Converter Transformer Market: Current Analysis and Forecast (2022-2028)
Emphasis on Product (Monopolar, Bipolar, Back-to-Back, and Multi-terminal); Power Rating (Below 500kW, 501kW- 999kW, 1000kW- 2000kW, and Above 2000kW); Application (Oil & Gas industries, Grid interconnection, and Wind Forms); Voltage Level (Up to 200kV,201-400kV, 401-600kV, 601-800kV, and Above 800kV); and Region/Countr
Global Converter Transformer Market is expected to grow at a significant rate of around 15% during the forecast period. A converter transformer is usually designed to increase the eddy current loss and withstand DC voltage. All the converter transformers are equipped with the electrostatic screen linked on the ground between secondary and primary windings. The screen is used to reduce the capacitive effect caused by the secondary windings and at the same time reduce the transmission of the interference. The converter transformers are helpful to replace the traditional overhead lines for the transmission of power over a long distance. Additionally, the converter transformer is used to convert DC to AC at one end and AC to DC on the other end. Furthermore, the increasing demand for proficient power transmission solutions, the increasing demand for grid technologies, hydro plants, offshore wind farms as well as government infrastructure are expected to propel the market growth for the converter transformer. The concern towards optimized & efficient power generation and offshore wind farm power generation will impact the market in a positive way. The initial cost of set-up is restricting the market. However, the implementation of the technologies such as AI and IoT will lower the total cost of installation in the future. The higher urbanization along with industrialization around the world increases the demand for energy from other alternatives such as green energy and others which somehow will increase the demand for the converter transformer.
General Electric, Kirloskar Electric Company Limited, Shandong Power Equipment Company Limited, Mitsubishi Electric, Bharat Heavy Electricals Limited, Crompton Greaves Ltd., Xian XD Transformers Co. Ltd., Toshiba Corporation, Siemens AG, and ABB Ltd. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst product, multi-terminal converter transformer category to witness robust CAGR during the forecast period”
Based on product, the market is segmented into monopolar, bipolar, back-to-back, and multi-terminal. The multi-terminal segment is expected to show higher market growth during the forecast period owing to its adoption for the power distribution application. Additionally, the multi-terminal converter transformer has three terminal configurations which make it suitable for three different voltage levels. Furthermore, the multi-terminal converter transformer has the added advantage to convert high-level DC voltage into multiple throughputs which will propel the market for the multi-terminal segment in the future.
“Amongst voltage level, the 401kV-600kV category to hold a significant share in the market during the forecast period”
Based on the hole type, the converter transformer market is segmented into up to 200kV, 201kV-400kV, 401kV-600kV, 601kV-800kV, and above 800kV. The 401kV-600kV segment is expected to show significant market potential during the forecast period due to the increasing price of petroleum products, rapid industrialization, and surging demand for offshore wind farm power generation.
“Asia Pacific to hold a significant share in the market”
Asia-Pacific accounted for the highest market share in the market for the year 2021 and is expected to remain the same during the forecast period owing to the increasing investment, emerging economy, rapid industrialization, and increasing demand for electricity along with the government infrastructure to support the electricity conservation in the region. Also, the technological advancement in the field of converter transformers such as IoT, and machine learning will lower the total installation & operational cost and are expected to increase the market in the region. Additionally, the increasing investment and FDI inflow allow the companies to perform R&D and provide an optimized solution. For instance, according to the World Investment Report, foreign direct investment has increased by 19 percent and reached USD $619B in the year 2021.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global converter transformer market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Converter Transformer Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global converter transformer market were the three major steps undertaken to create and analyze the adoption of converter transformers in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Converter Transformer market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the converter transformer market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the converter transformer market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as product, power rating, application, and voltage level. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Converter Transformer market. Further, we conducted factor analysis using dependent and independent variables such as various products, power rating, application, and the voltage level of the converter transformer. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the converter transformer market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global converter transformer market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the converter transformer market across the major markets domestically.
- All percentage shares, splits, and breakdowns of market segments and sub-segments.
- Key players in the global converter transformer market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global converter transformer market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of product, power rating, application, and voltage level in the global converter transformer market.
The main objective of the Global Converter Transformer Market Study
The current & future market trends of the global converter transformer market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the converter transformer market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
- Segments in the study include areas of product, power rating, application, and voltage level.
- Define and analysis of the regulatory framework for the converter Transformer
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the converter transformer market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the converter transformer market and the growth strategies adopted by the market players to sustain in the fast-growing market.
- Deep dive regional level analysis of the industry.
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