Power Transformers Market
Power Transformers Market Forecasts to 2028 – Global Analysis By Product Type (Shell, Core, Closed, Berry), Voltage Type (Above 400 kV, 200-400 kV, 100-200kV), Installation (Indoor, Outdoor), End User (Energy and Utility Sector, Residential & Commercial, Infrastructure, Industrial), and By Geography
|
Years Covered |
2020-2028 |
|
Estimated Year Value (2021) |
US $32.80 BN |
|
Projected Year Value (2028) |
US $62.71 BN |
|
CAGR (2021 - 2028) |
9.7% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
Asia Pacific |
|
Fastest Growing Market |
North America |
According to Stratistics MRC, the Global Power Transformers Market is accounted for $32.80 billion in 2021 and is expected to reach $62.71 billion by 2028 growing at a CAGR of 9.7% during the forecast period. Power transformer is used chiefly to receive low voltage generator electric power and transmit it across distribution channels across the power grid network. It forms a crucial part of the power grid and helps in transmission of power from one network to the other without change in frequency. Generation of electric power in low voltage is cost effective, but it leads to high line current. A power transformer is mainly used to step-up the voltage. Power transformers play a crucial role in power transmission. Decades of research in the transmission networks has led to an increase in the transmission voltages.
Market Dynamics:
Driver:
Growing electricity demand
Electricity is one of the prime sources of energy that powers industrial, commercial and domestic machinery and appliances. It is derived from several sources like fossil fuel, coal, thermal, nuclear, etc. Fossil fuel-based electricity generation is set to cover 45% of additional demand in 2021 and 40% in 2022; coal-fired electricity generation is set to increase by almost 5% this year and by a further 3% in 2022 with nuclear power accounting for the rest, according to IEA. To meet, the growing needs of electricity consumption, new power plants are being set up worldwide. Apart from the growing consumption of electricity, deployment of smart grids and smart transformers, replacement of existing aged power transformers are some other factors responsible for the global power transformer market growth.
Restraint:
High price of power transformers
Price is a substantial factor that affects the power transformer market. The prices reserve such as oil and steel have been highly explosive. The manufacturing of power transformers requires massive capital investment, time, high-class electrical grade steel, and expert supervision. Along with it, constructing the supporting infrastructures needed for stable and life-long transformer operation is expensive. This makes power transformers manufacturing limited to large companies with high investment potential.
Opportunity:
Deployment of green power transformers
The deployment of green power transformer is an eco-efficient and sustainable product. Companies are currently investing more in green power transformers due to stringent rules and regulations enacted by governments to reduce greenhouse gases and carbon emission. These power transformers proffer novel substitutes for consumers who want to conserve the environment. It lowers the limited pollution risk, low carbon footprint, and improved life cycle costs as it requires less upholding. Numerous government authorities have to invest in green power transformers over conventional power transformers. Because these transformers have lower noise levels and improved fire safety, it is expected to witness massive demand in the near future.
Threat:
Intermittency in solar energy
The intermittency in solar energy will be a major challenge for the power transformers market for renewable energy. Solar energy is the least reliable source of energy, as it is largely dependent on weather and climatic conditions. The magnitude of power produced by the source is not constant. This variability in the solar power produced impacts the whole power system as well as the stability of the grid. This decreases the preference of vendors toward solar power.
The large power transformer (above 600MVA) segment is expected to be the largest during the forecast period
The large power transformer (above 600MVA) segment is estimated to have a lucrative growth, due to the increase in the HVDC projects and the reduction in the transmission losses. The large power transformer (above 600MVA) has the largest unit in the power transformer population. Its power ranges are normally above 600 megavolt ampere (MVA). With countries emphasizing on reducing transmission losses, the use of high voltage transmission technologies such as EHV, UHV, and HVDC has also gone up. In the coming years, eco-friendly large power transformers are expected to witness significant growth due to their environmental viability and related advanced features.
The residential & commercial segment is expected to have the highest CAGR during the forecast period
The residential & commercial segment is anticipated to witness the fastest CAGR growth during the forecast period, due to the increase in consumption of electricity and rise in integration of broad ranging frequency distribution links in the residential and commercial applications. Moreover, the rise in demand from these sectors can be attributed to rapid industrialization in emerging economies of South Asia and Africa. Growing investment from government in electrification programs to boost their ability to service urban and rural electricity loads.
Region with highest share:
Asia Pacific is projected to hold the largest market share during the forecast period owing to ongoing power grid expansion projects, namely in India and China, steady and continuous penetration of sustainable power sources coupled with increasing focus toward upgradation of aging electrical infrastructure, and upsurge in renewable power generation. China is investing towards expanding its exiting electricity transmission and distribution system to cater the rising electricity demand due to rapid urbanization and industrialization in the country. Rise in installation of new transmission line and new substations to reduce the energy demand and supply gap will drive the power transformer market in China.
Region with highest CAGR:
North America is projected to have the highest CAGR over the forecast period, owing to the increasing modernization and industrialization in the region and the existence of the leading key players of the market in the region. The U.S. is forecast to offer lucrative growth opportunities in power transformer market owing to increasing concerns regarding greenhouse gas emission rate and its hazards to the environment. Furthermore, the U.S. remains one of the world's largest electricity producers, making it a lucrative market for power transformer manufacturers.
Key players in the market
Some of the key players profiled in the Power Transformers Market include Siemens AG, Alstom SA, Schneider Electric SE, Hitachi ABB Power Grids, CG Power and Industrial Solutions Ltd., Bharat Heavy Electricals Ltd., SGB-SMIT Group, General Electric Company, Toshiba Corporation, Mitsubishi Electric Corporation, Hyosung Corporation, Crompton Greaves Ltd., Hyundai Heavy Industries Co. Ltd, SPX Transformer Solutions Inc., Kirloskar Electric Co. Ltd., TBEA Co. Ltd., and EMCO Ltd.
Key Developments:
In March, 2021, Hitachi ABB Power Grids announced that it had been selected by Bharat Aluminum Company (BALCO) to improve the power distribution system at its Korba plant in Chattisgarh. Hitachi ABB Power Grids would deploy a 500-megavolt ampere power transformer in this plant to enhance grid efficiency.
In Nov, 2020, Bharat Heavy Electricals Limited (BHEL) announced that it has successfully tested an Auto Transformer which is known to have the highest rating in India. The Auto Transformer, which has a power rating of 500 MVA 400/220/33 kV, had been designed for use in UP Power Transmission Corporation Limited.
In June 2019, Siemens AG and Egyptian Electricity Transmission Company (EETC) signed an agreement to supply first digital power transformer to North Egypt, to boost the energy efficiency and reliability of substations for delta area.
Ratings Covered:
• Small Power Transformer (Up to 60MVA)
• Medium Power Transformer (61 - 600MVA)
• Large Power Transformer (Above 600MVA)
Insulation Types Covered:
• Wet
• Air
• Gas
• Solid
• Oil
Product Types Covered:
• Shell
• Core
• Closed
• Berry
Voltage Types Covered:
• Above 400 kV
• 200-400 kV
• 100-200kV
Phase Types Covered:
• Three Phase
• Two Phase
• Single Phase
Cooling Methods Covered:
• Air-Cooled
• Oil Immersed
• Dry Type
• Liquid Cooled
Windings Covered:
• Auto Transformer
• Two Winding
Installations Covered:
• Indoor
• Outdoor
Mountings Covered:
• Printed Circuit (PC)/Printed Circuit Board (PCB)
• Pad
• Pole
Applications Covered:
• Power Transmission
• Power Generation Step-up
• Traction Locomotives
• Smart Grid
• Electric Vehicle (EV) Charging
End Users Covered:
• Energy and Utility Sector
• Residential & Commercial
• Infrastructure
• Industrial
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Product Analysis
3.7 Application Analysis
3.8 End User Analysis
3.9 Emerging Markets
3.10 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Power Transformers Market, By Rating
5.1 Introduction
5.2 Small Power Transformer (Up to 60MVA)
5.3 Medium Power Transformer (61 - 600MVA)
5.4 Large Power Transformer (Above 600MVA)
6 Global Power Transformers Market, By Insulation Type
6.1 Introduction
6.2 Wet
6.3 Air
6.4 Gas
6.5 Solid
6.6 Oil
7 Global Power Transformers Market, By Product Type
7.1 Introduction
7.2 Shell
7.3 Core
7.4 Closed
7.5 Berry
8 Global Power Transformers Market, By Voltage Type
8.1 Introduction
8.2 Above 400 kV
8.3 200-400 kV
8.4 100-200kV
9 Global Power Transformers Market, By Phase Type
9.1 Introduction
9.2 Three Phase
9.3 Two Phase
9.4 Single Phase
10 Global Power Transformers Market, By Cooling Method
10.1 Introduction
10.2 Air-Cooled
10.3 Oil Immersed
10.3.1 Water Cooled
10.3.2 Self-Cooled
10.3.3 Forced Oil
10.4 Dry Type
10.4.1 Air Blast
10.4.2 Self Air
10.5 Liquid Cooled
11 Global Power Transformers Market, By Winding
11.1 Introduction
11.2 Auto Transformer
11.3 Two Winding
12 Global Power Transformers Market, By Installation
12.1 Introduction
12.2 Indoor
12.3 Outdoor
13 Global Power Transformers Market, By Mounting
13.1 Introduction
13.2 Printed Circuit (PC)/Printed Circuit Board (PCB)
13.3 Pad
13.4 Pole
14 Global Power Transformers Market, By Application
14.1 Introduction
14.2 Power Transmission
14.3 Power Generation Step-up
14.4 Traction Locomotives
14.5 Smart Grid
14.6 Electric Vehicle (EV) Charging
15 Global Power Transformers Market, By End User
15.1 Introduction
15.2 Energy and Utility Sector
15.3 Residential & Commercial
15.3.1 Hospitals
15.3.2 Hotels
15.3.3 Societies
15.4 Infrastructure
15.5 Industrial
15.5.1 Cement
15.5.2 Railways
15.5.3 Oil & Gas
15.5.4 Power
16 Global Power Transformers Market, By Geography
16.1 Introduction
16.2 North America
16.2.1 US
16.2.2 Canada
16.2.3 Mexico
16.3 Europe
16.3.1 Germany
16.3.2 UK
16.3.3 Italy
16.3.4 France
16.3.5 Spain
16.3.6 Rest of Europe
16.4 Asia Pacific
16.4.1 Japan
16.4.2 China
16.4.3 India
16.4.4 Australia
16.4.5 New Zealand
16.4.6 South Korea
16.4.7 Rest of Asia Pacific
16.5 South America
16.5.1 Argentina
16.5.2 Brazil
16.5.3 Chile
16.5.4 Rest of South America
16.6 Middle East & Africa
16.6.1 Saudi Arabia
16.6.2 UAE
16.6.3 Qatar
16.6.4 South Africa
16.6.5 Rest of Middle East & Africa
17 Key Developments
17.1 Agreements, Partnerships, Collaborations and Joint Ventures
17.2 Acquisitions & Mergers
17.3 New Product Launch
17.4 Expansions
17.5 Other Key Strategies
18 Company Profiling
18.1 Siemens AG
18.2 Alstom SA
18.3 Schneider Electric SE
18.4 Hitachi ABB Power Grids
18.5 CG Power and Industrial Solutions Ltd.
18.6 Bharat Heavy Electricals Ltd.
18.7 SGB-SMIT Group
18.8 General Electric Company
18.9 Toshiba Corporation
18.10 Mitsubishi Electric Corporation
18.11 Hyosung Corporation
18.12 Crompton Greaves Ltd.
18.13 Hyundai Heavy Industries Co. Ltd
18.14 SPX Transformer Solutions Inc.
18.15 Kirloskar Electric Co. Ltd.
18.16 TBEA Co. Ltd.
18.17 EMCO Ltd.
List of Tables
1 Global Power Transformers Market Outlook, By Region (2020-2028) ($MN)
2 Global Power Transformers Market Outlook, By Rating (2020-2028) ($MN)
3 Global Power Transformers Market Outlook, By Small Power Transformer (Up to 60MVA) (2020-2028) ($MN)
4 Global Power Transformers Market Outlook, By Medium Power Transformer (61 - 600MVA) (2020-2028) ($MN)
5 Global Power Transformers Market Outlook, By Large Power Transformer (Above 600MVA) (2020-2028) ($MN)
6 Global Power Transformers Market Outlook, By Insulation Type (2020-2028) ($MN)
7 Global Power Transformers Market Outlook, By Wet (2020-2028) ($MN)
8 Global Power Transformers Market Outlook, By Air (2020-2028) ($MN)
9 Global Power Transformers Market Outlook, By Gas (2020-2028) ($MN)
10 Global Power Transformers Market Outlook, By Solid (2020-2028) ($MN)
11 Global Power Transformers Market Outlook, By Oil (2020-2028) ($MN)
12 Global Power Transformers Market Outlook, By Product Type (2020-2028) ($MN)
13 Global Power Transformers Market Outlook, By Shell (2020-2028) ($MN)
14 Global Power Transformers Market Outlook, By Core (2020-2028) ($MN)
15 Global Power Transformers Market Outlook, By Closed (2020-2028) ($MN)
16 Global Power Transformers Market Outlook, By Berry (2020-2028) ($MN)
17 Global Power Transformers Market Outlook, By Voltage Type (2020-2028) ($MN)
18 Global Power Transformers Market Outlook, By Above 400 kV (2020-2028) ($MN)
19 Global Power Transformers Market Outlook, By 200-400 kV (2020-2028) ($MN)
20 Global Power Transformers Market Outlook, By 100-200kV (2020-2028) ($MN)
21 Global Power Transformers Market Outlook, By Phase Type (2020-2028) ($MN)
22 Global Power Transformers Market Outlook, By Three Phase (2020-2028) ($MN)
23 Global Power Transformers Market Outlook, By Two Phase (2020-2028) ($MN)
24 Global Power Transformers Market Outlook, By Single Phase (2020-2028) ($MN)
25 Global Power Transformers Market Outlook, By Cooling Method (2020-2028) ($MN)
26 Global Power Transformers Market Outlook, By Air-Cooled (2020-2028) ($MN)
27 Global Power Transformers Market Outlook, By Oil Immersed (2020-2028) ($MN)
28 Global Power Transformers Market Outlook, By Water Cooled (2020-2028) ($MN)
29 Global Power Transformers Market Outlook, By Self-Cooled (2020-2028) ($MN)
30 Global Power Transformers Market Outlook, By Forced Oil (2020-2028) ($MN)
31 Global Power Transformers Market Outlook, By Dry Type (2020-2028) ($MN)
32 Global Power Transformers Market Outlook, By Air Blast (2020-2028) ($MN)
33 Global Power Transformers Market Outlook, By Self Air (2020-2028) ($MN)
34 Global Power Transformers Market Outlook, By Liquid Cooled (2020-2028) ($MN)
35 Global Power Transformers Market Outlook, By Winding (2020-2028) ($MN)
36 Global Power Transformers Market Outlook, By Auto Transformer (2020-2028) ($MN)
37 Global Power Transformers Market Outlook, By Two Winding (2020-2028) ($MN)
38 Global Power Transformers Market Outlook, By Installation (2020-2028) ($MN)
39 Global Power Transformers Market Outlook, By Indoor (2020-2028) ($MN)
40 Global Power Transformers Market Outlook, By Outdoor (2020-2028) ($MN)
41 Global Power Transformers Market Outlook, By Mounting (2020-2028) ($MN)
42 Global Power Transformers Market Outlook, By Printed Circuit (PC)/Printed Circuit Board (PCB) (2020-2028) ($MN)
43 Global Power Transformers Market Outlook, By Pad (2020-2028) ($MN)
44 Global Power Transformers Market Outlook, By Pole (2020-2028) ($MN)
45 Global Power Transformers Market Outlook, By Application (2020-2028) ($MN)
46 Global Power Transformers Market Outlook, By Power Transmission (2020-2028) ($MN)
47 Global Power Transformers Market Outlook, By Power Generation Step-up (2020-2028) ($MN)
48 Global Power Transformers Market Outlook, By Traction Locomotives (2020-2028) ($MN)
49 Global Power Transformers Market Outlook, By Smart Grid (2020-2028) ($MN)
50 Global Power Transformers Market Outlook, By Electric Vehicle (EV) Charging (2020-2028) ($MN)
51 Global Power Transformers Market Outlook, By End User (2020-2028) ($MN)
52 Global Power Transformers Market Outlook, By Energy and Utility Sector (2020-2028) ($MN)
53 Global Power Transformers Market Outlook, By Residential & Commercial (2020-2028) ($MN)
54 Global Power Transformers Market Outlook, By Hospitals (2020-2028) ($MN)
55 Global Power Transformers Market Outlook, By Hotels (2020-2028) ($MN)
56 Global Power Transformers Market Outlook, By Societies (2020-2028) ($MN)
57 Global Power Transformers Market Outlook, By Infrastructure (2020-2028) ($MN)
58 Global Power Transformers Market Outlook, By Industrial (2020-2028) ($MN)
59 Global Power Transformers Market Outlook, By Cement (2020-2028) ($MN)
60 Global Power Transformers Market Outlook, By Railways (2020-2028) ($MN)
61 Global Power Transformers Market Outlook, By Oil & Gas (2020-2028) ($MN)
62 Global Power Transformers Market Outlook, By Power (2020-2028) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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