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.
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.
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Historical Analysis
Power transformers play a vital role in facilitating seamless power transmission across grids, ensuring minimal loss and maintaining frequency consistency. With a surge in investments directed towards the expansion of power grid infrastructures and the establishment of distribution networks, especially in remote regions, the demand for power transformers is poised for significant growth in the coming years.
According to a recent report by FMI, the power transformer market is projected to exhibit a robust Compound Annual Growth Rate (CAGR) of 5% from 2023 to 2033. These transformers are instrumental in stepping up voltage levels, thereby reducing line current and enhancing the efficiency of power transmission processes. The ongoing advancements in transmission network technologies, coupled with the increasing adoption of non-conventional and renewable energy sources for electricity generation in remote areas, are expected to be key drivers propelling market growth during the forecast period.
- 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 USD 20 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.
Competitive Landscape:
Market companies are focused on creating and manufacturing green transformers in order to generate clean energy and acquire a substantial competitive advantage.
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Key Players
- 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
- 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.