From 2021 to 2031, the power transformer market is anticipated to expand at a 4.6% CAGR, with a total market value of US$ 21.9 billion in 2021. By the end of 2031, total sales are expected to surpass 2000 units, according to Future Market Insights (FMI).
ABB, General Electric, Siemens AG, Toshiba Corporation, and Schneider Electric are a few of the top market participants. ABB commands about 12% of the market among these firms, while General Electric holds 8% of the total.
From 2021 to 2031, the power transformer market is anticipated to expand at a 4.6% CAGR, with a total market value of US$ 21.9 billion in 2021. By the end of 2031, total sales are expected to surpass 2000 units, according to Future Market Insights (FMI).
ABB, General Electric, Siemens AG, Toshiba Corporation, and Schneider Electric are a few of the top market participants. ABB commands about 12% of the market among these firms, while General Electric holds 8% of the total.
What is Driving Demand for Wet Insulated Power Transformer?
Increasing utilization of transformers for residential and commercial applications along with their low cost are fuelling the demand for wet insulated power transformer. Research and development initiatives undertaken to incorporate wet insulated power transformer with smart energy grids and installation of renewable energy grids with eco-friendly coolants will create lucrative opportunities for market growth.
These transformers offer high efficiency and are used in places where high voltage and minimal losses are critical parameters. They also offer improved insulation and cooling capabilities in comparison to dry power transformers, thus boosting market growth.
Why is Demand for Power Transformer increasing in the U.S.?
Due to growing concerns over greenhouse gas emission rates and their risks to the environment, the U.S. is predicted to present lucrative growth opportunities in the power transformer market. Increased industrialization, infrastructure development, and construction work have all contributed to a rise in the demand for power transformers in the nation.
The two main factors propelling the market expansion in the nation are rising electricity consumption and a growing focus on the production of renewable electric power. Additionally, the United States continues to be one of the world’s top producers of electricity, making it a lucrative market for power transformer producers.
What is Driving Power Transformer Market Growth in China?
In order to meet the country’s growing demand for electricity as a result of its rapid industrialization and urbanisation, China is investing in the expansion of its current electricity transmission and distribution system. The power transformer market in China will be driven by the expansion of new transmission lines and substations to close the energy demand and supply gap.
Key Segments Covered In Power Transformer Market Study
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
- East Asia
- South Asia
- Oceania
- Middle East and Africa
