Global Distribution Transformer Market to Reach $47.5 billion, Globally, by 2033 at 6.6% CAGR: Allied Market Research

Apr 24, 2024, 10:10 ET

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The integration of renewable energy sources, such as wind and solar power, into the grid necessitates the installation of distribution transformers to facilitate the transmission of electricity from these sources to consumers, which drives the growth of the market.

PORTLAND, Ore., April 24, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Global Distribution Transformer Market by Product Type (Pad Mounted, Pole Mounted, and Underground Vault), Phase Type (Single Phase and Three Phase), Insulation Type (Dry and Immersed), Power Rating (Upto 500 kVA, 501 kVA to 2,500 kVA, 2,501 kVA to 10,000 kVA, and More than 10,000 kVA), and End-use Industry (Residential, Commercial, Industrial, and Power Utility): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the "global distribution transformer market" was valued at $25.2 billion in 2023, and is estimated to reach $47.5 billion by 2033, growing at a CAGR of 6.6% from 2024 to 2033.

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Prime determinants of growth

The global distribution transformer market has experienced growth due to several factors such as an increase in demand for electricity. However, volatility in raw material prices is expected to hinder market growth to some extent. Moreover, the adoption of smart grid technologies is expected to offer remunerative opportunities for the expansion of the global distribution transformer market.

Report coverage & details:

Report Coverage

Details

Forecast Period

2024–2033

Base Year

2023

Market Size in 2023

$25.2 billion

Market Size in 2033

$47.5 billion

CAGR

6.6 %

No. of Pages in Report

300

Segments Covered

Product Type, Phase Type, Insulation Type, Power Rating, End-Use Industry, and Region

Drivers

Rise in demand for electricity

The adoption of smart grid technologies

Opportunity

The deployment of microgrids

Restraint

Fluctuating raw material prices

The underground vault is expected to grow faster throughout the forecast period.

By product type, the pad mounted segment held the highest market share in 2023, accounting for more than half of the distribution transformer market revenue. This is attributed to the fact that pad-mounted transformers are frequently used in areas where underground distribution lines are common or where aesthetics and space considerations make overhead lines less desirable. They are often found in residential neighborhoods, commercial areas, and industrial zones.

However, the underground vault segment is the fastest-growing segment in the distribution transformer market growing with a CAGR of 7.1%. Installing distribution transformers in underground vaults requires careful planning and coordination with other underground utilities like water, sewer, and telecommunication lines. Proper insulation and waterproofing are also crucial to prevent water ingress.

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The single phase segment is expected to lead throughout the forecast period.

By phase type, the three phase segment held the highest market share in 2023, accounting for nearly two-thirds of the global distribution transformer market revenue and is likely to retain its dominance throughout the forecast period, whereas the single phase segment is the fastest-growing segment expected to grow with the CAGR of 6.8%. In backup power systems or standalone power systems, single-phase distribution transformers may be used to step down voltage from generators or alternative energy sources to supply single-phase loads.

The dry segment is expected to lead throughout the forecast period.

By insulation type, the immersed segment held the highest market share in 2023, accounting for more than three-fifths of the global distribution transformer market revenue and is likely to retain its dominance throughout the forecast period. Distribution transformers are often immersed in insulating oil, such as mineral oil, which helps to cool the transformer and provides electrical insulation. The windings and core of the transformer are completely submerged in this oil. The dry segment is the fastest-growing segment expected to grow with the CAGR of 6.9%.

The 2,501 kVA to 10,000 kVA segment dominated the distribution transformer market in 2023.

By power rating, the 2,501 kVA to 10,000 kVA segment held the highest market share in 2023, accounting for one-third of the market share and is likely to retain its dominance throughout the forecast period. More than 10,000 kVA segment is the fastest-growing segment expected to grow with the CAGR of 7.2%. distribution transformers with capacities greater than 10,000 kVA are utilized in HVDC transmission systems to convert the voltage between AC and DC for long-distance power transmission. Shopping malls, office buildings, and other large commercial developments utilize high-capacity transformers to distribute power efficiently throughout the facility.

The residential segment is expected to lead the market throughout the forecast period.

By end-use industry, the residential segment is the fastest growing segment in the market growing with the CAGR of 7.4% during the forecast period. Industrial segment dominated the distribution transformer market accounting for nearly half of the market share during the forecast period. Industrial facilities often have diverse power requirements for machinery, lighting, heating, and other operations. Distribution transformers distribute power to various sections of the facility, ensuring a stable and reliable electricity supply.

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Asia-Pacific to maintain its dominance by 2032.

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global distribution transformer market revenue and is expected to rule the roost in terms of revenue throughout the forecast timeframe, whereas Asia-Pacific is also the fastest growing segment expected to grow with the CAGR of 7.0% during the forecast period. China has a massive demand for distribution transformers. The country's rapid industrialization and urbanization have driven extensive investments in electricity infrastructure, including distribution transformers. Japan has a well-established electricity infrastructure, with distribution transformers playing a crucial role in delivering power to residential, commercial, and industrial consumers. The country has been focusing on modernizing its grid infrastructure to improve efficiency and reliability.

Players: -

The report provides a detailed analysis of these key players in the global distribution transformer market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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