Power Transformer Market One the Most Booming Industry in Upcoming Years Due to Global Demand in Industry by 2031

The power transformer market is poised to grow at 4.6% CAGR from 2021 to 2031, with an overall valuation expected to reach US$ 21.9 billion in 2021. Future Market Insights (FMI) forecasts total sales to surpass 2000 units by the end of 2031.

Some of the leading market players are ABB, General Electric, Siemens AG, Toshiba Corporation, and Schneider Electric. Among these companies, ABB holds around 12% of the market, while General Electric accounts for 8% of the overall share.

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Focus on upgrading the existing power grid network with modern energy technology for the flexible, secure, efficient, and reliable supply of power will emerge as a chief growth driver.

Transformers are a critical component in a power transmission system as their main function is to receive power with low voltage and transmit it across various distribution channels in the power grid. Increasing demand for electricity, increasing investment to expand transmission and distribution networks will drive the power transformer market growth in upcoming years.

For instance, as of 2021 Adani power has around 5 ongoing power projects with capacities ranging from 1300 MW to 2700 MW in the Indian states of Rajasthan, Madhya Pradesh, Gujarat, Karnataka, and Jharkhand. The rise in the number of new power projects in developing countries will boost market sales over the forecast period.

The rising urgency to replace the aging power infrastructure with smart grid systems along with increasing penetration of renewable energy and development of interconnected grid infrastructure are key growth drivers in developed economies.

Prospects look promising for the power transformer market due to thriving construction and mining industries, the emergence of new smart cities with modern power transmission systems, and the adoption of green transformers.

Market players are focusing on developing power transmission systems capable of handling the flow of stored and renewable energy throughout the grid system. Advancement towards designing systems for efficient management of electricity transmission and distribution as a part of disaster recovery efforts along with redefining electrical grids to reduce operational costs and lead times will positively influence the market growth in the future.

“Increasing demand for upgrading traditional transmission system to sustain high voltage power transfer and incorporation of smart grids will boost the demand for power transformer in upcoming years,” says the FMI analyst.

Key Takeaways from FMI’s Power Transformer Market Study
• North American power transformer market is forecast to experience growth at 3% CAGR due to rising necessity to replace old power grid networks with modern and efficient equipment and increasing supply and demand gap of electricity in the U.S. and Canada.
• European power transformer market is anticipated to grow at 3.2% CAGR during the forecast period. Growth uptick can be attributed to rapid electrification and increasing investment towards upgrading transmission and distribution networks in the region.
• Growing awareness among the population regarding CO2 emission, increase in consumption of electricity, and increasing efforts towards electrification of rural areas will drive the demand for power transformers in India.
• China is expected to offer lucrative opportunities owing to increasing investment in power grid infrastructure development and booming mining and oil and gas industries in the country.
• Japan and South Korea account for 7% of the global power transformer market share in 2021. Industrialization, increasing efforts to fill the energy supply and demand gap, and imposition of energy-efficient laws and standards are key growth drivers in these countries.

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Power Transformer Market Competitive Landscape

Future Market Insights (FMI) states that ABB, General Electric, Siemens AG, Toshiba Corporation, and Schneider Electric are the top five market players operating in the power transformer market. They collectively account for more than 35% of the global market share in 2021.
In an attempt to create clean energy and gain obtain a significant competitive advantage, market players are focusing on designing and developing green transformers. For instance, in December 2020, Efacec launched a new modularity system concept for core power transformers which will lead to higher performance, optimization, and efficiency.
This novel concept is expected to be applied to transformers from 10MVA to 170MVA and up to 400kV and also incorporates new functions like mechanical protection, noise, ultraviolet, and ballistics.
Similarly, in November 2018, ABB introduced “ABB Ability™ TXpert™ Dry”, the world’s first oil-free digital transformer to promote the digitalization of grids and provide increased security, efficiency, and reliability.

Some of the prominent players operating in the Power Transformer Market profiled by FMI are:
• ABB,
• General Electric,
• Schneider Electric,
• Siemens AG,
• Eaton, and
• Kirloskar Electric

More Insights on the Global Power Transformer Market Outlook
FMI provides an unbiased analysis of the Power Transformer Market, presenting historical demand data (2021-2031) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global demand for the Power Transformer market with a detailed segmentation based on:
By Product Type:

• Core
• Shell

By Insulation Type:

• Dry
• Wet

By Phase Type:

• Single Phase
• Three Phase

By End Use:

• Residential & Commercial
• Utilities
• Industrial

By Voltage Type:

• 100-200kV
• 200-400 kV
• Above 400 kV

By Application Type:

• Generation Step-up
• Transmission

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia
• Oceania
• Middle East and Africa

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Key Questions Answered in the Report

• What is the power transformer market size?
• At what rate did the power transformer market expand in the last five years?
• What are the key trends shaping the power transformer market?
• Who are the key exporters operating in the power transformer market?
• What is the North American power transformer market outlook?
• Who are the leading companies in the power transformer market?
• What is the share of top companies in the power transformer market?
• At what rate will power transformer sales increase in Europe?
• Which are the top countries driving power transformer market demand?
• What are the key statistics for the power transformer market in Japan and South Korea?

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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centres in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

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