Demand for liquid-filled transformers is expected to reach a global market value of US$ 16,364.7 million in 2022, rising at a CAGR of 4.3% to US$ 24,967.3 million from 2022 to 2032. Growth is attributed to the transformer’s expanding use in a variety of processes, including residential, commercial, and industrial ones. A CAGR of 3.2% was recorded for the liquid filled transformer market from 2016 to 2021.
Long-term growth prospects for the demand for liquid-filled transformers are positive, with a steady recovery expected in the short term. Opportunities in 2020 will be limited due to the pandemic’s subdued demand for industrial infrastructure, but sales of liquid-filled transformers for residential infrastructure and new energy grids will spur growth.
According to latest research by Future Market Insights, liquid filled transformer market is set to witness steady growth during 2021-2031with projected growth between 3% and 4% for the same period.
Economic costs and increasing use of transformers for residential, commercial as well as industrial applications continues to drive demand for liquid filled transformers. Installation of renewable and smart energy grids in various economies poses as a lucrative avenue for liquid filled transformer manufacturers.
These transformers are often utilized in situations where higher capacities are critical due to their higher efficiencies in the same conditions. Along with its additional insulation as well as cooling capacities make it an attractive product compared to dry transformers.
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Global electricity consumption has been substantially rising faster than the world population, leading to an increase of average amount of electricity consumption, which is expected to account for a substantial growth for the market. Due to strict lockdown measures undertaken by various governments, people are forced to stay at their homes, thereby resulting in a higher consumption of electricity from residential areas hence increasing sales of the same.
As solar and wind energy power penetrations are reaching new levels, there has been an increase in transformers with an ability to handle higher capacities. Traditional transformers are unable to handle this high capacity which often result in higher thermal stresses. As heat insulation is a key focus area for electricity grids in general, liquid filled transformers are likely to witness sustained opportunities in the future.
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Market Outlook
Since the 1920s, the U.S. has been using pumped storage hydropower system, however now the demand for a cleaner and dynamic grid has led to a significant increase in higher capacities which will result in a higher growth of market. As extreme weather conditions in the U.S. has caused casualties in the country’s infrastructure, the government has increased investments keeping in mind the importance of grid resilience.
The US proposed a US$ 100 Bn in spending to upgrade and building its aging and isolated electric transmission system. Several studies have also pointed out that the US will need to triple its electrical transmission capacity to fully decarbonize its economy by 2050.
FMI has projected U.S. to remain one of the most lucrative markets throughout the course of the forecast period.
Since the adoption of Third European Energy Liberization Package by the European Union, has increased a public awareness of smart grid technology amongst various countries such as France, Germany and Spain. The evolution of smart grid landscape in Europe will rise substantially in Europe due to rise in investments.
An increasing share of renewables and power generation centres is expected to substantially rise in attractive regions such as Southern and Northern Europe. Electricity markets across Europe have been witnessing the growth of renewables, overtaking fossil fuels in 2019. Although the pace of clean energy has been slower in the past decade, Europe has broken records each year with respect to proportion of electricity demands from renewable energy. Therefore, strong projections for Europe’s clean and smart energy and infrastructure has presented itself as an opportunity for manufacturers and suppliers. Focus on the same will remain key to steady demand in the long run.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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