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Global Converter Transformer Market Size, Share & Industry Trends Analysis Report By Application (Grid Connections, Wind Farms, and Oil & Gas), By Type (401-600 Kv, 201-400 Kv, and 601-800 Kv), By Regional Outlook and Forecast, 2022-2028

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    Report

  • 158 Pages
  • June 2022
  • Region: Global
  • Marqual IT Solutions Pvt. Ltd (KBV Research)
  • ID: 5636614
The Global Converter Transformer Market size is expected to reach $4.4 billion by 2028, rising at a market growth of 13.4% CAGR during the forecast period.

A converter transformer is a type of transformer that is designed to provide high current, low voltage solutions for a variety of applications. Voltage converters adjust the voltage of electronic equipment, whereas transformers transport power from one voltage to another. By adopting a star-to-delta (wye-delta) transformer winding connection, the conversion transformers can function with 12 pulses for each cycle in the AC supply, removing several harmonic current components. Transformer winding insulation must be properly built to withstand significant DC potentials to the ground. Converter transformers can be constructed in sizes up to 300 Megavolt-amperes (MW).



Vibrational devices for turbo and hydro-generators, electric drives of drilling equipment, semiconductor converters of the traction substation for city electrified public transportation (tram, trolley bus, and subway), and DC & AC electric drives are all applications for converter transformers. Through a rectifier, stimulation transformers are used to stimulate the field of generators. Static excitation systems for power plant generators use transformers with a rating of up to 5.2 MVA. Converting transformers are mostly made of cast resin dry-type transformers. Leading dry-type transformer manufacturers offer customized configurations for specific purposes.

The development of sophisticated electric cars, as well as incentives utilized them, is driving up electricity usage in the automotive industry. Due to the power plants are typically located in remote areas, the electricity generated is then carried via power transmission lines to substations, where it is stepped down and supplied to end consumers. A converter transformer performs the step-down function. Converter transformers are used in industries, environmentally sensitive locations, forest substations, indoor and subterranean substations, and onshore and offshore sites where there is a lot of moisture or a lot of fire threat. Furthermore, most countries have underutilized energy resources, whereas developing countries' power systems need to be improved across the board.

COVID-19 Impact Analysis

The pandemic has significantly impacted many people's general economic conditions, resulting in lower consumer spending for non-essential goods, decreasing demand for converter transformers. Weekly electricity usage has decreased by 10-35 percent across the pandemic-affected regions as a result of COVID-19 lockdown measures. Furthermore, the demand for converter transformers has increased as the intake of variable renewable energy to the distribution system has increased. Furthermore, consumer demand has decreased as people are now more focused on removing non-essential expenditures from their budgets as the overall economic situation of most people has been badly impacted by the outbreak.

Market Growth Factors


Demand for Efficient Power Transmission Solutions is Growing

Converter transformer demand has increased dramatically as the demand for efficient power transmission networks grows. As a result of endeavors to provide electricity to every home, the need for high voltage transmission technologies is likely to remain high. The focus is mostly on a variety of government projects and huge expenditures aimed at improving the electricity generation and distribution industry. As a result, converter transformer demand for high-efficiency power distribution applications has skyrocketed.

Smart grid technologies are being implemented all around the world.

The use of smart grid solutions is moving the Converter transformer market forward. HVDC (high-voltage direct current) is a frequently used smart grid solution around the world since it is a cost-effective way to carry huge amounts of energy over long distances and for unique uses. As a crucial facilitator in the future energy system based on renewables, HVDC is genuinely shaping the grid of the future. It serves as a link between the AC system and the thyristor valves in HVDC systems. A Converter transformer's main benefit is that it functions as a capacitive border between the AC and DC systems, preventing DC potential from entering the AC systems. Between the AC supply and the HVDC system, it also converts voltage.

Market Restraining Factors


Investing in installation costs of converter transformer is expensive

One of the most important issues limiting the growth of the Converter Transformer Market is the high installation cost. The cost of manufacturing a converter transformer is higher because it is made up of a variety of components. Converter transformers have a lower power factor and excess tolerance during installation, thus they're preferred among small-scale power generation and distribution units. Furthermore, converter transformers are highly noisy when in use, causing significant disruption in many densely populated regions. As a result, the installation location is equally important.

Application Outlook

Based on Application, the market is segmented into Grid Connections, Wind Farms, and Oil & Gas. The wind farms segment witnessed a significant revenue share in the converter transformer market in 2021. It is due to the wind turbines with variable speeds to capture more energy than fixed-speed competitors. Induction generators have been demonstrated to be superior to DC generators in many areas when it comes to generating electrical power over a wide range of speeds: efficiency, maintainability, power density, and so on.



Type Outlook

Based on Type, the market is segmented into 401-600 Kv, 201-400 Kv, and 601-800 Kv. The 401-600 Kv segment procured the largest revenue share in the converter transformer market in 2021. Due to the demand for converter transformers rises as crude oil demand rises in the petroleum and chemical industries. As the population and industrialization grew, so did demand for power, prompting the development of renewable energy sources such as large-scale offshore wind farms. The power generation from offshore wind farms is rapidly increasing, which has a beneficial impact on converter transformer demand.

Regional Outlook

Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. The Asia Pacific region garnered the highest revenue share in the converter transformer market in 2021. Asia-Pacific, which includes China, India, Japan, South Korea, Australia, and the rest of Asia-Pacific, accounts for the majority of the converter transformer market. Due to the large number of ongoing electricity projects in China, it is quickly becoming a powerhouse in Asia. China has risen to the top of the renewable energy sources market, with a slew of solar projects. As a result, China has emerged as a key player in the converter transformer industry. In China, the ongoing COVID-19 pandemic has had little impact on new railway developments.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include ABB Group, Siemens AG, General Electric (GE) Co., Toshiba Corporation, Mitsubishi Electric Corporation, Kirloskar Electric Co. Ltd., CG Power & Industrial Solutions Ltd., Bharat Heavy Electricals Ltd., and Xi'an Xidian Transformer Co., Ltd.

Scope of the Study


Market Segments Covered in the Report:


By Application
  • Grid Connections
  • Wind Farms
  • Oil & Gas
By Type
  • 401-600 Kv
  • 201-400 Kv
  • 601-800 Kv
By Geography
  • North America
  • US
  • Canada
  • Mexico
  • Rest of North America
  • Europe
  • Germany
  • UK
  • France
  • Russia
  • Spain
  • Italy
  • Rest of Europe
  • Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Singapore
  • Malaysia
  • Rest of Asia Pacific
  • LAMEA
  • Brazil
  • Argentina
  • UAE
  • Saudi Arabia
  • South Africa
  • Nigeria
  • Rest of LAMEA

Key Market Players


List of Companies Profiled in the Report:

  • ABB Group
  • Siemens AG
  • General Electric (GE) Co.
  • Toshiba Corporation
  • Mitsubishi Electric Corporation
  • Kirloskar Electric Co. Ltd.
  • CG Power & Industrial Solutions Ltd.
  • Bharat Heavy Electricals Ltd.
  • Xi'an Xidian Transformer Co., Ltd.

Unique Offerings from the Publisher

  • Exhaustive coverage
  • The highest number of Market tables and figures
  • Subscription-based model available
  • Guaranteed best price
  • Assured post sales research support with 10% customization free

Table of Contents

Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 Global Converter Transformer Market, by Application
1.4.2 Global Converter Transformer Market, by Type
1.4.3 Global Converter Transformer Market, by Geography
1.5 Methodology for the research
Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.1.1 Market Composition and Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. Global Converter Transformer Market by Application
3.1 Global Grid Connections Market by Region
3.2 Global Wind Farms Market by Region
3.3 Global Oil & Gas Market by Region
Chapter 4. Global Converter Transformer Market by Type
4.1 Global 401-600 Kv Market by Region
4.2 Global 201-400 Kv Market by Region
4.3 Global 601-800 Kv Market by Region
Chapter 5. Global Converter Transformer Market by Region
5.1 North America Converter Transformer Market
5.1.1 North America Converter Transformer Market by Application
5.1.1.1 North America Grid Connections Market by Country
5.1.1.2 North America Wind Farms Market by Country
5.1.1.3 North America Oil & Gas Market by Country
5.1.2 North America Converter Transformer Market by Type
5.1.2.1 North America 401-600 Kv Market by Country
5.1.2.2 North America 201-400 Kv Market by Country
5.1.2.3 North America 601-800 Kv Market by Country
5.1.3 North America Converter Transformer Market by Country
5.1.3.1 US Converter Transformer Market
5.1.3.1.1 US Converter Transformer Market by Application
5.1.3.1.2 US Converter Transformer Market by Type
5.1.3.2 Canada Converter Transformer Market
5.1.3.2.1 Canada Converter Transformer Market by Application
5.1.3.2.2 Canada Converter Transformer Market by Type
5.1.3.3 Mexico Converter Transformer Market
5.1.3.3.1 Mexico Converter Transformer Market by Application
5.1.3.3.2 Mexico Converter Transformer Market by Type
5.1.3.4 Rest of North America Converter Transformer Market
5.1.3.4.1 Rest of North America Converter Transformer Market by Application
5.1.3.4.2 Rest of North America Converter Transformer Market by Type
5.2 Europe Converter Transformer Market
5.2.1 Europe Converter Transformer Market by Application
5.2.1.1 Europe Grid Connections Market by Country
5.2.1.2 Europe Wind Farms Market by Country
5.2.1.3 Europe Oil & Gas Market by Country
5.2.2 Europe Converter Transformer Market by Type
5.2.2.1 Europe 401-600 Kv Market by Country
5.2.2.2 Europe 201-400 Kv Market by Country
5.2.2.3 Europe 601-800 Kv Market by Country
5.2.3 Europe Converter Transformer Market by Country
5.2.3.1 Germany Converter Transformer Market
5.2.3.1.1 Germany Converter Transformer Market by Application
5.2.3.1.2 Germany Converter Transformer Market by Type
5.2.3.2 UK Converter Transformer Market
5.2.3.2.1 UK Converter Transformer Market by Application
5.2.3.2.2 UK Converter Transformer Market by Type
5.2.3.3 France Converter Transformer Market
5.2.3.3.1 France Converter Transformer Market by Application
5.2.3.3.2 France Converter Transformer Market by Type
5.2.3.4 Russia Converter Transformer Market
5.2.3.4.1 Russia Converter Transformer Market by Application
5.2.3.4.2 Russia Converter Transformer Market by Type
5.2.3.5 Spain Converter Transformer Market
5.2.3.5.1 Spain Converter Transformer Market by Application
5.2.3.5.2 Spain Converter Transformer Market by Type
5.2.3.6 Italy Converter Transformer Market
5.2.3.6.1 Italy Converter Transformer Market by Application
5.2.3.6.2 Italy Converter Transformer Market by Type
5.2.3.7 Rest of Europe Converter Transformer Market
5.2.3.7.1 Rest of Europe Converter Transformer Market by Application
5.2.3.7.2 Rest of Europe Converter Transformer Market by Type
5.3 Asia Pacific Converter Transformer Market
5.3.1 Asia Pacific Converter Transformer Market by Application
5.3.1.1 Asia Pacific Grid Connections Market by Country
5.3.1.2 Asia Pacific Wind Farms Market by Country
5.3.1.3 Asia Pacific Oil & Gas Market by Country
5.3.2 Asia Pacific Converter Transformer Market by Type
5.3.2.1 Asia Pacific 401-600 Kv Market by Country
5.3.2.2 Asia Pacific 201-400 Kv Market by Country
5.3.2.3 Asia Pacific 601-800 Kv Market by Country
5.3.3 Asia Pacific Converter Transformer Market by Country
5.3.3.1 China Converter Transformer Market
5.3.3.1.1 China Converter Transformer Market by Application
5.3.3.1.2 China Converter Transformer Market by Type
5.3.3.2 Japan Converter Transformer Market
5.3.3.2.1 Japan Converter Transformer Market by Application
5.3.3.2.2 Japan Converter Transformer Market by Type
5.3.3.3 India Converter Transformer Market
5.3.3.3.1 India Converter Transformer Market by Application
5.3.3.3.2 India Converter Transformer Market by Type
5.3.3.4 South Korea Converter Transformer Market
5.3.3.4.1 South Korea Converter Transformer Market by Application
5.3.3.4.2 South Korea Converter Transformer Market by Type
5.3.3.5 Singapore Converter Transformer Market
5.3.3.5.1 Singapore Converter Transformer Market by Application
5.3.3.5.2 Singapore Converter Transformer Market by Type
5.3.3.6 Malaysia Converter Transformer Market
5.3.3.6.1 Malaysia Converter Transformer Market by Application
5.3.3.6.2 Malaysia Converter Transformer Market by Type
5.3.3.7 Rest of Asia Pacific Converter Transformer Market
5.3.3.7.1 Rest of Asia Pacific Converter Transformer Market by Application
5.3.3.7.2 Rest of Asia Pacific Converter Transformer Market by Type
5.4 LAMEA Converter Transformer Market
5.4.1 LAMEA Converter Transformer Market by Application
5.4.1.1 LAMEA Grid Connections Market by Country
5.4.1.2 LAMEA Wind Farms Market by Country
5.4.1.3 LAMEA Oil & Gas Market by Country
5.4.2 LAMEA Converter Transformer Market by Type
5.4.2.1 LAMEA 401-600 Kv Market by Country
5.4.2.2 LAMEA 201-400 Kv Market by Country
5.4.2.3 LAMEA 601-800 Kv Market by Country
5.4.3 LAMEA Converter Transformer Market by Country
5.4.3.1 Brazil Converter Transformer Market
5.4.3.1.1 Brazil Converter Transformer Market by Application
5.4.3.1.2 Brazil Converter Transformer Market by Type
5.4.3.2 Argentina Converter Transformer Market
5.4.3.2.1 Argentina Converter Transformer Market by Application
5.4.3.2.2 Argentina Converter Transformer Market by Type
5.4.3.3 UAE Converter Transformer Market
5.4.3.3.1 UAE Converter Transformer Market by Application
5.4.3.3.2 UAE Converter Transformer Market by Type
5.4.3.4 Saudi Arabia Converter Transformer Market
5.4.3.4.1 Saudi Arabia Converter Transformer Market by Application
5.4.3.4.2 Saudi Arabia Converter Transformer Market by Type
5.4.3.5 South Africa Converter Transformer Market
5.4.3.5.1 South Africa Converter Transformer Market by Application
5.4.3.5.2 South Africa Converter Transformer Market by Type
5.4.3.6 Nigeria Converter Transformer Market
5.4.3.6.1 Nigeria Converter Transformer Market by Application
5.4.3.6.2 Nigeria Converter Transformer Market by Type
5.4.3.7 Rest of LAMEA Converter Transformer Market
5.4.3.7.1 Rest of LAMEA Converter Transformer Market by Application
5.4.3.7.2 Rest of LAMEA Converter Transformer Market by Type
Chapter 6. Company Profiles
6.1 ABB Group
6.1.1 Company Overview
6.1.1 Financial Analysis
6.1.2 Segmental and Regional Analysis
6.1.3 Research & Development Expense
6.1.4 Recent strategies and developments
6.1.4.1 Partnerships, Collaborations, and Agreements
6.1.4.2 Acquisition and Mergers
6.1.5 SWOT Analysis
6.2 Siemens AG
6.2.1 Company Overview
6.2.2 Financial Analysis
6.2.3 Segmental and Regional Analysis
6.2.4 Research & Development Expense
6.2.5 Recent strategies and developments
6.2.5.1 Product Launches and Product Expansions
6.2.5.2 Acquisition and Mergers
6.2.6 SWOT Analysis
6.3 General Electric (GE) Co.
6.3.1 Company Overview
6.3.2 Financial Analysis
6.3.3 Segmental and Regional Analysis
6.3.4 Research & Development Expense
6.3.5 SWOT Analysis
6.4 Toshiba Corporation
6.4.1 Company Overview
6.4.2 Financial Analysis
6.4.3 Segmental and Regional Analysis
6.4.4 Research and Development Expense
6.4.5 SWOT Analysis
6.5 Mitsubishi Electric Corporation
6.5.1 Company Overview
6.5.2 Financial Analysis
6.5.3 Segmental and Regional Analysis
6.5.4 Research & Development Expense
6.5.5 SWOT Analysis
6.6 Kirloskar Electric Co. Ltd.
6.6.1 Company Overview
6.6.2 Financial Analysis
6.6.3 Segmental Analysis
6.7 CG Power & Industrial Solutions Ltd. (Murugappa Group)
6.7.1 Company Overview
6.7.2 Financial Analysis
6.7.3 Segmental and Regional Analysis
6.8 Bharat Heavy Electricals Ltd.
6.8.1 Company Overview
6.8.2 Financial Analysis
6.8.3 Segmental Analysis
6.9 Xi'an Xidian Transformer Co., Ltd.
6.9.1 Company Overview

Companies Mentioned

  • ABB Group
  • Siemens AG
  • General Electric (GE) Co.
  • Toshiba Corporation
  • Mitsubishi Electric Corporation
  • Kirloskar Electric Co. Ltd.
  • CG Power & Industrial Solutions Ltd.
  • Bharat Heavy Electricals Ltd.
  • Xi'an Xidian Transformer Co., Ltd.

Methodology

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