Convertor Transformer Market by Design (Mono polar, Bi polar, Back To Back, Multi Terminals), by Power Rating (Below 500 kW, 501 kW – 999 kW, 1000 kW – 2000 kW, Above 2000 kW), by Voltage Level (Up To 200 kV, 201 kV – 400 kV, 401 kV – 600 kV, 601kV – 800 kV, Above 800 kV) by Application (Wind Farms, Oil & Gas Industry, Grid Interconnection) and Region, Global Trends and Forecast from 2022 to 2029

Convertor Transformer Market Overview

The convertor transformer market is expected to grow at 19.3 % CAGR from 2022 to 2029. It is expected to reach above USD 9.3 billion by 2029 from USD 1.9 billion in 2020.

Specifically created to provide high current, low voltage solutions for a variety of applications, converter transformers are a unique type of transformer. In contrast to transformers, which are used to carry electricity from one voltage to another, a voltage converter is an electric converter that modifies the voltage of electronic equipment. Through the use of a star-to-delta (wye-delta) connection of the transformer winding, the converter transformer can run on 12 pulses for each cycle in the AC supply, eliminating a number of harmonic current components.

The expansion of the converter transformer market is primarily caused by the increased demand for effective solutions for power transmission, the requirement for the integration of smart grid technologies, and expanding public infrastructure, transformer monitoring system. But the fact that manufacturing procedures require a lot of capital investment and the absence of a system for product standardization are the main things impeding the market’s expansion. The variables that are anticipated to provide a wealth of potential prospects for the worldwide converter transformer market include the rapidly expanding power generation by offshore wind farms and the rise in environmental concerns towards high power transmission features.

The growing need for energy transmission over long distances and the rise in industrial electricity demand are the main factors driving the global converter transformer market. The growing emphasis on renewable energy generation, particularly offshore wind energy, is one of the main factors driving market expansion. The converter transformer’s fastest-growing application, according to estimates, is for wind farms. The market for converter transformers is primarily driven by rising demand from developing nations like China and India, which are making significant investments in the development of the infrastructure for the transmission and distribution of energy.

The decline in demand for numerous non-essential items and the closure of linked manufacturing sectors in the automotive, electrical, and other sectors have had a detrimental effect on the growth of the converter transformer industry. The growth of the converter transformer market will be hampered by the rising demand for environmentally friendly manufacturing products and the rising environmental consciousness of the populace.

The growing need for HVDC transmission lines, particularly in emerging economies, creates various prospects for the converter transformer industry. The necessity for long-distance power transmission that is dependable and efficient, the incorporation of renewable energy sources, and the connectivity of power grids are the driving forces behind this. Additionally, the market’s potential is growing as a result of technological developments like the creation of small and light-weight transformers. The converter transformer market is anticipated to increase in the upcoming years due to additional variables like government efforts, environmental laws, and grid modernization projects.

Both the human condition and the global financial system were significantly impacted by the COVID-19 pandemic. Due to lockdowns imposed by the governments of various nations throughout the world following the COVID-19 epidemic, many business organizations have scaled back their anticipated operations. Important businesses and organizations have mostly been impacted by the lockout. Tourism, aviation, and other industries temporarily shut down as a result of the government’ decision to declare a lockdown. As a result of the pandemic epidemic significantly affecting most people’s general economic position, consumer demand for non-essential goods decreased the demand for converter transformers.

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