NEWARK, Del, April 27, 2023 (GLOBE NEWSWIRE) -- By 2033, the market for voltage control relays and transformer tap changers is expected to be worth over US$ 2357.1 Million. It is estimated to rise by 4.9% year over year.
Sales of voltage control relays and transformer tap changers are anticipated to expand at a decent CAGR of 4.9% over the course of the forecast period. In 2033, the market is anticipated to reach a peak valuation of US$ 2357.1 Million.
The market for high-power transformers is expanding rapidly as a result of the need for high-capacity power plants and the increasing demand for electricity. Transformer devices are hence used to enable the transmission of power across greater distances through interconnected networks.
Tap changers are a crucial part of transformer systems as they can maintain a constant voltage within the constraints of the transformer. These can also guarantee the unbroken operation of the machinery and maintain it for use in large power networks or industries.
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In emerging countries, the expansion of the housing market is increasing the need for dependable electricity sources. The need for transformer accessories and components such as tap changers, voltage relays, and other related products, is hence growing.
Leading companies should profit from consistent growth opportunities as a medium- and small-sized enterprises become more and more recognized. They aim to be a viable alternative for individuals looking to invest in infrastructure development.
Several regional administrations have varied plans for electrification, including the construction of hydroelectric facilities and electrification of rural areas. It is predicted that these will help to raise the need for transformers. The market is expected to be propelled by the increased reliability of transformers due to retrofit possibilities for reducing maintenance costs.
Key Takeaways:
- By phase type, the three-phase segment is estimated to account for a significant share of 59% in 2023.
- On the basis of application, the industry segment is likely to dominate the market and create an incremental opportunity of US$ 219.4 Million from 2023 to 2033.
- The global transformer tap changers and voltage control relay industry is anticipated to provide a total revenue potential of US$ 892.90 Million in the period of assessment.
- Germany transformer tap changers and voltage control relay industry is anticipated to expand at a CAGR of 4.4% in the next ten years.
- China transformer tap changers and voltage control relay industry is expected to flourish at 6% CAGR from 2023 to 2033.
“Urgent requirement for effective power transmission and distribution systems is projected to drive the market. Through 2033, the market is also expected to be influenced by the world's aging power infrastructure and rising electricity demand. Reliability is a major issue for modern consumers. Manufacturers in the market would find significant growth opportunities in innovating towards this end.” Says a lead analyst at Future Market Insights (FMI).
Competitive Landscape:
The global transformer tap changers and voltage control relay market is moderately consolidated with few global players acquiring around 40% to 50% of shares. These players are likely to invest in new technology developments and expansion of their distribution networks to maintain their presence.
A few of the leading key players in the industry include Schneider Electric, ABB Ltd., Eation Corporation, OMRON Corporation, Mitsubishi Electric Corporation, Rockwell Automation, Hitachi Energy Ltd., Toshiba Energy Systems, and among others.
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Recent developments:
- In September 2022, General Electric announced that it had developed a new grid management system. This new system provided advanced voltage control and transformer tap changer technology, ultimately improving the efficiency and reliability of power systems.
- In December 2022, Siemens revealed that it had supplied its advanced voltage control technology to the Grid Asset Management project in the UK. This project specifically aims at improving the durability of the country's power grid.
Find More Valuable Insights:
The research report analyzes the demand for transformer tap changers and voltage control relays. The global transformer tap changers and voltage control relay market has been analyzed with the COVID-19 impact, various macroeconomic factors, market trends, and market background. As per Future Market Insights Inc. (FMI), the market has been analyzed based on phase (single phase, three phase), application (industrial, utility & grid, commercial), product type (transformer tap changers, voltage control relays), and region. The report provides qualitative and quantitative information on various players in this market. This report also tracks the market by both, supply-side and demand factors.
About the Industrial Automation Division at Future Market Insights (FMI):
The industrial automation division of Future Market Insights (FMI) offers a novel approach and innovative perspective in analyzing the industrial automation market. Comprehensive coverage of capital, portable, process, construction, industrial, and special-purpose machinery across the manufacturing sector and distinctive analysis of the installed base, consumables, replacement, and USP-feature-application matrix make us a pioneering voice in the industry. We are preferred associates with established as well as budding industry stakeholders and channel partners when it comes to sustaining, growing, and identifying new revenue prospects.
Market Outlook by Category:
By Phase:
- Single Phase
- Three Phase
By Application:
- Industrial
- Utility and Grid
- Commercial
- Others
By Product Type:
- Transformer Tap Changers
- Off-circuit Tap Changer
- On-circuit Tap Changer
- Voltage Control Relays
- DIN Rail
- Panel Mounted
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- Central Asia
- Russia and Belarus
- Balkan and Baltic Countries
- South Asia and Pacific
- Middle East and Africa
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Table of Content (ToC):
1. Executive Summary | Transformer Tap Changers and Voltage Control Relay Market
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage/Taxonomy
2.2. Market Definition/Scope/Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation/Development Trends
4. Key Success Factors
4.1. Product Adoption/Usage Analysis
4.2. Product USPs/Features
4.3. Strategic Promotional Strategies
5. Global Market Demand Analysis 2018 to 2022 and Forecast, 2023 to 2033
5.1. Historical Market Volume (Units) Analysis, 2018 to 2022
5.2. Current and Future Market Volume (Units) Projections, 2023 to 2033
5.3. Y-o-Y Growth Trend Analysis (TOC Continue...)
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