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Rise in adoption of renewable power sources, such as wind & solar energy, traction locomotives, are major factors boosting the adoption of converter transformer
PORTLAND, OREGON, UNITED STATES, September 1, 2022 /EINPresswire.com/ -- Global converter transformer market size was valued at $1.9 billion in 2020, and is projected to reach $7.2 billion by 2030, growing at a CAGR of 14.1% from 2021 to 2030. Rise in demand for efficient solutions for power transmission, the need for integration of smart grid technologies, and improvement in government infrastructure drive the growth of the global converter transformer market. However, the capital-intensive nature of manufacturing processes and lack of product standardization restrain the market growth. On the other hand, rise in power generation by offshore wind farms and surge in environmental concerns for high power transmission features create new opportunities in the coming years.
The development of modern electric cars and incentives to deploy them is increasing the consumption of electricity in the automotive sector. As power plants are mostly located in remote locations; the generated electricity is then transmitted through power transmission lines to the substations where it is distributed to the end users after step-down. The step-down function is carried out by a converter transformer. Converter transformers find its applications in high moisture or high fire hazard areas, such as industries, environmentally sensitive areas, forest substations, indoor and underground substations, and onshore and offshore installations. In addition, most of the countries have under-utilized resources of energy while in developing countries there is a need for improvement throughout the power system.
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The global convertor transformer market is driven by, increasing preference for renewable energy source, growing use of traction locomotives & electric vehicles, and heavy investments in smart grids & energy systems. In addition, new renewable energy sources, such as tidal energy for power generations have boosted R&D activities in the field of electric distribution network, further driving the market growth in the near future. However, high cost associated with converter transformers and inadequate standards for converter transformers infrastructure are expected to affect the market growth.
The converter transformer market is segmented on the basis of type, application, and region. Based on type, the 401-600 KV segment accounted for the highest market share in 2020, contributing to more than two-fifths of the global converter transformer market, and is estimated to maintain its dominance throughout the forecast period. This is attributed to rise in demand for crude oil in the petroleum and chemical industries, rise in industrialization, and surge in offshore wind farms power generation. However, the 601-800 KV segment is expected to manifest the fastest CAGR of 14.8% from 2021 to 2030. This is due to increase in demand for power & environmental concerns and the demand for variable renewable energy to the transmission line.
Based on application, the grid connections segment held the highest share in 2020, accounting for nearly two-thirds of the global converter transformer market, and is projected to continue its leadership status by 2030. This is attributed to increase in the investments in the renewable energy power generation plants, nuclear power plants, and others. However, the oil & gas segment is estimated to witness the highest CAGR of 15.0% from 2021 to 2030, owing to rise in applications of petrochemical compounds in the production of various products that are used in daily lives and rise in the utilization of transportation vehicles.
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Based on region, Asia-Pacific contributed to the highest market share in terms of revenue in 2020, accounting for nearly two-fifths of the global converter transformer market, and is projected to continue its lead position by 2030. Moreover, this region is estimated to witness the largest CAGR of 14.7% during the forecast period. This is attributed to smart cities initiatives, electrification of railways, and beginning of new metro projects in the region. The report also analyzes the segments including North America, Europe, and LAMEA.
The major companies profiled in this converter transformer industry report include ABB Power Systems, General Electric, Siemens AG, Crompton Greaves, Bharat Heavy Electricals Limited, Toshiba Corporation, Kirloskar Electric Company Limited, Shadong Power Equipment Company Limited, Mitsubishi Electric, and XIAN XD Transformer Co. Ltd. Rapid urbanization and industrialization across the globe led to increase in demand for energy from green resources, which led to the rise in demand for converter transformers. Additional growth strategies, such as expansion of production capacities, acquisition, and partnership in the development of the innovative products from manufacturers have helped to attain key developments in the global converter transformer market trends.
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Impact Of Covid-19 On The Global Converter Transformer Market • Emergence of COVID-19 had a negative impact on the growth of the converter transformer market during this period. • This impact is mostly attributed to the significant disruptions in the raw material transportation, presence of low-labor, led to shutdown of many manufacturing industries led to decline of demand power hence decrease in the demand for converter transformer market during this period. • The decrease in demand for many non-essential products and shut down of electrical, automotive, and other manufacturing related industries has created a negative impact on the development of converter transformer market • The increasing demand for environment friendly manufacturing products and increase in awareness among the people towards the environment will hamper the growth of converter transformer market. • Thus, the abovementioned factors are expected to have great impact on the development of converter transformer market growth in this forecast period.
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