March 23, 2022 09:15 ET | Source: ReportLinker ReportLinker

New York, March 23, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "High Power Transformers Global Market Report 2022" - https://www.reportlinker.com/p06247516/?utm_source=GNW The global high power transformers market is expected to grow from $13.62 billion in 2021 to $16.51 billion in 2022 at a compound annual growth rate (CAGR) of 21.3%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $32.78 billion in 2026 at a CAGR of 18.7%. The high-power transformers market consists of sales of high-power transformers and related services for electrical insulation, power distribution, control, and instrumentation. High power transformers manufacture power transformers with ratings of 801 MVA to 1200 MVA and convert voltages, usually from higher to lower, from one stage or phase configuration to another. The main types in the high power transformers market are single phase, three phases.The single-phase segment in the high power transformers market refers to a single-phase that utilizes single-phase alternating current and the transformer relies on a voltage cycle that operates in a unified time phase. The various mounting techniques are pad, pole, PC/PCB, and others. These are used in industrial, commercial, residential applications. Asia Pacific is the largest region in the high power transformers market in 2021.Western Europe is the second-largest region in the high power transformers market. The regions covered in this report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The demand for high-power transformers is driven by the initiatives taken by the government to provide electricity to everyone.Governments across the world are taking initiatives to supply electricity to rural and inaccessible areas, thus increasing the demand for rural electrification. For instance, the Government of India has taken several steps to promote the country’s electricity production.For example, a policy such as the "One Nation One Grid" has been launched by Finance Minister Nirmala Sithraman in the 2019 Union budget for affordable energy to states. This program aimed to provide free electricity to the poor and others at a very low cost. Instability in the pricing of raw materials is a major restraint in the high-power transformers market.The instability is due to the volatility in the raw material prices of steel, copper, and crude oil. Additionally, the power transformer prices vary by manufacturer, market conditions, and location of the production facility which also results in conflicts between the manufacturers and the clients.This also has resulted in a geographical shift of some of the key players in the transformers industry by shifting their manufacturing facilities to regions where manufacturing cost is less and has higher demands such as India and China. Therefore, they are restraining the growth of the high-power transformers market globally. The transformer manufacturing market is moving towards the evolution of independent and self-regulating smart transformers.Smart transformers are programmed to constantly regulate voltage and maintain contact with the stakeholders and provide information and feedback on the power supply. They provide the exact amount of power that is needed and respond to fluctuations through a process known as voltage optimization.They significantly reduce greenhouse gas emissions and power consumption as they supply electrical equipment with the ideal amount of power. For instance, The US Department of Energy (DOE) planned to invest $7.5 million to support the research and development of smart transformers for grid resiliency. Companies should consider investing in technologies to produce smart transformers for commercial establishments. In June 2019, Hitachi, Ltd., a Japan-based energy solution provider company acquired 80.1% of ABB’s power grids business for $11 billion. The acquisition was aimed to broaden the product portfolio of Hitachi, by combining ABB’s power grids and offering enhanced energy solutions globally. ABB is a Switzerland-based company that specializes in manufacturing power grids products such as power transformers. The countries covered in the high-power transformers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. Read the full report: https://www.reportlinker.com/p06247516/?utm_source=GNW About Reportlinker ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place. __________________________