Power Transformer Market will grow at 4.6% CAGR from 2021 to 2031

The power transformer market exhibited year-on-year growth of 4% in 2021, backed by increasing efforts towards incorporating modern energy solutions in existing power systems and high demand for efficient and reliable power supply. Future Market Insights (FMI) states that power transformer market revenue grew by 10% between 2019 and 2021, reaching US$ 21.9 billion in 2021 with a healthy CAGR of 4.6%.

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.

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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.

Future 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.

Key Takeaways from FMI’s Power Transformer Market Study

North America’s power transformer market is forecast to experience growth at 3% CAGR due to the 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.

The 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.

“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 Segments Covered In Power Transformer Market Study:

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
The Middle East and Africa
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Who is Winning?

Future Market Insights highlights the key trends emerging in the power transformer market and discusses the strategies employed by market players to strengthen their market position.

Leading market players account for 35% global market share. They are focusing on new product development like green transformers to reduce the carbon footprint and are also emphasizing establishing production and supply operations in key high-demand demographics like South East Asia. In addition, key players have been increasing production outputs and moving manufacturing plants to develop countries to reduce lead times and operation costs.

For instance, in July 2021, General Electric won orders for manufacturing 45 units of 765 kV transformers from Power Grid Corporation of India Limited (PGCIL) for the new substations to be constructed in Rajasthan, India. The new transformers will dissipate around 8.1gigawatt (GW) of green power from the state’s solar energy zones.

In March 2021, First Philec Inc. announced to launch a super green transformer by the end of 2021. First Philec Inc. is a unit of First Philippine Holdings Corp. and one of the leading manufacturers of high-efficiency transformers in the South East Asia region. The super green transformer will be made of recyclable and biodegradable materials.

Hitachi ABB Power Grids launched two new traction transformers, “RESIBLOC® Crail 25 kV” and “Natural Cooling Effilight® Traction Transformer” in June 2021. The latter model replaces the traditional cooling module with natural airflow system. It uses a state-of-the-art cooling system that harnesses natural airflow from the train’s motion and sends it to a heat exchanger thus eliminating the need for air fans.

Prominent players operating in the power transformer market are:-

ABB
General Electric
Siemens AG
Toshiba Corporation
Schneider Electric

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This release was published on openPR.