(MENAFN- EIN Presswire) Converter Transformer Market
Converter Transformer Market Size Expected to Reach $7.2 billion by 2030
PORTLAND, OREGON, UNITED STATES, March 14, 2023 /einpresswire.com / -- The global converter transformer market size was valued at $1.9 billion in 2020 and is projected to reach $7.2 billion by 2030, growing at a CAGR of 14.1% from 2021 to 2030. Converter transformers are designed to withstand DC voltage stresses and increased eddy current losses due to harmonic currents. It has a large on-load tapping range to ensure that variations in voltage and firing angles are controlled within a proper range. Converter transformers can have different configurations, such as three-phase three windings, three-phase two windings, single-phase three windings, and single-phase two windings. The specifically required converter transformer is believed to be made depending on the system voltage on the AC and DC sides, the capacity of the transformer, transport conditions, and the layout of the converter station. The valve side windings are connected in star and delta with neutral points ungrounded.
Get a PDF brochure for Industrial Insights and Business Intelligence @
Converter transformers cater to a wide variety of applications, ranging from alternative power generation to traction locomotives, power grid and electric industries, and others. Converter transformers are used in a wide range of applications, which facilitate the smooth transition from AC to DC and DC to AC, besides voltage conversion. Alternative power generation is the most dominant application of converter transformers that drives market growth. An increase in the adoption of renewable power sources, such as wind & solar energy, and traction locomotives, are major factors boosting the adoption of converter transformers globally.
The development of modern electric cars and incentives to deploy them is increasing the consumption of electricity in the automotive sector. As power plants are mostly located in remote locations; the generated electricity is then transmitted through power transmission lines to the substations where it is distributed to the end users after step-down. The step-down function is carried out by a converter transformer. Converter transformers find their applications in high moisture or high fire hazard areas, such as industries, environmentally sensitive areas, forest substations, indoor and underground substations, and onshore and offshore installations. In addition, most countries have under-utilized resources of energy while in developing countries there is a need for improvement throughout the power system.
The global converter transformer market is driven by, an increasing preference for renewable energy sources, growing use of traction locomotives & electric vehicles, and heavy investments in smart grids & energy systems. In addition, new renewable energy sources, such as tidal energy for power generation have boosted R&D activities in the field of electric distribution networks, further driving the market growth in the near future. However, the high cost associated with converter transformers and inadequate standards for converter transformers' infrastructure is expected to affect the market growth.
Enquiry Before Buying:
The converter transformer market is segmented on the basis of type, application, and region.
On the basis of type, the global converter transformer market is segmented into 201-400 Kv, 401-600 Kv, and 601-800 Kv. On the basis of application, the global converter transformer market is segmented into wind farms, oil & gas, and grid connections.
Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, Asia-Pacific accounts for the largest share of the market, followed by North America and Europe.
The major companies profiled in this converter transformer industry report include ABB Power Systems, General Electric, Siemens AG, Crompton Greaves, Bharat Heavy Electricals Limited, Toshiba Corporation, Kirloskar Electric Company Limited, Shadong Power Equipment Company Limited, Mitsubishi Electric, XIAN XD Transformer Co. Ltd. Rapid urbanization and industrialization across the globe led to increasing in demand for energy from green resources, which led to the rise in demand for converter transformers. Additional growth strategies, such as the expansion of production capacities, acquisition, and partnership in the development of innovative products from manufacturers have helped to attain key developments in the global converter transformer market trends.
Impact Of Covid-19 On The Global Converter Transformer Market
- Emergence of COVID-19 had a negative impact on the growth of the converter transformer market during this period.
- This impact is mostly attributed to the significant disruptions in raw material transportation, the presence of low labor, led to the shutdown of many manufacturing industries led to the decline of demand for power hence the decrease in the demand for the converter transformer market during this period.
- The decrease in demand for many non-essential products and shut down of electrical, automotive, and other manufacturing-related industries has created a negative impact on the development of the converter transformer market
- The increasing demand for environment-friendly manufacturing products and increase in awareness among the people towards the environment will hamper the growth of the converter transformer market.
- Thus, the abovementioned factors are expected to have a great impact on the development of converter transformer market growth in this forecast period.
Procure Complete Report @
Key findings of the study
- Region-wise, Asia-Pacific is projected to witness growth at the highest CAGR in terms of revenue, during the forecast period.
- On the basis of type, the 401-600 KV segment was the major share contributor in 2020.
- On the basis of application, the grid connections segment occupies more than half the market share in 2020.
About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality“market research reports” and“Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.
David Correa
Allied Analytics LLP
+1-800-792-5285
email us here