Power Transformer Market size exceeded annual installation of 6,000 units in 2020 and is anticipated to register over 5% CAGR between 2021 and 2027. Increasing refurbishment demand for conventional grid infrastructure along with growing investments toward infrastructural spending will drive the business scenario. Large scale renewable energy integration coupled with introduction of electrification programs across developed and developing economies will further complement the industry outlook. In addition, favorable government norms and policies toward the upgradation of existing T&D networks followed by ongoing commissioning of high voltage power cable lines will fuel the business landscape.
Wide applicability across high voltage networks and harsh operating conditions will strengthen the shell type power transformers demand
Shell type power transformers will witness growth on account of its compact design, short circuit reliability and easy transportation. Increasing applicability of these units across severe operating conditions coupled with rising deployment at critical nodes across high voltage transmission networks will positively stimulate the industry statistics. In addition, high dielectric current ability followed by high mechanical & thermal performance and improved magnetic flux technology will complement the product adoption.
|Market Size in 2020:||16.13 Billion (USD)|
|Forecast Period:||2021 to 2027|
|Forecast Period 2021 to 2027 CAGR:||5.7%|
|2027 Value Projection:||24.55 Billion (USD)|
|Historical Data for:||2017 to 2020|
|No. of Pages:||1,050|
|Tables, Charts & Figures:||2,451|
|Segments covered:||Core, Winding , Installation, Cooling, Insulation, Phase, Rating, Mounting, Application|
|Pitfalls & Challenges:|
Effective power transformation ability of the auto power transformers will drive the technology demand
Ability to minimize ohmic and core losses on account of transformer material reduction along with propensity to provide enhanced voltage regulation will boost the auto power transformer market share. Lower product cost, compact size and light weightiness when compared to its counterparts will drive the product adoption. Smart monitoring technologies integration across the large T&D networks to avoid the systems failures will improve the grid reliability & security, thereby complementing the industry outlook.
Growing adoption of outdoor transformers on account of its high reliability and safety will propel the product demand
Outdoor power transformer market is anticipated to surpass USD 13 billion by 2027. Extensive suitability of these units across high voltage application areas coupled with limited material requirements will augment the industry demand. Minimization of fire hazards, low maintenance cost and optimum cooling strength will further boost the technology deployment. Ongoing expansion of cross-country networks in line with introduction of extra-high power HVAC & HVDC transmission technologies for long distance electricity transmission will in turn propel the business scenario.
Robust electricity demand across large industrial sectors will drive the 101 MVA 500 MVA power transformers demand
101 MVA 500 MVA power transformer market is anticipated to witness significant growth on account of their low installation cost, compact size, and extensive electricity demand across healthcare, power, and oil & gas industries. Rising deployment of these units across electrical substations and generating stations for power conversion will further augment the industry forecasts. Growing requirement of advanced transformer units to fulfill the seismic and severe load conditions will complement the business potential.
Growing inclination toward safe, reliable and environment friendly electrical equipment will positively sway the industry scenario
Air insulated power transformers will witness an appreciable market penetration owing to their safe, reliable & flexible product applications. Applicability of these units across offshore wind farms subject to its ability to limit internal failure effects and avoid combustibility will further enhance the product adoption. Stringent government norms and policies to deploy environment friendly and zero carbon emission electrical equipment will complement the industry landscape.
Applicability of pole mounted transformers across long-distance power transmission lines will drive the industry scenario
Pole mounted power transformer market exceeded USD 4 billion in 2020 and is estimated to register more than 6% CAGR through 2027. Applicability of these units across distant load centers and limited grid accessibility will fuel the product demand. Ease of installation on single pole structures followed by compact size and long product life cycle will escalate the product installation, thereby reducing vandalism and minimizing the risk of injury to animals. Ability to service urbans residential & commercial load will further propel the technology demand.
Ongoing upgradation of conventional T&D networks will complement the product installation across various applications
Growing inclination toward the integration of wide-ranging electrical distribution links along with rising energy demand will positively stimulate the residential and commercial power transformer market statistics. Increasing public and private investments for electrification programs along with favorable government norms toward incorporation of renewable sources across the power networks will further thrust the industry trends.
Ongoing retrofitting and restructuring of the existing electrical grid coupled with increasing cross-border and inter-state power network expansion will significantly propel the utility based power transformer market trends. Growing emphasis toward the deployment of energy-efficient equipment along with ongoing development of renewable power sources corridors across developing nations will complement the product demand.
Rising focus toward meeting the growing power demand will drive the Asia Pacific power transformer industry size
Asia Pacific power transformer market outlook is anticipated to witness an upsurge owing to steady and continuous penetration of sustainable power sources coupled with increasing focus toward upgradation of aging electrical infrastructure. In addition, recent enhancements across asset health monitoring system to establish the system security & reliability along with rising investments toward the expansion of long-distance T&D networks will fuel the industry dynamics. Stringent regulatory framework toward grid modernization in line with endowments, fund allocation and support mechanisms provided by the state-owned utilities will further drive the industry demand.
Government efforts to enhance the exiting power infrastructure and capacity to meet the increasing electricity demand will propel the Japan power transformer industry share. Increasing electrification rate along with rising government funding toward the development of new transmission lines will foster the business scenario. Rapid urbanization and industrialization along with growing focus toward renewable powered electric infrastructure will further propel the industry scenario.
Product integrated research and development coupled with bulk manufacturing to influence the industry competence will fuel the business landscape
Key participants operating across the power transformer market comprise of Siemens, ABB, BHEL, Mitsubishi, Celme, Kirloskar Electric, Schneider, SPX Transformers, Crompton Greaves, Voltamp, Hyundai Heavy Industries, Hammond Power Solutions, Daihen, Toshiba, GE, Hyosung, and amongst others. Leading industry players are focusing toward integration of smart technologies along with digital solutions to deploy energy efficient systems. In addition, technological collaborations coupled with predictive maintenance and condition monitoring to ensure safe and reliable operations will propel the product demand.
Impact of COVID-19 on the industry is minimum owing to increasing electricity demand across the industrial and healthcare sector. However, decline in raw material supplies across the globe may hamper the business scenario. Moreover, continuous advancement toward development of T&D infrastructure will propel the industry landscape.
Power Transformer Market research report includes in-depth coverage of the industry with estimates & forecast in terms of Units and USD from 2017 to 2027, for the following segments:
- Two Winding
- Auto Transformer
- Dry Type
- Self Air
- Air Blast
- Oil Immersed
- Water Cooled
- Forced Oil
- Single Phase
- Three Phase
- < 100 MVA
- 101 MVA to 500 MVA
- 501 MVA to 800 MVA
- > 800 MVA
- Residential & Commercial
The above information has been provided for the following regions and country:
- North America
- Asia Pacific
- South Korea
- New Zealand
- Middle East & Africa
- Saudi Arabia
- South Africa
- Latin America