Global Converter Transformer Market: Overview
Converter transformers assist in rising voltage of AC supply in a network; it operates with 12 pulses for each cycle in the AC supply. By using the star-to-delta connection, it 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 the large transformers to transfer large voltage; hence, this issue can be resolved by connecting many transformers together using two phases and three phases. Converter transformers can be used in a number of 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, rising demand for energy transmission over long distance is expected to fuel the global market growth in future. Adoption of the high-voltage direct current technology across the world is anticipated to contribute to the growth of the global market in future. High-voltage direct current enables to transfer high voltage electric transmission at a long distance from generation to consumption centers. Moreover, strict environmental regulations set by the government for cable-based transmission drives 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 sources such as hydel plants, distantly located solar panels, and offshore wind farms are responsible for the global market growth. However, low standard and the high cost and lengthy approval procedures for HVDC projects are major challenges before the global market.
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.
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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., Shandong Power Equipment Company Limited, and Xian XD Transformers Co. Ltd. Other players influencing the global market are General Electric, Kirloskar Electric Company Limited, Bharat Heavy Electrics Limited, Siemens AG, and Toshiba.