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.
Scope of the Study
Market Segments Covered in the Report:
By Application
- Grid Connections
- Wind Farms
- Oil & Gas
By Type
- 401-600 Kv
- 201-400 Kv
- 601-800 Kv
By Country
- US
- Canada
- Mexico
- Rest of North America
Key Market Players
List of Companies Profiled in the Report:
- 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.
- Xi'an Xidian Transformer Co., Ltd.
Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 North America Converter Transformer Market, by Application
1.4.2 North America Converter Transformer Market, by Type
1.4.3 North America Converter Transformer Market, by Country
1.5 Methodology for the research
Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.1.1 Market Composition and Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. North America Converter Transformer Market by Application
3.1 North America Grid Connections Market by Country
3.2 North America Wind Farms Market by Country
3.3 North America Oil & Gas Market by Country
Chapter 4. North America Converter Transformer Market by Type
4.1 North America 401-600 Kv Market by Country
4.2 North America 201-400 Kv Market by Country
4.3 North America 601-800 Kv Market by Country
Chapter 5. North America Converter Transformer Market by Country
5.1 US Converter Transformer Market
5.1.1 US Converter Transformer Market by Application
5.1.2 US Converter Transformer Market by Type
5.2 Canada Converter Transformer Market
5.2.1 Canada Converter Transformer Market by Application
5.2.2 Canada Converter Transformer Market by Type
5.3 Mexico Converter Transformer Market
5.3.1 Mexico Converter Transformer Market by Application
5.3.2 Mexico Converter Transformer Market by Type
5.4 Rest of North America Converter Transformer Market
5.4.1 Rest of North America Converter Transformer Market by Application
5.4.2 Rest of North America Converter Transformer Market by Type
Chapter 6. Company Profiles
6.1 ABB Group
6.1.1 Company Overview
6.1.1 Financial Analysis
6.1.2 Segmental and Regional Analysis
6.1.3 Research & Development Expense
6.1.4 Recent strategies and developments:
6.1.4.1 Partnerships, Collaborations, and Agreements:
6.1.4.2 Acquisition and Mergers:
6.1.5 SWOT Analysis
6.2 Siemens AG
6.2.1 Company Overview
6.2.2 Financial Analysis
6.2.3 Segmental and Regional Analysis
6.2.4 Research & Development Expense
6.2.5 Recent strategies and developments:
6.2.5.1 Product Launches and Product Expansions:
6.2.5.2 Acquisition and Mergers:
6.2.6 SWOT Analysis
6.3 General Electric (GE) Co.
6.3.1 Company Overview
6.3.2 Financial Analysis
6.3.3 Segmental and Regional Analysis
6.3.4 Research & Development Expense
6.3.5 SWOT Analysis
6.4 Toshiba Corporation
6.4.1 Company Overview
6.4.2 Financial Analysis
6.4.3 Segmental and Regional Analysis
6.4.4 Research and Development Expense
6.4.5 SWOT Analysis
6.5 Mitsubishi Electric Corporation
6.5.1 Company Overview
6.5.2 Financial Analysis
6.5.3 Segmental and Regional Analysis
6.5.4 Research & Development Expense
6.5.5 SWOT Analysis
6.6 Kirloskar Electric Co. Ltd.
6.6.1 Company Overview
6.6.2 Financial Analysis
6.6.3 Segmental Analysis
6.7 CG Power & Industrial Solutions Ltd. (Murugappa Group)
6.7.1 Company Overview
6.7.2 Financial Analysis
6.7.3 Segmental and Regional Analysis
6.8 Bharat Heavy Electricals Ltd.
6.8.1 Company Overview
6.8.2 Financial Analysis
6.8.3 Segmental Analysis
6.9 Xi'an Xidian Transformer Co., Ltd.
6.9.1 Company Overview
TABLE 1 North America Converter Transformer Market, 2018 - 2021, USD Million
TABLE 2 North America Converter Transformer Market, 2022 - 2028, USD Million
TABLE 3 North America Converter Transformer Market by Application, 2018 - 2021, USD Million
TABLE 4 North America Converter Transformer Market by Application, 2022 - 2028, USD Million
TABLE 5 North America Grid Connections Market by Country, 2018 - 2021, USD Million
TABLE 6 North America Grid Connections Market by Country, 2022 - 2028, USD Million
TABLE 7 North America Wind Farms Market by Country, 2018 - 2021, USD Million
TABLE 8 North America Wind Farms Market by Country, 2022 - 2028, USD Million
TABLE 9 North America Oil & Gas Market by Country, 2018 - 2021, USD Million
TABLE 10 North America Oil & Gas Market by Country, 2022 - 2028, USD Million
TABLE 11 North America Converter Transformer Market by Type, 2018 - 2021, USD Million
TABLE 12 North America Converter Transformer Market by Type, 2022 - 2028, USD Million
TABLE 13 North America 401-600 Kv Market by Country, 2018 - 2021, USD Million
TABLE 14 North America 401-600 Kv Market by Country, 2022 - 2028, USD Million
TABLE 15 North America 201-400 Kv Market by Country, 2018 - 2021, USD Million
TABLE 16 North America 201-400 Kv Market by Country, 2022 - 2028, USD Million
TABLE 17 North America 601-800 Kv Market by Country, 2018 - 2021, USD Million
TABLE 18 North America 601-800 Kv Market by Country, 2022 - 2028, USD Million
TABLE 19 North America Converter Transformer Market by Country, 2018 - 2021, USD Million
TABLE 20 North America Converter Transformer Market by Country, 2022 - 2028, USD Million
TABLE 21 US Converter Transformer Market, 2018 - 2021, USD Million
TABLE 22 US Converter Transformer Market, 2022 - 2028, USD Million
TABLE 23 US Converter Transformer Market by Application, 2018 - 2021, USD Million
TABLE 24 US Converter Transformer Market by Application, 2022 - 2028, USD Million
TABLE 25 US Converter Transformer Market by Type, 2018 - 2021, USD Million
TABLE 26 US Converter Transformer Market by Type, 2022 - 2028, USD Million
TABLE 27 Canada Converter Transformer Market, 2018 - 2021, USD Million
TABLE 28 Canada Converter Transformer Market, 2022 - 2028, USD Million
TABLE 29 Canada Converter Transformer Market by Application, 2018 - 2021, USD Million
TABLE 30 Canada Converter Transformer Market by Application, 2022 - 2028, USD Million
TABLE 31 Canada Converter Transformer Market by Type, 2018 - 2021, USD Million
TABLE 32 Canada Converter Transformer Market by Type, 2022 - 2028, USD Million
TABLE 33 Mexico Converter Transformer Market, 2018 - 2021, USD Million
TABLE 34 Mexico Converter Transformer Market, 2022 - 2028, USD Million
TABLE 35 Mexico Converter Transformer Market by Application, 2018 - 2021, USD Million
TABLE 36 Mexico Converter Transformer Market by Application, 2022 - 2028, USD Million
TABLE 37 Mexico Converter Transformer Market by Type, 2018 - 2021, USD Million
TABLE 38 Mexico Converter Transformer Market by Type, 2022 - 2028, USD Million
TABLE 39 Rest of North America Converter Transformer Market, 2018 - 2021, USD Million
TABLE 40 Rest of North America Converter Transformer Market, 2022 - 2028, USD Million
TABLE 41 Rest of North America Converter Transformer Market by Application, 2018 - 2021, USD Million
TABLE 42 Rest of North America Converter Transformer Market by Application, 2022 - 2028, USD Million
TABLE 43 Rest of North America Converter Transformer Market by Type, 2018 - 2021, USD Million
TABLE 44 Rest of North America Converter Transformer Market by Type, 2022 - 2028, USD Million
TABLE 45 Key Information – ABB Group
TABLE 46 Key Information – Siemens AG
TABLE 47 KEY INFORMATION – GENERAL ELECTRIC (GE) CO.
TABLE 48 Key Information – Toshiba Corporation
TABLE 49 key information – Mitsubishi Electric Corporation
TABLE 50 Key Information – Kirloskar Electric Co., Ltd.
TABLE 51 Key Information – CG Power & Industrial Solutions Ltd.
TABLE 52 Key information – Bharat Heavy Electricals Ltd.
TABLE 53 Key Information – Xi'an Xidian Transformer Co., Ltd.
List of Figures
FIG 1 Methodology for the research
FIG 2 SWOT Analysis: ABB Group
FIG 3 Swot analysis: Siemens AG
FIG 4 Swot analysis: General electric (GE) Co.
FIG 5 SWOT Analysis: Toshiba Corporation
FIG 6 SWOT Analysis: Mitsubishi Electric Corporation