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"Global Power Transformer Market size was valued at over USD 24 billion in 2019 and is anticipated to witness an annual installation of over 48 thousand units by 2028."
The power transformer is a device used to transfer electrical energy in an electrical or electronic circuit between the generator and the primary distribution circuits. This transformer is used in the distribution system to adapt to the changes in step-up and step-down voltages. The demand for power transformers is segmented on the basis of the cooling process, power rating, end-user, and geography. On the basis of the cooling process, the demand for power transformers is bifurcated into oil-cooled and air-cooled. Oil-cooled power transformers have a larger market share compared to air-cooled transformers, as their use is considered safe under high voltage conditions. As the global transmission network is increasing at a rapid pace, the demand for oil-cooled transformers is also likely to increase during the forecast period.
The demand for power transformers is classified as small (up to 60 MVA), medium (61–600 MVA) and high (above 600 MVA) on the basis of the power rating. In 2019, small power rating transformers hold a significant market share, primarily due to their large application base in various small industries and also due to their ability to be customized according to customer requirements.
The market for power transformers is classified as industrial, residential and commercial by end-user. Traditionally, industrial together accounted for a major market share. The industrial category includes the use of these transformers in captive power plants and for power generation in manufacturing industries, while these transformers are also used by large commercial institutions for in-house power requirements.
Extensive use in high voltage applications and harsh operating conditions increases the market for shell power transformers.
Compact design, easy transport and short-circuit reliability are some of the key parameters that will fuel their demand for shell-type power transformers. Improved applicability through harsh operating conditions, along with improved deployment at critical nodes in high-voltage transmission grids, all forms of power generation plants, including nuclear power plants with high reliability and high-quality requirements, would increase the size of the industry. In addition, high dielectric, mechanical and thermal performance in combination with better control of magnetic flux leakage can promote product adoption.
Limited material requirements will promote the adoption of outdoor power transformers compared to their counterparts.
Outdoor power transformers will rise by more than ~5% by 2026. Extensive suitability across high-voltage application areas, along with minimal material requirements, can boost industry demand. The removal of fire hazard issues, the optimal cooling power associated with limited maintenance requirements relative to its counterparts, would improve product delivery. In addition, the continued expansion of cross-border networks, together with the introduction of high-power HVDC & HVAC transmission systems for long-distance transmission, will further improve product demand.
The strong market for 100 MVA – 500 MVA transformers is powered by a wide range of applications.
100 MVA–500 MVA transformers will see growth due to their compact size, low installation costs and high demand across the healthcare, electrical and oil & gas industries. Increasing the deployment of these systems at generating stations and electrical substations to convert electrical power to high transmission voltages will further boost the growth of the industry.
Increasing emphasis on meeting the rising demand for power would raise the size of the Asia Pacific industry.
Collectively, South and East Asia hold more than one-third of the revenue share of the power transformer market, with East Asia alone contributing more than 28% of the global market's revenue. Leading players are looking at lucrative growth opportunities triggered by the development of manufacturing industries, the expansion of infrastructure and the progress of electrification in East Asian countries. Meanwhile, the market for power transformation in developed regions has reached saturation, which is redirecting market leaders to developing economies.
Increased government efforts to increase existing power and network ability to meet increasing electricity demand would fuel Asia Pacific's overall growth in power transformation. The increased electrification rate, combined with government funding for the construction of new transmission lines, would increase the size of the industry.
Power Transformers Market Competitive Landscape:
Some of the major companies operating in the global market for power transformers are ABB, Siemens AG, General Electric Company, Bharat Heavy Electricals Limited, Alstom, Toshiba, Mitsubishi Electric Corporation, Hyundai Electric & Energy Systems Co. Ltd., SPX Company, SGB-SMIT GmbH. Industry players are focused on the convergence of advanced technology and digital solutions to enable energy-efficient systems. In addition, technical partnerships along with predictive maintenance and condition monitoring to ensure safe and reliable service are becoming a focal point for leading giants.
Power Transformer Market Segmentation:
- Two Winding
- Oil Immersed:
- Forced oil
- 3 – phase
- 100 to 500 MVA
- 501 to 800 MVA
- > 800 MVA
- Residential & Commercial
- North America
- Latin America
- Asia Pacific
- Middle East & Africa