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Power Transformer Market is Projected to Reach USD 34,510.0
New York, US, March 15, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Power Transformer Market By Cooling Type, By Power Rating - Global Forecast to 2030”, Power Transformer Market size is anticipated to increase at an 8.5% CAGR from 2022 to 2030, with a valuation of USD 34,510.0 Million.
Power Transformer Market Overview
A power transformer is a passive electrical device that is used to move electricity from one multiple-circuit electric system to another. The market's growth is anticipated to be boosted by the increase in investments in the energy sector as a result of increased infrastructural developments.
The expansion of the economies of developing nations has led to an increase in the need for the supply of energy, which in turn has increased demand for the market. The global market is anticipated to generate more than USD 18 billion in sales in 2013.
The major key players of the global market are as follows.
Power Transformer Market Key Players
- SGB-SMIT Group (Germany)
- Crompton Greaves Ltd. (India)
- Siemens AG (Germany)
- SPX Transformer Solutions Inc. (U.S.)
- Schneider Electric (France)
- Hyundai Electric & Energy Systems Co. Ltd. (South Korea)
- Bharat Heavy Electricals Limited (India)
- Hyosung Power & Industrial Solutions (South Korea)
- ABB Ltd. (Switzerland)
- Toshiba Corporation (Japan)
- Mitsubishi Electric Corporation (Japan)
- Among others.
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The primary driving force behind the rise in power transformer demand is the infrastructure-driven increase in demand for energy in developing nations. Also, the encouraging initiatives for the development of the smart grid have increased demand for the power transformer. The governments of emerging nations are taking steps to install more sophisticated power transformers, and they are also promoting the modernization of the current power networks to increase energy efficiency and reduce losses, which are expected to accelerate market growth.
The increasing need for electricity and government efforts in developing nations to expand infrastructure for production, distribution, and transmission are projected to fuel the expansion of the power transformer market share globally. In addition, the government's emphasis on the production of renewable energy is a significant component in the market's expansion. Additionally, factors like rising electricity consumption in both developed and developing nations, the replacement of traditional power transformers, economic expansion, an increase in investment in new power projects where electricity is produced using renewable sources, an increase in the production of renewable energy sources like hydro, wind, and solar.
Power Transformer Market Report Scope:
|Market Size by 2030||2030: USD 34,510.0 Million|
|CAGR during 2022-2030||8.5% CAGR|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Key Market Opportunities||Global Rise In Electricity Demand|
|Key Market Drivers|| Rise In Transmission And Distribution Infrastructure Investments|
Growth In Renewable Energy Sector
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The largest national power transmission company in Chile, Transelec, received a 500kV single-phase, on-load voltage regulating, high-seismic transformer from Shandong Electric Power Equipment Co., Ltd. (China), a leading manufacturer and distributor of power transformers and other related products, on October 9, 2022.
In the coming years, there will likely be possibilities for the major market players due to the rise in demand and government initiatives to assist the development of the smart grid. To help cut greenhouse gas emissions and boost the effectiveness of energy production, governments are introducing new innovations to provide smart metres and smart grid technology. Another factor is the increase in power use in homes, workplaces, and public spaces.
Power transformer design is a very intricate procedure, making it a significant inhibitor to the global market's expansion over the projection period.
The main market obstacle is the long-term high cost associated with power consumption for the dominant market participants. Copper, steel, and aluminium are the three primary raw materials needed to make a power transformer, and they are more expensive than the raw materials needed to make conventional power distribution systems. Also, the expansion of the global market may be negatively impacted by the increase in raw material prices.
Energy produced by power transformers increased from 15,409.0 TWh in 2000 to 23,536.5 TWh in 2014. The increased investment in power plant infrastructure is the main driver of market expansion, and the industry is also expected to benefit from the rising demand for advanced metres.
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Power Transformer Market Segments
Regions, cooling type, and power rating are used to segment the market. Throughout the forecast period, the market for power transformers is anticipated to increase reasonably.
The power transformer market is divided into divisions for air-cooled and oil-cooled products depending on the application. ·
The power transformer market is divided into three categories based on propulsion types: large power, medium power, and tiny power.
The global power transformer market is divided into four regions based on geography: Asia Pacific, North America, Europe, and the rest of the world. With a high CAGR, it is anticipated that the Asia Pacific region will have the biggest market share over the projection period. The developing nations in this region are working continuously to update and improve the current transmission and distribution infrastructure to meet the demand for electricity. Stable economic growth and the pressing need to improve access to electricity are also fueling this region's growth in the global market revenue.
In addition to this, the increase in foreign industry investments for infrastructure development and large-scale power plantations in China, Japan, and India are some other reasons driving the expansion of the power transformer market in this country.
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Due to the existence of multiple major companies in the industry, the power transformer market is highly competitive. These market players employ a variety of strategies to maintain their leadership positions, which will also help to open up new business opportunities for them. Some of these strategies include mergers, acquisitions, the introduction of new products, joint ventures, collaboration, and partnerships, among others. In order to control operating costs and download times, it places a strong emphasis on increasing production outputs and changing demand in manufacturing plants in developing nations.
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About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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