Pune, Feb. 08, 2021 (GLOBE NEWSWIRE) -- Transformer Market Analysis/Transformer Market Trends
The global transformer market is highly lucrative and predicted to witness significant growth at a healthy 6.28% CAGR over the forecast period (2019-2026), reveals the Market Research Future (MRFR) report. A transformer is an electrical machine that is designed for transferring electricity from one specific circuit to another with different voltage levels. There are different forms of transformers that are bifurcated based on a couple of factors such as installation location, winding arrangement, the medium utilized in the core, and the working voltage range.
Fascinating Features that Spur Market Growth
As per the Market Research Future report, there are numerous factors that are propelling the transformer market size. These include the rise in centralization and industrialization, a surge in the adoption of new flexible transformers for various industrial uses, a rise in the growth of power generation and transmission technologies and microgrids, growing electricity consumption, and a growing focus on renewable electric power generation. Besides, the deployment of smart transformers and smart grids, and the replacement of existing aged power transformers are also adding to the transformer market revenue.
On the contrary, the scarcity of skilled labor, lack of well-established equipment, high cost, and reliability challenges may limit the global transformer market growth over the forecast period.
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COVID-19 Analysis
The worldwide economy has been hit hard by the ongoing COVID-19 outbreak. The constant mandate for new establishments for responding to the crisis, including the healthcare and commercial sector, will impact the transformer market outlook positively. The demand for such demands may experience a borderline decline due to minimal on-site operations and supply chain disruptions.
Market Segmentation
The Market Research Future Report provides an inclusive analysis of the transformer industry based on end user, insulation, type, power rating, and cooling type.
By cooling type, the global transformer market is segmented into air-cooled transformer, and oil-cooled transformer. Of these, the oil-cooled transformer segment will lead the market over the forecast period. It will grow at a 7.68% CAGR by 2026.
By power rating, the global transformer market is segmented into large power, medium power, and small power. Of these, the small power segment will dominate the market over the forecast period. It will grow at a 7.57% CAGR by 2026.
By type, the global transformer market is segmented into power transformer, distribution transformer, and others. Of these, the power transformer segment will spearhead the market over the forecast period. It will grow at an 8.55% CAGR by 2026.
By insulation, the global transformer market is segmented into liquid immersed and dry type. Of these, the liquid immersed segment will have the lions share in the market over the forecast period. It will grow at a 7.61% CAGR by 2026.
By end user, the global transformer market is segmented into industrial, commercial, residential, and utility. Of these, the utility segment will command the largest share in the market over the forecast period. It will grow at a 7.79% CAGR by 2026.
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Regional Segmentation
Americas to Dominate Transformer Market
By region, the transformer market covers growth opportunities and the latest trends across the Americas, Europe, Middle East & Africa (MEA), and the Asia Pacific (APAC). Of these, the Americas will dominate the market over the forecast period. Increasing investments in renewable sources of energy, demand for electrical components, cross-border and grid expansion of electrical lines, modernization of power generation and transmission industries, and increased transmission and distribution networks are adding to the global transformer market growth in the region. Besides, the ongoing increase in the adoption of high-power infrastructure, increasing investments made in transmission & distribution systems to maintain current capabilities and reliability, use of new technologies, digitization of power utilities, increasing investments in energy systems and smart grids, and increasing adoption of alternate energy production are also adding to the transformer market value.
APAC to Have Favorable Growth in Transformer Market
The transformer market in the APAC region is predicted to have favorable growth over the forecast period. Increasing T&D infrastructural investment towards the development of long-distance electricity networks, shifting trends towards deployment of energy-efficient technologies, ongoing refurbishment of existing grid infrastructure, and digitalization of power utilities are adding to the global transformer market growth in the region. Japan has the utmost share in the market owing to growing electricity demand, and increasing regulatory focus towards integrating smart grid technologies. Besides, installation of advanced electrical equipment, ongoing technological improvements across the transformer sector that is complementing the business landscape, government focus towards the integration of reliable grid support mechanism, and increasing proportion of renewable power are also adding to the transformer market share.
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Competitive Landscape
The prominent players profiled in the global transformer market report include.
- SPX Transformer Solutions, Inc. (U.S.)
- Hyosung Power & Industrial Solutions (South Korea)
- Bharat Heavy Electricals Limited (India)
- Toshiba Corporation (Japan)
- Mitsubishi Electric Corporation (Japan)
- Crompton Greaves Ltd. (India)
- Siemens AG (Germany)
- Schneider Electric (France)
- Eaton Corporation plc (Ireland), and
- ABB Ltd., (Switzerland) among others.
The global transformer market is highly competitive and fragmented in nature with the presence of well-established players. These players have encompassed several effective strategies to stay at the forefront and also cater to the consumers’ burgeoning needs such as research and development activities, geographic expansions, strategic alliances, product launches, and others.
Industry Updates
- February 2021- SGB SMIR Group has tested the first transformer successfully in Germany using Nynas’NYTRO BIO 300X insulating fluid. It will offer a unique combination of sustainability and performance.
- January 2021- Hitachi ABB Power Grids has commissioned and supplied to Toji Group a 220-kilovolt power transformer for the 50MWp solar power plant Loc Nihn 5 in Vietnam.
- January 2021- Verna estate has got a new transformer to address the power reliability problems faced by the industry.
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