Converter Transformer Market Overview
Converter Transformer Market is analyzed to grow at a CAGR of 19.3% during the forecast 2022-2027 to reach $20.11 billion by 2027. A converter transformer is generally used in High voltage direct current (HVDC) system. In a HVDC system, power electronic circuits are used to convert AC to DC (Rectifier circuits) or convert DC to AC (Inverter Circuits). Both of these circuits are also called converter circuits which consists of capacitors or synchronous condensers for reactive power. A transformer that has one of its windings connected to one of these circuits, as a dedicated transformer, is a converter Transformer. Converter transformer generally face high harmonic contents in the voltage and in the current loads. For this reason, the magnetic core is oversized reducing at the same time the working induction. Similarly, thyristor power switches then reconstruct the original low-frequency wave at the desired output voltage level. With the advancement in technologies, converter transformers are now being designed with various configuration such as monopolar, bipolar and others for wide range of power ratings which tend to drive its demand, further driving its market growth.
Converter Transformer Market Segment Analysis – By Design
By Design, the Converter Transformer Market Report is segmented into Mono-polar, Bi-polar, back-to-back and multi-terminal. Multi-terminal converter transformer is analysed to hold highest share 33.67% in 2021 owing to its huge adoption for power distribution application across the globe. The modular multi-terminal converter-based DC-DC converter transformer has been proposed for multi-terminal DC grids. A three-terminal configuration interconnecting three different voltage levels is installed globally with the increasing smart city developments initiatives. In multi-terminal converter transformer is able to step-up high voltage DC into different DC levels with multiple throughputs and the step-up ratio is derived. With the ongoing smart city projects to enhance the infrastructure sector of an economy is analysed to bring significant growth in the demand of multi-terminal converter transformer, further driving its market growth.
Converter Transformer Market Segment Analysis–By Application
By Application, the Converter Transformer Market Report is segmented into Wind-farms, Oil & Gas, Grid interconnections, Power distribution and Others. Grid connection application is analysed to hold the highest share 29.11% during the forecast period 2022-2027 owing to the increasing smart grid developments across the globe to enhance power distribution. With the increasing demand of efficient power transmission solutions across the globe, the demand of converter transformer has witnessed a market boom and is analysed to grow significantly during the forecast period. Increasing government investments in installing smart grid solutions across various industries tend to drive the market growth of converter transformers. For instance, Indian power sector is undergoing a significant change that has redefined the industry outlook. Sustained economic growth continues to drive electricity demand in India. The Government of India’s focus on attaining ‘Power for all’ which has accelerated capacity addition in the country, further propelling the demand of converter transformer.
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Converter Transformer Market Segment Analysis – By Geography
Asia-Pacific is analysed to be the major region with a share of 38% in 2021 for the Converter Transformer Market owing to the huge scope for industrialization and increasing investments in the smart grid development across various economies such as China, India and Japan. For instance, according to World Bank Reports, investments done in manufacturing sector in Asia-Pacific region was recorded $437.42 billion in 2020. Moreover, in China, rising government’s focus to develop renewable energy infrastructure which aimed to meet its renewable energy target of 35% of electricity consumption by 2030 will bring significant growth in the demand of converter transformer during the forecast period. In January 2019, the Chinese government approved 24 offshore wind power projects in Jiangsu Province. These projects have a combined capacity of 6.7GW and involve a total investment of $17.9 billions. These investments in wind farms will enhance the converter transformer market growth for power distribution application.
Converter Transformer Market Drivers
Increasing demand for efficient power transmission solutions across the globe is driving the Converter Transformer Market growth
Increasing demand for efficient power transmission solutions across the globe has brought a significant growth in the demand of converter transformers. With the global initiatives to provide electricity at every home, the demand of high efficient power transmission solution is liable to remain high. Energy scarcity has been restraining economic growth of various economies across the globe. Several government programs and huge investments to enhance the power generation and distribution sector is of major focus. This has brought significant growth in the demand of converter transformer for high efficient power distribution application. For instance, according to IBEF, in December 2020, the Asian Development Bank (ADB) and the Government of India signed a US$ 100 million loan to modernise and upgrade the power distribution system for enhancing the quality and reliability of electricity supply in Bengaluru, Karnataka. Moreover, Ujwal Discoms Assurance Yojana (UDAY) was launched by the Government of India to encourage operational and financial turnaround of State-owned Power Distribution Companies (DISCOMS) with an aim to reduce Aggregate Technical & Commercial (AT&C) losses to 15% by 2021. These initiatives and developments tend to drive the converter transformer market growth during the forecast period.
Adoption of smart grid solutions across the globe is propelling the converter transformer market growth
Adoption of smart grid solutions across the globe is propelling the Converter transformer market growth. HVDC (high-voltage direct current) is one of the widely adopted smart grid solution across the globe as it is a highly efficient alternative for transmitting large amounts of electricity over long distances and for special purpose applications. HVDC is truly shaping the grid of the future as a key enabler in the future energy system based on renewables. Subsequently, contributing to the growth in demand for converter transformer market during the forecast period. In HVDC systems, it acts as an interface between the AC system and the thyristor valves. The key advantage of a Converter transformer is that, it acts as a galvanic barrier between the AC and DC system to prevent the DC potential to enter the AC systems. It also transforms voltage between the AC supply and the HVDC system. This applications tend to offer future benefits for smart grid applications, further driving the converter transformers market growth.
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Converter Transformer Market Challenges
High installation cost and certain technical drawbacks is analysed to hamper the Converter Transformer Market growth
One of the most important factors restraining the market growth of Converter Transformer Market across the global is the high installation cost. Converter transformer comprise of wide range of components which tend to elevate its manufacturing cost. Moreover, during its installation, in some cases, converter transformer offers lower power factor and lower overload capacity which retrain its adoption across various small scale power generation and distribution units. Moreover, converter transformer are very noisy during its operation which disturbs many locations with high population density. So, the area of installation is also a major concern. This further adds to the challenges in its market growth during the forecast period.
Converter Transformer Industry Outlook
Production Innovation, Acquisitions, Collaboration, and R&D activities are key strategies adopted by players in the Converter Transformer Market. In 2021, the market of Converter Transformer industry outlook has been fragmented by several companies. Converter Transformer top companies include
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Relevant Report Titles:
A. HVDC Converter Station Market – Forecast (2021 – 2026)
B. Transformer Market – Forecast (2021 – 2026)
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