Power Transformers Market
Power Transformers Market reached USD 30.8 billion in 2021 and is anticipated to reach USD 51.0 billion in 2029, registering at a CAGR of 6.5% during the forecast period
The factors driving the growth of Power Transformers Market includes rise in the number of renewable energy projects around the world, expansion of the power grid networks, strict regulations imposed by governing bodies to reduce the impact of greenhouse gas emissions and development of green transformers. According to the report published by India Brand Equity Foundation (IBEF), As of April 2022, the renewable energy generation capacity in India was estimated around 158.12 GW and the Government is planning to increase the renewable energy capacity by 450 Gigawatt (GW) by the end of 2030, which will boost the Power Transformers Market share in the approaching years. Moreover, technological innovations in the power transformers, rising popularity of smart grid and growing demand for plug-in hybrid electric vehicles, are some of the additional factors supplementing the market growth. In addition, increasing installation of power transformers at public institutions and homes, rising investments by leading players on research and development, rapid urbanization, growing disposable incomes and improvements in the living standards, are further contributing towards the market growth.
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However, the growth of Power Transformers Market is hindered because the power transformers are comparatively expensive than conventional transformers.
The prominent players operating in the Power Transformers Market are Toshiba Corporation, Mitsubishi Electric Corporation, Bharat Heavy Electricals Limited, Hyosung Group, ABB Ltd, Siemens AG, GE Company, Hyosung Group, Hyundai Heavy Industries Co., Ltd, and SPX Transformer Solutions, Inc., among others.
Based on Rating, the Small Power Transformer (Up to 60MVA) segment is predicted to expand at a significant CAGR during the forecast period
Growing adoption of small power transformers across different industries owing to its easy customization features, is propelling the segment’s growth.
Based on Cooling Method, the Oil-Cooled segment is projected to grow at a remarkable CAGR over the forecast period
Oil immersed power transformers provides higher mechanical strength and requires no maintenance, are some of the factors responsible for the segments’ growth.
Based on Region, the North American region is anticipated to hold the highest market share during the forecast period
Increasing Government’s expenditure on renewable energy projects, rising disposable incomes, growing demand for smart grids, rapid urbanization, and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific.
Key Developments:
· In 2020, Toshiba Transmission and Distribution Systems Gulf S.P.C. (TTDG) entered into partnership with Toyota Tsusho Corporation, to supply gas insulated switchgear and power transformers to the Ministry of Electricity (MoE) of Republic of Iraq.
· In 2019, Siemens AG and Egyptian Electricity Transmission Company (EETC) signed an agreement to enhance the energy efficiency and reliability of substations in the delta area.
Market Segmentation
Global Power Transformers Market by Rating
· Small Power Transformer (Up to 60MVA)
· Medium Power Transformer (61 – 600MVA)
· Large Power Transformer (Above 600MVA)
Global Power Transformers Market by Cooling Method
· Oil-Cooled
· Air-Cooled
Global Power Transformers Market by Region
· Asia Pacific
o China
o Japan
o India
o Rest of APAC
· North America
o United States of America
o Canada
· Europe
o United Kingdom
o Germany
o France
o Spain
o Rest of Europe
· RoW
o Brazil
o South Africa
o Saudi Arabia
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