The power transformer market grew by 4% year on year in 2021, owing to increased efforts to incorporate modern energy solutions into existing power systems and high demand for efficient and reliable power supply. According to FMI, the power transformer market revenue increased by 10% between 2019 and 2021, reaching US$ 21.9 billion in 2021 with a healthy CAGR of 4.6%.
Power transformers are essential components of power grids because they aid in power transmission between networks with minimal frequency change and loss. Increased investments in power grid network expansion and distribution channels to enable electricity access in remote areas will drive demand for power transformers in the coming years.
The emphasis on upgrading the existing power grid network with modern energy technology for flexible, secure, efficient, and reliable power supply will emerge as a key growth driver.
Transformers are an important component in power transmission systems because their primary function is to receive low-voltage power and transmit it across various distribution channels in the power grid. Power transformer market growth will be driven by rising electricity demand and increased investment to expand transmission and distribution networks in the coming years.
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For instance, as of 2021 Adani power has around 5 ongoing power projects with capacity ranging from 1300 MW to 2700 MW in Indian states of Rajasthan, Madhya Pradesh, Gujarat, Karnataka, and Jharkhand. Rise in number of new power projects in developing countries will boost the market sales over the forecast period.
Rising urgency to replace the aging power infrastructure with smart grid system along with increasing penetration of renewable energy and development of interconnected grid infrastructure are key growth drivers in developed economies.
Future prospects look promising for power transformer market due to thriving construction and mining industries, emergence of new smart cities with modern power transmission system and adoption of green transformers.
Market players are focusing on developing power transmission systems capable of handling flow of stored and renewable energy throughout the grid system. Advancement towards designing system for efficient management of electricity transmission and distribution as a part of disaster recovery efforts along with redefining electrical grids to reduce operational costs and lead times will positively influence the market growth in the future.
Key Takeaways from FMI’s Power Transformer Market Study
- North America power transformer market is forecast to experience growth at 3% CAGR due to rising necessity to replace old power grid networks with modern and efficient equipment and increasing supply and demand gap of electricity in U.S. and Canada.
- Europe power transformer market is anticipated to grow at 3.2% CAGR during the forecast period. Growth uptick can be attributed to rapid electrification and increasing investment towards upgrading transmission and distribution networks in the region.
- Growing awareness among population regarding CO2 emission, increase in consumption of electricity, and increasing efforts towards electrification of rural areas will drive the demand for power transformers in India.
- China is expected to offer lucrative opportunities owing to increasing investment in power grid infrastructure development and booming mining and oil and gas industries in the country.
- Japan and South Korea account for 7% of global power transformer market share in 2021. Industrialization, increasing efforts to fill the energy supply and demand gap, and imposition of energy efficient laws and standards are key growth drivers in these countries.
“Increasing demand for upgrading traditional transmission system to sustain high voltage power transfer and incorporation of smart grids will boost the demand for power transformer in upcoming years,” says the FMI analyst.
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Who is Winning?
Future Market Insights highlights the key trends emerging in the power transformer market and discusses the strategies employed by market players to strengthen their market position.
Leading market players account for 35% global market share. They are focusing on new product development like green transformers to reduce the carbon footprint and are also emphasizing on establishing production and supply operations in key high-demand demographics like South East Asia. In addition, key players have been increasing production outputs and moving manufacturing plants to developing countries to reduce lead times and operation costs.
Prominent players operating in the power transformer market are:-
- ABB
- General Electric
- Siemens AG
- Toshiba Corporation
- Schneider Electric
For instance, in July 2021, General Electric won orders for manufacturing 45 units of 765 kV transformers from Power Grid Corporation of India Limited (PGCIL) for the new sub stations to be constructed in Rajasthan, India. The new transformers will dissipate around 8.1gigawatt (GW) of green power from the state’s solar energy zones.
In March 2021, First Philec Inc. announced to launch super green transformer by the end of 2021. First Philec Inc. is a unit of First Philippine Holdings Corp. and one of the leading manufacturers of high efficiency transformers in South East Asia region. The super green transformer will be made of recyclable and biodegradable materials.
Hitachi ABB Power Grids launched two new traction transformers, “RESIBLOC® CRail 25 kV” and “Natural Cooling Effilight® Traction Transformer” in June 2021. The latter model replaces traditional cooling module with natural airflow system. It uses a state of the art cooling system that harnesses natural air flow from the train’s motion and sends it to heat exchanger thus eliminating the need for air fans.
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Key Segments Covered In Power Transformer Market Study
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
- East Asia
- South Asia
- Oceania
- Middle East and Africa
About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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