Converter Transformer Market Demand, Size, Share & Forecast 2032

Converter Transformer Market Insights

According to the report published by Zion Market Research, the global Converter Transformer Market size was valued at USD 2.97 Billion in 2023 and is predicted to reach USD 9.82 Billion by the end of 2032. The market is expected to grow with a CAGR of 14.2% during the forecast period. The report analyzes the global Converter Transformer Market's growth drivers, restraints, and impact on demand during the forecast period. It will also help navigate and explore the rising opportunities in the Converter Transformer industry.

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Global Converter Transformer Market: Overview

Converter transformers assist in raising the voltage of the AC supply in a network; it operates with 12 pulses for each cycle in the AC supply. Using the star-to-delta connection removes harmonic current components of the transformer winding. Insulation of transformer winding is designed to withhold large DC potential to earth. One unit of converter transformers can be made as large as 300 Mega volt-amperes (MW). It is very difficult for large transformers to transfer large voltage; hence, this issue can be resolved by connecting many transformers using two phases and three phases. Converter transformers can be used in several industries such as oil & gas, grid connections, and windfarms.

Global Converter Transformer Market: Growth Factors

Growth in the population and increasing demand for electricity by various industries foster the global converter transformer market growth. Additionally, the rising demand for energy transmission over long distances is expected to fuel global market growth in the future. Adoption of the high-voltage direct current technology across the world is anticipated to contribute to the growth of the global market in the future. High-voltage direct current enables to transfer of high-voltage electric transmission at long distances from generation to consumption centers. Moreover, strict environmental regulations set by the government for cable-based transmission drive the global converter transformer market growth in the coming future.

Converter transformers are replacing the traditional overhead lines owing to the need for transmitting power at a long distance. Furthermore, power generation by using renewable source such as hydel plants, distantly located solar panels, and offshore wind farms are responsible for the global market growth. However, low standards and high costs and lengthy approval procedures for HVDC projects are major challenges before the global market.

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Global Converter Transformer Market: Segmentation

The global converter transformer market is categorized based on the configuration as multi-terminal, monopolar, bipolar, and back-to-back.

Based on power rating, the global market is segmented as 500 MW, 501 MW–999 MW, 1000 MW–2000 MW and above 2000 MW. The geographical segmentation in the global converter transformer market includes North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

Converter Transformer Market: Report Scope

Global Converter Transformer Market: Regional Analysis

Asia Pacific is the leading region in the global market owing to higher acceptance of the convert transformer. This region is experiencing faster growth due to emerging economies such as India and China. Increasing demand for converter transformers in this region is anticipated to fuel the global converter transformer market growth. China is highly investing in the distribution and transmission sector. While Europe is following the same trend as Asia Pacific owing to up gradation and replacement of old power sector.

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

What Report Provides

• Full in-depth analysis of the parent market
• Important changes in market dynamics
• Segmentation details of the market
• Former, on-going, and projected market analysis in terms of volume and value
• Assessment of niche industry developments
• Market share analysis
• Key strategies of major players
• Emerging segments and regional markets
• Testimonials to companies to fortify their foothold in the market.