Power Transformer Market

Market Overview: 

The global power transformer market size reached US$ 23.14 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 35.95 Billion by 2028, exhibiting a growth rate (CAGR) of 7.22% during 2023-2028. The increasing demand for electricity in commercial and industrial sectors to operate heavy machinery and electronic devices, rising installation of smart grids and meters to monitor and manage the transport of electricity, and the growing demand for renewable energy represent some of the key factors driving the market.

A power transformer refers to a passive electromagnetic device that converts energy from one circuit to another circuit through inductive coupling. It comprises numerous windings that are connected in the same magnetic field, tap changing systems, core, tank, and bushings. It relies on an alternating current (AC) electrical system and is considered a static device. It is commercially available as berry-type, core-type, shell-type, isolation, step-down, step-up, single-phase, and air core transformers. It helps in transmitting electrical power between generators and distribution primary circuits and is used to increase and decrease the voltage in distribution networks. It assists in minimizing substantial energy losses during the transmission of large amounts of electrical power over long distances by converting it into a high-voltage current and then to a safer low-voltage current. It offers high mechanical strength and prevents condensed flux leakage and iron loss. It also provides electrical isolation between primary and secondary windings, which helps to ensure the safety of equipment and its users. Furthermore, it is used to improve power quality by decreasing the effects of fluctuations, harmonics, and other disturbances.

Power Transformer Market Trends:

At present, the increasing demand for power transformers, as they are reliable and versatile, represents one of the primary factors supporting the growth of the market. Besides this, the growing demand for renewable energy due to the rising environmental awareness around the world is offering a favorable market outlook. In addition, the increasing demand for electricity in commercial and industrial sectors to operate heavy machinery and electronic devices is propelling the growth of the market. Apart from this, the rising utilization of various electronic appliances, such as refrigerators, microwaves, vacuum cleaners, air-conditioners (ACs), and mixers in households, is contributing to the growth of the market. Additionally, the increasing installation of smart grids and meters to monitor and manage the transport of electricity from all generation sources for meeting the varying electricity demands of end users is impelling the market growth. Moreover, governing agencies of various countries are undertaking initiatives to modernize the existing power grids and install advanced power transformers for improving energy efficiency and reducing power losses. They are also installing power plants to provide electricity in various remote and rural areas around the world.  

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global power transformer market, along with forecasts at the global and regional levels from 2023-2028. Our report has categorized the market based on core, insulation, phase, rating, and application.

Core Insights:

• Closed
• Shell
• Berry
   

The report has provided a detailed breakup and analysis of the power transformer market based on the core. This includes closed, shell, and berry. According to the report, shell represented the largest segment.

Insulation Insights:

• Gas
• Oil
• Solid
• Air
• Others
   

A detailed breakup and analysis of the power transformer market based on the insulation has also been provided in the report. This includes gas, oil, solid, air, and others. According to the report, oil accounted for the largest market share.

Phase Insights:

• Single
• Three
   

A detailed breakup and analysis of the power transformer market based on the phase has also been provided in the report. This includes single and three. According to the report, three accounted for the largest market share.

Rating Insights:

• 100 MVA To 500 MVA
• 501 MVA To 800 MVA
• 801 MVA To 1200 MVA
   

A detailed breakup and analysis of the power transformer market based on the rating has also been provided in the report. This includes 100 MVA to 500 MVA, 501 MVA to 800 MVA, and 801 MVA to 1200 MVA. According to the report, 100 MVA To 500 MVA accounted for the largest market share.

Application Insights:

• Residential and Commercial
• Utilities
• Industrial
   

A detailed breakup and analysis of the power transformer market based on the application has also been provided in the report. This includes residential and commercial, utilities, and industrial. According to the report, industrial accounted for the largest market share.

Regional Insights:

• North America
  • United States
  • Canada
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Others
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific was the largest market for power transformer. Some of the factors driving the Asia Pacific power transformer market included the growing demand for energy in various industries, increasing expansion of transmission and distribution systems, rising utilization of green energy technologies, etc.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global power transformer market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include Bharat Heavy Electricals Limited, Daihen Corporation, General Electric Company, Hitachi Ltd., Hyosung Heavy Industries Corporation, Hyundai Electric & Energy Systems Co. Ltd., Kirloskar Electric Co. Ltd., Mitsubishi Electric Power Products Inc. (Mitsubishi Electric Corporation), Schneider Electric Se, Siemens Energy AG, The Kraft Heinz Company, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Report Coverage:

Key Questions Answered in This Report:

• How has the global power transformer market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global power transformer market?
• What is the impact of each driver, restraint, and opportunity on the global power transformer market?
• What are the key regional markets?
• Which countries represent the most attractive power transformer market?
• What is the breakup of the market based on the core?
• Which is the most attractive core in the power transformer market?
• What is the breakup of the market based on the insulation?
• Which is the most attractive insulation in the power transformer market?
• What is the breakup of the market based on the phase?
• Which is the most attractive phase in the power transformer market?
• What is the breakup of the market based on the rating?
• Which is the most attractive rating in the power transformer market?
• What is the breakup of the market based on the application?
• Which is the most attractive application in the power transformer market?
• What is the competitive structure of the global power transformer market?
• Who are the key players/companies in the global power transformer market?

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the power transformer market from 2017-2028.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global power transformer market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the power transformer industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.