Power Transformer Market Share, Growth Drivers, Opportunities and Regional Forecast 2023

Market Scenario

Power transformers are generally used in transmission network for stepping up or stepping down the voltage level. It operates mainly during high or peak loads and has maximum efficiency at full load. Distribution transformers steps down the voltage for distribution purpose to domestic or commercial users. It has good voltage regulation and operates continuously with maximum efficiency at 50% of full load. The stepping up or stepping down function of power transformers depends upon the number of turns of primary and secondary winding. If the number of turns on both the windings are same, and the losses of transformer are negligible, it can be concluded that the voltage across each of the winding is same. In this case the transformer is just utilized in isolating two electrical circuits.

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Overview

Global Power Transformer market is expected to witness substantial growth during the forecast period. Despite a strong focus on grid infrastructure renewal, especially in Europe, there has also been significant expansion of the grid network. In 2011, the total installed transmission and distribution line length reached 69.5 Million kilometers; in 2016, that figure is set to reach 74.2 Million kilometers. In 2011, Capital Expenditure (CAPEX) in transmission and distribution rose to USD 190.21 Billion and is forecast to increase to USD 231.83 Billion by 2016. There is an ever-increasing capital spend as seen in previous years during the replacement of existing technology with higher-end smart ones. All these factors are likely to drive the Power Transformer market. 

Industry Segmentation

Power Transformer market has been segmented on the basis of power rating, cooling type, phase, installation, and region.

Based on cooling type, the market is classified into air-cooled and oil-cooled. Oil-cooled segment is expected to dominate the market due to the fact that oil-cooled power transformers are considered safer while dealing high voltage applications. With growing high voltage transmission network expansion activities. 

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Regional Analysis

Power Transformer market by region is segmented into Asia Pacific, North America, Europe, the Middle East & Africa, and South America.

Asia-Pacific is expected to hold the largest share during the forecast period due to increased demand for energy and because of the growing population and rising per capita disposable income in the region.

Moreover, these rapidly growing economies in this region are also the top polluters in the world. This will led to increasing demand for energy, ultimately driving the need to install more power transformers in order to supply efficient power.

Leading Players

The key players of global Power Transformer market are Sumitomo Electric Industries Ltd, Radical Sun Systems, Inc., SolAero Technologies Corp, Arzon Solar, LLC., Cool Earth Solar, ARIMA Group, Suncore, Photovoltaic Technology Company Limited, Guangdong Redsolar Photovoltaic Technology Co., Saint, Augustin Canada Electric Inc., Sanan Optoelectronics Technology Co., Ltd, Macsun Solar Energy, Technology Co., Limited, and Morgan Solar Inc., among others.

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Power Transformer Market Opportunities, Business Strategy, Trends and Regional Forecast 2023

Global Power Transformer Market Overview

Market Research Future (MRFR) has published a research report about the global power transformer market that adumbrates aggrandizement for this market at 8.64% CAGR (Compound Annual Growth Rate) between 2018 and 2023. By value, the market has been figured to be worth the US $ 34,510.2 mn by the end of forecast period. With global electrification and power backup rapidly becoming a reality, the demand, as well as market for transformers, is growing in countries where cities and villages are being electrified now or where arrangements are needed for power backup.

The distinctive factor supporting the global power transformer market growth is the investments in the energy sector due to the infrastructural developments. Other market drivers include growth in the renewable energy sector and growing demand for electricity for the consumer as well as commercial purposes.

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Competitive Dashboard

ABB Ltd., (Switzerland), Bharat Heavy Electricals Limited (India), Crompton Greaves Ltd. (India), Hyosung Power & Industrial Solutions (South Korea), Hyundai Electric & Energy Systems Co. Ltd. (South Korea), Mitsubishi Electric Corporation (Japan), Schneider Electric (France), SGB-SMIT Group (Germany), Siemens AG (Germany), SPX Transformer Solutions Inc. (USA), and Toshiba Corporation (Japan).

Segmentation

The global power transformer market has been segmented on the basis of cooling type, power rating, and by region.

By cooling type, this market has been segmented into oil-cooled transformers and power-cooled transformers.

Based on power rating, the market has been segmented into small power, medium power, and large power. Small power range has the capacity in the range of 100-500 mega volt-amps (MVA). The medium range power transformers have a capacity between the ranges of 500-800 MVA. The large range power transformers have the potential of above 800 MVA.

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Regional Analysis

The regional segmentation of the global power transformer market segments the global market into regional markets known as North America, Europe, Asia Pacific, and rest of the world (RoW).

The North America market is due to the presence of well-established market players, and rapid technological advancements. Important country-specific markets in this region are USA and Canada.

During the forecast period, the market in Europe is set to surge at a striking rate due to the replacement of aging infrastructure along with the increasing rate of installation of eco-friendly transformers. There are several small and medium power transformer projects that present a positive outlook of the market growth in this region. Important country-specific markets in Europe are France, Germany, Russia, and the UK, followed by the remaining countries of Europe.

During the forecast period, the Asia Pacific region is likely to emerge as the fastest growing market. In this region, updates and upgrades of existing transmission and distribution infrastructure to serve the growing demand for electricity are regular. The market growth is being contributed by emerging economies like China, India, and Japan, due to the need for improving access to electricity and steady economic growth.

The RoW segment covers the countries of Latin America and the Middle East & Africa (MEA). In Latin America, Argentina and Brazil are two strong economies that can be suitable markets in the future. The MEA region is the small regional market due to poor countries, lack of awareness, lack of infrastructure, lack of advanced technology, and lack of education.

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Power Transformer Market Size, Share, Trend, Regional Outlook, Gross Margin and Forecast to 2023 | MRFR

Market Scenario

Power transformer is a device normally used in engineering that alters both the voltage and the current of the electricity passing through it. A power transformer is made up of a coil enclosed around an electromagnet that transfers the electricity. Unlike distribution transformers that operate at an optimum efficiency of only 60-70%, power transformers are designed to operate at 100% efficiency. Moreover, power transformers are intended to sustain high voltages,  while distribution transformers are intended to handle lower ones. Power transformers transmit power to distribution transformers, so that distribution transformers can deliver small amounts of power to each and every user.The global power transformer market is expected to grow at a CAGR of 8% during the forecast period.

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As power transformers help step up or down the voltage level in the high voltage transmission network, they are used in numerous electronic circuits. They are available in various types and applications. The main application of power transformer is the transmission and distribution of electrical power. These transformers are widely used by power plants, industrial plants and conventional electric utility companies. . The constant need for electricity and the unstable electricity supply situation in most developing countries will aid in the growth of the power transformers market over the forecast period. However, averseness of governments worldwide in initiating capital inducement projects can hinder the power transformer market. Also, the high cost of transformers and that of safety instruments & backup structure obstructs optimal utilization of power transformers globally.

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Key Players

The key players of global power transformer market are ABB Group (Switzerland), Siemens Ltd. (Germany), General Electric Company (USA), Crompton Greaves Ltd. (India), Toshiba Corporation (Japan), Hyundai Heavy Industries Co., Ltd. (South Korea), Mitsubishi Electric Corporation (Japan), Hyosung Corporation (South Korea), Bharat Heavy Electricals Limited (India) and SPX Transformer Solutions, Inc. (U.S.A).

Segment Overview

By cooling type, the power transformer market is segmented into oil-cooled and power-cooled. Both of these mentioned transformers can transmit power over large distances. By power ratings, the market caters to small power, medium power, and large power. Among these, small range have the capacity in the range of 100-500 mega volt amps (MVA). Similarly, the medium range power transformers have a capacity between the ranges of 500-800 MVA and large range possesses above 800 MVA potential.

The segments and sub-segments covered in the report are analyzed with respect to four major regions – North America, Europe, Asia Pacific (APAC), and the Rest-of-the-World (RoW), with respective country-level market sizing. The definition and advantages of the product “power transformer” is outlined in the report for a comprehensive understanding of the market. The report discusses the various players involved in the value chain and their contributions to evaluate future opportunities within the market.

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MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

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Market Research Future

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