Global Converter Transformer Market - Growth, Trends, and Forecast (Outlook to 2028)

Global Converter Transformer Market - Growth, Trends, and Forecast (Outlook to 2028)

The growth of the converter transformer market is driven by the high demand for efficient power transmission solutions, the need for integration of smart grid technologies, and the increasing government infrastructure projects are the key factors driving the growth of the market.

However, increasing population and growing demand for electricity by several industries foster global converter transformer market growth. Additionally, increasing demand for energy transmission over long distances is projected to fuel the global market growth in the future. Adoption of the direct high voltage current (HVDC) technology across the world is expected to contribute to the growth of the global market in the future. High voltage direct current allows high voltage electric transmission transfer from generation to consumption centers at long distances.

Moreover, stringent environmental rules set by the government for cable-based transmission drives global converter transformer market growth during the forecast period. Converter transformers are replacing the traditional overhead lines because of the need to transmit power at a long distance. Also, power generation by using renewable sources such as hydro plants, distantly located solar panels, and offshore wind farms are accountable for the global converter transformer market growth.

Converter transformer is a special transformer designed to offer high current low voltage solutions for its wide range of applications. A Voltage Converter is an electric converter that changes the voltage of electronic devices, whereas transformers are used for transmitting power from one voltage to another. A transformer that has one of its windings connected to one of these circuits, a dedicated transformer, is known as a Converter Transformer.

The converter transformer can operate with 12 pulses for each cycle in the AC supply, which eliminates numerous harmonic current components by using a star-to-delta (wye-delta) connection of transformer winding. Insulation of transformer winding must be specially designed for withstanding large DC potential to earth. One unit of converter transformers can be made as large as 300 Megavolt-amperes (MW).

The converter transformers withstand dc voltage stresses and increased eddy current losses due to harmonic currents. One problem that can arise is due to the dc magnetization of the core due to the unsymmetrical firing of valves.

Converter Transformer Market Challenges:

Nevertheless, low standard and high cost and lengthy approval procedures for HVDC projects.

Lack of standardization of converter transformers.

Converter Transformer Market Opportunities:

Rapidly increasing the power generation by offshore wind farms

Growing environmental concerns towards high power transmission features.

In an HVDC converter station, the converter transformer is one of the most important components. Converter Transformers play a crucial role in the total cost of an HVDC converter station because they affect the performance of the entire connected electric power system. It interfaces between the AC system and the thyristor valves in HVDC systems. A major advantage of a Converter transformer is that it acts as a galvanic barrier between the AC and DC system to prevent the DC potential from entering the AC systems. It also transforms voltage between the AC supply and the HVDC system.

Converter Transformer Market Restraints:

The capital-intensive nature of manufacturing processes and the lack of product standardization mechanisms are the major factors hampering the market's growth.

Rapidly increasing the power generation by offshore wind farms and growing environmental concerns towards high power transmission features are the factors that will offer ample growth opportunities to the world converter transformer market.

In the forecast period, the largest end-user segment for converter transformers is the market due to increasing green energy generation and

The study presents a detailed analysis of various factors that affect Global Transformer Market revenue. The study also comprehensively analyses the transformer market by segmenting it based on geography (Asia-Pacific, North America, Europe, ROW), based on Application (Wind farms, Oil and Gas, Grid Connections),

Blackridge Research's Global ConverterTransformer Market report provides insights into the current global and regional market demand scenario and its outlook.

The report also addresses present and future market opportunities, trends, developments in the Global Transformer Market, critical commercial developments, regions, and segments poised for the fastest-growing, competitive landscape.
This product will be delivered within 5-7 business days.