CHICAGO, May 16, 2024 /PRNewswire/ -- Power Transformer
Market in terms of revenue was estimated to be worth
$27.9 billion in 2024 and is poised
to reach $37.7 billion by 2029,
growing at a CAGR of 6.2% from 2024 to 2029 according to a new
report by MarketsandMarkets™.
This growth is primarily driven by the need to strengthen power
distribution networks to keep up with the rising global demand for
electricity. Furthermore, the market stands to gain from the
increasing capacity of renewable energy sources and substantial
investments in industrial production, both of which are expected to
boost the demand for Power Transformers. Another key factor
contributing to this expansion is the growing adoption of
high-voltage direct current systems, which is expected to further
accelerate market growth during the forecast period.
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Browse in-depth TOC on "Power Transformer
Market"
230 - Tables
70 - Figures
278-
Pages
Power Transformer Market Scope:
Report
Coverage
|
Details
|
Market Revenue in
2024
|
$27.9
billion
|
Estimated Value by
2029
|
$37.7
billion
|
Growth Rate
|
Poised to grow at a
CAGR of 6.2%
|
Market Size Available
for
|
2020–2029
|
Forecast
Period
|
2024–2029
|
Forecast
Units
|
Value (USD
Million/Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
By Power Rating, By
Phase, By Cooling Type and By End User
|
Geographies
Covered
|
Asia Pacific, North
America, Europe, Middle East and Africa, and South
America
|
Report
Highlights
|
Updated financial
information / product portfolio of players
|
Key Market
Opportunities
|
Rise of decentralized
generation represents a significant transformation for the Power
Transformer Market.
|
Key Market
Drivers
|
Growing Demand for
Electricity
|
Oil-cooled segment, by cooling type, to occupy majority of
Power Transformer Market share.
The oil-cooled segment is expected to continue dominating the
Power Transformer Market share due to several inherent advantages
that oil cooling offers over other methods like air cooling. Oil as
a coolant is more effective in dissipating heat from the
transformer core and windings because of its superior thermal
conductivity and higher heat capacity. This enables oil-cooled
transformers to handle higher power capacities and operate at a
lower temperature, enhancing their efficiency and lifespan.
Furthermore, oil immersion helps prevent oxidation of the core and
coil, thereby reducing maintenance needs and improving reliability.
The fluid also serves as an excellent insulator, significantly
reducing the risk of electrical faults within the transformer.
Despite concerns about potential environmental impacts, such as oil
leaks, advancements in containment and bio-based oils are
addressing these challenges, making oil-cooled transformers a
preferred choice for heavy-duty applications in industrial and
utility settings where high power output and reliability are
critical. This enduring preference secures their majority stake in
the market.
By power rating, the small power transformer (Up to 60 MVA)
is expected to be the largest market.
The small power transformer segment (up to 60 MVA) is expected
to dominate the market largely due to their widespread application
across numerous industries and utility services, which require
moderate voltage adjustments and distribution capabilities. These
transformers are particularly suited for rural electrification
projects, residential areas, renewable energy integration, and
small-scale industrial applications where massive power handling is
not necessary. Their smaller size and lower capacity make them
cost-effective, easier to install, and maintain compared to medium
and large transformers. Moreover, as countries globally are
increasingly focusing on expanding and upgrading their distribution
networks to ensure reliable electricity supply and accommodate the
rising energy consumption in remote areas, the demand for small
power transformers is expected to surge. Additionally, the push
towards renewable energy sources, such as small solar farms and
wind turbines, which often do not require high voltage
transformation, aligns well with the capabilities of small power
transformers, thereby boosting their adoption.
Asia Pacific to emerge as
the largest Power Transformer Market.
Asia Pacific is expected to
emerge as the largest market for power transformers, driven by
several convergent factors that are shaping its energy landscape.
Rapid industrialization and urbanization in major economies like
China, India, and Southeast
Asia have led to a substantial increase in energy
consumption. To meet this rising demand, these countries are
significantly investing in expanding and upgrading their power grid
infrastructures. Additionally, there is a strong governmental push
across the region to increase the adoption of renewable energy
sources to meet international climate commitments and reduce
dependence on fossil fuels. This shift necessitates integrating
large-scale renewable energy projects, such as wind and solar
farms, into the national grids, which requires robust power
transformers capable of handling high voltage and ensuring
efficient energy transmission over long distances. Moreover, many
countries in the region are focusing on improving rural
electrification and replacing aging infrastructure with more
efficient technology, further stimulating the demand for power
transformers. These comprehensive development initiatives
underscore Asia Pacific's position
as the fastest-growing and largest market for power
transformers.
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Key Market Players of Power Transformer
Industry:
Key players in the global Power Transformer Market
include Hitachi Energy (Japan),
Siemens Energy (Germany),
Schneider Electric (France),
Toshiba Energy System & Solution Corporation (Japan), and General Electric (US).
Recent Developments of Power Transformer
Industry:
- In February 2024, Hitachi
Energy's substantial investment of USD 32
million in expanding and modernizing its power transformer
manufacturing facility in Bad Honnef, Germany, is a strategic move that aligns well
with the broader objectives of Europe's energy transition.
- In June 2023, HD Hyundai Electric
Co. Ltd's deal worth USD 164 million
with US energy firm Xcel Energy to provide electric power
transformers is a significant development in the power
infrastructure sector. This contract not only represents a
substantial commercial transaction but also highlights several key
aspects of the evolving energy landscape and the strategic moves
within it.
- In April 2023, This agreement
between Siemens Energy, Dragados Offshore, and TenneT signifies a
significant step forward in the development and expansion of
renewable energy infrastructure in Europe. The focus on high-voltage direct
current (HVDC) transmission technology is crucial for several
reasons.
The primary interviews conducted for this report can be
categorized as follows:
- By Company Type: Tier 1-45%, Tier 2-40%, and Tier
3-15%
- By Designation: C-Level-35%, D-Level-25%, and
Others-40%
- By Region: North America–18%, Europe–15%, Asia
Pacific–50%, Middle East &
Africa–10%, and South America–7%
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Power Transformer Market - Key Benefits of Buying
the Report:
The report is thoughtfully designed to meet the needs of both
seasoned industry leaders and new entrants in the Power
Transformers market. It provides dependable revenue projections for
both the overall market and its various sub-segments, making it a
crucial tool for stakeholders looking to gain a deep understanding
of the competitive environment. This information helps stakeholders
develop effective market strategies for their businesses.
Furthermore, the report serves as a key resource for stakeholders
to grasp the current market scenario, offering vital insights into
the drivers, constraints, challenges, and opportunities for growth.
With these insights, stakeholders can make well-informed decisions
and keep up with the rapidly changing dynamics of the Power
Transformers industry.
The report provides insights on the following
pointers:
Analysis of key drivers (Growing Demand for Electricity,
Integration of Renewable Energy Sources and their Impact on the
Power Transformer Market), restraints (Cost Pressures and Lead
Times Hinders the Power Transformer Growth, Limited Market
Penetration in Developing Economies), opportunities (Rise of
decentralized generation represents a significant transformation
for the Power Transformer Market, Smart Grid Development and the
Rise of Advanced Transformers), and challenges (Aging
infrastructure and a shortage of skilled workers, Cybersecurity
threats pose a significant challenge for the Power Transformer
Market as power grids become increasingly digitalized) influencing
the growth of the Power Transformer Market.
Product Development/ Innovation: In the Power Transformer
Market, product development and innovation are crucial elements
driving the sector's progress. As technology advances,
manufacturers are increasingly dedicated to crafting innovative
products that enhance performance, efficiency, and safety. These
advancements typically incorporate smart technologies, cutting-edge
materials, and environmentally friendly insulation options,
addressing the changing demands of the power distribution
landscape. Additionally, ongoing research and development
initiatives are focused on producing transformers that support
sustainable and eco-conscious objectives. By embracing advanced
technologies and innovative design techniques, companies in the
oil-immersed Power Transformer Market strive to not only comply
with existing industry standards but also surpass them, offering
customers top-of-the-line solutions that boost the efficiency and
reliability of power distribution systems. This focus on continual
product development and innovation reflects the industry's
commitment to adapting to market shifts and enhancing the
functionality and capabilities of power transformers.
Market Development: Market development in the power
transformer sector is an ongoing and dynamic process, driven by
efforts to explore new geographic territories and application
areas. Companies in this industry consistently look for
opportunities to extend their market presence and respond to
emerging demands. This often includes entering previously
unexplored regions or adapting existing products for new
applications. Additionally, market development strategies involve
leveraging evolving trends, such as the growing integration of
renewable energy sources and the upgrading of electrical grids. By
actively engaging in these market development activities, companies
not only expand their customer base but also tailor their products
to meet the diverse and changing needs of different sectors. This
strategic approach promotes sustained growth, enhances
competitiveness, and equips companies to effectively manage the
shifting dynamics of the Power Transformer Market. Through focused
efforts, collaborations, and strategic alliances, market
development serves as a key pathway for securing long-term
viability and prominence in this essential segment of the power
distribution industry.
Market Diversification: Market diversification in the
power transformer industry involves expanding product lines and
services strategically to reduce risks, tap into new revenue
streams, and boost overall business resilience. Companies in this
field may diversify by enlarging their selection of transformer
types, voltage capacities, or specialized applications. This
expansion could include breaking into niche markets, tailoring
products for specific applications, or widening their product range
to cater to a variety of customer needs. By broadening their
portfolio, companies can decrease their dependence on specific
products or market segments, enhancing their ability to manage
market fluctuations and economic changes. Diversification may also
entail geographic expansion into new regions or countries to
leverage unique market demands. Effective diversification
strategies are rooted in a deep understanding of market trends,
consumer behaviors, and technological advancements, equipping
companies to adjust and prosper in the constantly changing Power
Transformer Market. A well-executed approach to diversification
enables companies to navigate market shifts, seize emerging
opportunities, and maintain a competitive advantage in this
challenging industry.
Competitive Assessment: An extensive analysis of the
market presence, growth plans, and service offerings of major
competitors in the Power Transformer Market has been conducted.
This research has been applied to notable firms including Hitachi
Energy (Japan), Siemens Energy
(Germany), Schneider Electric
(France), Toshiba Energy System
& Solution Corporation (Japan), General Electric (US), and others. The
assessment provides in-depth understanding of these big players'
competitive positions, illuminating their growth-oriented
strategies and range of offerings in the oil-immersed power
transformer industry.
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