Power Transformer Market to Grow 7.8% CAGR, Hit USD 63.2 Bn by 2030

The global power transformer market is projected to register a CAGR of 7.8% during 2022-2030, boosted by the high expenditures on increasing the capacity of power generation across regions via conventional as well as renewable energy infrastructures.

New York, Feb. 07, 2023 (GLOBE NEWSWIRE) -- The Power Transformers Market, valued at USD 34.6 Billion in 2022, is poised for substantial growth according to a recent market research report published by Reports Insights. The market is projected to reach USD 63.2 Billion by 2030, with a projected Compound Annual Growth Rate (CAGR) of 7.8% over the forecast period of 2022-2030. The report provides insights into market trends, drivers, challenges, and opportunities for market participants. Factors such as the increasing demand for electricity and the growth of renewable energy sources are contributing to the growth of the Power Transformers Market. The report provides an in-depth analysis of the market, making it a valuable resource for industry participants and stakeholders looking to make informed business decisions.

Global Power Transformer Market Size, Share & Trends Analysis, By Product Type (Shell, Core, and Berry-Type) Insulation Type (Wet and Dry), Phase (Three-Phase Transformer and Single-Phase Transformer), End Use (Industrial Plants, Power Plants, and Utilities), By Region and Segment, Forecast Period 2022 - 2030

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A power transformer is an electrical device used to transfer electrical energy from one circuit to another through electromagnetic induction. The transformer operates by using a primary winding to generate a magnetic field, which induces a voltage in the secondary winding. The voltage in the secondary winding is proportional to the turn ratio of the windings and can be transformed to a different level, depending on the specific needs of the electrical system. Further, power transformers play a crucial role in the distribution of electrical power in high-voltage transmission networks. The high demand in such industries is due to the vital usage of such transformers in reducing significant energy losses caused by Joule's effect during the transmission of large amounts of electrical power over long distances. The transformers do such functions by converting the power into high-voltage current and then decreasing it to a safer low-voltage current. Thus, power transformers witness increased industrial and commercial applications due to the capacity of transforming voltage levels.

Furthermore, the rising demand for electricity worldwide, as well as the growing use of renewable energy sources, resulted in increased demand for power transformers. Such transformers play a vital role in transferring energy from power generation facilities to end users and transforming the voltage levels as required for different applications. In addition, the development of new technologies such as smart grid systems is also expected to create new demand for specialized power transformers. Further, the increasing use of electric vehicles and the rise of the Internet of Things (IoT) are also contributing to the demand for power transformers in terms of charging infrastructure.

Power Transformers Market Report Coverage's :-

Report Attributes

Report Details

Market Size By 2030

USD 63.2 Billion

Forecast Period

2022-2030

CAGR (2022-2030)

7.8%

Base Year

2021

Study Timeline

2016-2030

Key Players

General Electric, Siemens, Mitsubishi Electric Power Products, Inc., Toshiba Corporation, ABB Ltd., Schneider Electric, Hitachi Energy, Hyundai Heavy Industries, TBEA, Wilson Power Solutions, KRYFS, Kirloskar Electric Co. Ltd., Alpha Electronics, EMCO Electronics Ltd., CG Power, and Industrial Solutions Ltd, Bharat Heavy Electricals Ltd.

By Product Type

Shell, Core, and Berry-Type

By Insulation Type

Wet and Dry

By Phase

Three-Phase Transformer and Single-Phase Transformer

By End Use

Industrial Plants, Power Plants, and Utilities

Report Coverage

Regional Competitive Landscape, Growth Factors, Company Ranking and Market Share, Total Revenue Forecast, Business Strategies, and more.

By Geography

Asia-Pacific [China, Japan, India, Korea, Southeast Asia, Western Asia]Europe [Germany, UK, Spain, Russia, Turkey, France, Italy, Netherlands, Switzerland]North America [United States, Canada, Mexico]South America [Brazil, Peru, Argentina, Columbia, Chile]Middle East & Africa [GCC, North Africa, South Africa]

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Power Transformers Market Segmentation Details:

Based on product type, the core type segment contributed the largest shares to the market growth during the forecast period. The core type power transformers are adopted by manufacturers transformers are used in power distribution systems to step down high-voltage power to low-voltage power for use in facilities due to their low flux leakage inductance and core loss. Also, core-type transformers are used in industrial automation systems to provide electrical power to control and automation systems.

Based on insulation type, the dry segment is anticipated to contribute substantial shares to the market growth during the forecast period. Dry-type transformers have no liquid insulation which results in high reliability and reduced need for maintenance. Thus, such transformers are widely adopted in commercial, industrial, and residential power distribution systems, as well as in renewable energy systems such as wind and solar power due to decreased need for oil or cooling systems.

Based on phase, the three-phase transformers segment contributed the largest shares to the market growth. The segment growth is mainly attributed to the usage of three-phase transformers in terms of safe operation and maintenance as compared to single-phase transformers. Typically, three-phase transformers are used in both power generation and electrical distribution networks, specifically in high-power industrial settings such as rectifiers and motor drives. Also, the growing prevalence of accidents in such industries supports the adoption of such stable and safe transformers for improving the working environment for employees.

Based on the end user, the power plants segment is projected to contribute substantial shares to the market growth during the forecast period. The high demand for power transformers to distribute electrical power from the generator among various components of the power plant such as turbines, generators, and auxiliary systems support the power transformer adoption in power plants. Further, power transformers reduce the harmonic distortion in the electrical distribution network. Thus, such reduced harmonic disturbance allows for increased usage of power transformers to support the high volume of power generation and transmission over long distances.

Based on region, Asia Pacific contributed the largest shares to the market growth in 2021 in terms of value and volume. The large presence of the electricity industry especially in countries such as China, India, and Japan supports the market demand. Moreover, the increased expenditures by public and private ventures in terms of sustainable power generation also support the demand for power transformers in terms of efforts for the neutralized carbon footprint.

Key Market Highlights

The global power transformer market size is expected to surpass USD 63.2 billion by 2030 and grow at a CAGR of 7.8% during the forecast period (2022-2030).

Globally, power transformers are divided based on the product type into the shell, core, and berry types.

In the context of insulation type, the market is bifurcated into wet and dry.

The market is also categorized as per phase: three-phase transformer and single-phase transformer.

On the basis of end users, the market is separated into industrial plants, power plants, and utilities.

The market is geographically segregated into five regions: Europe, the Asia-Pacific, North America, South America, and the Middle East and Africa.

Asia Pacific and North America are anticipated to support the market growth during the forecast period. The factors such as growing rate power generation and distribution especially in Asia Pacific along with emerging upgrades to existing power transformers are attributed to the increased market statistics in these regions.

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Recent Developments

In November 2020, BHEL, an Indian state-owned engineering company, achieved a new milestone by manufacturing and testing the highest-rated auto power transformer at the National High Power Test Laboratory in Bina, Madhya Pradesh.

In December 2020, Efacec unveiled a new modular design for power transformers with enhanced optimization and efficiency.

In January 2022, GE made a significant impact in upgrading Scotland's distribution network from 275 kV to 400 kV in terms of wind farm projects.

In May 2022, Hitachi Energy and Arteche formed a joint venture named Arteche Hitachi Energy Instrument Transformers S.L. as part of the energy transition.

In October 2022, Hitachi Energy India received a contract to provide power transformers for NTPC Renewable Energy's largest 4.75 GW solar park in Gujarat.

List of Major Power Transformers Market Players

The market research report offers an inclusive analysis of vital parameters such as SWOT analysis, segmental estimation, and regional evaluation to gain the evaluation of market circumstances. Thus, such examination helps in identifying multiple growth opportunities across several technology adoptions, business strategies, product applications, and new product launches. Mentioned are the key players comprising the market circumstances—

General Electric

Siemens

Mitsubishi Electric Power Products, Inc.

Toshiba Corporation

ABB Ltd.

Schneider Electric

Hitachi Energy

Hyundai Heavy Industries

TBEA

Wilson Power Solutions

KRYFS

Kirloskar Electric Co. Ltd.

Alpha Electronics

EMCO Electronics Ltd.

Bharat Heavy Electricals Ltd.

CG Power and Industrial Solutions Ltd.

Global Power Transformers Market Segmentation:

By Product Type

Shell

Core

Berry-Types

By Insulation Type

Wet

Dry

By Phase

Three-Phase Transformer

Single-Phase Transformer

By End Use

Industrial Plants

Power Plants

Utilities

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