Converter Transformer Market: Global Outlook of Industry and Forecast (2022-2027) by Configuration, Voltage Level, Power Rating, Application, and Region

Converter Transformer Market size was valued at US$ 2.72 Bn. in 2021. The global Converter Transformer Market size is estimated to grow at a CAGR of 18% over the forecast period.

Converter Transformer Market Overview:

A Converter Transformer is commonly used in a high voltage direct current (HVDC) system. Power electronic circuits are used in an HVDC system to convert AC to DC (Rectifier circuits) or DC to AC (Converter circuits). Both of these circuits are known as converter circuits, as they use reactive power capacitors or synchronous condensers. A converter transformer has one of its windings linked to one of these circuits as a specialized transformer. High harmonic contents in the voltage and current loads are common in converter transformers. As a result, the magnetic core is enlarged, which lowers the working induction at the same time. The original low-frequency wave is then recreated at the required output voltage level using thyristor power switches. Converter transformers are now being manufactured in a variety of configurations, such as monopolar, bipolar, and others, for a wide range of power ratings, which tends to boost demand, further driving market growth across the globe. Converter Transformer Market To know about the Research Methodology :- Request Free Sample Report Though market forecasting through 2027 is based on real output, demand, and supply of 2021, 2021 numbers are also estimated on real numbers published by key players as well all-important players across the world. Market forecasting till 2027 is done based on past data from 2017 to 2021 with the impact of global lockdown on the market in 2020 and 2021.

Converter Transformer Market Dynamics:

Growing Energy Demand across the Globe: The converter Transformer Market is generally driven by the growing prosperity of fast-growing developing economies, the energy demand is expected to grow through the forecast period. Clean energy is preferred across the globe to address the challenge of climate change. As a result, as the social economy continues to develop, the proportion of electric energy in terminal energy consumption and the demand for electric energy both are expected to grow. According to the International Energy Agency, by 2040, electricity's share of terminal energy use may surpass that of oil, which is currently less than half. Electricity demand is expected to rise by 70%, with China and India accounting for more than half of the increase. Growing demand for Proficient Power Transmission Solutions across the Globe: The growing demand for efficient power transmission systems across the globe has resulted in a major increase in converter transformer demand. The need for high-efficiency power transmission solutions is expected to continue high as a result of global initiatives to offer electricity to every home. Energy scarcity has stifled economic growth in a number of countries across the globe. The main focus is on a number of government programs and large expenditures to improve the power generating and distribution industry. This has resulted in a large increase in converter transformer demand for high-efficiency power distribution applications. According to IBEF, the Asian Development Bank (ADB) and the Government of India agreed to a US$ 100 million loan in December 2020 to modernize and update the power distribution infrastructure in Bengaluru, Karnataka, in order to improve the quality and reliability of electricity delivery. In addition, the Government of India announced the Ujwal Discoms Assurance Yojana (UDAY) to stimulate the operational and financial turnaround of state-owned power distribution companies (DISCOMS), with the goal of reducing aggregate technical and commercial (AT&C) losses to 15% by 2021. These activities and innovations are expected to propel the converter transformer market growth through the forecast period.

High Installation Costs and Certain Technical Issues:

The high installation cost is one of the most crucial factors limiting the growth of the Converter Transformer Market across the globe. A converter transformer is made up of a variety of components, which raises the cost of production. The converter transformers offer reduced power factor and overload capacity during installation, which retains its popularity across various small-scale power generating and distribution units. In addition, converter transformers are quite noisy while operating, disrupting many densely populated areas. As a result, the installation site is also a big consideration. This adds to the difficulties, which are expected to face in expanding its market during the forecast period.

Converter Transformer Market Trends:

The massive need for long-distance UHVDC transmission has prompted research into extremely large capacity converter transformers. UHVDC projects are frequently built and used, particularly in China. In addition, the converter transformer serves as a link between the AC system and the thyristor valves in HVDC systems. A Converter transformer's main benefit is that it acts as a galvanic barrier between the AC and DC systems, preventing DC potential from entering the AC systems. Between the AC supply and the HVDC system, it also converts voltage. This application expected to provide future benefits for smart grid applications, which in turn, expected to drive the converter transformers market growth.

Converter Transformer Market Segment Analysis:

Based on Configuration, the Converter Transformer Market is segmented into Monopolar, Back-To-Back, Bipolar, and Multi-Terminal. The Multi-Terminal segment held the largest market share, accounting for 34% in 2021. The segment growth is attributed to its widespread use in power distribution applications across the globe. For multi-terminal DC grids, a modular multi-terminal converter-based DC-DC converter transformer has been developed. With the upsurge of smart city efforts, a three-terminal arrangement interconnecting three different voltage levels is being deployed globally. With the ongoing smart city projects to improve an economy's infrastructure sector, the need for multi-terminal converter transformers is expected to enlarge significantly, propelling the segment growth. Converter Transformer Market Based on Application, the Converter Transformer Market is segmented into Windfarms, Oil & Gas, and Grid Connections. The Grid Connections segment held the largest market share, accounting for 37.4% in 2021. The segment growth is attributed to the increasing smart grid projects across the globe to improve power distribution. The need for converter transformers has exploded in response to the growing demand for efficient power transmission solutions across the globe and the market is expected to increase significantly over the forecast period. The market for converter transformers is expected to develop as government investments in smart grid solutions across various industries increase. For example, the Indian electricity sector is undergoing a major transformation that has altered the industry's perspective. India's power demand is still being driven by sustained economic growth. The government of India's commitment on achieving "Power for All" has hastened capacity addition in the country, boosting converter transformer demand even higher.

Converter Transformer Market Regional Insights:

The Asia Pacific region held the largest market share accounting for 36% in 2021. The converter transformer market is expected to increase significantly as a result of emerging countries in the Asia Pacific. To meet the rising energy demand from the residential and industrial sectors, the government is investing heavily in the growth of electricity infrastructure. As a result of these factors, the region is expected to grow at the fastest rate during the forecast period. The North America region is expected to grow at a CAGR of 17.6% during the forecast period. The region's growth is attributed to significant growth in industrial operations. In addition, the presence of a high number of manufacturers in the region contributes to the region's market growth. The objective of the report is to present a comprehensive analysis of the Converter Transformer Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding the Converter Transformer Market dynamics, structure by analyzing the market segments and projecting the Converter Transformer Market size. Clear representation of competitive analysis of key players by Configuration, price, financial position, product portfolio, growth strategies, and regional presence in the Converter Transformer Market make the report investor’s guide.

Converter Transformer Market Scope: Inquiry Before Buying

Converter Transformer Market
Report Coverage Details
Base Year: 2021 Forecast Period: 2022-2027
Historical Data: 2017 to 2021 Market Size in 2021: US $ 59.95 Bn.
Forecast Period 2022 to 2027 CAGR: 5.87% Market Size in 2027: US $ 89.37 Bn.
Segments Covered: by Configuration • Monopolar • Back-To-Back • Bipolar • Multi-Terminal
by Voltage Level • Up to 200 kV • 201–400 kV • 401–600 kV • 601–800 kV • 800+ kV
by Power Rating • Below 500 MW • 501–999 MW • 1001–2000 MW • Above 2000
by Application • Windfarms • Oil & Gas • Grid Connections • Others

Converter Transformer Market, by Region

• North America • Europe • Asia Pacific • MEA • South America

Converter Transformer Market Key Players

• Kirloskar Electric Company Limited • General Electric • ABB Ltd. • Siemens AG • Tebian Electric Apparatus Stock Company Ltd. • Bharat Heavy Electrics Limited • Crompton Greaves Ltd. • Toshiba, Shadong Power Equipment Company Limited • Xian XD Transformers Co. Ltd. FAQ: 1] What segments are covered in the Converter Transformer Market report? Ans. The segments covered in the Converter Transformer Market report are based on Configuration, Voltage Level, Power Rating, and Application. 2] Which region is expected to hold the highest share in the Converter Transformer Market? Ans. Asia Pacific region is expected to hold the highest share in the Converter Transformer Market. 3] What is the market size of the Converter Transformer Market by 2027? Ans. The market size of the Converter Transformer Market by 2027 is US$ 3.45 Bn. 4] What is the forecast period for the Converter Transformer Market? Ans. The Forecast period for Converter Transformer Market is 2022-2027. 5] What was the market size of the Converter Transformer Market in 2021? Ans. The market size of the Converter Transformer Market in 2021 was US$ 2.74 Bn.
1. Global Converter Transformer Market Size: Research Methodology 2. Global Converter Transformer Market Size: Executive Summary 2.1. Market Overview and Definitions 2.1.1. Introduction to Global Converter Transformer Market Size 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Global Converter Transformer Market Size: Competitive Analysis 3.1. MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2. Consolidation in the Market 3.2.1 M&A by region 3.3. Key Developments by Companies 3.4. Market Drivers 3.5. Market Restraints 3.6. Market Opportunities 3.7. Market Challenges 3.8. Market Dynamics 3.9. PORTERS Five Forces Analysis 3.10. PESTLE 3.11. Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • South America 3.12. COVID-19 Impact 4. Global Converter Transformer Market Size Segmentation 4.1. Global Converter Transformer Market Size, by Configuration (2021-2027) • Monopolar • Back-To-Back • Bipolar • Multi-Terminal 4.2. Global Converter Transformer Market Size, by Voltage Level (2021-2027) • Up to 200 kV • 201–400 kV • 401–600 kV • 601–800 kV • 800+ kV 4.3. Global Converter Transformer Market Size, by Power Rating (2021-2027) • Below 500 MW • 501–999 MW • 1001–2000 MW • Above 2000 4.4. Global Converter Transformer Market Size, by Application (2021-2027) • Windfarms • Oil & Gas • Grid Connections • Others 5. North America Converter Transformer Market (2021-2027) 5.1. North America Converter Transformer Market Size, by Configuration (2021-2027) • Monopolar • Back-To-Back • Bipolar • Multi-Terminal 5.2. North America Converter Transformer Market Size, by Voltage Level (2021-2027) • Up to 200 kV • 201–400 kV • 401–600 kV • 601–800 kV • 800+ kV 5.3. North America Converter Transformer Market Size, by Power Rating (2021-2027) • Below 500 MW • 501–999 MW • 1001–2000 MW • Above 2000 5.4. North America Converter Transformer Market Size, by Application (2021-2027) • Windfarms • Oil & Gas • Grid Connections • Others 5.5. North America Converter Transformer Market, by Country (2021-2027) • United States • Canada • Mexico 6. European Converter Transformer Market (2021-2027) 6.1. European Converter Transformer Market, by Configuration (2021-2027) 6.2. European Converter Transformer Market, by Voltage Level (2021-2027) 6.3. European Converter Transformer Market, by Power Rating (2021-2027) 6.4. European Converter Transformer Market, by Application (2021-2027) 6.5. European Converter Transformer Market, by Country (2021-2027) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 7. Asia Pacific Converter Transformer Market (2021-2027) 7.1. Asia Pacific Converter Transformer Market, by Configuration (2021-2027) 7.2. Asia Pacific Converter Transformer Market, by Voltage Level (2021-2027) 7.3. Asia Pacific Converter Transformer Market, by Power Rating (2021-2027) 7.4. Asia Pacific Converter Transformer Market, by Application (2021-2027) 7.5. Asia Pacific Converter Transformer Market, by Country (2021-2027) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 8. The Middle East and Africa Converter Transformer Market (2021-2027) 8.1. The Middle East and Africa Converter Transformer Market, by Configuration (2021-2027) 8.2. The Middle East and Africa Converter Transformer Market, by Voltage Level (2021-2027) 8.3. The Middle East and Africa Converter Transformer Market, by Power Rating (2021-2027) 8.4. The Middle East and Africa Converter Transformer Market, by Application (2021-2027) 8.5. The Middle East and Africa Converter Transformer Market, by Country (2021-2027) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 9. South America Converter Transformer Market (2021-2027) 9.1. South America Converter Transformer Market, by Configuration (2021-2027) 9.2. South America Converter Transformer Market, by Voltage Level (2021-2027) 9.3. South America Converter Transformer Market, by Power Rating (2021-2027) 9.4. South America Converter Transformer Market, by Application (2021-2027) 9.5. South America Converter Transformer Market, by Country (2021-2027) • Brazil • Argentina • Rest Of South America 10. Company Profile: Key players 10.1. Kirloskar Electric Company Limited 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2. General Electric 10.3. ABB Ltd. 10.4. Siemens AG 10.5. Tebian Electric Apparatus Stock Company Ltd. 10.6. Bharat Heavy Electrics Limited 10.7. Crompton Greaves Ltd. 10.8. Toshiba, Shadong Power Equipment Company Limited 10.9. Xian XD Transformers Co. Ltd.

About This Report

Report ID 30786
Category Energy & Power
Published Date May 2019
Updated Date April 2022
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