Power Transformers Market
PUBLISHED: 2022 ID: SMRC21596
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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

4.5 (98 reviews)
4.5 (98 reviews)
Published: 2022 ID: SMRC21596

This report covers the impact of COVID-19 on this global market
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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


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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