Global Converter Transformer Market was valued US$ 12.88 Bn in 2018 and is expected to reach US$ 57.75 Bn by 2026, at a CAGR of 18.14 % during a forecast period.
Increasing population and growing demand for electricity by several industries foster global converter transformer market growth. Additionally, increasing demand for energy transmission over long distance is projected to fuel the global market growth in future. Adoption of the high-voltage direct current technology across the world is expected to contribute to the growth of the global market in future. High-voltage direct current allows to transfer high voltage electric transmission at long distance from generation to consumption centers.
The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
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 on account of the need for transmitting power at a long distance. Also, power generation by using renewable source such as hydro plants, distantly located solar panels, and offshore wind farms are accountable for the global market growth. Nevertheless, low standard and high cost and lengthy approval procedures for HVDC projects are major challenges before the global market.
Grid interconnections application has held the major share within converter transformer market and it is anticipated to continue its dominance during the forecast period in consequence of high growth expectations in the next half a decade. Windfarms application is projected to achieve the highest growth rate within the converter transformer market.
Globally, Asia Pacific leads the global convert transformer market and this region is likely to grow with the fastest growth rate of XX % during the forecast period. Fast growing economies like India are projected to drive the market because of huge demand for covert transformers in the region. China is expected to invest deeply in the distribution and transmission sector. Europe is probable to experience the second fastest growth rate after Asia Pacific caused by up gradation and replacement of ageing power sector in the region.
This report focuses on converter transformer value at global level, regional level and company level. From a global outlook, this report represents overall converter transformer market size by analyzing historical data and future prospect. Also, report offers comprehensive insights on the market dynamic forces to enable informed business higher cognitive process and development strategy formulation supported on the opportunities present in the market.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding global converter transformer market dynamics, structure by identifying and analyzing the market segments and project the global market size.
Further, the report also focuses on the competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address the question of shareholders to prioritizing the efforts and investment in the near future to the emerging segment in global converter transformer market.
For more information visit@ https://www.maximizemarketresearch.com/market-report/global-converter-transformer-market/30786/
Scope of Global Converter Transformer Market
Global Converter Transformer Market, By Configuration
Global Converter Transformer Market, By Voltage Level
• Up to 200 kV
• 201–400 kV
• 401–600 kV
• 601–800 kV
• 800+ kV
Global Converter Transformer Market, By Power Rating
• Below 500 MW
• 501–999 MW
• 1001–2000 MW
• Above 2000
Global Converter Transformer Market, By Application
• Oil & Gas
• Grid Connections
Global Converter Transformer Market, By Region
• North America
• Asia Pacific
• Middle East & Africa
• South America
Key Players Operating in Global Converter Transformer Market
• General Electric
• ABB Ltd.
• Siemens AG
• Tebian Electric Apparatus Stock Company Ltd.
• Bharat Heavy Electrics Limited
• Cropton Greaves Ltd.
• Shadong Power Equipment Company Limited
• Kirloskar Electric Company Limited
• Xian XD Transformers Co. Ltd.