New York, USA, July 25, 2022 (GLOBE NEWSWIRE) -- According to Research Dive’s newly published report, the global vacuum pressure impregnated (VPI) transformer market is predicted to grow at a stable CAGR of 6.2%, thereby garnering a revenue of $2,471.8 million by 2030. This holistic report provides an overarching overview of the nature of the vacuum pressure impregnated (VPI) transformer market including its main characteristics like growth drivers, growth opportunities, restraints, and hindrances in the 2021-2030 timeframe. The report also contains all the necessary and essential market figures to help new entrants gain an insight into the working of the market.
Dynamics of the Market
Drivers: Increased demand for electricity from the industrial sectors across the globe, especially from developing countries such as India, China, etc. is expected to be the primary growth driver of the vacuum pressure impregnated (VPI) transformer market in the forecast period. Apart from this, vacuum pressure impregnated (VPI) transformers are extensively used by oil and petroleum industries as these transformers can withstand harsh environmental conditions. Hence, a general increase in the demand for vacuum pressure impregnated (VPI) transformers has been witnessed in the past few years, which is predicted to push the market.
Opportunities: Innovations in vacuum pressure impregnated (VPI) transformers in the form of triangle coil wound core is anticipated to offer massive growth opportunities to the vacuum pressure impregnated (VPI) transformer market in the forecast period. Additionally, increased demand for electricity and oil from the industrial sectors all over the world is expected to augment the growth rate of the market.
Restraints: High cost associated with production of vacuum pressure impregnated (VPI) transformers, however, might prove to be a hindrance in the growth trajectory of the vacuum pressure impregnated (VPI) transformer market.
Impact of Covid-19 on the Market
The novel coronavirus pandemic and the resulting lockdowns have negatively impacted numerous manufacturing and service industries by hampering both the supply-side and demand-side supply chains. The vacuum pressure impregnated (VPI) transformer market, too, was affected greatly due to the pandemic and the lockdowns. Since majority of the industries had to stop their operations, there was a decline in the demand for electricity and, hence, a decline in vacuum pressure impregnated (VPI) transformers. Similarly, a decrease in the demand for oil also negatively impacted the growth rate of the market.
Segments of the Market
The report has divided the vacuum pressure impregnated (VPI) transformer market into certain segments based on phase, voltage range, end-use, and region.
Phase: Single-Phase Sub-Segment to Have the Fastest Growth
By phase, the single-phase sub-segment is predicted to have the fastest growth rate and garner $2,180.8 million by 2030. Single-phase vacuum pressure impregnated (VPI) transformers are used in most of the households and offices as primary power source for various electrical appliances. This widespread use of single-phase VPI transformers is predicted to become the leading factor behind the growth of this sub-segment.
Voltage Range: Low Voltage Sub-segment to Witness Substantial Growth
By voltage range, low voltage sub-segment is predicted to grow enormously in the forecast timeframe and generate a revenue of $1,771 million by 2030. Low voltage VPI transformers are used extensively due to their efficiency in electricity conductivity, heat inductivity, etc. These factors have led to an increase in demand and usage of low voltage VPI transformers, which is predicted to help this sub-segment to grow.
End-Use: Industrial Sub-segment to Witness Substantial Growth
By end-use, the industrial sub-segment is predicted to have the highest market share in the forecast timeframe and generate a revenue of $1,318.5 million by 2030. Rising demands of electricity and oil from various industries across the globe and technological innovations in VPI transformers is predicted to boost the growth of this sub-segment.
Region: Market in Asia-Pacific Region to be the Most Lucrative
By regional analysis, the vacuum pressure impregnated (VPI) transformer market in the Asia-Pacific region is projected to become a dominant sub-segment and is expected to garner $965.7 million in the 2021-2030 timeframe. Increased energy consumption, technological advancements in VPI transformers, and increased government initiatives in developing countries like India and China to boost the use of energy-efficient solutions are anticipated to become the major factors behind the growth of the market in this region.
Prominent Market Players:
Some prominent market players of the vacuum pressure impregnated (VPI) transformer market are
- ABB Limited
- CG Power and Industrial Solutions Ltd
- Raychem RPG
- General Electric
- Toshiba Corporation
- Eaton Corporation
- Siemens AG
- Bharat Heavy Electricals Limited
- Instrument Transformer Equipment Corporation
- Schneider Electric
These companies are coming up with various innovations using different business strategies like acquisitions, mergers, and collaborations to gain a prominent position in the market.
For instance, in June 2021, TMC Transformers, a global manufacturer of medium and low voltage dry transformers, announced the acquisition of RITZ instrument transformers GmbH, a leading specialist in manufacturing of instrument transformers. The acquisition is expected to help the acquiring company, i.e., TMC Transformers to substantially consolidate its position in the market in the coming years.
Finally, this report published by Research Dive, also summarizes many crucial aspects of the vacuum pressure impregnated (VPI) transformer market including latest strategic developments, SWOT analysis, financial performance of the key players, and product portfolio.
More about Vacuum Pressure Impregnated (VPI) Transformer Market:
- What is Vacuum Pressure Impregnated (VPI) Transformer and How is It Better Than the Conventional Dry-type Transformer?
- Global Vacuum Pressure Impregnated (VPI) Transformer Market to Observe Significant Growth Due to Product Launches and Strategic Partnerships by Market Players, such as Schneider Electric, Siemens AG, and Others
