Dublin, April 10, 2023 (GLOBE NEWSWIRE) -- The "Global Power Transformer Market Size, Share & Industry Trends Analysis Report By Insulation, By Application, By Rating, By Phase, By Core, By Regional Outlook and Forecast, 2022 - 2028" report has been added to ResearchAndMarkets.com's offering.
The Global Power Transformer Market size is expected to reach $33.7 billion by 2028, rising at a market growth of 6.8% CAGR during the forecast period.
Market Growth Factors
Increasing demand for electricity worldwide
The advancement of modern electric vehicles and the incentives to utilize them propel electricity consumption in the automotive sector. Most of the power plants are located in remote places. From there, the electricity is generated and then transmitted to the substations through HDVC power transmission lines, which are then distributed to the customers after step-down. The developing counties have underused energy resources, whereas the power infrastructure in the poorer nations needs improvement. As a result, the power transformer market is driven by the rising demand for electricity worldwide.
Growing usage of renewable and non-renewable energy sources
Power transformers are not only utilized in solar and wind power plants as they are also a crucial part of the power grids for various non-conventional energy sources. Power transformers could also be installed underwater and underground, making it possible to deploy them at the production point for geothermal and tidal power plants. As a result, the power transformers market has chances for long-term expansion as renewable energy becomes a noteworthy energy source.
Market Restraining Factors
Transformer installation, logistics, and supporting infrastructure are expensives
Alteration in raw materials cost and high maintenance and installation price of power transformers than the current power distribution systems would further become an obstacle in the development of the power transformer market. Furthermore, the lack of accessibility of high-standard electrical steel, lengthy initialization and producing time of power transformers, and substantial capital investments needed to build infrastructure for the stable and smooth working of the transformer will negatively impact the market growth for power transformer throughout the predicted period.
Core Outlook
Based on core, the power transformer market is segmented into closed, shell and berry. In 2021, the closed segment garnered a significant revenue share in the power transformer market. The closed-core power transformers provide flexible applications through changing voltage conditions and, thus, might obtain large-scale penetration by the next decade. Furthermore, the prime attributes linked with the technology, comprising effective operational life expectancy and sustainable transformation capacities, might lead to further development of the market in this segment.
Insulation Outlook
On the basis of insulation, the power transformer market is fragmented into gas, oil, solid, air and others. In 2021, the oil segment held the largest revenue share in the power transformers market. As a medium of insulation, oil is frequently utilized in various businesses. This is due to its capability to maintain stability even in high temperatures. In addition, the qualities of oil as an electrical insulation, like its dielectric ability, decreases any incoming harm from the high voltage. These benefits place oil insulators as the preferred choice among manufacturers.
Phase Outlook
By phase, the power transformer market is divided into single and three. In 2021, the three segment witnessed the largest revenue share in the power transformers market. The three-phase transformers are mostly utilized in the manufacturing industry, precision machine tools, petrochemical industry, mining industry, telecommunication, and automation equipment, among others, for producing power and distributing power. The three-phase transformers produce a three-phase alternating current that flows in different conductors.
Rating Outlook
Based on rating, the power transformer market is classified into 100 MVA to 500 MVA, 501 MVA TO 800 MVA, and 801 MVA to 1200 MVA. In 2021, the 500 MVA to 800 MVA recorded a remarkable revenue share in the power transformers market. This development is accounted for the increasing acceptance of products as voltage regulators over long-distance transmission lines. Moreover, the rapid growth of T&D infrastructure supported by the rising engagement of various areas in inter-regional electricity transmission would stimulate the development of the power transformers market throughout the predicted period.
Application Outlook
On the basis of application, the power transformer market is bifurcated into residential & commercial, utilities and industrial. In 2021, the residential & commercial segment procured a prominent revenue share in the power transformers market. The increasing acceptance of power transformers in residential & commercial usage and their affordability are propelling the demand for power transformers. In addition, research & development initiatives for integrating power transformers with developed power grids and creating renewable power grids with eco-friendly coolants will be very profitable for the power transformers market.
Regional Outlook
Region-wise, the power transformer market is analysed across North America, Europe, Asia Pacific and LAMEA. In 2021, the Asia Pacific region witnessed the highest revenue share in the power transformers market. Due to the rise in population, the growth of power transformers is assisted by rapid economic growth and surging necessity for reliable and uninterrupted power supply. China is investing in the electrical transmission and distribution system to fulfil the nation's rising requirement for electricity due to quick urbanization and industrialization, which is further supporting regional market expansion.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Toshiba Corporation, ABB Group, General Electric Company, Siemens Energy AG, Alstom SA, Mitsubishi Electric Corporation, Hyosung Heavy Industries Corporation, CG Power & Industrial Solutions Ltd. (Murugappa Group), Hyundai Construction Equipment Co., Ltd. (Hyundai Heavy Industries Co., Ltd.), and Bharat Heavy Electricals Ltd.
Key Market Players
- Toshiba Corporation
- ABB Group
- General Electric Company
- Siemens Energy AG
- Alstom SA
- Mitsubishi Electric Corporation
- Hyosung Heavy Industries Corporation
- CG Power & Industrial Solutions Ltd. (Murugappa Group)
- Hyundai Construction Equipment Co., Ltd. (Hyundai Heavy Industries Co., Ltd.)
- Bharat Heavy Electricals Ltd.
Key Topics Covered:
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
Chapter 3. Global Power Transformer Market by Insulation
Chapter 4. Global Power Transformer Market by Application
Chapter 5. Global Power Transformer Market by Rating
Chapter 6. Global Power Transformer Market by Phase
Chapter 7. Global Power Transformer Market by Core
Chapter 8. Global Power Transformer Market by Region
Chapter 9. Company Profiles
Companies Mentioned
- Toshiba Corporation
- ABB Group
- General Electric Company
- Siemens Energy AG
- Alstom SA
- Mitsubishi Electric Corporation
- Hyosung Heavy Industries Corporation
- CG Power & Industrial Solutions Ltd. (Murugappa Group)
- Hyundai Construction Equipment Co., Ltd. (Hyundai Heavy Industries Co., Ltd.)
- Bharat Heavy Electricals Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/4nf16h
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