NEW YORK, May 27, 2024 /PRNewswire/ — The global power transformers market size is estimated to grow by USD 11.57 billion from 2023-2027, according to Technavio. The market is estimated to grow at a CAGR of almost 6.15% during the forecast period.
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Technavio has announced its latest market research report titled Global Power Transformers Market 2023-2027
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Power Transformers Market Scope |
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Report Coverage |
Details |
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Base year |
2022 |
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Historic period |
2017 – 2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.15% |
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Market growth 2023-2027 |
USD 11575.07 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023 (%) |
5.76 |
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Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 37% |
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Key countries |
US, China, Japan, India, and Germany |
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Key companies profiled |
ABB Ltd., ALTRAFO Srl, Altro Transformers Pty. Ltd., CG Power and Industrial Solutions Ltd., DuPont de Nemours Inc., Eaton Corp. Plc, Etel Transformers Pty ltd, Fuji Electric Co. Ltd., General Electric Co., Hammond Power Solutions Inc., Hitachi Ltd., Hyundai Electric and Energy Systems Co. Ltd., Kirloskar Electric Co. Ltd., Layer Electronics Srl, MGM Transformer Co., Schneider Electric SE, Siemens Energy AG, Southern Electronic Services, Tyree Industries, and Wilson Power And Distribution Technologies Pvt. Ltd. |
Market Driver
The global power transformers market is growing due to the installation of new transformers and the replacement of old ones. Aging T and D infrastructure cannot meet increasing power demand, necessitating upgrades and expansions. In India, the APDRP scheme supports state electricity boards in reducing losses, while in Russia, the Miass substation’s reconstruction highlights the trend of updating infrastructure.
The rise of smart grids, which integrate advanced technologies for efficient power management, further boosts the demand for power transformers. Consequently, the need for transformer oil is also increasing, driving significant growth in the global market during the forecast period.
Market Challenges
Regulations in the US and Europe have made energy efficiency standards for power transformers stricter. In the US, the Department of Energy updated efficiency standards in 2016, affecting liquid-immersed, low-voltage dry-type, and medium-voltage dry-type transformers. Europe’s Ecodesign Directive, introduced in 2015, aims at environmentally friendly designs for transformers.
India follows IS 1180:2014 norms to reduce losses in distribution transformers. While these regulations promote energy savings, they also increase manufacturing costs due to the need for high-quality materials and larger transformers. This cost rise may slow market growth during the forecast period.
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Segment Overview
Type
1.1 Liquid immersed
1.2 Dry type
End-user
2.1 Commercial power
2.2 Residential power
2.3 Industrial power
Geography
3.1 APAC
3.2 Europe
3.3 North America
3.4 Middle East and Africa
3.5 South America
1.1 Liquid immersed- The power transformers market is primarily driven by the demand for liquid-immersed transformers in the Middle East and APAC. Fueled by population growth and economic expansion, these regions are witnessing increased electricity coverage and industrial development, leading to the installation of new grid networks and the replacement of existing transformers.
In North America and Europe, post-financial crisis investments in power generation have resulted in the adoption of high-efficient power transformers, further boosting market growth. Despite the advantages of SF6 gas insulation, oil remains the dominant insulation due to cost considerations.
For more information on market segmentation with geographical analysis including forecast (2023-2027) and historic data (2017-2021) – Download a Sample Report
Research Analysis
The Power Transformers Market is experiencing significant growth due to the increasing demand for electricity generation from renewable resources. Aging power grids require upgrades to maintain investor confidence and ensure reliability. Sociopolitical instability in certain regions can impact the transmission of electricity, making cross-border transmission a crucial aspect of infrastructure development.
Terawatt-hour capacity expansion is essential to meet electricity demand, and smart grid development, including smart meters, is key to minimizing losses in power transmission. Power transformers play a vital role in this process, ensuring the appropriate voltage and frequency levels for efficient electricity distribution.
The power transformer industry is focusing on research and development to improve transmission network efficiency, particularly in remote places where access to electricity is limited. Carbon emissions reduction is also a significant factor driving innovation in the power transformer market.
Market Research Overview
The Power Transformers Market encompasses the production, sales, and installation of transformers used in the power sector. These transformers play a crucial role in increasing or decreasing the voltage of electrical power for efficient transmission and distribution. The market is driven by factors such as increasing electricity demand, government initiatives to improve power infrastructure, and technological advancements in transformer design and manufacturing.
Various types of power transformers are available, including oil-filled, dry-type, and cast resin transformers. The market is segmented based on voltage level, application, and region. The Asia Pacific region is expected to dominate the market due to the high electricity demand and growing industrialization in countries like China and India. The market is competitive, with several players offering a wide range of transformer solutions to meet the diverse needs of the power sector.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Type
Liquid Immersed
Dry Type
End-user
Commercial Power
Residential Power
Industrial Power
Geography
APAC
Europe
North America
Middle East And Africa
South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/
SOURCE Technavio
