Press release
High Power Transformers Market on Track for Strong Growth, Estimated to Grow at 3.4% CAGR Through 2029
High Power Transformers
What Is the Expected CAGR for the High Power Transformers Market Through 2025?
The market size of high power transformers has seen continuous growth in past years. Its size is predicted to escalate from $10.51 billion in 2024 to reach $10.94 billion in 2025, with a compound annual growth rate (CAGR) of 4.1%. Factors such as increased demand for electricity, infrastructure advancement, technological progression, and expansion in the energy sector have contributed to the growth during the past period.
What's the Projected Size of the Global High Power Transformers Market by 2029?
Anticipated consistent expansion over the coming years is projected for the high power transformers market, forecasted to reach $12.49 billion by 2029, elevated by a compound annual growth rate (CAGR) of 3.4%. This predicted growth for the upcoming period is a result of the incorporation of renewable energy, grid modernization, electrification trends, and improved grid resilience. Key trends set to emerge throughout this forecasted period involve grid modernization, the introduction of smart transformers, transportation electrification, and the advent of digital substations.
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Top Growth Drivers in the High Power Transformers Industry: What's Accelerating the Market?
The push for high-power transformers has been fuelled by government efforts to ensure universality of electrical access. Global governments are enacting measures to enable power supply in outlying and remote regions, thereby escalating the need for rural electrification. The Government of India, for example, has instituted various measures to boost national power generation. In July 2022, they unveiled a newly overhauled scheme for the power sector's distribution division. This project is set to fortify India's renewable energy objectives, dedication, and ambitions for eco-friendly transportation.
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What Trends Will Shape the High Power Transformers Market Through 2029 and Beyond?
The transformer production industry is progressing towards the creation of autonomous and self-controlling smart transformers. Programmed to continually adjust voltage, communicate with stakeholders, and supply information and feedback about the power supply, smart transformers only deliver the precise quantity of power required. They adjust to changes via a technique referred to as voltage optimization. As they furnish electrical devices with the optimal quantity of power, they significantly cut greenhouse emissions and power usage. For example, the US Department of Energy (DOE) aimed to allocate $7.5 million to back the research and development of smart transformers to boost grid resilience. It's advisable for companies to contemplate investing in technologies for manufacturing smart transformers for commercial businesses.
What Are the Main Segments in the High Power Transformers Market?
The high power transformers market covered in this report is segmented -
1) By Phase: Single Phase, Three Phase
2) By Mounting: Pad, Pole, PC/PCB, Other Mountings
3) By Application: Industrial, Commercial, Residential
Subsegments:
1) By Single Phase: Residential Applications, Small Industrial Applications
2) By Three Phase: Large Industrial Applications, Power Transmission Networks, Substation Applications
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Which Top Companies are Driving Growth in the High Power Transformers Market?
Major companies operating in the high power transformers market include Schneider Electric, Hyosung Corporation Power & Industrial Performance, Performance Group, Hyundai Heavy Industries Co. Ltd., TBEA Co. Ltd., Mitsubishi Electric Corporation, Hammond Power Solutions Inc., SPX Transformer Solutions Inc., Jinpan International Limited, Hitachi Ltd., SGB-SMIT Group, Jefferson Electric Inc., CG Power Systems Canada Inc., Toshiba Corporation, KOTSONS Pvt. Ltd., Layer Electronics Co. Ltd., LS ELECTRIC Co. Ltd., Kirloskar Electric Company Limited, Mace Industries Limited, ALTRAFO Transformers South Africa (Pty) Ltd., DuPont de Nemours Inc., ELANTAS Beck India Limited, Eremu S.A., Fuji Electric Co. Ltd., WEG S.A., Jiangsu Huapeng Transformer Co. Ltd., ABB Asea Brown Boveri Ltd., Bharat Heavy Electricals Limited, Crompton Greaves Limited, Siemens Aktiengesellschaft, Alstom SA
Which Regions Will Dominate the High Power Transformers Market Through 2029?
Asia-Pacific was the largest region in the high power transformers market in 2023. Western Europe is the second-largest region in the high power transformers market. The regions covered in the high power transformers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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