The power transformer market is projected to grow at a compound annual growth rate (CAGR) of 5% from 2023 to 2033, starting with a global market value of USD 24.1 billion in 2023. According to Future Market Insights (FMI), the market is expected to surpass USD 39.3 billion by the end of 2033.
Power transformers are essential components of power grids, facilitating the efficient transmission of electricity between networks with minimal loss and frequency shift. In the years ahead, the demand for power transformers is anticipated to increase due to rising investments in the development of power grid networks and distribution channels aimed at expanding electricity access in rural areas.
The expanding use of transformers in residential and commercial applications, along with their cost-effectiveness, is boosting the demand for wet-insulated power transformers. Additionally, the market is set to benefit from research and developments that involve integrating wet-insulated power transformers with smart energy grids and installing solar power grids using eco-friendly coolants.
Key drivers of market growth include the increasing demand for energy and a growing emphasis on renewable electricity generation. The United States, as one of the world’s leading energy producers, remains a highly attractive market for power transformer manufacturers. Furthermore, the installation of smart grids and transformers, the upgrading of aging power transformers, and the expansion of renewable energy generation projects are expected to further propel market growth in the coming years.
Exhaustive Market Report: A Complete Study
Key Takeaways:
- Between 2023 and 2033, the Indian market is expected to grow at an excellent 5% CAGR.
- Wet-type power transformer sales are predicted to exceed USD 20 billion by the end of 2033.
- The residential and commercial sectors are expected to account for more than 40% of overall revenue.
- The market increased at a CAGR of 4.6% over the last five years (2018 to 2022).
- The United States held a 20% market share in 2022.
“Several government programs aimed at installing technologically superior power transformers and modernizing existing power grids in order to improve energy efficiency and minimize losses are expected to boost consumer interest in the power transformer industry,” – says FMI Analyst.
Competitive Landscape:
Market companies are focused on creating and manufacturing green transformers in order to generate clean energy and acquire a substantial competitive advantage.
- The engineering, procurement, and construction (EPC) agreement for the 300 MVA power transformer endeavor at Sulaibiya station (W) in Al Jahra Governorate is expected to be granted in the third quarter of 2023 by Kuwait’s Ministry of Electricity, Water, and Renewable Energy (MEW).
- Ganz Transformers and Electric Rotating Machines Ltd. have begun a large repair program at the Esna Power Plant, one of Egypt’s largest hydroelectric assets, that will be finished by 2023.
Key Companies Profiled
- ABB
- Siemens
- General Electric
- Toshiba Corporation
- Schneider Electric
- Crompton Greaves
- Hyosung Power & Industrial Systems Performance Group
- Hyundai Heavy Industries Co. Ltd.
- Mitsubishi Electric Corporation
- Bharat Heavy Electricals Limited
Key Segmentations:
By Product Type:
- Core
- Shell
By Insulation Type:
- Dry
- Wet
By Phase Type:
- Single Phase
- Three Phase
By End Use:
- Residential & Commercial
- Utilities
- Industrial
By Voltage Type:
- 100-200kV
- 200-400 kV
- Above 400 kV
By Application Type:
- Generation Step-up
- Transmission
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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