Power Transformer Market Will Grow Tremendously To Hit $50.8 billion by 2027

Global power transformer market was valued at $27.7 billion in 2019, and is expected to reach $50.8 billion by 2027, registering a CAGR of 7.9% from 2020 to 2027. Power transformer is a type of transformer used primarily to receive low voltage generator electric power and transmit it across distribution channels across the power grid network. Power Transformer is part of the transmission system and an important element in the power delivery value chain. It facilitates evacuation of power from generating stations and its delivery to the load centers.

Increase in electricity consumption, replacement of existing power transformers for integration with renewable energy sources as well as deployment of smart power grids are the major drivers driving the global power transformer market. Increase in demand for electricity and emergence of renewable power sources increases the adoption of high voltage transmission technologies such as UHV, HVAC and HVDC power transformers. The development of modern electric cars and incentives to deploy them is increasing the consumption of electricity in the automotive sector. For efficient dispersal of power to deficit regions, strengthening and enhancement of the transmission system network are required.

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Global market is segmented based on transformer rating and region.
By rating, the medium segment dominated the global power transformer market in 2019, accounting for nearly half of the market. Moreover, the segment is expected to register the highest CAGR of 8.7% during the forecast period, owing to the replacement of existing power transformers as well as new power grid projects.

By region, the global power transformer market across Asia-Pacific held the largest share in 2019, accounting for more than two-fifths of the market. Moreover, the region is expected to manifest the highest CAGR of 9.0% during the forecast period, owing to ongoing power grid expansion projects, namely in India and China. The market across North America held more than one-fourth of the market.

The global power transformers market growth varies in each region depending on the government investments, economic development, and private utility companies' willingness to upgrade existing transmission networks. Aging infrastructure is one of the factors boosting the growth of the global power transformers market. Aging equipment has a higher risk of failure and is unreliable. Frequent failure in transmission hampers customer development as in the case of industries and other commercial consumers of electricity that demand stable supply of electric power. Furthermore, growth in renewable energy investment slows due to grid limitations. Hence, upgrading the capacity of power transformers is crucial to meet the future demand for electricity.

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Major players in the power transformer industry include Bharat Heavy Electricals Ltd., CG Power and Industrial Solutions Ltd., EMCO Ltd., General Electric Company, Hitachi Ltd., Kirloskar Electric Co. Ltd., Schneider Electric SE, Siemens AG, TBEA Co. Ltd., and Toshiba Corporation.

Some of the restraints associated with power transformer market are high price of power transformers as well as associated costs, such as land, infrastructure, logistics, and protective instruments. Wind, solar, and hydro energy are contributing to the total electricity output and is forecasted to increase its contribution in the coming years. To meet such a spike in electricity demand, advanced power grids are essential. These factors play an important role in the global power transformer market growth.

Get detailed COVID-19 impact analysis on the Power Transformer Market @ https://www.alliedmarketresearch.com/request-for-customization/174?reqfor=covid

COVID-19 scenario: The recent pandemic has adversely affected the power transformer industry.
• The dampened demand for oil and plummeting pricing and production would negatively impact the market growth.
• The shutdowns and restrictions on production will hamper the market growth.
• However, continued operation of nuclear power plants and availability of electric services would minimize the overall impact on market growth.

Key Findings of The Study
• The power transformer market size is projected to grow at a CAGR of nearly 7.91%, in terms of revenue, during the forecast period.
• By region, Asia-Pacific dominated the power transformer market with a revenue share of over 43% in 2019.
• Medium power transformer is anticipated to witness a growth rate of 8.7%, in terms of revenue, during the forecast period.

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