Power Transformer Market at a CAGR of 7.9% with Segmentation, Trends, Competitive Landscape & Industry Outlook

According to a new report published by Allied Market Research, titled, "Power Transformer Market by Rating: Opportunity Analysis and Industry Forecast, 2020-2027," the 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.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅 𝐁𝐫𝐨𝐜𝐡𝐮𝐫𝐞 : https://www.alliedmarketresearch.com/request-sample/174

The 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. The Power Transformer is part of the transmission system and an important element in the power delivery value chain. It facilitates the evacuation of power from generating stations and its delivery to the load centers. Power transformers are generally used in transmission network for stepping up or down the voltage level. These transformers operate at peak load and are designed to have maximum efficiency at full load. Decades of research in transmission networks have led to an increase in transmission voltages. Power transformers enable power transmission from low-voltage to high-voltage from one network to the other without a change in frequency.

Power transformers are mainly used to step up the voltage as the transmission of high-voltage power is more efficient than low-voltage transmission. It is used in generation step-up units (GSU), transmission substations, industrial plants like oil & gas refineries, chemicals & petrochemicals, cement industry, mining industry, desalination plants, malls, metros, and other infrastructural fields. High-voltage direct current (HVDC) has emerged as the preferred transmission technology for long-distance bulk power supply. Countries such as the U.S. and China, have constructed long-distance power transmission networks to transfer more energy via UHV DC, thereby maximizing the use of renewable energy while slashing reliance on coal. Utilization of ultra-high-voltage transmission technology is already being used in many countries such as China.

𝐄𝐧𝐪𝐮𝐢𝐫𝐲 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 : https://www.alliedmarketresearch.com/purchase-enquiry/174

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. The increase in demand for electricity and the 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. The global power transformers market growth varies in each region depending on 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 a 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 electricity demand.

Some of the restraints associated with the power transformer market are the 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. Also, there is a lack of consistent demand for a high rating segment of power transformers, though these costs can be mitigated with lenient government regulations and innovations in the manufacturing of power transformers. Further, the global power transformer market is characterized by continuous adaptations because of changing technological upgrades. Overall expansion of electric networks and deployment of smart power grids are expected to offer lucrative opportunities to the global power transformer market.

Based on rating, the market is divided in low (5 MVA to 100 MVA), medium (100 MVA to 500 MVA), and high (500 MVA and above) rating power transformers. Medium power transformers accounted for half of the global power transformer market share due to their use in power as well as industrial transmission applications.

𝐆𝐞𝐭 𝐚 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 @: https://www.alliedmarketresearch.com/request-for-customization/174

Region-wise, the power transformer market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific is expected to garner the highest market share during the forecast period due to ongoing power grid expansion projects, namely in India and China. The replacement of existing power transformers and the adoption of smart grids will offer fresh opportunities to the global power transformer market.

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.

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

𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭 𝐢𝐧 𝐄𝐧𝐞𝐫𝐠𝐲 & 𝐩𝐨𝐰𝐞𝐫 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲
𝐓𝐫𝐚𝐧𝐬𝐟𝐨𝐫𝐦𝐞𝐫 𝐎𝐢𝐥 𝐌𝐚𝐫𝐤𝐞𝐭:
https://www.prnewswire.co.uk/news-releases/transformer-oil-market-to-reach-4-3-bn-globally-by-2030-at-6-3-cagr-allied-market-research-831231648.html

𝐂𝐚𝐬𝐭 𝐑𝐞𝐬𝐢𝐧 𝐃𝐫𝐲 𝐓𝐲𝐩𝐞 𝐓𝐫𝐚𝐧𝐬𝐟𝐨𝐫𝐦𝐞𝐫 𝐌𝐚𝐫𝐤𝐞𝐭 :
https://www.prnewswire.com/news-releases/cast-resin-dry-type-transformer-market-to-reach-5-0-bn-globally-by-2030-at-5-3-cagr-allied-market-research-301458144.html

𝐃𝐫𝐲 𝐓𝐲𝐩𝐞 𝐓𝐫𝐚𝐧𝐬𝐟𝐨𝐫𝐦𝐞𝐫 𝐌𝐚𝐫𝐤𝐞𝐭 :
https://www.prnewswire.com/news-releases/dry-type-transformer-market-to-garner-7-3-billion-globally-by-2027-at-6-1-cagr-says-allied-market-research-301248072.html

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬:

Allied Market Research is a top provider of market intelligence that offers reports from leading technology publishers. Our in-depth market assessments in our research reports take into account significant technological advancements in the sector. In addition to other areas of expertise, AMR focuses on the analysis of high-tech systems and advanced production systems. We have a team of experts who compile thorough research reports and actively advise leading businesses to enhance their current procedures. Our experts have a wealth of knowledge on the topics they cover. Also, they use a variety of tools and techniques when gathering and analyzing data, including patented data sources.

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This release was published on openPR.