Converter Transformer Market Size, Share, Growth, and Industry Analysis by Type (Monopolar, Back-To-Back, Bipolar, Multi-Terminal), by Application (Windfarms, Oil & Gas, Grid Connections), , Regional Insights and Forecast From 2025 To 2033

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CONVERTER TRANSFORMER MARKET OVERVIEW

global converter transformer market size was USD 2.13 billion in 2023 and market is projected to touch USD 5.16 billion by 2032 at CAGR 10.30% during the forecast period.

A converter transformer is generally used in High voltage direct current (HVDC) system. Converter transformer is used for converting power from AC to DC at one end and DC to AC at the other end. Converter transformers are mainly used in excitation systems for turbo and hydro-generators, electric drives of drilling equipment, as semiconductor converters of the traction substation for the city electrified public transport , DC & AC electric drives. Converter transformer generally face high harmonic contents in the voltage and in the current loads. Therefore, the magnetic core is oversized reducing at the same time the working induction. Growing trends towards the adoption of renewable energy generation in the global power industry scenario have led different countries to increasingly spend into renewable energy projects and these special transformers help them to enhance their unconventional power generation capabilities.

Increase in adoption of renewable power sources, such as wind & solar energy, traction locomotives, are major factors boosting the adoption of converter transformers globally. The development of modern electric cars and incentives to deploy them is increasing the consumption of electricity in the automotive sector. Participants are fixing their efforts on encouraging R&D. Technological development are supporting the regional market growth. Manufacturers need to stay updated with changing market trends and develop products that meet growing consumer needs. Companies coming up with progressive technological solutions for firming their positions.

COVID-19 Impact: Pandemic Hampered The Market Due To Unexpected Disruption In The Sector

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

COVID- 19 pandemic has extremely affected the whole world. It caused many unexpected disruption and affected the industry. COVID- 19 had negative impact on the market due to economic slowdown, unpredictability in financial sector and high unstable market. The pandemic resulted in decreased demand due to a disrupted supply chain, drop in sales of products, delivery schedules. Travel bans imposed affected business collaboration and partnership. Demand had recently reduced due to travel bans and lockdown during the COVID-19 pandemic. The continuous loss in the business due to the lockdown measures is projected to directly influence the growth of the investments in the market.

LATEST TRENDS

Use Of Innovative Products To Boost The Market Growth

Technological improvement and development will further enhance the presentation of the product, allowing it to obtain a varied range of requests in the market. Technological advancement will improve performance and propel the market growth. Technological advancement with high demand are increasingly setting a force to increase the productivity. Some players focus on product improvement to meet consumer requirements and likings. Constant innovation in manufacturing of products is anticipated to stimulate product demand.

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CONVERTER TRANSFORMER MARKET SEGMENTATION

By Type

According to type, the market can be segmented into monopolar, back-to-back, bipolar, multi-terminal

Monopolar will capture the maximum market share through forecast period.  

• Monopolar – Monopolar systems use a single conductor for high-voltage direct current (HVDC) transmission, typically grounded at each end. These systems are simpler and less expensive than their multipolar counterparts but can have higher environmental impacts due to the grounding requirements. 

• Back-to-back - Back-to-back converter transformers are used to connect two alternating current (AC) systems of different frequencies or that are not synchronized. They are often used for energy trading between different grids and for enhancing grid stability.

• Bipolar - Bipolar systems use two conductors, with one at a positive voltage and the other at a negative voltage relative to ground. This configuration can reduce environmental impacts and increase system reliability. Bipolar systems are often used in long-distance HVDC transmission projects.

• Multi-terminal- Multi-terminal systems involve more than two converter stations connected by DC links, allowing for more complex and flexible power transmission networks. These systems can integrate power from multiple sources, including offshore wind farms, and distribute it to various locations.

By Application

According to application, the market can be segmented into windfarms, oil & gas, grid connections

Converter transformer market players cover segment as windfarms will dominate the market share during forecast period.

• Windfarms – Converter transformers are crucial for connecting wind farms to the power grid, especially for offshore wind farms where HVDC transmission is used to minimize losses over long distances.

• Oil & gas – In oil and gas industry converter transformers are used for offshore platforms and in remote areas where connecting to the main grid requires efficient power transmission solutions. 

• Grid connections- It involves connecting different power grids or parts of a grid that operate at different voltages or frequencies. Converter transformers enable the efficient transfer of power between these grids, facilitating energy exchange and enhancing grid stability.

DRIVING FACTORS

Adoption Of Smart Grid Solutions To Boost The Market Growth

Adoption of smart grid solutions across the globe is boosting the market growth. High-voltage direct current is one of the widely adopted smart grid solution across the globe as it is a highly efficient alternative for transmitting large amounts of electricity over long distances and for special purpose applications. HVDC is truly shaping the grid of the future as a key enabler in the future energy system based on renewables. 

Technological Advancement and Innovation To Upsurge The Market

Technological advancements and innovation activate unique revenue augmenting opportunity which will upsurge the converter transformer market growth. Growing investment in research and development activities and growing awareness about benefits are expected to deliver profitable opportunities for the market. Constant development are one of the trends in the market in variety of practices. Innovations in converter transformer technology, aimed at improving efficiency, reducing losses, and enhancing capacity, serve as a significant driver for market expansion.

RESTRAINING FACTOR

High Cost To Hamper The Market Growth

Converter transformer comprise of wide range of components which tend to elevate its manufacturing cost. The high cost associated with the installation and maintenance of converter transformers can be a significant barrier to market growth. Technical difficulties will reduce the industry revenue.

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CONVERTER TRANSFORMER MARKET REGIONAL INSIGHTS

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East and Africa.

North America to Dominate the Market Due To Substantial Development In Industrial Activities

North America is further expected to witness growth in the converter transformer market share. The region is dominating the market due to substantial development in industrial activities. The rising inhabitants and increasing income levels are also contributing to the development of the market. Upsurge in investments by key market players for the R&D undertakings and enlargement of their production abilities and product portfolios are projected to upsurge the growth. The expansion of regional market is being aided by technological developments.

KEY INDUSTRY PLAYERS

Key Players Focus On Partnerships To Gain Competitive Advantage

The key players are dynamically contributing in strategic events that are aimed at maintaining strong market position and increasing market share by merger, partnerships and others. Key players are motivated to introduce new innovative products. They are spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market. The market changes are dynamic such as market expansion, partnership and merger. The collective efforts of these major players expressively impact the competitive landscape and future path of the market.

List of Top Converter Transformer Companies

• ABB Ltd. (Switzerland)
• General Electric (U.S.)
• Tebian Electric Apparatus Stock Company Ltd (China)
• Siemens AG (Germany)
• Crompton Greaves Ltd (India)

INDUSTRIAL DEVELOPMENT

April 2020: ABB Limited delivers HVDC converter transformers to Chinese utility State Grid Corporation of China (SGCC). ABB will supply advanced high-voltage direct current (HVDC) converter transformers as well as high-voltage equipment for three 800KV ultrahigh-voltage direct current (UHVDC) transmission links owned by SGCC.

REPORT COVERAGE

The report provides scrutiny and information according to market sectors. Business overview, financial overview, product portfolio, new project launch, recent development enquiry are the factors included in the profile. The report incorporates completely examined and appraised evidence of the noticeable players and their position in the market by methods for various descriptive tools. The report covers national and regional level market size and forecast. The report gives businesses the facility to research new prospect in many areas. The report shows to be an operational tool that players can use to gain a competitive superiority over their opponents and ensure lasting achievement in the market.