Converter Transformer Market Outlook (2023 to 2033)
According to Future Market Insights, the converter transformer market is projected to reach a value of US$ 2.3 billion by the end of 2023. The global demand for Converter Transformers is expected to show substantial growth, with a projected CAGR of 11.7%, leading to a total market value of US$ 7 billion by 2033.
Data Points
Key Statistics
Expected Market Value in 2023
US$ 2.3 billion
Projected Market Value in 2033
US$ 7 billion
Growth Rate (2023 to 2033)
11.7% CAGR
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Accelerating Demand: Key Factors Driving the Growth of the Converter Transformer Market
Electric Vehicles: The growing demand for electric vehicles is also driving the growth of the Converter Transformer market. The increasing demand for charging infrastructure is expected to increase the demand for converter transformers.
Microgrids: The increasing demand for microgrids, particularly in rural and remote areas, is driving the growth of the Converter Transformer market. Microgrids require efficient power conversion systems, which are expected to increase the demand for converter transformers.
Smart Grid Technology: The increasing adoption of smart grid technology is driving the growth of the Converter Transformer market. Smart grids require efficient power conversion systems, which are expected to increase the demand for converter transformers.
Data Centers: The growing demand for data centers is driving the growth of the Converter Transformer market. Data centers require reliable and efficient power conversion systems, which are expected to increase the demand for converter transformers.
Increased Investments: The increasing investments in renewable energy, energy efficiency, and smart grid technology are driving the growth of the Converter Transformer market. These investments are expected to lead to the development of more efficient and compact converter transformers, increasing their demand.
North America Takes the Lead: Driving the Growth of the Converter Transformer Market
North America has emerged as a prominent market for converter transformers. The region has a well-established energy infrastructure, making it an attractive market for companies operating in the converter transformer industry.
The USA is the largest market for converter transformers in North America. The USA government has been promoting the use of renewable energy sources, providing financial incentives and subsidies to encourage their adoption, which is expected to increase the demand for converter transformers.
Canada is also a significant market for converter transformers in North America. The country is focusing on reducing its carbon footprint and increasing the use of renewable energy sources, which is driving the demand for converter transformers. The Canadian government has implemented several initiatives aimed at promoting the use of renewable energy sources, which is expected to increase the demand for converter transformers.
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Riding the Wave of Renewables: Exploring the Growth Potential of Multi-Terminal Converter Transformers
Multi-terminal converter transformers are used in large-scale renewable energy projects, such as offshore wind farms, and in long-distance power transmission systems.
Multi-terminal converter transformers have several advantages over traditional HVDC systems, including increased reliability and efficiency, improved transmission capabilities, and reduced costs. These factors have contributed to the growing demand for multi-terminal converter transformers in recent years, particularly in regions such as Europe and Asia, where renewable energy is becoming increasingly important.
The growth in the demand for renewable energy and the increasing focus on energy efficiency are expected to continue driving the demand for multi-terminal converter transformers in the coming years.
Recent Developments in the Converter Transformers Market
In February 2023, GE Renewable Energy's Grid Solutions business has been awarded a multi-million-dollar contract by Nepal Electricity Authority to automate 39 substations across the country. The deal includes the construction of 6 state-of-the-art Master Control Centers, monitored by GE Digital Solutions and funded by the Asian Development Bank. With a retrofit of relay panels and other electrical components, the substations will be connected to Nepal's National Load Dispatch Center for real-time monitoring of power transmission.
Converter transformer is a special-transformer which is designed for offering high-current low voltage solutions for its wide range of applications. Voltage Converter is an electric converter that changes the voltage of electronic devices whereas transformer are used for transmitting power from one voltage to another.
A transformer that has one of its windings connected to one of these circuits, as a dedicated transformer, is known as a Converter Transformer.
The converter transformers step up the voltage of the AC supply network. In HVDC systems, it acts as an interface between the AC system and the thyristor valves. Hence, converter transformer is one of the most important components in an HVDC converter station. It plays a vital role in terms of total cost of an HVDC converter station, as it affects the performance of the entire connected electric power system.
The key advantage of a Converter transformer is that, it acts as a galvanic barrier between the AC and DC system to prevent the DC potential to enter the AC systems. It also transforms voltage between the AC supply and the HVDC system.
Converter transformers are fed by a high-voltage ac system, with ac filters used to absorb harmonic currents generated by the converters. The converter transformer can have different formations such as three phase, two winding, single phase, three winding and single phase, two winding. Converter transformers have widespread applications for large drive applications.
Converter Transformer Market: Dynamics
The global converter transformer market is primarily driven by increasing requirement for energy transmission over long distance and growth in demand for electricity by industries. One of the key driver for the market growth is the rising focus on renewable energy generation especially the offshore wind energy. Windfarms application is estimated to be the fastest growing application for converter transformer.
Converter transformer market is majorly driven by the increasing demand from developing economies such as India, and China which are investing substantially in the expansion of electricity transmission and distribution infrastructure.
HVDC (high-voltage direct current) is a highly efficient alternative for transmitting large amounts of electricity over long distances and for special purpose applications. HVDC is truly shaping the grid of the future as a key enabler in the future energy system based on renewables. Subsequently, contributing to the growth in demand for converter transformer market during the forecast period.
The capital-intensive manufacturing processes, high maintenance costs and malingering of product standardizations are the factors expected to create hindrance in the converter transformer market.
The expeditious revolution in the power electronic sector across the globe will create new avenues for the Global Converter Transformer market growth. Increasing implementation of renewable power generation projects are also estimated to provide positive prospects for the converter transformer market growth.
Growing trends towards the adoption of renewable energy generation in the global power industry scenario have led different countries to progressively invest into renewable energy projects and these special transformers help them to enhance their unconventional power generation capabilities.
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Converter Transformer Market: Regional Outlook
North America and Europe are expected to hold leading share in the global converter transformers market. Attributing to the substantial development in industrial activities in the region. Moreover, prevalence of large number of manufacturers in the region also fuels the market growth in the region.
Emerging countries from Asia Pacific are expected to create substantial opportunities for the converter transformer market growth. The government authorities are investing significantly on development of power infrastructure in order to comply with increasing energy demand from residential and industrial sector. Attributing to these, the region is expected to witness highest growth rate during the forecast period.
Converter Transformer Market: Most impacted Trend/ Segment
The demand for HVDC (High Voltage Direct Current) technology that can transmit high voltages over long distances between generation and consumption centers has augmented the market growth of global converter transformer. Moreover, the usage of converter transformer in renewable energy projects will also enhance the market.
The multi-terminal transformers are expected to witness highest adoption owing to their extensive application in energy transmission and distribution.
“Rising inclinations towards the adoption of renewable energy generation in the global power industry leads to increase investor’s focus on renewable energy generation especially the offshore wind energy which will definitely offers plenty of opportunities for converter transformer market growth” says FMI Analyst.
Converter Transformer Market: Market Participants
Some of the prominent market participants in Converter Transformer market are:
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.
The research report on Converter Transformer Market presents a comprehensive assessment of the market and contain thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. The Converter Transformer Market report also contains projections using a suitable set of assumptions and methodologies.
The research report on Converter Transformer Market provides analysis and information according to market segments such as of product type, by installation and by material and by application.
The Converter Transformer market report covers exhaustive analysis on
Market Segments
Market Dynamics
Market Size
Supply & Demand
Current Trends/Issues/Challenges
Competition & Companies involved
Technology
Value Chain
Regional analysis includes
North America (USA, Canada)
Latin America (Mexico, Brazil)
Europe (Germany, Italy, France, United Kingdom, Spain, Poland, Russia)
South Asia (India, ASEAN, Rest of South Asia)
East Asia (China , Japan, South Korea)
Middle East and Africa (GCC Countries, South Africa, Northern Africa, Rest of MEA)
Oceania ( Australia, New Zealand)
The Converter Transformer market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The Converter Transformer market report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The Converter Transformer market report also maps the qualitative impact of various market factors on market segments and geographies.
Converter Transformer Market: Segmentation
The Converter Transformer market can be segmented based on application, product configuration, voltage level, power rating.
