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Converter Transformer Market


Energy & Power
Transmission and Distribution

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.

The converter transformer is one of the most important components in an HVDC converter station. Converter transformer plays a vital role in terms of total cost of an HVDC converter station, as it affects the performance of the entire connected electric power system. A converter transformer is used to step-up the voltage of the AC supply network. It acts as an interface between the AC system and the thyristor valves in HVDC systems. A major advantage of an Converter transformer is that, it acts as a galvanic barrier between the AC and DC system to prevent the DC potential to enter the AC systems. It also transforms voltage between the AC supply and the HVDC system.

The Converter transformer market can be segmented on the basis of the application which includes grid interconnections, windfarms, and oil & gas. Converter transformer market can also be categorized on the basis of the substation configuration into monopolar, bipolar, back-to-back, and multi-terminal. On the basis of power rating the market for converter transformers has been segmented as below 500 MW, 501–999 MW, 1000–2000 MW, and above 2000 MW range of power rating.

HVDC Converter Transformer Market

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.

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