The global medium voltage transformer market currently commands a valuation of US$ 11.7 billion in 2022. Forecasts indicate a steady ascent at a Compound Annual Growth Rate (CAGR) of 4.6% during the forecast period spanning from 2022 to 2028, aiming to achieve a substantial worth of US$ 16.1 billion by 2028.
Future Market Insights (FMI) offers a comprehensive comparison and review analysis of the dynamic landscape in the medium voltage transformer market. This assessment arises as Transmission & Distribution (T&D) systems undergo extensive modification to curtail losses. This transformation drives the necessity for upgrading electrical components like medium voltage transformers, thereby fostering an elevated demand for medium power transformers.
Based on FMI’s analysis, the disparity between the Business Planning Scenario (BPS) values recognized in the medium voltage transformer market in the first half of 2022, as compared to the projected outlook for the same period, reflects an increase of 28 units. Notably, in comparison to the first half of 2021, the market is expected to surge by 44 BPS during the first half of 2022.
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Government Investments in Electrification to Drive Market Growth
Government initiatives across various countries are geared towards boosting electrification projects, including railway electrification, transmission and distribution, and urban development. Notably, nations such as Brazil and Mexico are allocating substantial funding to electrification endeavors. These efforts are intended to enhance power supply in both rural and urban regions through state electric boards (SEBs).
India, for instance, is embarking on ambitious investments in initiatives like the Revised Accelerated Power Development and Reform Program and the Rajiv Gandhi Grameen Vidyutikaran Yojna. These projects aim to establish new power grids, ensuring electricity access in rural areas. The country’s focus on installing transmission lines and transformers for a national grid interconnecting its five regions—Northern, Southern, Eastern, Western, and North Eastern—known as ‘Transmission Super Highways,’ is further driving the demand for medium voltage transformers.
Urbanization and Industrialization Boost Sales Opportunity
The Middle East & Africa (MEA) region is witnessing rapid urbanization and industrialization, catalyzed by rural electrification, new power plants, and advanced transmission and distribution facilities. Notably, nations like the United Arab Emirates, Qatar, and Turkey are experiencing rapid electrification growth. The deployment of medium voltage transformers is integral to these projects across diverse applications. The MEA’s journey towards increased urbanization and industrialization is poised to significantly bolster the medium voltage transformer market’s expansion.
Key Players and Innovations
Prominent market players have carved out leadership roles in the global medium voltage transformer market. Leading entities such as Siemens AG, ABB Group, General Electric Company, Fuji Electric Co., Ltd., and Schneider Electric SE, among others, are highlighted. These players are focusing on compact and eco-friendly solutions to meet evolving market needs. Compact transformers exhibit better moisture and thermal stress management, coupled with longer lifespans. Eco-friendly options promise lower load loss compared to conventional counterparts, showcasing the industry’s drive towards sustainable innovation and shaping the future of the medium voltage transformers market.
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Key Segments of Medium Voltage Transformer Industry Survey
Medium Voltage Transformer Market by Rating:
- 1,200 kVA Medium Voltage Transformers
- 1,500 kVA Medium Voltage Transformers
- 2,000 kVA Medium Voltage Transformers
- 2,500 kVA Medium Voltage Transformers
Medium Voltage Transformer Market by Product:
- Dry Medium Voltage Transformers
- Oil-immersed Medium Voltage Transformers
- VPI Medium Voltage Transformers
Medium Voltage Transformer Market by Configuration:
- Single-phase Medium Voltage Transformers
- Three-phase Medium Voltage Transformers
Medium Voltage Transformer Market by Application:
- Building Establishments
- Residential
- Commercial
- Civil Infrastructure
- Industrial
- IT – Data & Server Centers
Medium Voltage Transformer Market by Region:
- North America Medium Voltage Transformer Market
- Latin America Medium Voltage Transformer Market
- Europe Medium Voltage Transformer Market
- East Asia Medium Voltage Transformer Market
- South Asia & Pacific Medium Voltage Transformer Market
- Middle East & Africa (MEA) Medium Voltage Transformer Market
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About Future Market Insights, Inc.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.
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