New York, USA, April 06, 2022 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global vacuum pressure impregnated (VPI) transformer market is predicted to garner a revenue of $2,472.0 million throughout the analysis period from 2021-2030.
As per our analysts, with the increasing expansion of electricity distribution and industrialization in the developing economies all across the globe the market is expected to experience remarkable growth during the forecast period. Besides, the increasing demand of vacuum pressure impregnated transformers by customers with advanced safety and voltage features at lower prices is further expected to foster the growth of the vacuum pressure impregnated (VPI) transformer market during the analysis timeframe. Moreover, the increasing technological advancements in the VPI transformers market and rising numbers of applications of VPI transformers are expected to augment the growth of the market over the analysis period. However, the high cost of vacuum pressure impregnated transformer may impede the growth of the market during the estimated period.
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Segments of the Vacuum Pressure Impregnated (VPI) Transformer Market
The report has been divided the vacuum pressure impregnated (VPI) transformer market into segments based on phase, voltage range, end-use, and region.
Phase: Single-Phase Sub-Segment to be Most Lucrative
The single-phase sub-segment is predicted to generate a revenue of $2,179.5 million over the forecast period. The increasing use of single-phase vacuum pressure impregnated transformers in various applications such as providing power supplies for homes and businesses, delivering sufficient power supply to run the motors, is expected to bolster the growth of the vacuum pressure impregnated (VPI) transformer market sub-segment during the analysis period.
Voltage Range: Low Voltage Sub-Segment to be Most Productive
The low voltage sub-segment is expected to generate a revenue of $1,772.3 million over the estimated timeframe. The growing demand for low voltage type vacuum pressure impregnated transformers for those who require environment friendly type dry transformers for residential, industrial and commercial sectors, is the factor expected to amplify the growth of the vacuum pressure impregnated (VPI) transformer market sub-segment over the analysis time period.
End-Use: Industrial Sub-Segment to be Most Profitable
The industrial sub-segment is projected to generate a revenue of $1,318.6 million during the forecast period. This is mainly because of the high demand for the VPI transformers from various industries such as automobile, oil, gas and many others depending on the requirement of voltage ranges. Furthermore, the increasing technological inventions for the development of smart transformers that can be used for multiple electric charging is expected to fuel the growth of the vacuum pressure impregnated (VPI) transformer market sub-segment over the analysis period.
Region: Asia-Pacific Region to Have Wide Growth Opportunities
The Asia-Pacific region is expected to garner a revenue of $965.8 million and is predicted to continue a steady growth during the estimated timeframe. This is mainly because of the rising initiatives by governments towards various energy-efficient solutions and increasing technological advancements in electrical industries in this region. Moreover, the increasing effective strategies made by leading market players in VPI transformer services such as launching value added product or services, making strategic alliances and many more, is expected to drive the regional growth of the market during the forecast period.
Covid-19 Impact on the Vacuum Pressure Impregnated (VPI) Transformer Market
With the rise of the Covid-19 pandemic, likewise various other industries, the vacuum pressure impregnated (VPI) transformer market has also had a negative impact. The disruption in the supply chains delaying in various new products and their construction, are some of the major factors that have declined the growth of the market during the period of pandemic. However, with some strategic and innovative steps taken by the leading market players such as to supply their products online have resulted in sudden market growth during the strict lockdown period.
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Key Players of the Vacuum Pressure Impregnated (VPI) Transformer Market
The major players of the vacuum pressure impregnated (VPI) transformer market include
- Toshiba Corporation
- Siemens AG
- CG Power and Industrial Solutions Ltd
- Schneider Electric
- Bharat Heavy Electricals Limited
- Eaton Corporation
- Raychem RPG
- General Electric
- Instrument Transformer Equipment Corporation
- ABB Limited and many more.
These players are mainly working on the research and development of new business strategies such as mergers and acquisitions, partnerships and collaborations and product development to attain leading positions in the global industry.
For instance, in January 2022, Valmet, a leading Finnish company that develops and supplies technologies, automation systems for paper, pulp and energy industries, has announced its collaboration Bharat Heavy Electricals Limited (BHEL), a well-established Indian government owned engineering and manufacturing enterprise. With this partnership, the companies are aiming to design and manufacture various variants of distributed control systems for another 10 years to support the existing plants all across the globe. - Access the TOC of this Report here!
Further, the report also presents other crucial aspects including product portfolio, the financial performance of the key players, SWOT analysis and the latest strategic developments.
Some Trending Article Links:
- Increasing Expansion of Electricity Distribution in Developing Countries to Augment the Growth of the Global Vacuum Pressure Impregnated (VPI) Transformer Market by 2030
- What is Vacuum Pressure Impregnated (VPI) Transformer and How is It Better Than the Conventional Dry-type Transformer?
- The Global Vacuum Pressure Impregnated (VPI) Transformer Market Anticipated To Generate A Revenue Of $2,472.0 Million, Growing At A CAGR Of 6.2% From 2021 To 2030
