Transparency Market Research has made available a new report titled “Converter Transformer Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2023”.
According to the report, HVDC (high voltage direct current) technology is likely to be a key driver for the covert transformers market in the near future.
Moreover, stringent environmental regulations globally are driving the convert transformer market as there is a growing demand for cable-based transmission which is replacing the overhead lines required for transmitting power at a long distance.
High cost and absence of standardization are the major challenges faced by the covert transformer manufacturers globally. Moreover, lengthy approval procedures for HVDC projects are likely to restrain the market.
Globally, Asia Pacific leads the global convert transformer market and this region is likely to grow with the fastest growth rate. Fast growing economies like India are expected to drive the market due to huge demand for covert transformers in the region.
Some of the key players operating in the covert transformer market are General Electric, Abb Ltd., Siemens AG, Tebian Electric Apparatus Stock Company Ltd., Bharat Heavy Electrics Limited, Cropton Greaves Ltd., Toshiba, Shadong Power Equipment Company Limited, Kirloskar Electric Company Limited and Xian XD Transformers Co. Ltd among others.
Source: Transparency Market Research