According to a recent survey published by FMI, the global Converter Transformer market is expected to grow at a healthy CAGR during the forecast period between 2023 and 2033. The objective of the report is to uncover micro and macro-economic factors accelerating the sales of Converter Transformer over the coming decade.
Advent of Industry 4.0 Technology to Create New Growth Avenues for the Converter Transformer Market
The industrial sector is undergoing a change as manufacturers throughout the world place a strong emphasis on incorporating advanced automation. This is usually referred to as Industry 4.0.
With the advent of Industry 4.0, manufacturers are emphasising the use of novel technologies such as artificial intelligence, smart manufacturing, the internet of things (IoT), and machine learning, among others. This is projected to open up attractive potential for growth in the Converter Transformer industry.
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Additionally, increasing government emphasis building a better manufacturing sector and integration of augmented and virtual reality using smart equipment to enhance the output is estimated to propel the demand in the market for coming years.
Key Converter Transformer Market Takeaways and Projections
- The U.S. is estimated dominate the Converter Transformer market in North America, accounting for the largest share in the region through 2022.
- Germany is projected to account for a significant share in the Europe market over the assessment period.
- China is forecast to hold the lion’s share the East Asia market, projecting the fastest growth in the region between 2023 and 2033
- India is anticipated to emerge as a highly remunerative market in South Asia, accounting for the largest sales during the forecast period.
Report Benefits & Key Questions Answered
- Converter Transformer Historical Market Outlook: Future Market Insight’s analysis examines vital dynamics, such as drivers, opportunities and challenges. It studies their impact on the market over the previous assessment period 2016-2020. The report provides crucial insights to market players to capitalize on opportunities and counter challenges.
- Converter Transformer Demand-Supply Assessment: A latest study published by FMI offers in-depth insights into governing factors facilitating the demand outlook of the Converter Transformer As per the survey, Converter Transformer sales will project steady growth over the forecast period.
- Converter Transformer Consumption by Demographics: The report published by FMI provides consumption by demographics analysis to assist the market players in formulating their marketing strategies on the basis of purchasing power of the customers. It examines changes in consumer behavior and also studies its effect on the demand for Converter Transformer.
- Converter Transformer Market Trend Analysis: FMI’s market trend analysis provide detailed insights into current and upcoming trends in the industrial automation industries. It also assist the industry players to identify potentials trends to capitalize on them.
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.
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Converter Transformer Market: Segmentation
The Converter Transformer market can be segmented based on application, product configuration, voltage level, power rating.
Product :
- Monopolar
- Bipolar
- Back to Back
- Multi terminals
Power Rating:
- Below 500 kW
- 501 kW-999 kW
- 1,000 kW-2,000 kW
- Above 2,000 kW
Voltage Level:
- Up to 200 kV
- 201-400 kV
- 401-600 kV
- 601-800 kV
- Above 800 kV
Application:
- Windfarms
- Oil & Gas Industries
- Grid Interconnection
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)
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