Covert transformers help in stepping the voltage of AC supply in network. The covert transformer is capable of operating with 12 pulses for each cycle in the AC supply which eliminate numerous harmonic current components by using a star-to-delta (wye-delta) connection of transformer winding. Insulation of transformer winding must be specially designed for withstanding large DC potential to earth. One unit of converter transformers can be made as large as 300 Mega volt-amperes (MW). It is very difficult to transfer large transformers, thus when there is a requirement of a large rating, many individual transformers are connected together by using two phase, three phase or three single-phase units. The converter transformer market by configuration can be segmented into monopolar, back-to-back, bipolar and multi-terminal, by power rating the converter transformer market can be segmented into below 500 MW, 501 MW-999 MW, 1000 MW-2000 MW and above 2000 MW. Moreover the converter transformer market has been segment by voltage level. The converter transformers are used in windfarms, oil & gas industry and grid connections industry among other. Increase in population, growth in demand for electricity by industries and increase in need for energy transmission over long distance is driving the growth in demand for covert transformers.

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Moreover HVDC (High Voltage Direct Current) technology is likely to play as a key driver for the covert transformers market in the near future. High voltage direct current facilitates high voltage electric transmission between consumption centers and generation over an extensive distance. Moreover, stringent environmental regulations globally, is 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. Furthermore, power generation from renewable source like hydel plants, offshore wind farms and distantly located solar panels are likely to drive the convert transformer market in the near future. 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.

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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. China is likely to invest deeply in the distribution and transmission sector. Europe is likely to experience the second fastest growth rate after Asia Pacific due to up gradation and replacement of ageing power sector 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.

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