Power Transformer Market is anticipated to touch a value of nearly US$ 21.9 Billion in the year 2021
The power transformer market exhibited year-on-year growth of 4% in 2021, backed by increasing efforts towards incorporating modern energy solutions in existing power system and high demand of 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%.
Power transformers are integral components within power
grids as they assist in power transmission between networks without change in
frequency and minimum loss. Increasing investments towards expansion of power
grid networks and distribution channels to enable electricity access in remote
areas will fuel the demand for power transformers in the forthcoming years.
Request Sample @
https://www.futuremarketinsights.com/reports/sample/rep-gb-10800
Focus on upgrading the existing power grid network with
modern energy technology for flexible, secure, efficient, and reliable supply
of power will emerge as a chief growth driver.
Transformers are critical component in power transmission
system as their main function is to receive power with low voltage and transmit
it across various distribution channels in power grid. Increasing demand for
electricity, increasing investment to expand transmission and distribution
network will drive the power transformer market growth in upcoming years.
For instance, as of 2021 Adani power has around 5 ongoing
power projects with capacity ranging from 1300 MW to 2700 MW in Indian states
of Rajasthan, Madhya Pradesh, Gujarat, Karnataka, and Jharkhand. Rise in number
of new power projects in developing countries will boost the market sales over
the forecast period.
Rising urgency to replace the aging power infrastructure
with 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 power transformer market
due to thriving construction and mining industries, emergence of new smart
cities with modern power transmission system and 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.
Key Takeaways from FMI’s Power Transformer Market Study
- North America
power transformer market is forecast to experience growth at 3% CAGR due
to rising necessity to replace old power grid networks with modern and
efficient equipment and increasing supply and demand gap of electricity in
U.S. and Canada.
- Europe
power transformer market is anticipated to grow at 3.2% CAGR during the
forecast period. Growth uptick can be attributed to rapid electrification
and increasing investment towards upgrading transmission and distribution
networks in the region.
- Growing
awareness among 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 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.
Who is Winning?
Future Market Insights highlights the key trends emerging in
the power transformer market and discusses the strategies employed by market
players to strengthen their market position.
Leading market players account for 35% global market share.
They are focusing on new product development like green transformers to reduce
the carbon footprint and are also emphasizing on establishing
production and supply operations in key high-demand demographics like South
East Asia. In addition, key players have been increasing production outputs and
moving manufacturing plants to developing countries to reduce lead times and
operation costs.
Prominent players operating in the power transformer
market are:-
- ABB
- General
Electric
- Siemens
AG
- Toshiba
Corporation
- Schneider
Electric
For instance, in July 2021, General Electric won orders for
manufacturing 45 units of 765 kV transformers from Power Grid Corporation of
India Limited (PGCIL) for the new sub stations to be constructed in Rajasthan,
India. The new transformers will dissipate around 8.1gigawatt (GW) of green
power from the state’s solar energy zones.
In March 2021, First Philec Inc. announced to launch super
green transformer by the end of 2021. First Philec Inc. is a unit of First
Philippine Holdings Corp. and one of the leading manufacturers of high
efficiency transformers in South East Asia region. The super green transformer
will be made of recyclable and biodegradable materials.
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
Comments
Post a Comment