Voltage Transformer Market
PUBLISHED: 2024 ID: SMRC27959
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Voltage Transformer Market

Voltage Transformer Market Forecasts to 2030 - Global Analysis By Type (Power Transformers, Distribution Transformers and Instrument Transformers), Voltage Rating (Low Voltage, Medium Voltage and High Voltage), Insulation Type, Phase, Cooling Type, End User and By Geography

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4.3 (36 reviews)
Published: 2024 ID: SMRC27959

This report covers the impact of COVID-19 on this global market
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According to Stratistics MRC, the Global Voltage Transformer Market is accounted for $26.03 billion in 2024 and is expected to reach $40.85 billion by 2030 growing at a CAGR of 7.8% during the forecast period. A voltage transformer is an electrical device that reduces high voltage to low, measurable time constants with precise accuracy. It ensures that electrical systems are monitored and properly evaluated by isolating measuring devices from high voltage circuits. Voltage transformers are widely used in power transmission and distribution systems for applications such as metering, protection, and system monitoring. They operate on the basis of electromagnetic dispatch and are designed for accurate voltage conversion within specified accuracy units.

According to a report by the International Energy Agency (IEA), global electricity demand is expected to rise at a faster rate over the next three years, growing by an average of 3.4% annually through 2026.

Market Dynamics:

Driver: 

Rising demand for electricity

The growing global population, industrialization, and urbanization have led to increasing electricity consumption, necessitating voltage transformer installations for efficient power distribution. Rapid infrastructure development, particularly in emerging economies, drives demand for voltage transformers. The need for modernization of aging power infrastructure requires the replacement or installation of advanced voltage transformers offering higher accuracy and better performance. Additionally, smart grid deployment enables two-way communication between utilities and end users, optimizing power distribution and enhancing grid resilience.

Restraint:

High initial investment

The significant upfront costs associated with high-capacity transformers pose a major challenge, particularly in developing economies. Limited budgets in these regions restrict investments in grid expansion and modernization projects. This financial barrier affects the implementation of new transformer installations and upgrades, potentially slowing market growth. The extended payback period and complex installation requirements further compound the investment challenges.

Opportunity:

Renewable energy integration

The growing adoption of renewable energy sources presents significant opportunities in the voltage transformer market. The integration of solar and wind power requires specialized transformers for efficient power conversion and grid connection. As governments worldwide implement ambitious renewable energy targets and incentivize clean energy adoption, the demand for voltage transformers optimized for renewable applications continues to surge.

Threat:

Volatility of raw material costs

Fluctuations in raw material prices, particularly copper and steel, significantly impact the market. Price volatility affects manufacturing costs and profit margins, potentially leading to price increases for end products. These uncertainties make planning and budgeting difficult for both manufacturers and utilities, impacting overall market efficiency.

Covid-19 Impact: 

The pandemic disrupted global supply chains, causing delays in transformer manufacturing and project implementations. Material shortages and logistical challenges led to extended lead times and increased costs. However, the crisis also accelerated grid modernization initiatives and digital transformation efforts, creating new opportunities for smart transformer solutions.

The power transformers segment is expected to be the largest during the forecast period

During the forecast period, the power transformers segment is anticipated to register the largest market share due to its crucial role in enabling stable power supply, reduced energy losses, and enhanced grid performance. These transformers facilitate voltage conversion for long-distance transmission, minimizing energy losses and ensuring safe distribution to end users. Their ability to maintain grid stability by regulating voltage levels and managing power fluctuations makes them essential for modern power infrastructure, which is contributing to the segment expansion.

The three phase segment is expected to have the highest CAGR during the forecast period

During the projection period, the three phase segment is expected to grow at the highest CAGR due to its superior efficiency in power transmission and distribution systems. These transformers are particularly vital for industrial applications and renewable energy integration, offering better voltage regulation and power quality. Their ability to handle higher loads and provide more stable power output makes them increasingly popular in modern grid applications.

Region with largest share:

During the estimation period, the Asia Pacific region is anticipated to dominate the voltage transformer market. The region's rapid industrialization, coupled with significant investments in power generation and grid infrastructure, supports this growth. Countries like China and India, which are heavily expanding their electricity grids, contribute significantly to the demand for voltage transformers. Furthermore, government initiatives aimed at enhancing energy efficiency and integrating renewable energy sources are expected to further bolster market expansion in this region.

Region with highest CAGR:

During the forecast period, the Asia Pacific region is anticipated to register the highest CAGR in the voltage transformer market. The region is witnessing rapid growth in both industrial and residential electricity consumption, prompting a surge in infrastructure development. The demand for voltage transformers, especially in countries such as India, China, and Southeast Asian nations, is fueled by increasing investments in power generation, transmission, and distribution systems, further driving market expansion at an accelerated pace.

Key players in the market

Some of the key players in Voltage Transformer Market include ABB Ltd., Siemens AG, General Electric (GE), Schneider Electric SE, Mitsubishi Electric Corporation, Hitachi Energy Ltd., Toshiba Energy Systems & Solutions Corporation, Hyundai Heavy Industries Co., Ltd., Eaton Corporation, CG Power and Industrial Solutions Ltd., Kirloskar Electric Company, TBEA Co., Ltd., Hammond Power Solutions, Hyosung Heavy Industries, Elsewedy Electric, Celme S.r.l., Ormazabal, and Jiangsu Sieyuan Electric Co., Ltd.

Key Developments:

In January 2024, ABB Launched new VD4 family of circuit breakers with advanced control and diagnostic capabilities, featuring up to 60% improvement in efficiency and 30% reduction in unexpected outages. The system is designed for protection and control of cables, overhead lines, distribution substations, and transformers.

In December 2023, Global energy infrastructure leader, Prolec GE, a Prolec subsidiary of a joint venture between GE and Xignux, a Mexico-based private company, today announced additional manufacturing investments of $85 million to meet unprecedented North American demand for single-phase pad-mount transformers. Prolec GE will increase its manufacturing capacity in Monterrey by equipping a new facility capable of annually duplicating the number of transformers produced at its existing Mexico facility.

Types Covered:
• Power Transformers
• Distribution Transformers
• Instrument Transformers

Voltage Ratings Covered:
• Low Voltage
• Medium Voltage
• High Voltage

Insulation Types Covered:
• Dry Type
• Liquid Immersed

Phases Covered:
• Single Phase
• Three Phase

Cooling Types Covered:
• Oil Natural Air Natural (ONAN)
• Oil Natural Air Forced (ONAF)
• Oil Forced Air Forced (OFAF)
• Oil Forced Water Forced (OFWF)

End Users Covered:
• Power Utilities
• Industries
• Commercial Establishments
• Residential Sector

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 2022, 2023, 2024, 2026, and 2030
- 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
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 End User Analysis      
 3.7 Emerging Markets      
 3.8 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 Voltage Transformer Market, By Type       
 5.1 Introduction      
 5.2 Power Transformers      
 5.3 Distribution Transformers      
 5.4 Instrument Transformers      
        
6 Global Voltage Transformer Market, By Voltage Rating       
 6.1 Introduction      
 6.2 Low Voltage      
 6.3 Medium Voltage      
 6.4 High Voltage      
        
7 Global Voltage Transformer Market, By Insulation Type       
 7.1 Introduction      
 7.2 Dry Type      
  7.2.1 Cast Resin     
  7.2.2 Vacuum Pressure Impregnated (VPI)     
 7.3 Liquid Immersed      
  7.3.1 Mineral Oil     
  7.3.2 Natural Ester     
  7.3.3 Synthetic Ester     
        
8 Global Voltage Transformer Market, By Phase       
 8.1 Introduction      
 8.2 Single Phase      
 8.3 Three Phase      
        
9 Global Voltage Transformer Market, By Cooling Type       
 9.1 Introduction      
 9.2 Oil Natural Air Natural (ONAN)      
 9.3 Oil Natural Air Forced (ONAF)      
 9.4 Oil Forced Air Forced (OFAF)      
 9.5 Oil Forced Water Forced (OFWF)      
        
10 Global Voltage Transformer Market, By End User       
 10.1 Introduction      
 10.2 Power Utilities      
 10.3 Industries      
 10.4 Commercial Establishments      
 10.5 Residential Sector      
        
11 Global Voltage Transformer Market, By Geography       
 11.1 Introduction      
 11.2 North America      
  11.2.1 US     
  11.2.2 Canada     
  11.2.3 Mexico     
 11.3 Europe      
  11.3.1 Germany     
  11.3.2 UK     
  11.3.3 Italy     
  11.3.4 France     
  11.3.5 Spain     
  11.3.6 Rest of Europe     
 11.4 Asia Pacific      
  11.4.1 Japan     
  11.4.2 China     
  11.4.3 India     
  11.4.4 Australia     
  11.4.5 New Zealand     
  11.4.6 South Korea     
  11.4.7 Rest of Asia Pacific     
 11.5 South America      
  11.5.1 Argentina     
  11.5.2 Brazil     
  11.5.3 Chile     
  11.5.4 Rest of South America     
 11.6 Middle East & Africa      
  11.6.1 Saudi Arabia     
  11.6.2 UAE     
  11.6.3 Qatar     
  11.6.4 South Africa     
  11.6.5 Rest of Middle East & Africa     
        
12 Key Developments       
 12.1 Agreements, Partnerships, Collaborations and Joint Ventures      
 12.2 Acquisitions & Mergers      
 12.3 New Product Launch      
 12.4 Expansions      
 12.5 Other Key Strategies      
        
13 Company Profiling       
 13.1 ABB Ltd.      
 13.2 Siemens AG      
 13.3 General Electric (GE)      
 13.4 Schneider Electric SE      
 13.5 Mitsubishi Electric Corporation      
 13.6 Hitachi Energy Ltd.      
 13.7 Toshiba Energy Systems & Solutions Corporation      
 13.8 Hyundai Heavy Industries Co., Ltd.      
 13.9 Eaton Corporation      
 13.10 CG Power and Industrial Solutions Ltd.      
 13.11 Kirloskar Electric Company      
 13.12 TBEA Co., Ltd.      
 13.13 Hammond Power Solutions      
 13.14 Hyosung Heavy Industries      
 13.15 Elsewedy Electric      
 13.16 Celme S.r.l.      
 13.17 Ormazabal      
 13.18 Jiangsu Sieyuan Electric Co., Ltd.      
        
List of Tables        
1 Global Voltage Transformer Market Outlook, By Region (2022-2030) ($MN)       
2 Global Voltage Transformer Market Outlook, By Type (2022-2030) ($MN)       
3 Global Voltage Transformer Market Outlook, By Power Transformers (2022-2030) ($MN)       
4 Global Voltage Transformer Market Outlook, By Distribution Transformers (2022-2030) ($MN)       
5 Global Voltage Transformer Market Outlook, By Instrument Transformers (2022-2030) ($MN)       
6 Global Voltage Transformer Market Outlook, By Voltage Rating (2022-2030) ($MN)       
7 Global Voltage Transformer Market Outlook, By Low Voltage (2022-2030) ($MN)       
8 Global Voltage Transformer Market Outlook, By Medium Voltage (2022-2030) ($MN)       
9 Global Voltage Transformer Market Outlook, By High Voltage (2022-2030) ($MN)       
10 Global Voltage Transformer Market Outlook, By Insulation Type (2022-2030) ($MN)       
11 Global Voltage Transformer Market Outlook, By Dry Type (2022-2030) ($MN)       
12 Global Voltage Transformer Market Outlook, By Cast Resin (2022-2030) ($MN)       
13 Global Voltage Transformer Market Outlook, By Vacuum Pressure Impregnated (VPI) (2022-2030) ($MN)       
14 Global Voltage Transformer Market Outlook, By Liquid Immersed (2022-2030) ($MN)       
15 Global Voltage Transformer Market Outlook, By Mineral Oil (2022-2030) ($MN)       
16 Global Voltage Transformer Market Outlook, By Natural Ester (2022-2030) ($MN)       
17 Global Voltage Transformer Market Outlook, By Synthetic Ester (2022-2030) ($MN)       
18 Global Voltage Transformer Market Outlook, By Phase (2022-2030) ($MN)       
19 Global Voltage Transformer Market Outlook, By Single Phase (2022-2030) ($MN)       
20 Global Voltage Transformer Market Outlook, By Three Phase (2022-2030) ($MN)       
21 Global Voltage Transformer Market Outlook, By Cooling Type (2022-2030) ($MN)       
22 Global Voltage Transformer Market Outlook, By Oil Natural Air Natural (ONAN) (2022-2030) ($MN)       
23 Global Voltage Transformer Market Outlook, By Oil Natural Air Forced (ONAF) (2022-2030) ($MN)       
24 Global Voltage Transformer Market Outlook, By Oil Forced Air Forced (OFAF) (2022-2030) ($MN)       
25 Global Voltage Transformer Market Outlook, By Oil Forced Water Forced (OFWF) (2022-2030) ($MN)       
26 Global Voltage Transformer Market Outlook, By End User (2022-2030) ($MN)       
27 Global Voltage Transformer Market Outlook, By Power Utilities (2022-2030) ($MN)       
28 Global Voltage Transformer Market Outlook, By Industries (2022-2030) ($MN)       
29 Global Voltage Transformer Market Outlook, By Commercial Establishments (2022-2030) ($MN)       
30 Global Voltage Transformer Market Outlook, By Residential Sector (2022-2030) ($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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