Power transformers are indispensable elements in electrical infrastructure, facilitating the transmission and distribution of electricity across vast networks.
The power transformer market is projected to grow at a 5% CAGR, with a global market value of US$ 24.1 billion in 2023. According to Future Market Insights (FMI), the market is anticipated to surpass US$ 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.
Get Exclusive Sample Copy of the Report: https://www.futuremarketinsights.com/reports/sample/rep-gb-10800
Here’s an exploration of their significance:
- Essential Link in Energy Transmission: Power transformers serve as crucial links in the energy transmission chain, allowing electricity generated at power plants to be efficiently transmitted over long distances. By stepping up the voltage for transmission and stepping it down for distribution, these transformers ensure the reliable delivery of electricity to end-users.
- Voltage Regulation and Stability: One of the primary functions of power transformers is voltage regulation and stability. They help maintain voltage levels within acceptable limits, ensuring consistent and reliable power supply to consumers. Through careful design and precise control mechanisms, transformers play a vital role in balancing supply and demand in electrical grids.
- Grid Expansion and Modernization: As electrical grids expand and modernize to meet growing energy demands, the role of power transformers becomes increasingly critical. New installations and upgrades of power transformers enable grid operators to enhance network capacity, improve reliability, and integrate renewable energy sources more effectively.
- Efficiency and Energy Conservation: Power transformers contribute to energy conservation and efficiency by minimizing losses during the transmission and distribution of electricity. Advanced transformer designs, including those with high-efficiency cores and low-loss materials, help reduce energy wastage and enhance overall grid performance.
- Support for Renewable Energy Integration: With the growing adoption of renewable energy sources such as wind and solar power, power transformers play a pivotal role in integrating these intermittent energy sources into the grid. Transformers facilitate the smooth integration of renewable energy generation by efficiently managing fluctuations in output and ensuring grid stability.
- Emergency Backup and Grid Resilience: Power transformers also serve as critical components of emergency backup systems and grid resilience strategies. By providing backup power and enabling rapid restoration of service in the event of outages or emergencies, transformers help maintain grid reliability and resilience in challenging conditions.
Competitive Landscape:
Market companies are focused on creating and manufacturing green transformers in order to generate clean energy and acquire a substantial competitive advantage.
Buy this Exclusive Report: https://www.futuremarketinsights.com/checkout/10800
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
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.
Explore wide-ranging Coverage of FMI’s Industrial Automation Market Insights Landscape
The global marine hatch covers market is projected to record a robust CAGR of 7.6% between 2023 and 2033, totaling around US$ 327.7 million by the end of 2033.
The India electrical testing services market is expected to reach a valuation of US$ 308.4 million by 2033. with a CAGR of 4.4% from 2023 to 2033.
The global industrial weighing equipment market is projected to reach US$ 2.4 billion by 2033. A CAGR worth 5% is expected for the market during the forecast period.
The worldwide material handling equipment market is expected to record a 4.5% CAGR between 2023 and 2033, reaching a valuation of US$ 6,555.9 million.
The duct fans market is expected to rise to US$ 162,788.1 million by 2033. The sales are expected to record a significant CAGR of 6.0% during the forecast period.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube