From 2023 to 2033, the power transformer market is projected to grow at a 5% CAGR, with a global market value of USD 24.1 billion in 2023. According to Future Market Insights (FMI), the market is anticipated to surpass USD 39.3 billion by the end of 2033.
In order to transmit electricity between networks with minimal loss and frequency shift, power transformers are essential parts of power grids. In the upcoming years, the demand for power transformers will be fueled by rising investments in the construction of power grid networks and distribution channels to provide access to electricity in rural places.
The need for wet-insulated power transformers is being driven by an increase in the use of transformers for residential and commercial applications, as well as by their low cost. The market will benefit greatly from studies and developments that integrate wet-insulated power transformers with smart energy grids and install solar power grids with eco-friendly coolants.
The primary drivers driving market expansion in the country include rising energy demand and an increasing emphasis on renewable electric power generation. Furthermore, the United States continues to be one of the world’s top producers of energy, making it a lucrative market for power transformer manufacturers. Furthermore, the installation of smart grids and transformers, the modification of existing ageing power transformers, and the expansion of renewable energy generation projects will fuel market growth in the future years.
Key Takeaways:
- Between 2023 and 2033, the Indian market is expected to grow at an excellent 5% CAGR.
- Wet-type power transformer sales are predicted to exceed D20 billion by the end of 2033.
- The residential and commercial sectors are expected to account for more than 40% of overall revenue.
- The market increased at a CAGR of 4.6% over the last five years (2018 to 2022).
- The United States held a 20% market share in 2022.
“Several government programs aimed at installing technologically superior power transformers and modernizing existing power grids in order to improve energy efficiency and minimize losses are expected to boost consumer interest in the power transformer industry,” – says an analyst at FMI.
Competitive Landscape:
Market companies are focused on creating and manufacturing green transformers in order to generate clean energy and acquire a substantial competitive advantage.
- The engineering, procurement, and construction (EPC) agreement for the 300 MVA power transformer endeavor at Sulaibiya station (W) in Al Jahra Governorate is expected to be granted in the third quarter of 2023 by Kuwait’s Ministry of Electricity, Water, and Renewable Energy (MEW).
- Ganz Transformers and Electric Rotating Machines Ltd. have begun a large repair program at the Esna Power Plant, one of Egypt’s largest hydroelectric assets, that will be finished by 2023.
Key Companies Profiled
- ABB
- Siemens
- General Electric
- Toshiba Corporation
- Schneider Electric
- Crompton Greaves
- Hyosung Power & Industrial Systems Performance Group
- Hyundai Heavy Industries Co. Ltd.
- Mitsubishi Electric Corporation
- Bharat Heavy Electricals Limited
Key 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
- Asia Pacific
- Middle East & Africa
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Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
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