The power transformer market indicated year-on-year growth of 4% in 2021, backed by growing efforts towards including modern energy solutions in existing power systems and a high market for efficient and reliable power supply.
Future Market Insights (FMI) states that power transformer market revenue grew by 10% between 2019 and 2021, reaching US$ 21.9 billion in 2021 with a healthy CAGR of 4.6%.
Focus on upgrading the existing power grid network with modern energy technology for a flexible, secure, efficient, and reliable supply of power will emerge as a chief growth driver.
Transformers are a critical component in a power transmission system as their main function is to receive power with low voltage and transmit it across various distribution channels in the power grid. Increasing demand for electricity and increasing investment to expand transmission and distribution networks will drive the power transformer market growth in upcoming years.
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For instance, as of 2021 Adani power has around 5 ongoing power projects with capacity ranging from 1300 MW to 2700 MW in the Indian states of Rajasthan, Madhya Pradesh, Gujarat, Karnataka, and Jharkhand. The rise in the number of new power projects in developing countries will boost the market sales over the forecast period.
The rising urgency to replace the aging power infrastructure with a smart grid system along with increasing penetration of renewable energy and development of interconnected grid infrastructure are key growth drivers in developed economies.
Future prospects look promising for the power transformer market due to thriving construction and mining industries, the emergence of new smart cities with modern power transmission systems and the adoption of green transformers.
Market players are focusing on developing power transmission systems capable of handling flow of stored and renewable energy throughout the grid system. Advancement towards designing system for efficient management of electricity transmission and distribution as a part of disaster recovery efforts along with redefining electrical grids to reduce operational costs and lead times will positively influence the market growth in the future.
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Key Takeaways from FMI’s Power Transformer Market Study
- North America’s power transformer market is forecast to experience growth at 3% CAGR due to the rising necessity to replace old power grid networks with modern and efficient equipment and the increasing supply and demand gap of electricity in the U.S. and Canada.
- The Europe power transformer market is anticipated to grow at a 3.2% CAGR during the forecast period. The growth uptick can be attributed to rapid electrification and increasing investment in upgrading transmission and distribution networks in the region.
- Growing awareness among the population regarding CO2 emission, increase in consumption of electricity, and increasing efforts towards electrification of rural areas will drive the demand for power transformers in India.
- China is expected to offer lucrative opportunities owing to increasing investment in power grid infrastructure development and booming mining and oil and gas industries in the country.
- Japan and South Korea account for 7% of the global power transformer market share in 2021. Industrialization, increasing efforts to fill the energy supply and demand gap, and imposition of energy-efficient laws and standards are key growth drivers in these countries.
“Increasing demand for upgrading traditional transmission system to sustain high voltage power transfer and incorporation of smart grids will boost the demand for power transformer in upcoming years,” says the FMI analyst.
Key Segments Covered In Power Transformer Market Study:
By Product Type:
- Core
- Shell
By Insulation Type:
- Dry
- Wet
By Phase Type:
- Single Phase
- Three Phase
By End Use:
- Residential & Commercial
- Utilities
- Industrial
By Voltage Type:
- 100-200kV
- 200-400 kV
- Above 400 kV
By Application Type:
- Generation Step-up
- Transmission
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
Prominent players operating in the power transformer market are:-
- ABB
- General Electric
- Siemens AG
- Toshiba Corporation
- Schneider Electric
More Insights On The Power Transformer Market
In its latest report, FMI offers an unbiased analysis of the global power transformer market, providing historical data for the period of 2019-2029 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of product type (core and shell), by insulation type (dry and wet), by phase-type (single-phase and three-phase), by application type (generation set-up and transmission), by end-use ( residential & commercial, utilities, and industrial), by voltage type (100-200kV, 200-400 kV, and above 400 kV) and by region (North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East and Africa)
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 10-years.
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