The Europe Converter Transformer Market would witness market growth of 13.0% CAGR during the forecast period (2022-2028).
Increased demand for renewable energy sources, increased usage of traction locomotives and electric cars, and significant expenditures on smart grids and energy systems are driving the international converter transformer market. In addition, new renewable energy sources for power generation, such as tidal energy, have bolstered R&D activity in the generation of power distribution networks, accelerating market growth.
HVDC (high-voltage direct current) is a cost-effective way to transfer huge quantities of power over long distances and for unique uses. HVDC is defining the grid of the future as a crucial facilitator in the future power system based on renewables.
At DECC's request, National Grid conducted a feasibility study to assist the UK Offshore Energy Strategic Environmental Assessment (SEA). The study looks into the influence on the requirement for and cost of adding capacity to the onshore transmission line to connect a total of 25GW of offshore wind generation, in addition to the 8GW already planned. This quantity of offshore wind is required in part to meet the renewable energy target of 2020.
The study has shown that, based on the agreed-upon scenarios that served as the foundation for the studies, the onshore transmission lines system can be implemented to satisfy this level of subsea wind generation while still meeting the renewable power target if the appropriate investment is made promptly. However, a tier of consultation and cooperation would be advantageous if the requisite onshore internet backbone money invested is to be delivered cost-effectively and efficiently with minimal environmental impact, while allowing offshore wind generation to contribute significantly to these goals.
The Germany market dominated the Europe Converter Transformer Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $293.1 Million by 2028. The UK market is estimated to grow at a CAGR of 12% during (2022 - 2028). Additionally, The France market would witness a CAGR of 13.8% during (2022 - 2028).
Based on Application, the market is segmented into Grid Connections, Wind Farms, and Oil & Gas. Based on Type, the market is segmented into 401-600 Kv, 201-400 Kv, and 601-800 Kv. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Converter Transformer Market will Hit $4.4 Billion by 2028, at a CAGR of 13.4%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include ABB Group, Siemens AG, General Electric (GE) Co., Toshiba Corporation, Mitsubishi Electric Corporation, Kirloskar Electric Co. Ltd., CG Power & Industrial Solutions Ltd., Bharat Heavy Electricals Ltd., and Xi'an Xidian Transformer Co., Ltd.
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