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Converter Transformer Market Is Projected To Reach $2,316.1 Million By 2020, At A Cagr Of 18.2%
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Converter transformer market is mainly driven by the increasing demand from fast growing economies such as India, and China which are expected to invest heavily in their transmission and distribution sector. Upgrade of ageing power infrastructure in the developed regions as well as increasing implementation of renewable power projects are also expected to provide attractive opportunities for the converter transformer market. This market is expected to grow from an USD 1 Billion in 2015 to USD 2.3 Billion by 2020 at CAGR of 18.2%.
The leading players of the market such as ABB Ltd. (Switzerland), General Electric (U.S.), Siemens (Germany), and Crompton Greaves (India) among others have been profiled in this report.
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Scope of the Report:
On the basis of application: The report considers different applications of converter such as grid interconnections, which occupy around two-thirds of the total market, windfarms, and oil & gas industry.
On the basis of configuration: Under this segmentation, the report considers various configurations of the converter substation such as monopolar, bipolar, back-to-back, and multi-terminal converter transformers.
On the basis of voltage level: Up to 200 kV, 201–400 kV, 401–600 kV, 601–800 kV, and 800+ kV voltage level ranges have been considered in this segment.
On the basis of power rating: Under this segmentation, the report considers various power rating ranges such as below 500 MW, 501–999 MW, 1001–2000 MW, and above 2000 converter transformers.
On the basis of region: The regions analyzed in the report include Asia-Pacific, Americas comprising of both North America and South America, and Europe.
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There has been a rapid growth in demand for energy following increased population and industrial need for electricity in the past few years. With the increasing need of energy transmission over long distances, HVDC technology is expected to play a pivot role in the future globally. HVDC transmission facilitates high voltage electricity transmission between generation and consumption centers over long distances. Owing to the stringent environmental regulations being adopted across countries, there is a growing need for cable-based transmission instead of overhead lines for transmitting power over long distances.
Also, energy generation from renewable sources such as offshore wind farms, hydel plants, and remotely located solar panels is expected to witness an exponential growth rate in the next decade. With continued high investments in HVDC transmission technology, the market for Converter transformers is expected to grow at a fast pace. The Converter transformer market is estimated to reach USD 2,136.1 Million at a high CAGR of 18.2% from 2015 to 2020.
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Grid interconnections application has held the major share within Converter transformer market in 2014. It is expected to continue its dominance till 2020 on account of high growth expectations in the next half a decade. Windfarms application is expected to achieve the highest growth rate within the Converter transformer market. Increased focus on renewable energy sector, particularly wind energy generation, is a prime factor driving the market for this application.
Asia–Pacific held the largest share in the converter transformer market in 2014. It is also expected to be the fastest growing market at a CAGR of 19.7% from 2015 to 2020. Europe is expected to be the second fastest growing market, at a CAGR of 18.2% during the forecast period. Upgrade of ageing power sector is the expected to be a key factor for growth in the European region.
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