Power Transformer Market: Global Industry Analysis and Forecast (2023-2029)

Power Transformer Market size was valued at US$ 34.61 Bn. in 2022 and the total revenue is expected to grow at a CAGR of 7.6% through 2023 to 2029, reaching nearly US$ 57.80 Bn.
Power Transformer Market Overview:
A power transformer is a passive electrical system that is used to convert electric energy from one multiple electric circuits to another. The market's growth is expected to be aided by increased investments in the energy sector as a result of increased infrastructure development. These transformers are designed to run at full load and have the highest performance. Transmission voltages have increased as a result of decades of research in transmission networks. Power transformers allow low-voltage to high-voltage power to be transmitted.To know about the Research Methodology :- Request Free Sample Report
Power Transformer Market Dynamics:
The market scenario is expected to be driven by rising demand for traditional grid infrastructure refurbishment and rising investments in infrastructure spending. Also, the industry outlook is expected to be strengthened by large-scale renewable energy integration and the implementation of electrification initiatives in both developed and emerging economies. Apart from the electricity consumption, other factors driving the global power transformer market growth include an increased emphasis on renewable electric power generation, the implementation of smart grids and smart transformers, and the replacement of existing aged power transformers. Power transformers are an essential component of a power grid. The use of smart grids is expected to increase as people become more aware of CO2 emissions. Smart grids allow for remote control of grid instruments and instant response to fluctuating power demand. Due to their benefits, smart power transformers are becoming more common.

Rising electrification rates in emerging economies such as India, Brazil, China, and Russia has resulted in a rise in power generation demand. Furthermore, the need for more substations is highlighted by rising load growth and high transmission and distribution losses. Power demand is expected to rise in the near future in terms of rapid economic growth and an increased need for uninterrupted and reliable power supply in the countries mentioned. As a result, during the forecast period, these factors are expected to propel the global power transformers market forward. Furthermore, the cost of building the supporting infrastructure needed for reliable and long-term transformer service makes power transformers prohibitively expensive. However, with improved supervision methods and the use of better materials, the total cost of transformers can be minimized. Their average life expectancy is increased as a result of this.
Power Transformer Market Segment Analysis:
The Global Power Transformer Market is segmented by Rating, Cooling, Core, Insulation, Phase, and Application.

Based on the Rating, the market is segmented into Small Power Transformer (Up to 60MVA), Medium Power Transformer (61 - 600MVA), and Large Power Transformer (Above 600MVA). Small Power Transformer (Up to 60MVA) segment is expected to grow rapidly at a CAGR of xx% during the forecast period. Small power transformers are currently the most common segment of the power transformer industry, owing to their wide range of applications. The applications of small power transformers are battery charging, regulating alternating current, steel manufacturing, electrochemical, stopping and starting the flow of electricity, and others. These are the key benefits that drives the growth of this segment in the global market during the forecast period.

Large power transformers, on the other hand, are the fastest-growing segment. The use of high voltage transmission technologies such as EHV, UHV, and HVDC has increased as countries focus on minimizing transmission losses. Over the next five years, emerging technological innovations, combined with increasing electricity consumption, are expected to boost industry growth. Demand is expected to rise as a result of large investments in power plant infrastructure and the demand for small power transformers.

The medium power transformer segment had the largest market share of 34.61% in 2022 and is expected to rise to 48.45% by 2029, at an annual rate of xx%. The boom in global electrification, primarily by industries that need reliable electric power, is largely responsible for the increase.

Based on the Cooling, the market is segmented into Oil-Cooled, and Air-Cooled. Oil-Cooled power transformer segment is expected to hold the largest market shares of xx% by 2029. In comparison to air-cooled power transformers, the oil-cooled power transformer segment is expected to have a greater market share. This is because oil-cooled power transformers are thought to be safer when dealing with high voltage applications. Oil-cooled power transformers are expected to grow at a faster CAGR during the forecast period due to increased high-voltage transmission network expansion activities. This is the key factor that drives the growth of the Tire & Rubber Industries segment in the global market during the forecast period.

Air-Cooled power transformer is expected to grow rapidly at a CAGR of xx% during the forecast period. Due to their secure, reliable, and versatile product applications, air-cooled power transformers would see a significant market penetration during the forecast period. The capacity of these units to be used across offshore wind farms while limiting internal failure effects and avoiding combustibility is expected to boost the product adoption.
Regional Insights:
Asia Pacific dominates the global Power Transformer market during the forecast period 2023-2029. Asia Pacific is expected to hold the largest market shares of xx% by 2029. This is due to the constant and ongoing penetration of renewable energy sources, as well as increased attention on upgrading aging electrical infrastructure. Furthermore, recent advances in asset health monitoring systems to ensure system security and dependability, as well as increased investments in long-distance T&D network growth, are expected to fuel market dynamics.

A strict regulatory framework for grid modernization, in line with endowments, capital allocation, and support mechanisms offered by state-owned utilities, is expected to boost market growth even further. Government efforts to improve existing power infrastructure and capacity in order to satisfy rising electricity demand would boost Japan's power transformer market share. The business picture is expected to be aided by rising electrification rates and increased government support for the installation of new transmission lines. Rapid urbanization and industrialization, as well as an increasing emphasis on renewable-powered electric infrastructure is expected to move the market situation forward. These are the key factor that drives the growth of Asia Pacific region in the global market during the forecast period 2023-2029.

Europe is expected to grow rapidly at a CAGR of xx% during the forecast period. This is due to the region's ongoing infrastructure replacement projects. A substantial expansion of the electrical grid is required for Europe to meet its 2022 and 2030 targets. There is a critical need for better and integrated transmission lines that can transmit more power throughout Europe. Furthermore, the transition to renewables necessitates the construction of additional lines and the reorganization of the grid in order to transfer electricity from the point of production to the point of use. Because of various T&D expansion projects and grid interconnection projects between countries, the need for power transformers is rising globally. Between Ethiopia and Kenya, Siemens AG (Germany) is building a USD 450 million high-voltage direct current transmission network. The Ethiopia-Kenya Power Systems Interconnection Project would go for around 1,000 kilometres and will carry hydroelectric power between the two countries. These are the major factor that boost the growth of Europe region in the global market during the forecast period.

The objective of the report is to present a comprehensive analysis of the Global Power Transformer Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also helps in understanding the Global Power Transformer Market dynamic, structure by analyzing the market segments and project the Global Power Transformer Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Global Power Transformer Market make the report investor’s guide.
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Power Transformer Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 34.61 Bn.


Forecast Period 2023 to 2029 CAGR:
7.6%
Market Size in 2029:
US $ 57.80 Bn.


 Segments Covered:
by Rating
Small Power Transformer (Up to 60MVA)
Medium Power Transformer (61 - 600MVA)
Large Power Transformer (Above 600MVA)


by Cooling
Oil-Cooled
Air-Cooled


by Core
Closed
Shell
Berry


by Insulation
Gas
Oil
Solid
Air
Other


by Phase
Single
Three


by Application
Residential & Commercial
Utilities
Industrial



Power Transformer Market By Region
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
North America (United States, Canada and Mexico)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Power Transformer Market Key Players
1. Siemens
2. ABB
3. BHEL
4. Mitsubishi
5. Celme
6. Kirloskar Electric
7. Schneider
8. SPX Transformers
9. Crompton Greaves
10. Voltamp
11. Hyundai Heavy Industries
12. Hammond Power Solutions
13. Daihen
14. Toshiba
15. GE
16. Hyosung
Frequently Asked Questions:
1] What segments are covered in Power Transformer Market report?
Ans. The segments covered in Power Transformer Market report are based on Rating, Cooling, Core, Insulation, Phase, and Application.

2] Which region is expected to hold the highest share in the Global Power Transformer Market?
Ans. Asia Pacific is expected to hold the highest share in the Global Power Transformer Market.

3] Who are the top key players in the Global Power Transformer Market?
Ans. Siemens, ABB, BHEL, Mitsubishi, Celme, and Kirloskar Electric are the top key players in the Global Power Transformer Market.

4] Which segment holds the largest market share in the Global Power Transformer market by 2029?
Ans. Oil-Cooled power transformer segment hold the largest market share in the Global Power Transformer market by 2029.

5] What is the market size of the Global Power Transformer market by 2029?
Ans. The market size of the Global Power Transformer market is US $ 57.80 Bn. by 2029.

6] What was the market size of the Global Power Transformer market in 2022?
Ans. The market size of the Global Power Transformer market was worth US $ 34.61 Bn. in 2022.