The global large power transformer market size is projected to register a considerable CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the growing focus on renewable electric power generation, rising consumption of electricity, and deployment of smart transformers as well as smart grids.
A power transformer is an electric device that is used to transfer electric energy from one electric circuit to multiple electric circuits. Large power transformer is a custom built piece of equipment, which is a critical component of the bulk transmission grid. Large power transformers forms crucial part of the power grid and helps in transmission of power without changing frequency.
Large power transformer is majorly used in stepping down and stepping up the voltage at the electrical power generating station and distribution station. Large power transformers are special ordered machineries which require highly skilled workforces and modern manufacturing equipment and facilities. Covid-19 has impacted the private & public investments in large power transformers.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing investments in transmission and distribution infrastructure is estimated to propel the market expansion during the forecast period.
- Rapid growth in renewable energy sector is major factor driving the market growth.
- Complexity in designing the large power transformers is anticipated to impede the market expansion in the coming years.
- High cost of power consumption is projected to hamper the market growth during the forecast period.
- R&D investment and technological advancement as well as innovation in power transformers are expected to offer significant opportunities for the market players.
Scope of the Report
The report on the global large power transformer market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Large Power Transformer Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Power Ratings (100 MVA to 500 MVA, 501 MVA to 800 MVA, and 801 MVA to 1200 MVA), Cooling Methods (Air-Cooled and Oil-Cooled), Applications (Utility, Residential & Commercial, and Industrial)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Siemens AG; ABB Ltd.; Crompton Greaves Ltd.; Hyundai Heavy Industries Co. Ltd.; Alstom SA; General Electric Co.; Hitachi Ltd.; Bharat Heavy Electricals Ltd.; Schneider Electric SE; Kirloskar Electric Co. Ltd.; CG Power and Industrial Solutions Ltd.; and EMCO Ltd.
Market Segment Insights:
100 MVA to 500 MVA segment is projected to account for a large market share
Based on power ratings, the global large power transformer market is divided into 100 MVA to 500 MVA, 501 MVA to 800 MVA, and 801 MVA to 1200 MVA. The 100 MVA to 500 MVA segment is expected to constitute a key share of the market during the forecast period owing to compact size, less installation cost, and increasing demand for electricity in various industries. Rising requirement for advanced transformer units to fulfill seismic and severe load conditions is anticipated to fuel the market.
Oil-cooled segment is projected to hold a key market share
On the basis of cooling methods, the market is segmented into air-cooled and oil-cooled. The oil-cooled segment is expected to represent a key share of the market in the coming years due to increasing high voltage transmission network expansion activities. Oil-cooled power transformers are comparatively safe when dealing with high voltage applications.
Residential & commercial segment is projected to constitute a major market share
In terms of applications, the global large power transformer market is segregated into utility, residential & commercial, and industrial. The residential & commercial segment is expected to account for a key share of the market during the forecast period owing to growing demand for energy from various hotels, societies, and hospitals. Increasing inclination among the integration of various electrical distribution links in residential & commercial sector is projected to boost the market.
Asia Pacific is expected to dominate the market
On the basis of regions, the global large power transformer market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of Asia Pacific is anticipated to expand at an impressive CAGR during the forecast period. The regional market growth can be attributed to upcoming power grid expansions projects and upsurge in renewable power generation. Rapid urbanization and industrialization along with rising electricity demand is expected to spur the market.
Segments Covered in the Report
The global large power transformer market has been segmented on the basis of
- 100 MVA to 500 MVA
- 501 MVA to 800 MVA
- 801 MVA to 1200 MVA
- Residential & Commercial
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
- Siemens AG
- ABB Ltd.
- Crompton Greaves Ltd.
- Hyundai Heavy Industries Co. Ltd.
- Alstom SA
- General Electric Co.
- Hitachi Ltd.
- Bharat Heavy Electricals Ltd.
- Schneider Electric SE
- Kirloskar Electric Co. Ltd.
- CG Power and Industrial Solutions Ltd.
- EMCO Ltd.
Key players competing in the global large power transformer market include Siemens AG; ABB Ltd.; Crompton Greaves Ltd.; Hyundai Heavy Industries Co. Ltd.; Alstom SA; General Electric Co.; Hitachi Ltd.; Bharat Heavy Electricals Ltd.; Schneider Electric SE; Kirloskar Electric Co. Ltd.; CG Power and Industrial Solutions Ltd.; and EMCO Ltd. Some of these players are engaged in several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market shares.