Converter Transformer Market Development Status, Competition Analysis, Type and Application 2031

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.

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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.

COVID-19 crisis impact

The ongoing crisis caused by COVID-19 pandemic has affected all industry verticals resulting in subdued capital investments, retardation of production rate and supply to end procurers. Over the recent decade, electronics industry has witnessed substantial growth. However, owing to the COVID 19 crisis electronics industry has faced a dual impact. The production facilities of the electronics parts have been halted owing to the logistics slowdown and unavailability of the workforce across the globe.

The coronavirus crisis has shaken the foundations of wind turbine manufacturing sector. Due to the ongoing COVID-19 pandemic, the wind industry supply chain experienced major disruptions nationwide lockdowns and transport regulations across the globe, particularly on the production and assembly line of wind turbine industry.

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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: Key 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.

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Converter Transformer Market: Segmentation

The Converter Transformer market can be segmented based on application, product configuration, voltage level, power rating.