The global converter transformer market is witnessing growth because of rapid industrialization and an increase in domestic demand for power. Demand for electricity throughout the world is steadily on the rise, which has led to higher utilization of energy sources. This has resulted in a global increase in the number of power plants and the widening of transmission networks. Conducive government policies to control greenhouse gas emissions followed by initiatives for clean energy are major drivers for the generation of renewable energy. Major renewable sources of energy include wind, solar, and hydroelectricity while major non-conventional energy resources include nuclear, biomass, and geothermal. Furthermore, electrification projects in metro railways, stadiums and other commercial spaces will further increase the demand for converter transformers. Hence, the global electricity demand presently drives the global converter transformer market growth.
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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.
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 the 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 hazards 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.
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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.
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, Shandong 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.
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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.
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