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Power Transformer Market: Segmented: By Power Rating {Small Power Transformer (Up to 60MVA), Medium Power Transformer (61-600MVA), Large Power Transformer (Above 600MVA)}; By Cooling Type (Oil-cooled andAir-cooled); and Region - Analysis of Market Size, Share & Trends for 2016 - 2019 and Forecasts to 2030
Power Transformer Market is anticipated to exceed USD 40,350 million by 2030 from USD 24,200 million in 2021 at a CAGR of 7.75% throughout the forecast period, i.e. 2020-2030.
The power transformer acts as an electrical device that transfers energy between two or more circuits through electromagnetic induction. Power transformers are used to increase or decrease the voltage before transmitting electrical energy from one position to another through wires. By increasing the electrical power voltage by means of step-up transformers, the cost-effective transmission of electrical power and distribution is made possible by avoiding the loss of heat. As a result, power transformers have transformed the electricity supply industry, enabling generations to be remotely positioned from the point of demand.
Power Transformer Market is expected to project a CAGR of 7.75% during the forecast period, 2020-2030
The market is anticipated to grow on the back of rising integration of renewables to the grid, rising infrastructural spending, growing demand for electricity, and increasing investment towards the expansion of transmission.Other than the growing consumption of electricity, the rising focus on renewable electric power generation, deployment of smart grids and smart transformers, replacement of existing aged power transformers are some other factors that are expected to boost the growth of the market for power transformer in the coming years.
The Small Power Transformers segment to grow with the highest CAGR of xx% during 2020-2029
Global Power Transformer Market is segmented by power ratings into Small Power Transformers (up to 60MVA), Medium Power Transformers (61-600MVA), and Large Power Transformers (above 600MVA). The small power transformer segment held the largest market share of xx% in the year 2019, mainly due to its wide application base in several small industries and also its ability to be customized as per the customers’ requirements.
The Oil-cooled segment to grow with the highest CAGR of xx% during 2020-2030
Global Power Transformer Market is also segmented by cooling type into Oil-cooled and Air-cooled. The oil-cooled segment is estimated to hold the largest market share of xx% in the year 2019 as their usage is considered safe in high voltage conditions. With the development of a global voltage transmission network at a rapid pace, the demand for oil-cooled transformers is most likely to grow during the forecast period.
Increase in Transmission and Distribution Projects
The demand for power transformers is expected to be driven by an increase in transmission and distribution projects and network connections between countries. The shift towards the demand for safe and reliable power, coupled with rapid urbanization and investment in new power grids and renewable energy, high demand for electricity and the replacement of old units, especially in developing countries such as India and China, is also expected to boost the growth of the market for power transformers.
High Cost
Power transformers are more costly than traditional power transformers. The raw materials used in the production of these transformers are copper, steel, and aluminum. Transformer prices are highly dependent on the prices of these commodities. These price fluctuations can hinder the growth of the market. In addition, construction and transport costs to final transformer sites often adversely impact the development of the demand for power transformers.
Asia Pacific to grow with the highest CAGR of xx% during 2020-2030
Global Power Transformer Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC, and MENA. Among these, the market in the Asia Pacific is estimated to hold the largest market share of xx% in the year 2019, owing to high energy demand from emerging geographies like India and China.
Company Overview, Business Strategy,Key Product Offering,Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
The Power Electronics Market size was estimated at USD 24,200 million in 2021 and is expected to reach USD 40,350 million by 2030
ABB Transformers Pvt. Ltd., DAIHEN Corporation, SPX Transformers, Schneider Electric, Toshiba Corporation, Bharat Heavy Electricals Ltd., Hyundai Electric, Mitsubishi Electric, Crompton Greaves, General Electric
The Small Power Transformers segment and The Oil-cooled segmentare anticipated to hold the Power Electronics Market
Drivers Increase in Transmission and Distribution Projects
The power transformer acts as an electrical device that transfers energy between two or more circuits through electromagnetic induction. Power transformers are used to increase or decrease the voltage before transmitting electrical energy from one position to another through wires.
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