Power Transformer Market: Segmented by Rating (Small Power Transformer (100-500 MVA), Medium Power Transformer (500-800 MVA), Large Power Transformer (more than 800 MVA)), by Cooling Method Type (Oil-Cooled, Air-Cooled), by Core (Closed, Shell, Berry), by Winding (Two Winding, Auto-Transformer), by Phase (Single Phase, 3–Phase), by Application (Residential & Commercial, Utility, Industrial), and by Region – Global Industry Sizing, Growth, Trend, Opportunity, and Forecast (2021–2027)
Power transformer market report covers a thorough analysis of the market dynamics, business models, segmental/regional analysis, and respective market shares and strategies adopted by the key market players operating in the global market. It entails an in-depth analysis of the factors influencing the global market and market statistics indicating region-wise and segment-wise market share/growth analysis. The report’s study will outlook one of the most exhaustive analyses of the market, capturing all the aspects of the power transformer market.
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Power Transformer Industry Outlook
The global power transformer market size was valued at USD 30.12 billion in 2020 and is expected to reach USD 48.12 billion in 2027, at a CAGR of 7.80%, during the forecast period, 2021-2027. The development of Shell Power Transformer is gaining momentum across the globe, aided by a wide variety of low-voltage applications. Moreover, due to the rapidly evolving distribution and generation of electricity, the trend of smart power transformers is increasing. Smart power transformers are expected to expand to disaster-recovery consequences, redefining electrical grids and creating distribution systems capable of handling a massive influx of stored and renewable energy. Over the forecast period, these factors will augment the global power transformer market.
Factors Affecting the Power Transformer Market over the Forecast Period
The growing knowledge, awareness, and deployment of renewable energy are the key driver of the global power transformer market.
High demand and rising initiatives for smart grid development and governments investing in replacing aging grid infrastructure are boosting the market growth.
In the global power transformer market, implementing green transformer and HVDC transmission methods for long-distance transmission creates numerous opportunities. Moreover, expanding cross-border trade in electricity would also tend to expand the global market growth.
The high initial cost is the key factor hampering the market growth
- The key restraining factors for the global power transformer market are high initial costs and longer construction time.
- Lack of standardization and complex architecture is also hampering market growth.
- The inability to upgrade an aging infrastructure impedes the growth of the market.
- For the global power transformer market, delays in Grid expansion projects and economic slowdown pose numerous challenges.
Impact of COVID-19 on Power Transformer Market:
The global power transformer market has been affected by the COVID-19 pandemic, and several companies and firms have been temporarily shut, leading to a significant slowdown in production. COVID-19 influences the global economy in three primary ways: influencing production and consumption, disturbing supply chain and market, and its financial effect on companies. Using AI can help minimize operational costs, and at the same time, can improve customer satisfaction during the renewal process, claims, and other services.
Scope of the Report
The report outlines the global power transformer market based on rating, type of cooling method, core type, winding, phase, and application.
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Based on the rating, the power transformer market has been segmented into –
- Small Power Transformer (100-500 MVA)
- Medium Power Transformer (500-800 MVA)
- Large Power Transformer (more than 800 MVA)
Based on the cooling method type, the power transformer market has been segmented into –
- Oil-Cooled Power Transformer
- Air-Cooled Power Transformer
Based on the core type, the power transformer market has been segmented into –
- Closed Power Transformer
- Shell Power Transformer
- Berry Power Transformer
Based on the winding, the power transformer market has been segmented into –
- Two Winding
Based on the phase, the power transformer market has been segmented into –
- 3 – phase
Based on the application, the power transformer market has been segmented into –
- Residential & Commercial
- Power distribution
- Oil & gas
Power Transformer Market: Regional Outlook
The global power transformer market has been segmented into five geographical regions: North America, Asia Pacific, South America, Europe, the Middle East, and Africa. In 2020, Asia Pacific had the largest share in the global power transformer market, followed by Europe and North America. The market is being expanded by recent innovations and improvements to the aging power infrastructure in the Asia Pacific region. Furthermore, Asia Pacific is the fastest-growing market and is anticipated to project the highest CAGR in the global market over the forecast period.
Key Global Power Transformer Market Competitors Includes –
The global power transformer market is highly fragmented, with a large number of players across the globe. The key players operating in the global Power Transformers market include –
- ABB Limited
- SPX Transformer Solutions Incorporated
- Kirloskar Electric Co. Ltd.
- Hyosung Power & Industrial Systems PG
- Bharat Heavy Electricals Limited (BHEL)
- Daihen Corporation
- General Electric Company
- Siemens AG
- Schneider Electric
- Mitsubishi Electric Corporation
- Toshiba Corporation
- CG Power and Industrial Solutions Limited
- Hyundai Electric & Energy Systems Corporate Limited
- Hammond Power Solutions, Inc
- Voltamp Transformers Limited.
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The power transformer market report provides a thorough analysis of macro-economic factors and the market attractiveness of every segment. The report will include an in-depth qualitative and quantitative assessment of the segmental/regional outlook with the market players in the respective segment and region/country. The information concluded in the report includes the inputs.
Power Transformer Market Report Covers Comprehensive Analysis On:
- Market Segmentation & Regional Analysis
- Market Size of 10 years
- Pricing Analysis
- Supply & Demand Analysis
- Product Life Cycle Analysis
- Porter’s Five Forces & Value Chain Analysis
- Developed & Emerging Economies Analysis
- PEST Analysis
- Market and Forecast Factor Analysis
- Market Opportunities, Risks, & Trends
- Conclusion & Recommendation
- Regulatory Landscape
- Patent Analysis
- Competition Landscape
- 15+ Company Profiles