmentation
Based on configuration, the global converter transformer market is divided into four segments: back-to-back, monopolar, bipolar, and multi-terminal.
The global market is divided into four segments based on power rating: 500 MW, 501 MW–999 MW, 1000 MW–2000 MW, and above 2000 MW.
The global market for converter transformers is divided geographically into the following regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
The global converter transformer market is divided into three segments based on type: 201–400 Kv, 401–600 Kv, and 601–800 Kv. The oil and gas, wind farm, and grid connection segments make up the global converter transformer market based on application.
Global Converter Transformer Market: Regional Analysis
Because of the greater popularity of the converter transformer, Asia Pacific leads the global market. The rising economies of China and India are driving quicker growth in this region. It is projected that rising converter transformer demand in this area will support the expansion of the worldwide converter transformer market. China is making significant investments in the transmission and distribution industry.
Global population growth and industrialization increased demand for energy, which prompted the creation of renewable energy sources like massive offshore wind farms. The need for converter transformers is positively impacted by the offshore wind farms' rapid increase in electricity generation. Over the course of the projection period, there should be plenty of opportunity for the converter transformer market to grow due to the rise in the construction of industries and renewable energy infrastructure in both established and emerging nations worldwide.
Converter Transformer Market Global Converter Transformer Market: Competitive Players
Key players in the global converter transformer market are;
- Greaves Ltd.
- Tebian Electric Apparatus Stock Company Ltd.
- Abb Ltd.
- Shadong Power Equipment Company Limited
- Xian XD Transformers Co. Ltd.
- General Electric
- Kirloskar Electric Company Limited
- Bharat Heavy Electrics Limited
- Siemens AG
- Toshiba
Global Converter Transformer Market: By Configuration Segment Analysis
Global Converter Transformer Market: By Power Rating Segment Analysis
- 500 MW
- 501 MW–999 MW
- 1000 MW–2000 MW
- Above 2000 MW
Global Converter Transformer Market: Regional Segment Analysis
- North America U.S.
- Europe UK France Germany
- Asia Pacific China Japan India
- Latin America Brazil
- The Middle East and Africa
Government policies and initiatives to develop potentially underutilized renewable resources are likely to drive growth in the worldwide converter transformer market throughout the forecast period. In addition, the globalization of the electrical distribution network and the quick industrialization of new nations fuel market expansion.
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