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.
PORTLAND, Ore., June 27, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Converter Transformer Market by Type (201-400 KV, 401-600 KV, and 601-800 KV), and Application (Wind Farms, Oil & Gas, and Grid Connections): Global Opportunity Analysis and Industry Forecast, 2021–2030." According to the report, the global converter transformer industry generated $1.9 billion in 2020, and is expected to reach $7.2 billion by 2030, witnessing a CAGR of 14.1% from 2021 to 2030.
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Drivers, Restraints, and Opportunities
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 consumer demand for non-essential goods declined considerably during the Covid-19 pandemic. This, consequently, reduced the demand for converter transformer as the economic status of many individuals was affected severely due to economic uncertainty caused by the pandemic.
- There was reduction in the demand from application sectors such as oil & gas, manufacturing, and industrial due to stoppage of daily operations during the lockdown. This, in turn, reduced the demand for converter transformers. However, the demand is expected to recover post-lockdown.
The 401-600 KV segment to maintain its dominance throughout the forecast period
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.
Get Detailed COVID-19 Impact Analysis on the Converter Transformer Market:
The grid connections segment to continue its leadership status by 2030
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.
Asia-Pacific to offer lucrative opportunities
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.
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Leading Market Players
- 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
- XIAN XD Transformer Co. Ltd.
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