Competitors in the Market, ABB Limited, SPX Transformer Solutions Incorporated, Celme, Kirloskar Electric Co. Ltd., Hyosung Power & Industrial Systems PG, Bharat Heavy Electricals Limited (BHEL), Daihen Corporation, General Electric Company, Siemens AG, Schneider Electric, Mitsubishi Electric Corporation, Toshiba Corporation, CG Power and Industrial Solutions Limited, Hyundai Electric & Energy Systems Corporate Limited, Hammond Power Solutions, Inc, Voltamp Transformers Limited, Other Prominent Players
The global power transformer market size was US$ 30.5 billion in 2021. The global power transformer market is forecast to grow to US$ 51.1 billion by 2030 by growing at a compound annual growth rate (CAGR) of 7.1% during the forecast period from 2022 to 2030.
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The growing popularity of shell power transformers and their low-voltage applications are forecast to benefit the global power transformer market. In addition, the global power transformer market is gaining traction due to the rapidly growing distribution and generation of electricity.
Smart power transformers are forecast to gain popularity for disaster-recovery consequences. Furthermore, the rising awareness regarding renewable energy is forecast to surge the growth of the global power transformer market during the study period.
The market is growing due to the high demand for smart grids and increasing initiatives for smart grid development. Furthermore, favorable government initiatives for investing in upgrading grid infrastructure are likely to escalate the growth of the market.
Growing urbanization and rising demand for electricity will surge the growth of the power transformer industry.
The COVID-19 pandemic has had a negative impact on the global power transformer industry. The growth of the industry was affected by the temporary shutdown of some companies. In addition, the COVID-19 pandemic affected the production and consumption of electricity, which disrupted the supply chains and power transformer market.
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Asia-Pacific power transformer market is forecast to grow at the highest growth rate due to growing industrialization in the region. In addition, the growing number of innovations and improvements to enhance the power infrastructure is likely to boost the growth of the Asia Pacific market. Furthermore, Asia Pacific is the fastest-growing market due to its growing population and favorable government initiatives to boost industrialization.
The global power transformer market segmentation focuses on Rating, Cooling Method, Core, Winding, Phase, Application, and Region.
Based on the rating, the power transformer market has been segmented into –
Small Power Transformer (100-500 MVA) Medium Power Transformer (500-800 MVA) Large Power Transformer (more than 800 MVA) Based on cooling method type, the power transformer market has been segmented into –
Oil-Cooled Power Transformer Air-Cooled Power Transformer Based on core type, the power transformer market has been segmented into –
Closed Power Transformer Shell Power Transformer Berry Power Transformer Based on winding, the power transformer market has been segmented into –
Two Winding Auto-Transformer Based on phase, the power transformer market has been segmented into –
Single-phase 3 – phase Based on application, the power transformer market has been segmented into –
Residential & Commercial Hotels Hospitals Apartments Utility Industrial Railways Cement Power distribution Oil & gas Others
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Based on region, the power transformer market has been segmented into –
North America The U.S. Canada Mexico Europe Western Europe The UK Germany France Italy Spain Rest of Western Europe Eastern Europe Poland Russia Rest of Eastern Europe Asia Pacific China India Japan Australia & New Zealand ASEAN Rest of Asia Pacific Middle East & Africa (MEA) UAE Saudi Arabia South Africa Rest of MEA South America Brazil Argentina Rest of South America
What are the key findings of the report?
?This report provides comprehensive information on factors expected to influence the market growth and market share in the future. ?The report offers the current state of the market and future prospects for various geographical regions. ?This report provides both qualitative and quantitative information about the competitive landscape of the market.
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