SAN FRANCISCO , March 28, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Power Transformers - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
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Edition: 18; Released: February 2022 Executive Pool: 30744 Companies: 93 - Players covered include ABB Limited; ASTOR TRANSFORMER A.S; Bharat Heavy Electricals Limited; Bowers Electricals Ltd.; CG Power and Industrial Solutions Limited; DAIHEN Corporation; EFACEC Group; GE Grid Solutions; Hammond Power Solutions, Inc.; Howard Industries, Inc.; Hyosung Heavy Industries; Hyundai Electric & Energy Systems Co., Ltd.; Imefy Group; JSHP Transformer; Kirloskar Electric Company Limited; KONCAR Group; Mitsubishi Electric Corporation; Olsun Electrics Corporation; Schneider Electric SA; SGB-SMIT Group; Shihlin Electric & Engineering Corporation; Siemens AG; SPX Transformer Solutions, Inc.; TBEA Co., Ltd.; Toshiba Energy Systems & Solutions Corporation; Wilson Power Solutions; Wilson Transformer Company; Winder Power Ltd. and Others. Coverage: All major geographies and key segments Segments: Cooling Type (Oil Immersed, and Dry Type); Category (100 MVA - 500 MVA, 501 MVA - 800 MVA, and 801 MVA - 1200 MVA); Application (Utility, Industrial, and Residential & Commercial) Geographies: World; USA ; Canada ; Japan ; China ; Europe ; France ; Germany ; Italy ; UK; Spain ; Russia ; Rest of Europe ; Asia-Pacific ; Australia ; India ; South Korea ; Rest of Asia-Pacific ; Latin America ; Argentina ; Brazil ; Mexico ; Rest of Latin America ; Middle East ; Iran ; Israel ; Saudi Arabia ; UAE; Rest of Middle East ; Africa .
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Global Power Transformers Market to Reach $32.6 Billion by 2026 Transformers play a pivotal role in the generation, transmission and distribution (T&D) of electricity. Growth in the global market is steered by rising demand for electricity and the resulting new power projects coupled with expansion of the T&D network. The urgent need to replace and upgrade aging power infrastructure in the developed countries, growing prominence of renewable energy, expansion and interconnection of grid infrastructures, and exponential increase in power consumption in both developed and developing countries requiring efficient management of electricity transmission and distribution represent important factors driving growth In addition, efficient transformer designs that use amorphous magnetic materials as cores are likely to experience an increasing adoption in the coming years owing to their ability to reduce noise and iron losses, while exhibiting extended service life. Amid positive GDP scenario and rising construction/infrastructure investments as well as utility spending, the future prospects remain highly favorable for power transformers. Future growth in the market will be driven by growing prominence of smart cities that require highly capable power transmission networks and the resulting demand for advanced and innovative power transmission systems and solutions. Another important growth driver is the steady proliferation of smart transformers driven by the establishment of smart power grids intended to respond to power requirements from load centers. Growing utility interest in digital technologies including IoT-enabled automated monitoring and smart grids, which enable monitoring of transformer parameters such as tank temperature, voltage applied, etc., is also poised to benefit market adoption in the coming years.
Amid the COVID-19 crisis, the global market for Power Transformers estimated at US$27.1 Billion in the year 2022, is projected to reach a revised size of US$32.6 Billion by 2026, growing at a CAGR of 5.1% over the analysis period. Oil Immersed, one of the segments analyzed in the report, is projected to grow at a 5.4% CAGR to reach US$20.5 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Dry Type segment is readjusted to a revised 4.6% CAGR for the next 7-year period. This segment currently accounts for a 40.6% share of the global Power Transformers market. Demand in the oil-immersed distribution transformers segment is driven by advantages such as energy efficiency and longer operating life. Dry-type transformers represent a fast-growing segment because of increasing focus on environmental safety. Demand is set to be driven by increasing replacement of old transformers and installation of new units. Single phase dry-type transformers are expected to witness high growth on account of rising applications in marine, mining, and oil and gas sectors, which have stringent requirements for fire safety and specific voltage.
The U.S. Market is Estimated at $7.3 Billion in 2022, While China is Forecast to Reach $6.6 Billion by 2026 The Power Transformers market in the U.S. is estimated at US$7.3 Billion in the year 2022. The country currently accounts for a 27.1% share in the global market. China , the world`s second largest economy, is forecast to reach an estimated market size of US$6.6 Billion in the year 2026 trailing a CAGR of 7.8% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada , each forecast to grow at 2.8% and 4.6% respectively over the analysis period. Within Europe , Germany is forecast to grow at approximately 3.2% CAGR while Rest of European market (as defined in the study) will reach US$7 Billion by the end of the analysis period. Demand for transformers in developed economies is driven by the increasing electrification ratio and upgrade of existing electricity T&D networks. Rapid industrialization; massive utility/power infrastructure investments, expanding population and energy needs, government focus on rural and urban power grid construction, and implementation of energy-efficiency standards represent important growth drivers in the Asia-Pacific region. The replacement of a substantial aging fleet of transformers installed in Europe , North America and other developed economies is one of the major growth drivers for power transformers in mature economies. More
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