The global power transformer market is anticipated to expand at a substantial CAGR during the forecast period, 2021-2028. A power transformer accepts low voltage generator electric power and distributes it through the power grid network's distribution channels. It's a crucial part of the power grid since it allows power to be transferred from one network to another without altering frequency. Although low-voltage energy generation is cost-effective, it produces a lot of in-line current.
The loss of line current increases transfer of high current. The transformer Increases the voltage of incoming energy. On the other hand, it provides more efficient power transmission. As a result, the voltage is generally increased using a power transformer. These transformers are used in applications that require high voltage and minimal loss. Moreover, they provide high efficiency and offer improved insulating and cooling features.
Power transformers require a long build time and a large financial investment. Furthermore, high-quality electrical grade steel is produced by just a few companies. Power transformers are also excessively expensive due to the expense of constructing the infrastructure necessary for reliable and long-term transformer operation. The entire cost of transformers might be reduced with enhanced monitoring systems and the use of superior materials. As a result, their overall life expectancy increases.
Over the last decade, the global energy output has risen from 15,409.0 TWH in 2000 to 23,536.5 TWH in 2014. As a result, increasing requirements for worldwide T&D network expansion and T&D infrastructure is estimated to require a total investment of USD 1.9 trillion by 2024 to accommodate rising energy demand across the globe. This includes investment for substations, electrical lines, and supporting equipment, as well as developing technologies.
Market Trends, Drivers, and Restraints
- Rising demand for power transformers owing to increasing government state bodies' emphasis on the T&D network development efforts is anticipated to propel the market growth.
- Increasing research & development drives the deployment of cutting-edge techniques, ensuring social conformity, which is spurring the market growth.
- Growing usage of transformers for household and commercial applications is driving the demand for insulated power transformers.
- The integration of wet insulated power transformers with smart energy grids, as well as the installation of renewable energy grids with ecologically friendly coolants are major factors that can fuel the market growth.
- Increasing cost of power transformers due to use of copper, steel, and aluminum can restrain the market growth.
- High cost of transformer installation and transportation has a detrimental impact on the power transformer market.
- Rising environmental concerns and rising demand for electrical energy are expected to foster the growth of the market.
Scope of Report:
The report on the global power transformers market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
Power Transformer Market – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
2018 & 2019
Product Types (Core, Dry Insulation, and Single Phase), Applications (Small Power, Medium Power, and Large Power)
Asia Pacific, North America, Europe, Middle East & Africa, and Latin America
Market scope, analysis, regional analysis, growth facts, restraints, opportunities, covid impact and revenue forecast
Key Players Covered in the Report
Hitachi ABB Power Grids, CG Power and Industrial Solutions Ltd., Siemens AG. Schneider Electrics AG, and TBEA Co. Ltd.
Power Transformers Market Segment Insights
Core segment is expected to register a robust CAGR
Based on product types, the market can be divided into core, dry insulation, and single-phase transformer. The core segment is expected to register a robust CAGR during the forecast period. Core is one of the integral part of power transformer. Growing requirement for high-quality core transformer to reduce the no-load losses is propelling the segment growth.
Large power segment to acquire a larger market share
On the basis of applications, the market can be classified as small power, medium power, and large power. The large power segment to acquire a larger market share during the forecast period. Increasing demand for energy and rising number of large-scale projects are major drivers of the market growth.
Asia Pacific is estimated to account a large market share
In terms of regions, the market can be segmented into Asia Pacific, North America, Europe, Middle East & Africa, and Latin America. Asia Pacific dominated the market due to the increase in replacement of the existing transmission and distribution infrastructure in order to meet rising power demand in the region. According to the Asian Development Bank, the transmission and distribution infrastructure improvements is estimated to requires USD 1.7 trillion per year. China has outstripped other countries in terms of investment, since it is building high-voltage electrical transmission lines to boost power output to its coastal load centers. On the other hand, Europe is anticipated to account for a considerable market share owing to beneficial policies implemented by various government state agencies for significant infrastructural development.
By Products Types
- Core Type
- Dry Insulation
- Single Phase
- Small power
- Medium power
- Large power
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
By Key Players
- Hitachi ABB Power Grids
- CG Power and Industrial Solutions Ltd.
- Siemens AG
- Schneider Electrics AG
- TBEA Co. Ltd.
Key players competing in the market are Hitachi ABB Power Grids, CG Power and Industrial Solutions Ltd., Siemens AG. Schneider Electrics AG, and TBEA Co. Ltd.