Rising demand for efficient solutions for power transmission, need for integration of smart grid technologies, and improved government infrastructure are driving the growth of the global converter transformer market.
PORTLAND, Oregon., June 27, 2022 /PRNewswire/ — Allied Market Research recently released a report titled, “Inverter Transformer Market by Type (201-400 KV, 401-600 KV, and 601-800 KV) and Application (Wind Farms, Oil & Gas, and Grid Connections): Global Opportunities Analysis and Industry Forecast, 2021-2030.” According to the report, the global converter transformer industry generated $1.9 billion in 2020, and should reach $7.2 billion by 2030, with a CAGR of 14.1% from 2021 to 2030.
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Drivers, constraints and opportunities
Rising demand for efficient solutions for power transmission, need for integration of smart grid technologies, and improved government infrastructure are driving the growth of the global converter transformer market. However, the capital intensive nature of manufacturing processes and lack of product standardization is restraining the growth of the market. On the other hand, increasing power generation from offshore wind farms and increasing environmental concerns for high power transmission features are creating new opportunities in the coming years.
Consumer demand for non-essential goods has dropped significantly during the Covid-19 pandemic. This has, therefore, reduced the demand for converter transformers as the economic status of many people has been badly affected due to the economic uncertainty caused by the pandemic.
There has been a reduction in demand from application sectors such as oil and gas, manufacturing and industrial due to the shutdown of daily operations during the lockdown. This, in turn, reduced the demand for converter transformers. However, demand should recover after the 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 more than two-fifths of the global converter transformer market, and is expected to maintain its dominance throughout the forecast period. This is attributed to the increase in demand for crude oil from the petroleum and chemical industries, the rise of industrialization and the increase in electricity generation from offshore wind farms. However, the 601-800 KV segment is expected to show the fastest CAGR of 14.8% from 2021 to 2030. This is due to increasing demand for energy and environmental concerns and variable renewable energy demand on the transmission line.
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The grid connections segment will maintain its leading status by 2030
Based on application, the grid connection segment held the highest share in 2020, accounting for nearly two-thirds of the global converter transformer market, and is expected to maintain its leading status by 2030. This is attributed increased investment in renewable energies. power generation plants, nuclear power plants and others. However, it is estimated that the oil and gas segment will experience highest CAGR by 15.0% from 2021 to 2030, due to the increase in the applications of petrochemical compounds in the production of various products used in daily life and the increase in the use of transport vehicles.
Asia Pacific provide lucrative opportunities
Based on the region, Asia Pacific contributed the highest market share in terms of revenue in 2020, accounting for nearly two-fifths of the global converter transformer market, and is expected to maintain its leading position by 2030. Additionally, this region is estimated to experience the highest CAGR of 14.7% during the forecast period. This is attributed to smart city initiatives, the electrification of railways and the launch of new metro projects in the region. The report also analyzes the segments including North America, Europeand LAMEA.
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Main market players
ABB power systems
Bharat Heavy Electricals Limited
Kirloskar Electric Company Limited
Shadong Power Equipment Company Limited
XIAN XD Transformer Co. Ltd.
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