In 2023, the Transformer Tap Changers and Voltage Control Relay Market is expected to be worth over US$ 1464.2 million. It is estimated to rise by 4.4% year over year.
Sales of voltage control relays and transformer tap changers are anticipated to expand at a decent CAGR of 4.9% over the course of the forecast period. In 2033, the market is anticipated to reach a peak valuation of US$ 2357.1 million.
The market for high-power transformers is expanding rapidly as a result of need for high-capacity power plants and increasing demand for electricity. Transformer devices are hence used to enable the transmission of power across greater distances through interconnected networks.
Tap changers are a crucial part of transformer systems as they can maintain a constant voltage within the constraints of the transformer. These can also guarantee unbroken operation of the machinery and maintain it for use in large power networks or industries.
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In emerging countries, expansion of the housing market is increasing the need for dependable electricity sources. Need for transformer accessories and components such as tap changers, voltage relays, and other related products, is hence growing.
Leading companies should profit from consistent growth opportunities as medium- and small-sized enterprises become more and more recognized. They aim to be a viable alternative for individuals looking to invest in infrastructure development.
Several regional administrations have varied plans for electrification, including the construction of hydroelectric facilities and electrification of rural areas. It is predicted that these will help to raise the need for transformers. The market is expected to be propelled by the increased reliability of transformers due to retrofit possibilities for reducing maintenance costs.
Key Takeaways from Transformer Tap Changers and Voltage Control Relay Market Study:
- By phase type, the three-phase segment is estimated to account for a significant share of 59% in 2023.
- On the basis of application, the industry segment is likely to dominate the market and create an incremental opportunity of US$ 219.4 million from 2023 to 2033.
- The global transformer tap changers and voltage control relay industry is anticipated to provide a total revenue potential of US$ 892.90 million in the period of assessment.
- Germany transformer tap changers and voltage control relay industry is anticipated to expand at a CAGR of 4.4% in the next ten years.
- China transformer tap changers and voltage control relay industry is expected to flourish at 6% CAGR from 2023 to 2033.
Competitive Landscape: Transformer Tap Changers and Voltage Control Relay Market
The global transformer tap changers and voltage control relay market is moderately consolidated with few global players acquiring around 40% to 50% of shares. These players are likely to invest in new technology developments and expansion of their distribution networks to maintain their presence.
Few of the leading key players in the industry include Schneider Electric, ABB Ltd., Eation Corporation, OMRON Corporation, Mitsubishi Electric Corporation, Rockwell Automation, Hitachi Energy Ltd., and Toshiba Energy Systems among others.
Recent developments
- In September 2022, General Electric announced that it had developed a new grid management system. This new system provided advanced voltage control and transformer tap changer technology, ultimately improving the efficiency and reliability of power systems.
- In December 2022, Siemens revealed that it had supplied its advanced voltage control technology to the Grid Asset Management project in the UK. This project specifically aims at improving the durability of the country’s power grid.
Transformer Tap Changers and Voltage Control Relay Market Outlook by Category
By Phase:
- Single Phase
- Three Phase
By Application:
- Industrial
- Utility and Grid
- Commercial
- Others
By Product Type:
- Transformer Tap Changers
- Off-circuit Tap Changer
- On-circuit Tap Changer
- Voltage Control Relays
- DIN Rail
- Panel Mounted
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- Central Asia
- Russia and Belarus
- Balkan and Baltic Countries
- South Asia and Pacific
- Middle East and Africa
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