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The power transformer industry is expected to be valued USD 17.2 billion by 2022. Assuming a CAGR of 9.50% from 2023 to 2030, the Power Transformer market is expected to increase from USD 18.66 billion in 2023 to USD 35.84 billion in 2030. Growth in the renewable energy sector and increased spending on distribution and transmission infrastructure are the two most important factors driving the market.
It is anticipated that increased investment in infrastructure, coupled with rising energy demand in developing and developed countries, will be the primary driver of the market's expansion over the forecast period. The requirement for smart metres, brought on by rising demand and encouraging initiatives for smart grid development, is predicted to have a favourable effect on the expansion of the power transformer market during the next five years. Power transformers are expected to benefit from a number of government programmes aimed at increasing energy efficiency and decreasing losses by installing cutting-edge technology and modernising existing power grids. During the assessment period, the power transformer market will be driven by the increased study of transmission networks and the rapid adoption of alternative and renewable energy sources for electricity generation in remote areas. Electricity demand can be promptly adapted by smart grids because of its remote accessibility and monitoring. In addition to reducing pollution, they ensure efficient power and cooling delivery. During the forecast period, the worldwide power transformer business will expand thanks to the introduction of new green transformers, high voltage transmission technologies, and stringent government restrictions aimed at reducing greenhouse gas emissions.
Increasing expenditure on distribution and transmission infrastructure is a key factor propelling the power transformer market's CAGR. The global power transformer market is predicted to rise as a result of rising demand for electricity and government attempts to upgrade production, transmission, and distribution infrastructure in developing countries. It would also benefit from more investigation into transmission networks and the speedy implementation of unconventional alternative energy sources for supplying electricity to far-flung areas. Carbon emissions can be reduced through efficient power and cooling delivery that can be monitored and analysed remotely on smart networks that can instantly adapt to changes in electricity demand. It is expected to expand during the forecast period thanks to advances in environmentally friendly transformers, high-voltage gearboxes, and stringent government regulations aimed at reducing emissions of greenhouse gases.
The government's push for renewable energy production is also crucial to the industry's growth. Growth in the economy, more money being poured into renewable energy projects, more renewable energy being produced, increased electricity demand, and the need to replace ageing conventional power transformers are the primary causes. Electricity usage in the automobile industry is on the rise due to the increased use of modern electric vehicles (EVs) and incentives to utilise them. Typically located in the countryside, power plants send their output via high voltage direct current (HDVC) transmission lines to nearby substations, where it is further reduced in voltage before being distributed to consumers. Therefore, the current requirement for energy across the globe is driving the demand for power transformers.
The COVID 19 epidemic has affected many sectors, including the power transformer business. Demand for power transformers in India plummeted by 25-28% as a direct effect of the lockdown, which had a negative economic impact on power distribution businesses as a result of the shutdown of the industrial and commercial sectors. Market growth is anticipated to be led by environmental concerns and rising energy demands throughout the forecast period. The market for large power transformers is expected to grow as a result of growing spending on renewable energy sources. One source suggests that by 2030, global energy consumption could have increased by as much as 60%. As the world's population has grown, so too has the demand for electricity, which in turn has prompted a slew of new power generation initiatives. Power transformers are expected to be in high demand over the projected period as a result of rising investment in distribution and transmission infrastructure. increasing sales in the power transformer industry. The Power Transformer industry is segmented into two types of markets: air-cooled and oil-cooled. In 2022, the oil-cooled segment hauled in $12.2 billion, making it the most lucrative in the market. They have an advantage over alternative cooling-types because of their consistent compatibility and superior cooling performance in high-tension activities. They are simple to install and have excellent cooling power, both of which encourage the usage of technological devices.
The rapid use of non-conventional and renewable energy sources for generating electricity in remote regions, as well as increased research into transmission networks, will drive the power transformer industry forward over the evaluation period. Remote access and monitoring allow smart grids to respond rapidly to changes in electricity use. They guarantee the effective distribution of electricity and cooling, which in turn lowers carbon emissions. Over the forecast period, developments like as green transformers, high voltage transmission technologies, and severe government regulations aimed at reducing greenhouse gas emissions will boost the growth of the Global Power Transformer Market. Traditional transformers may soon become obsolete as more environmentally friendly options become more widely available. These don't fit in with the state of the art in either environment or technology. Wind and other renewable sources are being used in international electricity trading by industrialised countries, putting further stress on already overworked infrastructure. Short circuits and other difficulties are frequent in the current infrastructure, creating a lucrative opportunity for power transformer manufacturers. A super grid and smart grid are in the works as the need to reduce carbon emissions grows.
Report Coverage
Global Power Transformer research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Power Transformer report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Power Transformer competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Power Transformer market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Power Transformer market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Power Transformer market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
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)
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Power Transformer market based on the below-mentioned segments:
Global Power Transformer Market, By Type
Air-cooled
Oil-cooled
Global Power Transformer market, By Power Rating
Large Power
Medium Power
Small Power
Global Power Transformer market, Regional Analysis
It is anticipated that increased investment in infrastructure, coupled with rising energy demand in developing and developed countries, will be the primary driver of the market's expansion over the forecast period. The requirement for smart metres, brought on by rising demand and encouraging initiatives for smart grid development, is predicted to have a favourable effect on the expansion of the power transformer market during the next five years. Power transformers are expected to benefit from a number of government programmes aimed at increasing energy efficiency and decreasing losses by installing cutting-edge technology and modernising existing power grids. During the assessment period, the power transformer market will be driven by the increased study of transmission networks and the rapid adoption of alternative and renewable energy sources for electricity generation in remote areas. Electricity demand can be promptly adapted by smart grids because of its remote accessibility and monitoring. In addition to reducing pollution, they ensure efficient power and cooling delivery. During the forecast period, the worldwide power transformer business will expand thanks to the introduction of new green transformers, high voltage transmission technologies, and stringent government restrictions aimed at reducing greenhouse gas emissions.
Increasing expenditure on distribution and transmission infrastructure is a key factor propelling the power transformer market's CAGR. The global power transformer market is predicted to rise as a result of rising demand for electricity and government attempts to upgrade production, transmission, and distribution infrastructure in developing countries. It would also benefit from more investigation into transmission networks and the speedy implementation of unconventional alternative energy sources for supplying electricity to far-flung areas. Carbon emissions can be reduced through efficient power and cooling delivery that can be monitored and analysed remotely on smart networks that can instantly adapt to changes in electricity demand. It is expected to expand during the forecast period thanks to advances in environmentally friendly transformers, high-voltage gearboxes, and stringent government regulations aimed at reducing emissions of greenhouse gases.
The government's push for renewable energy production is also crucial to the industry's growth. Growth in the economy, more money being poured into renewable energy projects, more renewable energy being produced, increased electricity demand, and the need to replace ageing conventional power transformers are the primary causes. Electricity usage in the automobile industry is on the rise due to the increased use of modern electric vehicles (EVs) and incentives to utilise them. Typically located in the countryside, power plants send their output via high voltage direct current (HDVC) transmission lines to nearby substations, where it is further reduced in voltage before being distributed to consumers. Therefore, the current requirement for energy across the globe is driving the demand for power transformers.
The COVID 19 epidemic has affected many sectors, including the power transformer business. Demand for power transformers in India plummeted by 25-28% as a direct effect of the lockdown, which had a negative economic impact on power distribution businesses as a result of the shutdown of the industrial and commercial sectors. Market growth is anticipated to be led by environmental concerns and rising energy demands throughout the forecast period. The market for large power transformers is expected to grow as a result of growing spending on renewable energy sources. One source suggests that by 2030, global energy consumption could have increased by as much as 60%. As the world's population has grown, so too has the demand for electricity, which in turn has prompted a slew of new power generation initiatives. Power transformers are expected to be in high demand over the projected period as a result of rising investment in distribution and transmission infrastructure. increasing sales in the power transformer industry. The Power Transformer industry is segmented into two types of markets: air-cooled and oil-cooled. In 2022, the oil-cooled segment hauled in $12.2 billion, making it the most lucrative in the market. They have an advantage over alternative cooling-types because of their consistent compatibility and superior cooling performance in high-tension activities. They are simple to install and have excellent cooling power, both of which encourage the usage of technological devices.
The rapid use of non-conventional and renewable energy sources for generating electricity in remote regions, as well as increased research into transmission networks, will drive the power transformer industry forward over the evaluation period. Remote access and monitoring allow smart grids to respond rapidly to changes in electricity use. They guarantee the effective distribution of electricity and cooling, which in turn lowers carbon emissions. Over the forecast period, developments like as green transformers, high voltage transmission technologies, and severe government regulations aimed at reducing greenhouse gas emissions will boost the growth of the Global Power Transformer Market. Traditional transformers may soon become obsolete as more environmentally friendly options become more widely available. These don't fit in with the state of the art in either environment or technology. Wind and other renewable sources are being used in international electricity trading by industrialised countries, putting further stress on already overworked infrastructure. Short circuits and other difficulties are frequent in the current infrastructure, creating a lucrative opportunity for power transformer manufacturers. A super grid and smart grid are in the works as the need to reduce carbon emissions grows.
Report Coverage
Global Power Transformer research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Power Transformer report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Power Transformer competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Power Transformer market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | 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) |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Power Transformer Market from 2021 to 2030.
- Market Forecast for Power Transformer Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Power Transformer competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Power Transformer
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Power Transformer market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Power Transformer market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
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)
Primary Target Market
- Market Players of Power Transformer
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Power Transformer market based on the below-mentioned segments:
Global Power Transformer Market, By Type
Air-cooled
Oil-cooled
Global Power Transformer market, By Power Rating
Large Power
Medium Power
Small Power
Global Power Transformer market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
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