Furthermore, power generation by using renewable sources such as hydel plants, distantly located solar panels, and offshore wind farms will also contribute to the global market growth.
However, low standard and high cost as well as lengthy approval procedures for HVDC projects are major challenges before the global market.
Asia Pacific is the leading region in the global market owing to higher acceptance of the convert transformer. This region is experiencing faster growth due to emerging economies such as India and China. Increasing demand for converter transformers in this region is anticipated to fuel the global converter transformer market growth.
China is highly investing in the distribution and transmission sector, while Europe is following the same trend as Asia Pacific owing to upgradation and replacement of old power sector.
Key players in the global converter transformer market are Greaves Ltd., Tebian Electric Apparatus Stock Company Ltd., Abb Ltd., Shadong Power Equipment Company Limited, and Xian XD Transformers Co. Ltd. Other players influencing the global market are General Electric, Kirloskar Electric Company Limited, Bharat Heavy Electrics Limited, Siemens AG, and Toshiba.
Source: Zion Market Research