The power transformer market is poised to grow at 4.6% CAGR from 2021 to 2031, with overall valuation expected to reach US$ 21.9 billion in 2021. Future Market Insights (FMI) forecasts total sales to surpass 2000 units by the end of 2031. Some of the leading market players are ABB, General Electric, Siemens AG, Toshiba Corporation, and Schneider Electric. Among these companies, ABB holds around 12% of the market, while General Electric accounts for 8% of the overall share.Power transformers are integral components within power grids as they assist in power transmission between networks without change in frequency and minimum loss. Increasing investments towards expansion of power grid networks and distribution channels to enable electricity access in remote areas will fuel the demand for power transformers in the forthcoming years.Get | Download Sample Copy with Graphs & List of Figures:
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Driven by this, the market will grow at 4.6% CAGR from 2021 to 2031, says FMI in its recent report. Power transformers steps up voltage to reduce the line current leading to efficient power transmission. Increasing research in transmission network and rapid utilization of non-conventional and renewable sources of energy for generating electricity in remote areas will drive the power transformer market in the assessment period.
Smart grids allow remote access and monitoring of grid and respond to fluctuating power demand instantly. They also ensure efficient cooling and optimum power supply thus reducing carbon emission. Stringent government regulations aimed at reducing greenhouse gas emission, utilization of high voltage transmission technologies and development of green transformers will complement the global power transformer market growth during the forecast period.
Key Takeaways from FMI’s Power Transformer Market Study
- North America power transformer market is forecast to experience growth at 3% CAGR due to rising necessity to replace old power grid networks with modern and efficient equipment and increasing supply and demand gap of electricity in U.S. and Canada.
- Europe power transformer market is anticipated to grow at 3.2% CAGR during the forecast period. Growth uptick can be attributed to rapid electrification and increasing investment towards upgrading transmission and distribution networks in the region.
- Growing awareness among population regarding CO2 emission, increase in consumption of electricity, and increasing efforts towards electrification of rural areas will drive the demand for power transformers in India.
- China is expected to offer lucrative opportunities owing to increasing investment in power grid infrastructure development and booming mining and oil and gas industries in the country.
- Japan and South Korea account for 7% of global power transformer market share in 2021. Industrialization, increasing efforts to fill the energy supply and demand gap, and imposition of energy efficient laws and standards are key growth drivers in these countries.
“Increasing demand for upgrading traditional transmission system to sustain high voltage power transfer and incorporation of smart grids will boost the demand for power transformer in upcoming years,” says the FMI analyst.
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By Segmentation:
By Product Type:
- Core
- Shell
By Insulation Type:
- Dry
- Wet
By Phase Type:
- Single Phase
- Three Phase
By End Use:
- Residential & Commercial
- Utilities
- Industrial
By Voltage Type:
- 100-200kV
- 200-400 kV
- Above 400 kV
By Application Type:
- Generation Step-up
- Transmission
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
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Competitive Landscape
Future Market Insights (FMI) states that ABB, General Electric, Siemens AG, Toshiba Corporation, and Schneider Electric are the top five market players operating in power transformer market. They collectively account for more than 35% of global market share in 2021.
In an attempt to create clean energy and gain obtain significant competitive advantage, market players are focusing on designing and developing green transformers. For instance, in December 2020, Efacec launched new modularity system concept for core power transformer which will lead to higher performance, optimization and efficiency.
This novel concept is expected to be applied to transformers from 10MVA to 170MVA and up to 400kV and also incorporates new functions like mechanical protection, noise, ultraviolet and ballistics.
ABB, General Electric, Schneider Electric, Siemens AG, Eaton, and Kirloskar Electric.
Similarly in November 2018, ABB introduced “ABB Ability™ TXpert™ Dry”, world’s first oil free digital transformer to promote digitalization of grids and provide increased security, efficiency, and reliability.