The North America Converter Transformer Market would witness market growth of 12.7% CAGR during the forecast period (2022-2028).
To ensure the proper functioning of their mills, the mining industry depends on converter transformers that produce power continuously and reliably. While their primary function is to convert distribution power to mine usage voltage, the demands on these assets are high because mines are often located in remote places and mills constantly push converter transformers to their limits.
The international converter transformer market is mainly driven by an increase in the demand for long-distance energy transmission and an increase in industrial power demand. The increasing focus on renewable energy production, particularly offshore wind energy, is one of the primary drivers of market growth. The utilization of converter transformers in wind farms is expected to be the fastest expanding.
HVDC (high-voltage direct current) is a cost-effective way to transfer huge quantities of power over long distances and for unique uses. As a crucial facilitator in the future energy system that relies on renewables, HVDC is genuinely shaping the grid of the future.
The Transformer Resilience and Advanced Components (TRAC) program of the Office of Electricity accelerates grid modernization by tackling issues with large power transformers (LPTs), Solid State Power Substations (SSPS), and other essential grid hardware components. Developing a more robust and sustainable grid requires research, development, and testing so that we can understand the physical impacts of changes on LPTs and other equipment, as well as to stimulate the adoption of innovations and methodologies. In the future, advanced hardware components would prevent infrastructure from being held back by old, long-lived, and expensive technologies, and provide the capabilities needed in the grid of the future.
The TRAC program is funding projects that promote the development of SSPS building blocks prototypes that can enable new functionalities, topologies, and improved control of power flow and voltage, as well as projects that promote the modern idea of LPTs that would be more versatile and able to adapt, increasing the perseverance of the nation's power grid.
The US market dominated the North America Converter Transformer Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $839.4 Million by 2028. The Canada market is experiencing a CAGR of 15.2% during (2022 - 2028). Additionally, The Mexico market would exhibit a CAGR of 14.2% 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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Converter Transformer Market is Estimated to reach $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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