Power Transformer Market to Gain Higher Momentum on Account of Renewable Energy Integration and Rising Electrification of Transportation
Research Reports
Aug 30, 2023
Power Transformer Market Scope & Overview
As per the SNS Insider report, the power transformer market had a valuation of USD 21.5 billion in 2022. Predictions indicate that it will expand to approximately USD 38.34 billion by 2030, exhibiting a CAGR of 7.5% during the projected timeframe spanning from 2023 to 2030.
A power transformer is a critical electrical device that plays a pivotal role in the transmission and distribution of electricity across vast networks. It serves as a vital link in the electrical infrastructure, facilitating the efficient and safe transfer of electrical energy from power plants to homes, businesses, and industries.
Key Players included are:
- ABB Ltd.
- Alstom SA
- Hyosung Power & Industrial Systems Performance Group
- Crompton Greaves Ltd.
- GE Co.
- Hyundai Heavy Industries Co.Ltd.
- Siemens Energy
- Mitsubishi Electric Corporation
- Toshiba Corp.
- Bharat Heavy Electricals Limited
- Other
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Market Analysis
The increasing integration of renewable energy sources, such as solar and wind power, into the grid necessitates a robust and flexible power transmission system. Power transformers facilitate the efficient transfer of renewable energy-generated electricity across long distances, often from remote areas with abundant renewable resources to urban centers. The evolution towards smart grids, characterized by digital communication and real-time data exchange between various grid components, has created a demand for technologically advanced power transformers. Rapid urbanization and industrialization in emerging economies are driving an increased need for electricity. Power transformers play a pivotal role in ensuring a steady and reliable power supply to urban centers and industrial hubs. As urban populations expand and industries grow, the demand for power transformers to support enhanced electricity distribution networks is expected to surge. All these factors to boost power transformer market growth.
Market Segmentation and Sub-segmentation included are:
By Rating
- Small Power Transformer (Up to 60 MVA)
- Medium Power Transformer (61- 600 MVA)
- Large Power Transformer (Above 600 MVA)
By type of cooling method (Oil-cooled and air-cooled)
- Oil-cooled
- Air-cooled
By phase
- Single
- Three
By Core
- Closed
- Shell
- Berry
By application
- Residential & Commercial
- Utilities
- Industrial
Impact of Recession
Economic recessions have a substantial impact on the power transformer market. The reduction in infrastructure spending, decreased industrial output, financial constraints, supply chain disruptions, and shifting priorities collectively contribute to a decline in demand for new transformers. However, it’s worth noting that the exact impact can vary based on the severity and duration of the recession, as well as regional economic disparities. Companies in the power transformer industry should remain adaptable and innovative to navigate these challenges and position themselves for recovery when economic conditions improve.
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Segmentation Analysis
The power transformer market is on the brink of a transformation led by the Berry and Utilities Segments. Their innovative approaches to efficiency, digital integration, and sustainable practices are reshaping the industry landscape. As energy demands continue to rise, the collaboration between these segments will likely set new standards for performance, reliability, and environmental responsibility, ultimately driving the market forward into a more sustainable and efficient future.
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Regional Status & Analysis
In North America, the power transformer market is driven by the need to modernize aging grid infrastructure, enhance energy efficiency, and integrate renewable energy sources. The push towards smart grids and the adoption of electric vehicles also contribute to the demand for advanced power transformers with higher efficiency and better voltage regulation. Europe places significant emphasis on renewable energy integration and sustainability. This focus has led to an increased demand for power transformers that can handle fluctuations in energy flow from intermittent renewable sources. The Asia-Pacific region, led by countries such as China and India, is witnessing rapid urbanization and industrialization, resulting in heightened electricity consumption.
Conclusion
The future prospects for the market are undeniably promising. The interplay of smart grid technologies, renewable energy integration, urbanization, energy efficiency imperatives, electrified transportation, infrastructure renewal, and grid security concerns will shape the landscape of this industry. Manufacturers that innovate to meet these evolving demands stand to make a significant impact on the global energy transition while reaping the benefits of a burgeoning and transformative market.
Frequently Asked Questions
- What is the projected outlook for power transformer market growth?
- The global market to cross USD 38.34 billion by 2030, exhibiting a CAGR of 7.5% during the projected timeframe spanning from 2023 to 2030.
- What are the major factors influencing the power transformer market?
- The global market is on an upward trajectory, fueled by a dynamic interplay of factors including renewable energy integration, smart grid advancements, urbanization, aging infrastructure replacement, and supportive government policies
- Who are the leading players in the power transformer market?
- ABB Ltd., Alstom SA, Crompton Greaves Ltd., GE Co., Mitsubishi Electric Corporation, Toshiba Corp., Hyundai Heavy Industries Co. Ltd., Siemens Energy, Bharat Heavy Electricals Limited.
Table of Contents – Major Key Points:
Chapter 1 Introduction
Chapter 2 Research Methodology
Chapter 3 Market Dynamics
Chapter 4 Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of Ongoing Recession on Major Economies
Chapter 5 Value Chain Analysis
Chapter 6 Porter’s 5 Forces Model
Chapter 7 Power Transformer Market Segmentation, by rating
Chapter 8 Power Transformer Market Segmentation, by type of cooling method
Chapter 9 Power Transformer Market Segmentation, by phase
Chapter 10 Power Transformer Market Segmentation, by core
Chapter 11Power Transformer Market Segmentation, by application
Chapter 12 PEST Analysis
Chapter 13 Regional Analysis
Chapter 14 Company Profile
Chapter 15 Competitive Landscape
Chapter 16 Use Case and Best Practices
Chapter 17 Conclusion
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Contact Information:
Contact Us: Akash Anand – Head of Business Development & Strategy info@snsinsider.com Phone: +1-415-230-0044 (US) | +91-7798602273 (IND) Website: https://www.snsinsider.com
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