Power Transformer Market to Reach USD 61.95 Billion by 2030; Accelerated Industrialization and Increased Domestic Power Demand to Bolster Growth, says The Brainy Insights
A sizable market opportunity for power transformers is provided by the requirement to update transmission lines in order to reduce losses. Power transformer market is driven by steady penetration of renewable energy sources as well as a greater emphasis on updating outdated electrical infrastructure.
Newark, Feb. 13, 2023 (GLOBE NEWSWIRE) — The Power transformer market was estimated at around USD 31.2 billion in 2021, growing at a CAGR of nearly 7.9% during 2022-2030. The market is projected to reach approximately USD 61.95 billion by 2030.
An electrical system that converts electric energy from one or more electrical circuits to another is called a power transformer. As a result of enhanced infrastructure development, it is anticipated that higher investments in the energy industry will support market growth. These transformers are made to perform at their peak and can operate at maximum load. As a result of decades of research in transmission networks, transmission voltages have risen. Power transformers enable the transmission of low-voltage to high-voltage power. Power transformers are essential parts of electricity grids because they help transmit power between networks with the least amount of loss and frequency variation. The demand for power transformers in the upcoming years will be fueled by rising investments in the construction of power grid networks and distribution channels to provide electricity availability in rural places.
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Transmission lines, switch equipment, poles, and electrical grids make up the transmission network. Transmission losses, which account for the majority of losses in a power system, are continuously decreased by raising the transmission voltage. To avoid transmission losses, electricity is usually transmitted at high voltage (above 115KV). A worldwide upgrade to the transmission network has been compelled by the introduction of Ultra High Voltage (UHV) transmission (1100KV and above). India now has a 1200KV power transmission capability, however China has been using UHV DC/AC transmission since 2009. The power transformer is a crucial connecting element for joining two networks that operate at different voltages. Power transformers link the electrical system’s networks together. As a response, higher transmission voltages are the factors driving the demand for power transformers with higher ratings.
The demand for electricity generation has increased as a result of rising electrification rates in developing nations like India, Brazil, China, and Russia. Additionally, increasing load growth and high transmission and distribution losses draw attention to the need for more substations. As a result of the indicated countries’ rapid economic expansion and growing demand for an uninterrupted and dependable power supply, electricity consumption is predicted to expand in the near future. Therefore, during the course of the forecast period, these factors are anticipated to drive growth in the worldwide power transformers market.
The global power transformers market is expanding due to brisk industrialization and rising domestic power demand. A continually increasing demand for power has led to a rise in the consumption of energy resources on a global scale. More power plants and vast transmission networks are now present around the world as a result. Incentives for using them and the development of contemporary electric vehicles are increasing the amount of power used in the automobile sector. The majority of power plants are located in rural locations; the electricity they generate is then sent to the substations through HVDC power transmission lines, where it is subsequently distributed to the end consumers after step-down. While most less developed countries’ power infrastructure might be improved, most emerging countries have underused energy resources. As a consequence, the global need for electricity is currently what is driving the market for power transformers.
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The market for power transformer market is fragmented into the rating. The rating predicts that the medium transformer segment will grow at the fastest rate. Between 100 MVA and 500 MVA are the range for medium-rating power transformers. When energy is received at higher voltage levels, it is transformed and distributed either directly to large industrial customers or through lower voltage substations. Medium rating power transformers are used for high voltage and extra high voltage power transmissions. These transformers have a substantial market opportunity due to the requirement to update transmission lines in order to reduce losses.
In the power transformer market, Asia-Pacific represented the largest market share of the whole market. Several nations in the Asia-Pacific region constantly invest in the power sector to modernize their electrical infrastructure, including Australia, India, and China. Asia-Pacific is expected to drive market expansion during the projection period because to its high adoption rate. Australia receives the most solar radiation on average per square meter, which has a big impact on the growth of renewable energy. China and India rank among the top energy producers and have sizeable transmission networks in addition to being two of the economies with the fastest rates of growth. Building intelligent networks and integrating renewable energy sources into the domestic power infrastructure are priorities for both nations. China has made significant financial investments in four UHV AC transmission networks and one UHV DC power transmission network. In the Asia-Pacific region, the replacement of old equipment has opened up new opportunities.
It is projected that North America would become the region of the global market with the fastest rate of growth. Due to its high adoption rate, North America is expected to have faster market expansion than other regions. Due to the existence of important power transformer producers, this region can quickly adopt new technology.
|Report Coverage||Revenue estimation and forecast, company profile, competitive landscape, growth factors, and recent trends|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, and Latin America|
|Market Size(unit)||USD Billion|
|Power transformer Market CAGR||7.9%|
|Segments Covered||By Rating|
List of the prominent players in the Global Power transformer market:
• Cg Power and Industrial
• Solutions Ltd
• Siemens Ag
• Schneider Electric Se
• EMCO Ltd.
• Bharat Heavy Electricals Ltd.
• General Electric Company
• Kirloskar Electric Co. Ltd.
• Toshiba Corporation
• Hitachi Ltd.
The global Power transformer market is segmented as follows:
• North America
o The U.S.
o The UK
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
• The Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of the Middle East & Africa
• Latin America
o Rest of Latin America
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