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.

Due to the requirement for long-distance power transmission, converter transformers are taking the place of conventional overhead wires. Moreover, the expansion of the worldwide market is attributable to the production of electricity through renewable sources, including offshore wind farms, far-off solar panels, and hydel plants. Low standards, exorbitant costs, and drawn-out clearance processes for HVDC projects, however, provide significant obstacles to the global market.

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.

Asia-Pacific, which includes nations like China, India, Japan, South Korea, Australia, and the rest of the region, accounts for the majority of the world market for converter transformers. With so many electrical projects underway, China is becoming the powerhouse of the Asian electric market.

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. Europe is currently seeing a similar trend to that of Asia Pacific due to the replacement and upgrading of outdated electricity infrastructure.

The global market for converter transformers is dominated by the grid connections segment. Several national concerns, like the aging power grid infrastructure, rising electricity generation costs, and rising power consumption, are driving up the need for smart grids. Energy distribution is reliable and effective when smart power networks with converter transformers, which include smart meters and appliances, are in place. But the conventional transformer isn’t effective enough or prepared for the next generation of smart grids. Therefore, smart transformers are essential to the effective operation of smart grids and are anticipated to play a key role in these systems.

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

• Multi-terminal
• Monopolar
• Bipolar
• Back-to-back

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. Specialized voltage requirements, such as fire safety, are necessary in industries including mining, oil and gas, and marine. Countries have pledged to boost the adoption of renewable energy generation in the overall amount of power produced in an effort to limit the generation of electricity based on coal.

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