The market for transformer tap changers and voltage control relays is anticipated to be worth more than USD 2357.1 Million by 2033. It is predicted to increase by 4.9% yearly.
Over the course of the projection period, sales of transformer tap changers and voltage control relays are expected to grow at a respectable CAGR of 4.9%. The market is predicted to reach its peak value of USD 2357.1 Million in 2033.
The market for high-power transformers is expanding rapidly as a result of the need for high-capacity power plants and the increasing demand for electricity. Transformer devices are hence used to enable the transmission of power across greater distances through interconnected networks.
Tap changers are a crucial part of transformer systems as they can maintain a constant voltage within the constraints of the transformer. These can also guarantee the unbroken operation of the machinery and maintain it for use in large power networks or industries.
In emerging countries, the expansion of the housing market is increasing the need for dependable electricity sources. The need for transformer accessories and components such as tap changers, voltage relays, and other related products, is hence growing.
Leading companies should profit from consistent growth opportunities as medium- and small-sized enterprises become more and more recognized. They aim to be a viable alternative for individuals looking to invest in infrastructure development.
Several regional administrations have varied plans for electrification, including the construction of hydroelectric facilities and the electrification of rural areas. It is predicted that these will help to raise the need for transformers. The market is expected to be propelled by the increased reliability of transformers due to retrofit possibilities for reducing maintenance costs.
Key Takeaways from the Transformer Tap Changers and Voltage Control Relay Market Study:
- By phase type, the three-phase segment is estimated to account for a significant share of 59% in 2023.
- On the basis of application, the industry segment is likely to dominate the market and create an incremental opportunity of USD 219.4 Million from 2023 to 2033.
- The global transformer tap changers and voltage control relay industry is anticipated to provide a total revenue potential of USD 892.90 Million in the period of assessment.
- Germany transformer tap changers and voltage control relay industry is anticipated to expand at a CAGR of 4.4% in the next ten years.
- China transformer tap changers and voltage control relay industry is expected to flourish at 6% CAGR from 2023 to 2033.
“Urgent requirement for effective power transmission and distribution systems is projected to drive the market. Through 2033, the market is also expected to be influenced by the world’s aging power infrastructure and rising electricity demand. Reliability is a major issue for modern consumers. Manufacturers in the market would find significant growth opportunities in innovating towards this end.” says a lead analyst at Future Market Insights (FMI).
Competitive Landscape:
The global transformer tap changers and voltage control relay market is moderately consolidated with few global players acquiring around 40% to 50% of shares. These players are likely to invest in new technology developments and expansion of their distribution networks to maintain their presence.
Key Companies Profiled:
- Siemens AG
- ABB Ltd
- Hitachi Energy Ltd
- Brush (FKI Group)
- Maschinenfabrik Reinhausen GmbH
- Schneider Electric
- Rockwell Automation
- Schweitzer
- Toshiba Corporation
- Mitsubishi Electric Corporation
- Eaton
Recent Developments:
- In September 2022 , General Electric announced that it had developed a new grid management system. This new system provided advanced voltage control and transformer tap changer technology, ultimately improving the efficiency and reliability of power systems.
- In December 2022 , Siemens revealed that it had supplied its advanced voltage control technology to the Grid Asset Management project in the UK. This project specifically aims at improving the durability of the country’s power grid.
Market Outlook by Category :
By Phase:
- Single Phase
- Three Phase
By Application:
- Industrial
- Utility and Grid
- Commercial
- Others
By Product Type:
- Transformer Tap Changers
- Off-circuit Tap Changer
- On-circuit Tap Changer
- Voltage Control Relays
- DIN Rail
- Panel Mounted
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- Central Asia
- Russia and Belarus
- Balkan and Baltic Countries
- South Asia and Pacific
- Middle East and Africa
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Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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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